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The "Euro Crisis" - Both more and less than meets the eye | 86 comments (86 topical, 0 editorial, 0 hidden)
The Euro: more and less than meets the eye (4.00 / 4)
El Banco de Irlanda adelanta que se está negociando un crédito de "decenas de miles de millones" · ELPAÍS.comThe Bank of Ireland advances that a loan "in the tens of billions" is being negotiated - ElPais.com
Bruselas está pendiente del programa de ajuste de 15.000 millones de euros para los próximos cuatro años que Irlanda debe presentar antes de finales de mes. El rescate podría rondar los 100.000 millones de euros. Según Rehn, el programa de ayuda será acordado con el FMI y las autoridades irlandesas y "estará centrado en la reestructuración del sector bancario". El ministro belga admitió que estaba convencido de que "será difícil para el BCE ir más lejos en el mantenimiento en términos de aportaciones de liquidez para los bancos de ciertos Estados miembros, y quizá de entrada en Irlanda".Brussels is closely following a €15bn adjustment program for the next 4 years which Ireland must present before the end of the month. The rescue might be around €100bn. According to Rehn, the aid programme will be agreed with the IMF and the Irish authorities and "will center on the restructuring of the banking sector". The Belgian [finance?] minister admitted he's convinced that "it will be difficult for the ECB to go further in keeping its liquidity support for the banks of certain member states, and maybe to begin with in Ireland".

And what exactly prevents the ECB from providing liquidity support? Liquidity is free for the Central Bank of a fiat currency zone.

La concesión de importantes ayudas europeas para salvar bancos ?que han incurrido en prácticas temerarias con todo tipo de riesgos y que ya han comprometido unos 60.000 euros para cada ciudadano irlandés? no ha despertado hasta ahora especial preocupación entre los políticos. "No me produce problemas éticos, máxime cuando estamos trabajando en mecanismos que hagan que el futuro de esta crisis la paguen los propios sectores financieros", señaló la vicepresidenta del Gobierno español, Elena Salgado.The concession of large European aid to save banks (which have engaged in reckless practices with all kinds of risks and which have already committed about €60k for each Irish citizen) has not raised particular concern among the politicians. "This causes me no ethical problems, especially when we're working on mechanisms to make that the future of this crisis will be paid by the financial sectors themselves", pointed out the Spanish deputy PM [and Economy minister], Elena Salgado.
Tanto el comisario Olli Rehn como el presidente del Eurogrupo, Jean Claude Juncker, han subrayado, no obstante, que en los planes de rescate de Grecia, Irlanda y Portugal, "no habría participación del sector privado". La exigencia alemana de que los bancos contribuyan también a sufragar las pérdidas de los países que declaren el impago de una parte de su deuda no entrará en vigor hasta que se ponga en marcha el mecanismo de rescate permanente, a mediados de 2013.Nevertheless, both EU Commissioner [for Economic and Monetary Affairs] Olli Rehn as well as the Chairman of the Eurogroup, Jean Claude Juncker, have underscored that in the rescue plans for Greece, Ireland and Portugal "there would be no private sector participation". The German demand that banks contribute to paying for the losses from countries defaulting on part of their debt will not come into force until the permanent rescue mechanism is set up, in mid-2013.


Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Carrie (migeru at eurotrib dot com) on Thu Nov 18th, 2010 at 04:52:04 AM EST

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The "Euro Crisis" - Both more and less than meets the eye | 86 comments (86 topical, 0 editorial, 0 hidden)
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