L'ITALIA RIPARTE SOLO ATTIRANDO I RICCHI E I BRAVI E CACCIANDO I POVERI E INCAPACI


LA GERMANIA CONFERMA...LA CRISI DOPO LE BANCHE COLPIRA' PESANTEMENTE IL DEBITO PUBBLICO

Questo e'un articolo di bloomberg in cui si spiega chiaramente che la germania e' molto preoccupata per una possibile ricaduta della crisi dal sistema bancario al debito governativo, specie dei paesi deboli come l'italia.
ecco perche' stanno progettando meccanismi automatici di ristrutturazione del debito stesso quali L'ALLUNGAMENTO DEL DEBITO STESSO O IL BLOCCO DEL TRADING (in pratica un bond non solo diventa con scadenze lunghissime..ma non lo potrai piu' endere sul mercato.
capite ben che il solo parlare di queste soluzioni porta alla creazione di un mercato secondario dove un bond quotera' il 40% o il 50% del suo valore..
insomma DETENERE OGGI DELLE OBBLIGAZINI GOVERNATIVE E' SEMPLICEMENTE FOLLIA ALLO STATO PURO SE UNO NON CONOSCE I RISCHI  OLLEVATI IN QUESTE SETTIMANE DALLO STESSO GOVERNO MERKEL E DALLA BUNDESBANK.

Chancellor Angela Merkel’s government joined the Bundesbank in pushing for new rules forcing a contribution from investors when cash-strapped euro member states get assistance from the bloc’s financial backstop.

Germany is looking at measures including an automatic maturity extension for bonds of nations that apply for European Stability Mechanism aid, the Finance Ministry said in an e-mailed response to questions by Bloomberg News. The plan, part of Germany’s push to limit public borrowing and European Union banks’ exposure to sovereigns, is in an early stage and can’t be implemented by Germany alone, the ministry said.

“Banking risks and risks in public budgets must be reduced and must be decoupled from each other, especially in order to strengthen the banking union,” the ministry said. “Part of that could be the creation of a procedure to restructure government debt, for which the automatic maturity extension in case ESM aid is granted is one of several possible options.”

The move adds to German opposition to plans for an EU deposit insurance system and its demand to end the risk-free treatment of sovereign bonds on banks’ balance sheets. EU finance ministers agreed to continue the discussion this year. Critics say the strategy risks scaring investors away from the 19-nation euro area and antagonizing other euro members still recovering from the debt crisis.

Bundesbank Proposals

The Bundesbank has suggested similar measures. Maturity extensions would give governments tapping the ESM more time to revamp their economies while keeping investors engaged, President Jens Weidmann said in a speech in November. His fellow board member Andreas Dombret said in an interview this month that banks should brace for higher capital requirements on their sovereign-debt holdings.

Imposing automatic restructuring triggers would drive up borrowing costs, possibly for all euro area sovereigns, and widen bond yield spreads as default risks grow, said Matthias Kullas, department head for economic and fiscal policy at the Freiburg-based Centre for European Policy.

“If a country hasn’t returned to the capital market after three years it would be difficult to argue that this is only a liquidity problem,” Kullas said in a telephone interview. “If there were to be a haircut, the private sector would be involved.”

Trading Ban

Senior lawmakers in Merkel’s Christian Union caucus suggest the automatic maturity extension could also imply a trading ban on bonds issued by a government asking for ESM aid.

“We realized when we established the ESM that governments aren’t getting into trouble overnight and that private creditors were pulling out along the way when it became foreseeable,” Antje Tillmann, the financial policy spokeswoman of the CDU, said in an interview. “Freezing government bonds for three years at the very moment a government applies for aid could save taxpayer money.”

Such option would have to be limited to future, newly-issued government bonds, Ralph Brinkhaus, a deputy leader of Merkel’s party bloc in parliament, said in an interview. “Such restrictions wouldn’t be had for free, but would be paid for by higher yields and therefore rising costs for issuing countries.”

Germany supports EU plans to cut the link between banks and governments and advocates a phased-in risk-weighting of government bonds on bank balance sheets, Deputy Finance Minister Jens Spahn said in a Dec. 7 letter to the German parliament’s European Affairs Committee that outlines both the debt restructuring plan and advances in banking union.

“The shifting of risks from the sovereign to the banks hasn’t been noticeably reduced in the past years, quite the contrary,” Tillmann said. Limiting bank risks tied to government bonds in their balance sheets is an area where Germany wants to see progress and “one should start now


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1 commento:

Anonimo ha detto...

Sono riusciti a distruggere anche Saipem....