Aquí seguimos. Bueno por donde iba. Ah si, andábamos con lo
de la asistencia financiera, digo inyección al sistema financiero, digo
préstamo en condiciones ventajosas, digo,,, llamémosle por su nombre puñeta:
RESCATE.
Hoy tocaba analizar con profundidad el documento del
Eurogrupo sobre el rescate de España. No se me asusten por que sea en inglés.
Es muy corto y se entiende muy fácilmente. Ahí vamos:
Eurogroup statement on Spain
“The Eurogroup supports
the efforts of the Spanish authorities to resolutely
address the
restructuring of its financial sector and it welcomes their intention
to seek financial
assistance from euro area Member States to this effect.
The Eurogroup has been
informed that the Spanish authorities will present a
formal request shortly
and is willing to respond favourably to such a request.
The financial
assistance would be provided by the EFSF/ESM for
recapitalisation of
financial institutions. The loan will be scaled to provide an
effective backstop
covering for all possible capital requirements estimated by
the diagnostic exercise
which the Spanish authorities have commissioned to
the external evaluators
and the international auditors. The loan amount must
cover estimated capital
requirements with an additional safety margin,
estimated as summing up
to EUR 100 billion in total.
Following the formal
request, an assessment should be provided by the
Commission, in liaison
with the ECB, EBA and the IMF, as well as a proposal for
the necessary policy
conditionality for the financial sector that shall
accompany the assistance.
The Eurogroup considers
that the Fund for Orderly Bank Restructuring
(F.R.O.B.), acting as
agent of the Spanish government, could receive the
funds and channel them
to the financial institutions concerned. The Spanish
government will retain
the full responsibility of the financial assistance and will
sign the MoU.
The Eurogroup notes
that Spain
and labour market
reforms and measures to strengthen the capital base of
the Spanish banks. The
Eurogroup is confident that Spain
commitments under the
excessive deficit procedure and with regard to
structural reforms,
with a view to correcting macroeconomic imbalances in
the framework of the
European semester. Progress in these areas will be
closely and regularly
reviewed also in parallel with the financial assistance.
Beyond the determined
implementation of these commitments, the
Eurogroup considers
that the policy conditionality of the financial assistance
should be focused on
specific reforms targeting the financial sector, including
restructuring plans in
line with EU state-aid rules and horizontal structural
reforms of the domestic
financial sector.
We invite the IMF to
support the implementation and monitoring of the
financial assistance with regular reporting.”
Paso a destacar los
puntos más importantes:
“The Eurogroup has been informed that the
Spanish authorities will present a
formal request shortly and is willing to
respond favourably to such a request” Esto quiere decir que han sido las
autoridades españolas las que finalmente lo han solicitado.
“The financial assistance would be provided by
the EFSF/ESM for
recapitalisation of financial institutions”. La
ayuda sería provista por el Fondo Financiero de Estabilidad Europea (EFSM). No
es el FMI.
“The loan will be
scaled”. El préstamo será por escalas. No se da todo de
golpe (comienzan las trampas).
“The loan amount must cover estimated capital
requirements with an additional safety margin, estimated as summing up to EUR
100 billion in total”. El límite es de 100.000 millones de euros
incluido un margen de seguridad (¿se puede pedir de más para pagar los
intereses?).
“An assessment should be provided by the Commission,
in liaison with the ECB, EBA and the IMF, as well as a proposal for the necessary
policy conditionality for the financial sector that shall accompany the
assistance”. El
seguimiento lo van a realizar la Comisión Europea, el Banco Central Europeo, la
Autoridad Bancaria Europea y el Fondo Monetario Internacional. Si esto no es un
rescate que venga Dios y lo vea.
“The Eurogroup considers that the Fund for
Orderly Bank Restructuring (F.R.O.B.)”. El Frob sera el que reciba los
fondos. Como éste cuenta con el aval del Estado, somos todos los que avalamos
esta fiesta, que no os quede la menor duda.
“The Eurogroup is
confident that Spain
“We invite the IMF to
support the implementation and monitoring of the
financial assistance
with regular reporting”. Invitan
a los men in black del FMI a veranear a la Costa del Sol, Ibiza,…
Hemos ganado la Euro
Cup: Country Under Program de la zona Euro. Somos un país bajo un programa de
seguimiento. A que con esta no contabais. Otro trofeo a la vitrina.
Todavía queda por concretar el tipo de interés
al que se fija el préstamo, si los intereses computan como déficit público, y
lo más importante, si estas cantidades recibidas tienen la calificación de
deuda súper señor (calificación más alta que la propia deuda pública), lo que
haría que no pudiera dejarse de pagar bajo ningún concepto, antes haría default
nuestra propia deuda.
Tan solo como curiosidad, el rescate se produjo
el día 9 de Junio, el Santoral dice que es San Primo. Enhorabuena a todos los
premiados,… oh wait,… ¡que somos todos!
Gracias por leerme.
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