ΝΕΑ ΧΩΡΙΣ ΦΙΛΤΡΟ ΦΕΛΛΟΥ

Νέα και Παράξενα-Σελίδες εναλλακτικής πληροφόρησης και ειδήσεων-alternative informations

Posts Tagged ‘Bundesbank’

ΟΙ ΤΟΚΟΓΛΥΦΟΙ ΤΡΑΠΕΖΙΤΕΣ ΘΕΛΟΥΝ ΝΑ ΒΑΛΟΥΝ ΣΤΟ ΧΕΡΙ ΚΑΙ ΤΟ ΧΡΥΣΟ ΤΗΣ ΕΛΛΑΔΑΣ-Πρόταση για την αντιμετώπιση της ευρωπαϊκής κρίσης χρέους – Να χρησιμοποιηθούν τα αποθέματα χρυσού ως εγγύηση – Το παράδειγμα έχει λειτουργήσει κατά το παρελθόν

Posted by satyrikon στο 5 Νοεμβρίου, 2012

Bank for International Settlements

Bank for International Settlements (Photo credit: Wikipedia)

Σημαντική μείωση των επιτοκίων δανεισμού τους θα μπορούσαν να δουν οι υπερχρεωμένες χώρες της Ευρωζώνης, εφόσον χρησιμοποιούσαν τα αποθέματα τους σε χρυσό ως εγγύηση για το χρέος τους, υποστηρίζει ο Sylvester Eijffinger, καθηγητής οικονομικών στο Πανεπιστήμιο του Tilburg.

Ο Eijffinger υποστηρίζει ότι εάν οι κυβερνήσεις χρησιμοποιούσαν τον χρυσό ως εγγύηση, τότε το πιστωτικό ρίσκο θα μειωνόταν και η Ευρωπαϊκή Κεντρική Τράπεζα δεν θα χρειαζόταν να αγοράζει το κρατικό χρέος των «αδύναμων» κρατών-μελών της, όπως άλλωστε έχει δεσμευτεί να κάνει μέσω του σχεδίου Outright Monetary Transactions, το οποίο πάντως έχει τύχει έντονης κριτικής εντός της Ευρωζώνης.

Posted in ΕΠΙΚΑΙΡΟΤΗΤΑ | Με ετικέτα: , , , , , | Leave a Comment »

Η ΕΛΛΑΔΑ ΤΥΠΩΝΕΙ ΕΥΡΩ ΓΙΑ ΝΑ ΕΧΕΙ ΡΕΥΣΤΟΤΗΤΑ,Η ΕΚΤ ΕΓΚΡΙΝΕΙ,Η ΜΠΟΥΝΤΕΣΜΠΑΝΚ ΓΝΕΦΕΙ ΘΕΤΙΚΑ, ΚΑΝΕΙΣ ΔΕΝ ΘΕΛΕΙ ΝΑ ΚΑΤΗΓΟΡΗΘΕΙ ΓΙΑ ΤΗΝ ΕΚΔΙΩΞΗ ΤΗΣ ΕΛΛΑΔΑΣ ΑΠΟ ΤΗΝ ΕΕ-Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out | ZeroHedge

Posted by satyrikon στο 9 Αυγούστου, 2012

March 25 - Greece Independence Day

March 25 – Greece Independence Day (Photo credit: Aster-oid)

Wolf Richter   www.testosteronepit.com

A lot of politicians in Germany, but also in other countries, issue
zingers about a Greek exit from the Eurozone and the end of their
patience. But those with decision-making power play for time. They want
someone else to do the job. Suddenly Greece is out of money again.
It would default on everything, from bonds held by central banks to
internal obligations. On August 20. The day a €3.2 billion bond that had
landed on the balance sheet of the European Central Bank would mature.
Europe would be on vacation. It would be mayhem. And somebody would get
blamed.

So who the heck had turned off the dang spigot? At first, it was the
Troika—the austerity and bailout gang from the ECB, the EU, and the IMF.
It was supposed to send Greece €31.2 billion in June. But during the
election chaos, Greek politicians threatened to abandon structural
reforms, reverse austerity measures already implemented, rehire laid-off
workers….

The Troika got cold feet. Instead of sending the payment, it promised
to send its inspectors. It would drag its feet and write reports. It
would take till September—knowing that Greece wouldn’t make it past
August 20. Then it let the firebrand politicians stew in their own
juices.

It’s easy to blame the Troika, and it can take the heat. History
searches for the person who is responsible. But the Troika doesn’t have
one. It was designed that way: a combo of multi-layered, undemocratic
structures. And the Troika inspectors, though despised in Greece, are
career technocrats, not decision makers.

So Chancellor Angela Merkel became a substitute. Greek tabloids
treated her like a Nazi heir, with Hitler mustache and all. But she’s
not the decision maker in the Troika, though she is a
contributor. And she—though still unwilling to water down the bailout
memorandum—consistently stated that Greece should remain in the
Eurozone. She doesn’t want to be blamed.

In early July, the inspectors returned to Athens to chat with the new
coalition government and check on progress in implementing the
agreed-upon structural reforms. Soon it seeped out that their report
would paint an “awful picture” [read…. Greece Flails About, Merkel Draws A Line, German Industry & Voters Back Her: It’s Almost Over For Greece].

In late July, the inspectors returned to Athens yet again and left on
Sunday. After another visit at the end of August, they’ll release their
final report in September. A big faceless document on which people of
different nationalities labored for months; a lot of politicians can
hide behind it. Even Merkel. And the Bundestag, which gets to have a say
each time the EFSF disburses bailout funds.

Alas, August 20 is the out-of-money date. September is irrelevant.
Because someone else turned off the spigot. Um, the ECB. Two weeks ago,
it stopped accepting Greek government bonds as collateral for its
repurchase operations, thus cutting Greek banks off their lifeline.
Greece asked for a bridge loan to get through the summer, which the ECB
rejected. Greece asked for a delay in repaying the €3.2 billion bond
maturing on August 20, which the ECB also rejected though the bond was
decomposing on its balance sheet. It would kick Greece into default. And
the ECB would be blamed.

But the ECB has a public face, President Mario Draghi. He didn’t want
history books pointing at him. So the ECB switched gears. It allowed
Greece to sell worthless treasury bills with maturities of three and six
months to its own bankrupt and bailed out banks. Under the Emergency
Liquidity Assistance (ELA), the banks would hand these T-bills to the
Bank of Greece (central bank) as collateral in exchange for real euros,
which the banks would then pass to the government. Thus, the Bank of
Greece would fund the Greek government.

Precisely what is prohibited under the treaties that govern the ECB
and the Eurosystem of central banks. But voila. Out-of-money Greece now
prints its own euros! The ECB approved it. The ever so vigilant
Bundesbank acquiesced. No one wanted to get blamed for Greece’s default.

If Greece defaults in September, these T-bills in the hands of the
Bank of Greece will remain in the Eurosystem, and all remaining Eurozone
countries will get to eat the loss. €3.5 billion or more may be printed
in this manner. The cost of keeping Greece in the Eurozone a few more
weeks. And on Tuesday, Greece “sold” the first batch, €812.5 million of
6-month T-bills with a yield of 4.68%. Hallelujah.

“We don’t have any time to lose,” said Eurogroup President
Jean-Claude Juncker. The euro must be saved “by all available means.”
And clearly, his strategy is being implemented by hook or crook. Then he
gave a stunning interview. At first, he was just jabbering about
Greece, whose exit wouldn’t happen “before the end of autumn.” But
suddenly the floodgates opened, and deeply chilling existential
pessimism not only about the euro but about the future of the continent
poured out. Read….. Top Euro Honcho Jean-Claude Juncker: “Europeans are dwarfs”

μέσω Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods: No One Wants To Get Blamed For Kicking Greece Out | ZeroHedge.

Enhanced by Zemanta

Posted in ΕΠΙΚΑΙΡΟΤΗΤΑ | Με ετικέτα: , , , , , , , , , , , , | Leave a Comment »

 
Αρέσει σε %d bloggers: