Every time that there is a crisis, economic, political or simply of trust
flights of capitals that pass of a place to other looking for some to be
protected take place and other to take advantage of them trusting the later
rebounds if the things are tranquilized, this it is the game. Now he plays him
the shift to Greece. As it happened three years ago with Cyprus, the citizens
are moving away thousands of Eurus of the country. In most of the cases, the
investors are devoted to transfer the money to banks of other countries of the euro
zona. Only in December of 2014, 7.600 million Eurus were sent the foreigner,
the equivalent one to 4% of the GDP of Greece.
Evidently when in a country or an economy, the richest citizens transfer
their funds to other surer places, the loss of liquidity of the local banks,
they face the threat of the insolvency. Then it is not another remedy that the
Central Bank of the threatened Country injects to its banks millions of Eurus
appealing to a well-known protocol as Attendance of Liquidity of Emergency
(ELA, for its initials in English). These funds take borrowed of other central
banks of the euro zona that deposited Eurus in new bills outside of Greece that
the investors that moved away its money of the country had created.
Although the situation in Greece is not still so serious, he goes on the
way to it. The capital flights have to have been increased significantly since
it began the year, given the cold answer of Europe to the petitions of
attendance on the part of the new Government. The debt is still ignored that
had the Greek Central Bank with the rest of the euro zona at the end of January.
However, it is known that the reclamations of the Bundesbank to the BCE
increased in 55.000 million Eurus, the third more important increment from the
explosion of the financial crisis eight years ago. This means that great part
of the capital of Greece will have stopped Germany.
Last week the advice of the BCE reduced the capacity of the central bank of
Greece to lend new money to the commercial banks. Before this was allowed if it
was given to change emitted debt or guaranteed by the Greek government, but
this debt is no longer accepted as collateral. Seemingly, the capacity to print
money has been drained to help the rich Greeks, to the banks and the
international investors to leave a financial system that is collapsing.
To compensate this restriction, the advice of the BCE allowed to the Greek
central bank to grant as maximum 65.000 million Eurus in credits of help of
emergency liquidity (ELA) to its commercial banks under the same mechanism that
you implants in the crisis of Cyprus. Although the BCE affirms that the central
bank of Greece is the responsible for the payment, this sum is much bigger that
the one that it could be able to pay its debts to the euro system if the Greek
banks could not pay the credits ELA. It could be said that the central bank of
Greece "possesses" 38.000 millions of Eurus of the monetary bottom of
the central banks of the euro system.
The BCE has granted a temporary postponement to the Greek banks to the
taxpayers' of the other countries of the euro zona who are those coast that in
fact they are granting credits so that the rich Greeks can take out its money
of the country. To the Greek central bank it should not be allowed to live
above their possibilities. The maximum limit of the help to the commercial
banks should be of 42.000 million Eurus. Then the Greek government should
establish capital controls to impede the flight of capitals and so that his
banks were solvent.
The question is if this situation is continued by the current Greek
government or he also enters in the chapter of popular national economic
liberation of the Syriza according to you finish them news of this morning in
that seems that Greece is willing to continue a situation of “rescue economic”
without a “economic rescue” denominated if it seems that some bills real and
not so alone politicians have been made, in all ways he meant that a part of
blame of this situation maybe has it Spain that didn't receive a rescue, but a
"credit under very good conditions" they remember the words of Rajoy
No hay comentarios:
Publicar un comentario