Y hoy en The Economist…y ayer.

Hoy The Economist personaliza. ¿Trata la City de sustituir el Euro por sus Pounds?. Pareciera.

Esto de Londres respecto a la UE, parece como lo de Gibraltar frente a España…una china en el zapato que ya nos dificulta finalizar la tarea emprendida.

Pero no por ello hay que dejar de escucharlos.

The Economist hoy:


The euro crisis

Spreading from Ireland to Iberia

To stop the euro’s meltdown, Zapatero must revive Spanish reform

Nov 25th 2010 | from PRINT EDITION

HAD Ireland’s government expected to be rewarded by investors after caving in to pressure to seek salvation from the European Union and the IMF, it was soon disabused. So were those who hoped that the crisis engulfing the euro could be contained at the River Liffey. Unlike the relief rally when the EU bailed out Greece in May, investors this time barely paused for breath before continuing to dump Irish assets, as well as those of Portugal and Spain. The euro’s future will be secure only when this contagion is banished. And that, it is now clear, crucially depends on what happens in Spain.

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The Economist ayer:


The euro crisis

A contagious Irish disease?

The proposed Irish bail-out has not calmed the financial markets. And now their attention is moving on to new victims in the Iberian peninsula

Nov 25th 2010 | DUBLIN, london AND MADRID | from PRINT EDITION

ON NOVEMBER 21st the Irish government at last gave in. It yielded to pressure from its European Union counterparts to seek an emergency bail-out from the EU and the IMF that may amount to as much as €85 billion ($115 billion). In May, when the Greek government secured a €110 billion bail-out and a joint EU/IMF fund worth a stonking €750 billion was put in place, investors believed and the markets rallied. Not this time. Bond yields in Ireland dropped back to 7.93%, but rose to 4.75% in Spain and 11.75% in Greece.

Why? In short, because rescues need a bit of “shock and awe” to convince investors. The bond markets must be startled by the size of the package, persuaded that the authorities will do whatever is needed—and not be invited to doubt it by talk of making investors foot part of the bill in future. They also have to believe that a country’s difficulties concern liquidity (ie, they can repay debt eventually) not solvency (ie, they can’t).

Sigue aquí —>

Y concretamente sobre el dinero depositado en Irlanda. Y no olvidemos que Irlanda, cuando se inició la crisis financiera en USA, y llegaron los primeros síntomas a Europa, se apresuró a GARANTIZAR el 100% de los depósitos bancarios.



Plugging the hole

It is easy to put money into Irish banks, but tempting to take it out

Nov 25th 2010 | from PRINT EDITION

RESCUING banks can be like filling a bath with the plug out. It won’t work if water flows out faster than it pours in. Central banks have learned this lesson again and again through history and Ireland may prove yet another case study.

Life is made even more difficult for central banks when they are trying both to rescue their banks and maintain an exchange-rate target. That was true under the gold standard. Back in 1890 Baring Brothers needed a capital infusion of £4m (about £400m, or $640m, in today’s money) when the Bank of England had reserves of less than £11m. There was talk of the suspension of gold convertibility but Britain was rescued by loans of £4.5m from France and Russia.

In the interwar period, the collapse of Credit-Anstalt caused similar problems for Austria. Acting as lender of last resort, the Austrian central bank increased the money supply by 20% virtually overnight. However, far from restoring confidence, this caused a run on other Austrian banks and on the currency; the national bank lost more than a third of its gold reserves. An international rescue effort was able to lend Austria just $15m, less than half the gold lost.

Sigue aquí—>

Creemos que con la entrada de ayer y esta de hoy, nos podemos hacer una idea bastante aproximada de la situación, o al menos de cómo se ve desde distintos ángulos. Ahora cada uno puede sacar sus propias conclusiones.

Haz de guía


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