IMF-pengar till Euron
Related: Europakten 2011
Finanskrisen - Eurokrisen
Sverige är inledningsvis berett att ställa upp med 10 miljarder dollar, nära 70 miljarder kronor, till IMF,
säger finansminister Anders Borg enligt Reuters.
Maximalt kommer Sverige att bidra med 100 miljarder kronor.
DN/TT 17 april 2012
IMF still won't admit truth about the euro
Discussion will once again focus on the creation of a firewall big enough to provide for bigger eurozone bailouts, including Spain and possibly Italy, too. This misses the point, for it presupposes that the crisis is at heart just a confidence issue that can be solved simply by creating a backstop large enough to convince markets they cannot break the euro.
Jeremy Warner, Telegraph 16 April 2012
In fact, the underlying cause of the Europe's travails is much more fundamental – it is the euro itself, which is ripping the Continent apart in an uncorrected balance of payments and consequent debt crisis. European leaders have yet properly to face up to this inconvenient truth. Their project won't and cannot work in its present guise.
The US, knowing it could never get enhanced IMF support through Congress, has already said it won't contribute any additional funding, while even the UK is beginning to get cold feet. A previously compliant George Osborne does not believe the conditions he listed a little while back, not least a much bigger European rescue fund, have been met.
Despite the punishing mix of austerity and structural reform being imposed on the South, the idea that Europe's periphery can in time be made as competitive as Germany is just fantasy.
Europe can’t accept that the economics of the single currency condemn it to failure
Det skriver Jeremy Warner i Daily Telegraph 12 April 2012
Felet är att eurozonens ledare inte vill inse att allt var fel från början.
Rolf Englund blog
The survival of the eurozone now depends on Italy and Spain.
They are the countries that are too big to fail – or to rescue.
Structural steps are painful for any government. They are devilishly difficult without growth.
Robert Zoellick, president of the World Bank, Financial Times 16 April 2012
Is the IMF already assuming Greek failure?
FT, Peter Spiegel, 19 March 2012
On Friday, after much of Europe shut down for the week, the International Monetary Fund issued its 231-page report on Greece’s new €174bn bailout
The fund notes that more austerity measures totalling 5.5 per cent of economic output – or about €12bn – must be found in the next three months to close gaps in Greece’s budget for next year and 2014. Without those cuts, the IMF warns, it’s ready to withhold its very first quarterly aid payment in three months’ time
The report also makes clear that if Greece falls off the wagon in any way, the IMF is not going to pick up the tab any more. Instead, it will either be up to Athens to restructure its debt yet again or for eurozone lenders to put up even more money.
The report seems to give a very strong hint that the fund wants European Union leaders to prepare for that eventuality very quickly.
U.S. Treasury Secretary Timothy Geithner:
Europe's actions so far have averted potential financial catastrophe
but said it still must put up a sturdier firewall against contagion.
CNBC 26/2 2012
"A durable solution requires both a sustained period of economic reform and a substantial financial firewall to support those reforms," he told a press conference at the conclusion of a Group of 20 finance ministers' and central bankers' meeting.
Injecting Cash - Europe's Banks Are Addicted to ECB's Cheap Money
ECB will give European banks another massive round of loans at bargain-basement rates on Tuesday,
with financial institutions expected to borrow up to one trillion euros at 1.0 percent.
Der Spiegel 27/2 2012
G20-länderna kommer inte att skjuta till mer pengar förrän eurozonen själv gjort mer
Euroländerna håller på att bygga upp en ny räddningsfond som ska innehålla 500 miljarder euro.
Det är alldeles för lite, hävdar länderna utanför Europa, brandväggen måste byggas högre
Ekot 27 februari 2012
Det är framför allt Tyskland som hittills vägrat att sätta in mer pengar i eurozonens räddningsfond. Även i går framhärdade den tyske finansministern med att det inte behövs. Han tycktes dock lämna en liten öppning för att Tyskland skulle kunna ändra sig innan nästa G20-möte i april.
Schäuble’s duplicity on ESM enlargement: He says Yes in private, No in public
Eurointelligence Daily Briefing 27/2 2012
This is how Wolfgang Schäuble has been running the eurozone crisis all along. He proceeds with conflicting messages.
The German public seems under the impression that Angela Merkel’s rejection of an increase in the ESM would hold, but there are already signs that the German resistance to an enlarged ESM is weakening. T
The dangerous subversion of Germany's democracy
Markets appear to be acting on the firm belief that Germany’s finance minister Wolfgang Schäuble is lying to lawmakers
Ambrose Evans-Pritchard, September 28th, 2011
Very Important Article
Germany Isolated over Resistance to Expanding Euro Bailout
Der Spiegel, 23 februari 2012
The European Commission, the European Union's executive in Brussels, is also arguing for an expansion of the ESM. "There is a clear need to further strengthen the euro area financial firewalls in order to equip Europe to contain the contagion and counter speculative pressures," Currency and Monetary Affairs Commissioner Olli Rehn said on Thursday.
Both the International Monetary Fund (IMF) and the Netherlands have increased pressure for the EFSF money to be carried over into the new fund -- a particular blow for Germany given that the Dutch have been among the most conservative of the euro-zone member states when it comes to providing bailout funds for Greece. Finland, another critic of Greek aid, has also signalled its support according to media reports.
*
Germany's ruling parties are to introduce a resolution in parliament blocking any further boost to the EU’s bail-out machinery,
vastly complicating Greece’s rescue package and risking a major clash with the International Monetary Fund.
Ambrose Evans-Pritchard, and Louise Armitstead 23 Feb 2012
G20 must protect the IMF from Europe
At this weekend’s G20 meeting European countries are likely to
press for an increase in the IMF’s resources as a means to bolster the firewalls
Mohamed El-Erian, Financial Times February 24, 2012
At this weekend’s G20 meeting, European countries are likely to press for an increase in the International Monetary Fund’s resources as a means to bolster the firewalls against the eurozone debt crisis. The other G20 members must resist such pressure until Europe starts showing more signs that it’s getting its act together.
It should come as no surprise that over the last couple of years Europe has pressed the IMF very hard to make exception after exception - and it has succeeded. This has resulted in a number of firsts by an organisation that prided itself on the “uniformity of treatment” for member countries.
Preserve and Protect
Each president recites the following oath, in accordance with Article II, Section I of the U.S. Constitution:
"I do solemnly swear (or affirm) that I will faithfully execute the office of President of the United States,
and will to the best of my ability, preserve, protect and defend the Constitution of the United States."
Germany has said that it sees no need to increase the size of Europe's
permanent bailout fund, the European Stability Mechanism (ESM):
Daily Telegraph 22 February, 11:32
Spokesman Steffen Seibert told reporters:
The German government's position has not changed -- that means no, it is not necessary... more
Lagarde repeated her calls for an increase in the size of the permanent euro backstop fund,
the European Stability Mechanism (ESM), which is due to come into operation in mid-2012,
as a precondition for a significant contribution by the fund
Der Spiegel, 21 February 2012
The IMF had provided 30 percent of the first €110 billion bailout for Greece, agreed upon in May 2010, but reportedly wants to reduce the size of its contribution this time around.
IMF is considering contributing just 13 billion euro to the latest Greek bailout package
10 percent of the 130 billion euro second bailout package under consideration for Greece.
The IMF funded 30 billion euro of the first Greek bailout, about 27 percent of its 110 billion euro
Globalpost 17 Febr 2012
IMF
ska få en resursförstärkning. Euroländerna liksom Sverige är beredda att bidra. Men på andra håll har intresset att ställa upp hittills varit svalt.
Johan Schück, DN Ekonomi 3 februari 2012
The IMF is no longer serving its purpose
To save the eurozone, the International Monetary Fund needs to dispense tough love, not endless bail-outs.
Jeremy Warner, Daily Telegraph, 19 Jan 2012
The IMF’s purpose is to instill the “right” economic policies in countries so that they can become competitive, and when things go awry, to provide the stop-gap finance and policies that get them back on their feet.
In addressing the European debt crisis, it has veered dangerously from this mission. Support seems directed more at sustaining the single currency than helping individual nations out of their difficulties. This is leading to the now routine prescription of inappropriate policy – repeated rounds of fiscal austerity with none of the compensating support of monetary stimulus and devaluation that countries such as Britain, with their own sovereign currencies, have been able to apply. The IMF has thereby become complicit in making a bad situation much worse.
In a recent analysis of developments in Greece, the IMF virtually admitted as much, describing with eloquence how fiscal austerity had become self-defeating by undermining all hope of economic growth.
Yet in defiance of its own evidence, the organisation concluded that the programme remained on track.
Euroländernas genidrag att deponera 200 miljarder euro i IMFs kassaskåp för att kunna begära nödlån ur det,
istället för att skramla ihop internt och då riskera långa parlamentsdebatter och medborgarilska,
ser ut att vara lättare sagt än gjort.
Teresa Küchler, SvD Näringsliv, 23 december 2011
Med IMF-lösningen tänkte man också ta sig runt politiska och lagtekniska hinder i länder som Tyskland, vars författningsdomstol gjort klart att det nu öppet betalningströtta parlamentet i Berlin måste ge klartecken till varje nytt lån.
Den brittiske premiärministern David Cameron sade i parlamentet i London att IMF var till för att rädda länder, och inte valutor.
Den tyska regeringen, som enligt måndagsmötets slutprotokoll gick med på att bidra med hela 41,5 miljarder till IMF, måste få Bundesdagens godkännande, vilket kan bli svårt.
Why should the members of the IMF finance Italy when German savers pull out and the German government
does not want the ECB to come to the rescue of a fellow member of the common currency area?
The US administration has already ruled out any American contribution because it would not pass Congress.
Daniel Gros, director of the Centre for European Policy Studies, 22.12 2011
This leaves the emerging markets as the only remaining source of funds. They, meaning China
I senaste numret av Nyliberalen skriver jag om ekonomerna som förutspådde eurokrisen.
Och då menar jag inte alla de ekonomer som rent allmänt trodde att det skulle gå åt h-e, utan de som faktiskt förutspådde hur det skulle gå åt h-e.
Italien har lovat att låna ut 22,5 miljarder euro till IMF så att IMF ska kunna rädda ... Italien.
Och Spanien bidrar med 15 miljarder euro för att rädda ... Spanien.
Mattias Lundbäck, 19 December 2011
"at least €1 trillion is necessary to stabilize the euro"
European leaders last week agreed to outfit the International Monetary Fund with 200 billion euros
But Germany's central bank has its doubts:
Some heavyweight countries are balking, and it also increases risks for German taxpayers.
Der Spiegel, 16 december 2011
The agreement on the €200 billion IMF fund is essentially an admission that the current euro bailout fund, the European Financial Security Facility (EFSF), is likely not large enough to handle Italy's -- or even Spain's -- refinancing needs should they run into trouble.
Plans are afoot to leverage the EFSF, but the fund's spending power is likely to max out at €750 billion.
The current consensus, voiced most recently by European Central Bank governing council member Klaas Knot, holds however that
at least €1 trillion is necessary to stabilize the euro.
Kommentar av Rolf Englund:
Jag tror att en trillion euros är 1000 miljarder euro.
Om en euro är 9 kr är en trillion euros lika med 9.000 miljarder kronor.
Mycket pengar för ett, misslyckat, experiment.
Ms Lagarde was always the wrong choice as managing director of the IMF, if only because she is neither impartial nor particularly well qualified for the job.
She's a European cuckoo in the nest, and therefore as incapable of seeing what needs to be done as the rest of the eurozone policy elite. Indeed, I've yet to see any evidence that she properly comprehends the economics of the eurozone sovereign debt crisis.
To Ms Lagarde, saving the euro and saving the world economy are one and the same thing. They are not.
Jeremy Warner, December 16th, 2011
Sverige är berett att bidra med upp till 100 miljarder kronor till krishanteringen i EU via IMF.
Ekot 15 december 2011
EU-länderna ska skjuta till 200 miljarder euro till IMF.
Det är nästan 2.000 miljarder kronor.
Det är väl generöst av stater i kris?
Detta är bakgrunden.
Rolf Englund blog 10 december 2011
The long shadow of the 1930s
Could things go bad again?
I mean really bad – Great Depression bad, world war bad?
The kind of cataclysmic event my generation has learned to think belongs only in the history books.
Gideon Rachman, Financial Times, November 28, 2011
If I had to give a snap judgment on the embryonic plan to “save the euro”,
I would say it is deflationary in the short term and inflationary in the long term
If the Republicans do well in the 2012 US elections, the stage will be set for a repetition of
many of the economic errors of the 1930s, when countries tried to fight depression with cuts of all kinds.
Samuel Brittan, 15 December 2011
