Lárguese o gobierne señor Rajoy V: Rescate (parcial) inminente por su inacción, parsimonia e ineptitud
mayo 18, 2012 25 comentarios
Usted, señor Rajoy, es culpable por no haber reaccionado con mayor rapidez como le demandé en noviembre. Por su culpa, por su grandísima culpa, el rescate de la economía española es ya inevitable. Ciertamente no hay dinero suficiente, así que será parcial.
Zero Hedge LCH Hikes Margin Requirements On Spanish Bonds Tyler Durden
A few days ago we suggested that this action by LCH.Clearnet was only a matter of time. Sure enough, as of minutes ago the bond clearer hiked margins on all Spanish bonds with a duration of more than 1.25 years. Net result: the Spanish Banks which by now are by far the largest single group holder of Spanish bonds, has to post even more collateral beginning May 25. Only problem with that: it very well may not have the collateral…
…there are two critical new numbers to pay attention to immediately –that we are sure the market will soon learn to appreciate.
- The first is 5%. This is the haircut increase that ECB collateral will require once all ratings agencies shift to BBB+ or below (meaning massive margin calls and cash needs for the exact banks that are the most exposed and least capable of achieving said liquidity).
- The second is 10%. This is the level of funded (bank) assets that are financed by the Central Bank and as UBS notes, this is the tipping point beyond which banks are treated differently by the market and have historically required significant equity issuance to return to regular private market funding. With S&P having made the move to BBB+ this week (and Italy already there), and Spain's banking system having reached 11% as of the last ECB announcement (and Italy 7.7%), it would appear we are set for more heat in the European kitchen –especially since Nomura adds that they do not expect any meaningful response from the ECB until things get a lot worse…
Usted ha terminado de dar la puntilla a la economía española, junto al resto de la partitocracia española gobernante durante estas décadas, así como los millones de votantes españoles que se empecinan en votarla, tan sectarios ellos.