{"id":10644,"date":"2012-01-20T07:37:55","date_gmt":"2012-01-20T05:37:55","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=10644"},"modified":"2012-01-20T08:38:31","modified_gmt":"2012-01-20T06:38:31","slug":"yunanistanin-kurtarilmasi-sonun-baslangici-mi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/yunanistanin-kurtarilmasi-sonun-baslangici-mi\/","title":{"rendered":"Yunanistan&#8217;\u0131n Kurtar\u0131lmas\u0131 Sonun Ba\u015flang\u0131c\u0131 m\u0131?"},"content":{"rendered":"<p>Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 iki y\u0131l evvel de biliniyordu. Bor\u00e7lar\u0131n yeniden yap\u0131land\u0131r\u0131lmas\u0131 \u00f6neriliyordu. K\u00f6t\u00fc \u00f6rnek olur diye o d\u00f6nemde bor\u00e7 yap\u0131land\u0131rmas\u0131 kabul g\u00f6rmedi. \u00c7\u0131kmaza girilince, Yunanistan alacakl\u0131larla masaya oturmak zorunda kald\u0131. \u015eimdi, s\u00f6zde \u00f6zel kesim alacakl\u0131lar\u0131n iste\u011fiyle Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n iskonto edilmesi pazarl\u0131k ediliyor.<br \/>\nPazarl\u0131\u011f\u0131n \u00f6zel kesim taraf\u0131 biliyor ki, Yunanistan iflas ettirilmeyecek. Yunanistan da biliyor ki, \u00f6zel kesim belli bir iskontoyu kabul etmedi\u011fi takdirde zararlar\u0131 daha da b\u00fcy\u00fcyecek. Bilek g\u00fcre\u015fi kesintilerle devam ediyor.<br \/>\nYunanistan&#8217;\u0131n iflas etmesi, \u00f6zel alacakl\u0131lar a\u00e7\u0131s\u0131ndan zararlar\u0131n b\u00fcy\u00fcmesi anlam\u0131na geliyor. Euro B\u00f6lgesi a\u00e7\u0131s\u0131ndan ise, iflas, ba\u015fta Yunanistan&#8217;da olmak \u00fczere Avrupa \u00e7ap\u0131nda bir bankac\u0131l\u0131k krizinin ate\u015fleyicisi olabilir. Kald\u0131 ki, elinde Yunanistan bonosu bulunduran en b\u00fcy\u00fck kurum, Avrupa Merkez Bankas\u0131, iflas halinde, kar\u015f\u0131l\u0131\u011f\u0131 olmayan para basm\u0131\u015f durumunda kalacak. Ek sermaye gereksinimi do\u011facak.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1813774375\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p><strong>PORTEK\u0130Z SIRADA<\/strong><br \/>\nBug\u00fcn iflas bir\u00e7ok a\u00e7\u0131dan bir \u00e7\u00f6z\u00fcm yolu gibi g\u00f6r\u00fcnm\u00fcyor, t\u0131pk\u0131 iki y\u0131l evvel Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n yeniden yap\u0131land\u0131r\u0131lmas\u0131 bir \u00e7\u00f6z\u00fcm yolu g\u00f6r\u00fcnmedi\u011fi gibi. Bor\u00e7lar\u0131 yeniden yap\u0131land\u0131r\u0131ld\u0131\u011f\u0131nda (\u00f6rne\u011fin, y\u00fczde 70 iskonto ile), Yunanistan&#8217;\u0131n bor\u00e7lar\u0131 s\u00fcrd\u00fcr\u00fclebilir olacak m\u0131? K\u00e2\u011f\u0131t \u00fczerinde, \u00e7ok \u00f6nemli bir varsay\u0131mla evet.<br \/>\nVarsay\u0131m, Yunanistan&#8217;\u0131n iki y\u0131l i\u00e7inde makul faiz oranlar\u0131yla, piyasalardan bor\u00e7lanabilme kabiliyetine ula\u015fmas\u0131. Bor\u00e7lar yeniden yap\u0131land\u0131r\u0131ld\u0131ktan sonra da, Yunanistan hi\u00e7 de k\u00fc\u00e7\u00fck olmayan b\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 (2011 y\u0131l\u0131nda milli gelirin y\u00fczde 10&#8217;u) vermeye devam eden, hatta b\u00fct\u00e7esinde faiz d\u0131\u015f\u0131 a\u00e7\u0131k vermeye devam eden bir \u00fclke olmaya devam edecek. Dolay\u0131s\u0131yla, Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olup olamayaca\u011f\u0131 piyasalar\u0131n tepkisi ile yak\u0131ndan ilgili.<br \/>\nYunanistan Euro B\u00f6lgesi&#8217;nin di\u011fer zay\u0131f halkalar\u0131 i\u00e7in \u00f6rnek olmaya devam ediyor. Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n y\u00fczde 70&#8217;ini silip vadeyi 30 y\u0131la kadar uzatt\u0131\u011f\u0131 bir ortamda Portekiz bor\u00e7lanmalar\u0131na neden y\u0131ll\u0131k y\u00fczde 15 faiz \u00f6demeye devam etsin? Bu soruyu Portekiz&#8217;in kendi sormasa, finans piyasalar\u0131 soracak. \u0130ki y\u0131l evvel &#8220;Yunanistan&#8217;a yard\u0131m yap\u0131l\u0131rken neden Portekiz&#8217;e yard\u0131m yap\u0131lmas\u0131n ki&#8221; yakla\u015f\u0131m\u0131 ne anlama geldiyse, piyasalar a\u00e7\u0131s\u0131ndan Portekiz&#8217;in bor\u00e7lar\u0131n\u0131 yeniden yap\u0131land\u0131rmas\u0131 olas\u0131l\u0131\u011f\u0131 ayn\u0131 \u015fey.<br \/>\nPortekiz de bir bi\u00e7imde bor\u00e7lar\u0131n\u0131 yeniden yap\u0131land\u0131rmaya zorlanabilecek.<\/p>\n<p><strong>BULA\u015eICILIK BA\u015eLADIKTAN SONRA<\/strong><br \/>\n\u0130talya ve \u0130spanya&#8217;n\u0131n kredi notlar\u0131 d\u00fc\u015ft\u00fck\u00e7e, Avrupa Birli\u011fi&#8217;nden yard\u0131m talep etmeleri olas\u0131l\u0131\u011f\u0131 art\u0131yor. \u0130talya potada. Gayrimenkul piyasas\u0131n\u0131n kar\u0131\u015fmas\u0131 durumunda, \u0130spanya da potaya girebilir, hatta \u0130talya&#8217;y\u0131 ge\u00e7ebilir. Avrupa \u0130stikrar Fonu&#8217;nun cephanesi \u0130talya ve \u0130spanya&#8217;y\u0131 kurtarmaya yeter mi? Tek ba\u015f\u0131na Yunanistan ve Portekiz&#8217;i kurtaramayan bir yakla\u015f\u0131m bu \u00fclkelerin derdine hi\u00e7 deva olamayabilir.<br \/>\n\u0130rlanda bu tart\u0131\u015fmalar\u0131n d\u0131\u015f\u0131nda tutulmal\u0131. \u0130rlanda ekonomisi b\u00fcy\u00fcyor. Al\u0131nan \u00f6nlemlerle \u0130rlanda b\u00fct\u00e7esi tahminlerin de \u00f6tesinde g\u00fc\u00e7l\u00fc bir performans g\u00f6steriyor. Dolay\u0131s\u0131yla, \u0130rlanda bug\u00fcn potan\u0131n kenar\u0131nda, ama \u0130spanya ve \u0130talya&#8217;dan daha uzakta bir yerde.<br \/>\nYunanistan sorunu bula\u015f\u0131c\u0131 hale gelmeden radikal \u00f6nlemler al\u0131nabilseydi, al\u0131nan \u00f6nlemlerin \u00f6rnek olma \u00f6zelli\u011fi hi\u00e7 olmayacakt\u0131. Yunanistan kendi ba\u015f\u0131na bir olay olarak alg\u0131lanacakt\u0131. Avrupa o \u015fans\u0131n\u0131 yitirdi. Art\u0131k Yunanistan&#8217;a y\u00f6nelik al\u0131nan ve al\u0131nacak her \u00f6nlem sorunlu di\u011fer ekonomiler i\u00e7in de \u00f6rnek te\u015fkil ediyor. Asl\u0131nda, Euro B\u00f6lgesi&#8217;nin en b\u00fcy\u00fck sorunu, Yunanistan ekonomisinin kurtar\u0131lmas\u0131n\u0131n maliyetinin y\u00fcksekli\u011fi de\u011fil, kurtar\u0131lma \u015feklinin herkes i\u00e7in \u00f6rnek olmas\u0131. O nedenle de, al\u0131nan her \u00f6nlem art\u0131k sonun ba\u015flang\u0131c\u0131 olma niteli\u011finde.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yunanistan&#8217;\u0131n bor\u00e7lar\u0131n\u0131n s\u00fcrd\u00fcr\u00fclebilir olmad\u0131\u011f\u0131 iki y\u0131l evvel de biliniyordu. Bor\u00e7lar\u0131n yeniden yap\u0131land\u0131r\u0131lmas\u0131 \u00f6neriliyordu. K\u00f6t\u00fc \u00f6rnek olur diye o d\u00f6nemde bor\u00e7 yap\u0131land\u0131rmas\u0131 kabul g\u00f6rmedi. \u00c7\u0131kmaza girilince,&hellip;<\/p>\n","protected":false},"author":675,"featured_media":5391,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10644","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/675"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=10644"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/10644\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/5391"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=10644"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=10644"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=10644"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}