{"id":12585,"date":"2012-03-08T15:28:18","date_gmt":"2012-03-08T13:28:18","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=12585"},"modified":"2012-03-08T15:28:26","modified_gmt":"2012-03-08T13:28:26","slug":"almanya-euroyu-daha-ne-kadar-tasir","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/almanya-euroyu-daha-ne-kadar-tasir\/","title":{"rendered":"Almanya Euro&#8217;yu Daha Ne Kadar Ta\u015f\u0131r?"},"content":{"rendered":"<p>Euro bug\u00fcn uluslararas\u0131 ticarette kullan\u0131lan ve merkez bankalar\u0131n\u0131n rezervlerinde tutulan bir para ise, bunun nedeni arkas\u0131nda Almanya&#8217;n\u0131n olmas\u0131ndand\u0131r. Yani, Euro&#8217;yu Almanya ta\u015f\u0131yor, ta\u015f\u0131d\u0131\u011f\u0131 i\u00e7in de y\u00fckl\u00fcce bir maliyet \u00f6d\u00fcyor.<br \/>\nEuro B\u00f6lgesi&#8217;ndeki sorunlar\u0131n \u00e7\u00f6z\u00fcm\u00fcne y\u00f6nelik olarak akla uygun gelen baz\u0131 \u00e7\u00f6z\u00fcm \u00f6nerileri Almanya taraf\u0131ndan kabul edilmiyorsa, bunun nedeni Almanya&#8217;n\u0131n y\u00fcklenmek durumunda oldu\u011fu maliyeti daha da art\u0131rmamak ya da s\u0131n\u0131rland\u0131rmak istemesidir.<br \/>\nSon aylarda Almanya&#8217;da s\u00f6z\u00fc dinlenen bir grup akademisyen ve i\u015fadam\u0131 Almanya&#8217;n\u0131n Euro i\u00e7inde rahats\u0131z olmaya ba\u015flad\u0131\u011f\u0131n\u0131 dillendirmeye ba\u015flad\u0131. Bu gruba daha sonra kamuoyunda sayg\u0131nl\u0131\u011f\u0131 y\u00fcksek baz\u0131 kanaat liderleri de kat\u0131ld\u0131. K\u0131sacas\u0131, Almanya&#8217;n\u0131n Euro i\u00e7indeki rahats\u0131zl\u0131klar\u0131 \u00e7ok daha s\u0131k ve \u00e7ok daha a\u00e7\u0131k bir bi\u00e7imde geni\u015f kamuoyu ile payla\u015f\u0131lmaya ba\u015fland\u0131.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3961702339\"><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>TARGET 2&#8217;DEK\u0130 ALACAKLAR<\/strong><br \/>\nBu gruba en son Almanya Merkez Bankas\u0131 (Bundesbank) Ba\u015fkan\u0131 da kat\u0131ld\u0131. Oturdu\u011fu koltuk ve sorumluluklar\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda, Bundesbank Ba\u015fkan\u0131&#8217;n\u0131n \u00e7\u0131k\u0131\u015f\u0131 bir parasal birli\u011fin en g\u00fc\u00e7l\u00fc \u00fcyesi olarak yenilir yutulur cinsten de\u011fildi.<br \/>\n\u00d6nce konuyu a\u00e7al\u0131m. Euro kullanan \u00fclkelerin merkez bankalar\u0131 aras\u0131nda Target 2 isimli bir \u00f6deme sistemi var. Bu sistemi bizdeki EFT sistemine benzetebiliriz. Target 2 sistemi i\u00e7inde bir \u00fclkenin merkez bankas\u0131 bir ba\u015fka \u00fclkedeki merkez bankas\u0131ndan bor\u00e7 alabiliyor ya da verebiliyor. Bu yolla Euro i\u00e7indeki \u00f6deme sistemi sorunsuz olarak \u00e7al\u0131\u015f\u0131yor. Bor\u00e7 al\u0131p verme k\u0131sa vadeli. Normalde sistemde kimsenin kimseye borcu olmamas\u0131 gerekiyor.<br \/>\nAvrupa&#8217;daki bor\u00e7 krizi Target 2 sistemini de bozdu. Ticari bankalar do\u011fal i\u015flerini yapamaz hale gelip bilan\u00e7olar\u0131n\u0131 k\u00fc\u00e7\u00fclt\u00fcrken, piyasadan bor\u00e7lanmalar\u0131 da zorla\u015ft\u0131. Baz\u0131 \u00fclkelerde ancak kendi merkez bankalar\u0131ndan bor\u00e7lanarak i\u015f yapabilir hale geldiler. Yani, bankalar kendi merkez bankas\u0131ndan bor\u00e7land\u0131, o merkez bankas\u0131 da i\u015flemin di\u011fer taraf\u0131ndaki \u00fclkenin merkez bankas\u0131ndan bor\u00e7lanarak \u00f6demeyi ger\u00e7ekle\u015ftirdi.<br \/>\nNormalde, cari i\u015flemler a\u00e7\u0131\u011f\u0131n\u0131n b\u00fcy\u00fck \u00f6l\u00e7\u00fcde \u00fclkedeki ticari bankalar\u0131n ba\u015fka \u00fclkelerin ticari bankalar\u0131ndan bor\u00e7lanmalar\u0131 ya da cari i\u015flemler fazlas\u0131n\u0131n \u00fclkedeki ticari bankalar\u0131n ba\u015fka \u00fclkelerdeki ticari bankalara bor\u00e7 vermeleridir. Ticari bankalar devreden \u00e7\u0131k\u0131nca, Target 2 sistemi i\u00e7inde cari i\u015flemler fazlas\u0131 veren \u00fclkenin merkez bankas\u0131 bor\u00e7 veren, cari i\u015flemler a\u00e7\u0131\u011f\u0131 veren \u00fclkenin merkez bankas\u0131 bor\u00e7lanan durumuna d\u00fc\u015ft\u00fc.<\/p>\n<p><strong>BUNDESBANK&#8217;IN \u00c7IKI\u015eI<\/strong><br \/>\nAlmanya&#8217;n\u0131n cari i\u015flemler fazlas\u0131 var. Buna kar\u015f\u0131l\u0131k, \u0130talya, \u0130spanya, Yunanistan, Portekiz ve Fransa gibi \u00fclkelerin cari i\u015flemler a\u00e7\u0131\u011f\u0131 var. Dolay\u0131s\u0131yla, Bundesbank b\u00fct\u00fcn di\u011fer merkez bankalar\u0131ndan alacakl\u0131. Target 2 i\u00e7inde Bundesbank&#8217;\u0131n alaca\u011f\u0131 500 milyar Euro&#8217;ya gelmi\u015f. Bu mebla\u011f Almanya&#8217;n\u0131n milli gelirinin yakla\u015f\u0131k y\u00fczde 20&#8217;si.<br \/>\nBundesbank Ba\u015fkan\u0131&#8217;n\u0131n parasal birlik i\u00e7inde yenir yutulur olmayan \u00e7\u0131k\u0131\u015f\u0131 Bundesbank&#8217;\u0131n bu alacaklar\u0131 kar\u015f\u0131s\u0131nda bor\u00e7lu \u00fclkelerden reel teminat istemesi gerekti\u011fi oldu. Yani, Bundesbank, \u0130talya&#8217;dan, \u0130spanya&#8217;dan, Yunanistan&#8217;dan fiziksel varl\u0131k istiyor. Euro kullanan di\u011fer \u00fclkelerin bonolar\u0131na itibar etmiyor. Bundesbank&#8217;\u0131n itibar etmedi\u011fi bonolara piyasa neden itibar etsin ki?<br \/>\nBu bir dil s\u00fcr\u00e7mesi de\u011fildi. Bu, Almanya&#8217;da giderek artan Euro rahats\u0131zl\u0131\u011f\u0131n\u0131n en \u00fcst d\u00fczeydeki yans\u0131mas\u0131yd\u0131. Euro&#8217;nun arkas\u0131nda Almanya daha ne kadar durur? Bilemeyiz.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Euro bug\u00fcn uluslararas\u0131 ticarette kullan\u0131lan ve merkez bankalar\u0131n\u0131n rezervlerinde tutulan bir para ise, bunun nedeni arkas\u0131nda Almanya&#8217;n\u0131n olmas\u0131ndand\u0131r. Yani, Euro&#8217;yu Almanya ta\u015f\u0131yor, ta\u015f\u0131d\u0131\u011f\u0131 i\u00e7in de&hellip;<\/p>\n","protected":false},"author":675,"featured_media":9441,"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-12585","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\/12585","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=12585"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/12585\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/9441"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=12585"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=12585"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=12585"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}