{"id":12720,"date":"2012-03-12T14:08:27","date_gmt":"2012-03-12T12:08:27","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=12720"},"modified":"2012-03-12T14:08:34","modified_gmt":"2012-03-12T12:08:34","slug":"piyasalara-yeni-hikaye-gerek","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/piyasalara-yeni-hikaye-gerek\/","title":{"rendered":"Piyasalara Yeni Hik\u00e2ye Gerek"},"content":{"rendered":"<p>Yunanistan konusu piyasalar i\u00e7in iyi bir hik\u00e2ye kayna\u011f\u0131 olmu\u015ftu. Cuma g\u00fcn\u00fc noktaland\u0131.<br \/>\nPara kazanmalar\u0131 i\u00e7in \u015fimdi onlara yeni hik\u00e2ye(ler) laz\u0131m.<br \/>\nKu\u015fkusuz \u00f6n\u00fcm\u00fczdeki k\u0131sa d\u00f6nemde Yunanistan yine g\u00fcndemde olmay\u0131 s\u00fcrd\u00fcrecek. Cuma g\u00fcn\u00fc Fitch, Moody&#8217;s ve Uluslararas\u0131 Swap ve T\u00fcrev Birli\u011fi (ISDA) Yunanistan&#8217;\u0131n resmi iflas\u0131n\u0131 ilan ettiler. \u015eimdi Yunan k\u00e2\u011f\u0131tlar\u0131n\u0131 sigorta ettirenler kap\u0131ya dayanacaklar. Ancak tutar\u0131n d\u00fc\u015f\u00fck kalaca\u011f\u0131 tahmin ediliyor.<br \/>\nYunanistan&#8217;\u0131n bundan sonra ya\u015fanabilecek bor\u00e7 \u00f6deme sorunlar\u0131nda, muhataplar\u0131n\u0131n b\u00fcy\u00fck \u00e7o\u011funlu\u011funun IMF ve Avrupa Merkez Bankas\u0131 (ECB) gibi kamu sekt\u00f6r\u00fc olaca\u011f\u0131 varsay\u0131m\u0131yla, tansiyonu art\u0131racak geli\u015fmelerin g\u00f6zlenece\u011fini sanm\u0131yorum.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-32945886\"><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>G\u00dcNDEM MADDELER\u0130<\/strong><br \/>\n\u0130\u015fte b\u00f6yle ufak tefek (!) geli\u015fmelerin d\u0131\u015f\u0131nda piyasan\u0131n nefes almas\u0131n\u0131 ya da nefesini tutmas\u0131n\u0131 sa\u011flayacak hik\u00e2yelerin g\u00fcndemi i\u00e7in \u015fu konular\u0131 saptad\u0131m.<br \/>\n\u25a0\u00a0<strong>Sistemdeki fazla likiditenin \u00e7ekilmesi:<\/strong>\u00a0Kriz s\u0131ras\u0131nda belli ba\u015fl\u0131 baz\u0131 \u00fclke merkez bankalar\u0131n\u0131n piyasaya verdikleri likiditenin ileride sorun olaca\u011f\u0131 biliniyor.<br \/>\nECB nin bilan\u00e7osu, b\u00f6lgenin milli gelirinin 1\/3&#8217;\u00fcne ula\u015ft\u0131. Bu oran ABD Merkez Bankas\u0131 i\u00e7in y\u00fczde 19, \u0130ngiltere Merkez Bankas\u0131 i\u00e7in ise y\u00fczde 21. Bizim ise y\u00fczde 11 &#8216;ler civar\u0131nda oldu\u011fumuzu hat\u0131rlatal\u0131m.<br \/>\nBu bankalar\u0131n bilan\u00e7olar\u0131n\u0131 k\u00fc\u00e7\u00fcltebilmeleri ve fazla likiditeyi geri \u00e7ekebilmeleri i\u00e7in Almanlar bask\u0131 uygulamaya ba\u015flad\u0131. ECB nin normal fonksiyonlar\u0131n\u0131 yapabilmesi ve enflasyonu kontrol alt\u0131na alabilmesi i\u00e7in buna gerek g\u00f6r\u00fcyorlar.<br \/>\nBu konuda at\u0131lacak her ad\u0131m\u0131n piyasalara fiyatlama ve strateji a\u00e7\u0131lar\u0131ndan y\u00f6n g\u00f6sterece\u011fi kesin.<br \/>\n\u25a0\u00a0<strong>Avrupa&#8217;n\u0131n sorunlu \u00fclkelerinin kar\u015f\u0131la\u015facaklar\u0131 darbo\u011fazlar:\u00a0<\/strong>Piyasalar bu konuyu ka\u015f\u0131salar bile, Avrupal\u0131 liderlerin \u00e7izdi\u011fi yol haritas\u0131n\u0131n ger\u00e7ekle\u015fece\u011fini zannediyorum.<br \/>\nYunanistan benzeri bor\u00e7 ertelemelerinin art\u0131k g\u00fcndeme gelmeyece\u011fi defalarca tekrarland\u0131. Portekiz, \u0130rlanda, \u0130spanya ve \u0130talya da sorunlar olu\u015fabilir ama bunlar birka\u00e7 g\u00fcnl\u00fck g\u00fcndem maddesi olmaktan ileri gidemez.<br \/>\n\u25a0\u00a0<strong>Avrupa \u0130stikrar Mekanizmas\u0131 ya da \u00fclke kurtarma fonunun nas\u0131l \u015fekil alaca\u011f<\/strong>\u0131: Bu fonun kurulup i\u015fletilmesinde problemler ortaya \u00e7\u0131kacakt\u0131r. Ancak durumda iyile\u015fmeler g\u00f6zlendik\u00e7e fona konulan paralara da fazla gereksinim duyulmay\u0131nca piyasalar da rahatlayacakt\u0131r.<br \/>\n\u25a0\u00a0<strong>Sorunlu \u00fclkelerin piyasalardan bor\u00e7lanmalar\u0131:\u00a0<\/strong>Avrupa krizi ba\u015flang\u0131c\u0131ndan bu yana piyasalardan bor\u00e7lanamayan ya da y\u00fcksek fiyatla bor\u00e7lanabilen \u00fclkelerin g\u00f6sterecekleri performanslar da piyasan\u0131n ilgisini \u00e7ekecek noktalardan biri olacakt\u0131r. \u0130ki y\u0131ld\u0131r piyasalara \u00e7\u0131kamayan Yunanistan bir mihenk ta\u015f\u0131 gibidir.<br \/>\n\u25a0\u00a0<strong>Di\u011ferleri:\u00a0<\/strong>ABD ekonomisindeki geli\u015fmeler, \u00f6zellikle konut sekt\u00f6r\u00fcn\u00fcn durumu, \u00c7in&#8217;deki b\u00fcy\u00fcme ve geli\u015fen piyasalar\u0131n performanslar\u0131n\u0131n piyasalarda g\u00fcndem yaratacak geli\u015fmelerden olaca\u011f\u0131na ku\u015fku yoktur.<\/p>\n<p><strong>YA B\u0130Z DE?<\/strong><br \/>\nBizdeki hik\u00e2ye ise malum.<br \/>\nCari a\u00e7\u0131k, b\u00fcy\u00fcme ve enflasyona ili\u015fkin gelecek her veri, piyasalar\u0131 heyecanland\u0131racakt\u0131r.<br \/>\nT\u00fcrkiye&#8217;nin uluslararas\u0131 piyasalar i\u00e7in cazip bir \u00fclke oldu\u011fu ink\u00e2r edilemez. Ne var ki, faiz politikas\u0131ndaki kafa kar\u0131\u015f\u0131kl\u0131klar\u0131n\u0131n piyasa oyuncular\u0131n\u0131 \u00e7ok k\u0131sa vadeli hareket etme durumuna zorlad\u0131\u011f\u0131 da bir ger\u00e7ek. Bu ise k\u0131sa vadeli fon ak\u0131mlar\u0131na adeta \u00e7anak tutuyor.<br \/>\nOrta ve uzun vadeli yat\u0131r\u0131mc\u0131lar ise getirilerini tam olarak hesaplayamad\u0131klar\u0131 i\u00e7in g\u00fcnl\u00fck &#8220;bildik&#8221; hik\u00e2yeleri takip etmekle zaman ge\u00e7iriyorlar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yunanistan konusu piyasalar i\u00e7in iyi bir hik\u00e2ye kayna\u011f\u0131 olmu\u015ftu. Cuma g\u00fcn\u00fc noktaland\u0131. Para kazanmalar\u0131 i\u00e7in \u015fimdi onlara yeni hik\u00e2ye(ler) laz\u0131m. Ku\u015fkusuz \u00f6n\u00fcm\u00fczdeki k\u0131sa d\u00f6nemde Yunanistan&hellip;<\/p>\n","protected":false},"author":418,"featured_media":5395,"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-12720","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\/12720","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\/418"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=12720"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/12720\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/5395"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=12720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=12720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=12720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}