{"id":18235,"date":"2012-08-02T08:49:17","date_gmt":"2012-08-02T06:49:17","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=18235"},"modified":"2012-08-02T08:49:40","modified_gmt":"2012-08-02T06:49:40","slug":"en-kotu-geride-mi-kaliyor-2","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/en-kotu-geride-mi-kaliyor-2\/","title":{"rendered":"En K\u00f6t\u00fc Geride mi Kal\u0131yor? (2)"},"content":{"rendered":"<p>Almanya uzun bir s\u00fcredir ECB&#8217;nin para basarak y\u00fckl\u00fc miktarda sorunlu \u00fclke tahvili almas\u0131na kar\u015f\u0131 \u00e7\u0131k\u0131yor.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1713016457\"><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>Avrupa Merkez Bankas\u0131 Ba\u015fkan\u0131 (ECB) Draghi\u2019nin a\u00e7\u0131klamalar\u0131na finansal piyasalardan olumlu tepki gelmesi \u00fczerine, sal\u0131 g\u00fcn\u00fc \u201cEn k\u00f6t\u00fc geride mi kal\u0131yor?\u201d sorusunun yan\u0131t\u0131n\u0131n pe\u015fine d\u00fc\u015fm\u00fc\u015ft\u00fcm. Olumlu tepkilerin nedenlerini o yaz\u0131da ele alm\u0131\u015ft\u0131m. Bug\u00fcn s\u0131ra, bu olumlu havan\u0131n neden ge\u00e7ici olabilece\u011fi ihtimali oldu\u011funu tart\u0131\u015fmakta.<br \/>\nHat\u0131rlayacaks\u0131n\u0131z, Draghi, baz\u0131 Avrupa \u00fclkelerinin devlet tahvillerinin faizlerinin olduk\u00e7a y\u00fcksek d\u00fczeylere gelmesinin, para politikas\u0131n\u0131n ekonomi \u00fczerine etkilerini zay\u0131flatt\u0131\u011f\u0131n\u0131 belirtmi\u015fti. \u201cY\u00fckselen tahvil faizleri para politikas\u0131n\u0131n etkisini azalt\u0131yorsa, faizler kabul edilebilir bir d\u00fczeye d\u00fc\u015fene kadar ikincil piyasada o tahvillerden sat\u0131n al\u0131r\u0131m\u201d imas\u0131nda bulunmu\u015ftu. Daha sonra, bu operasyonun Avrupa\u2019n\u0131n ge\u00e7ici kurtarma fonu olan EFSF ile birlikte yap\u0131laca\u011f\u0131 konu\u015fulmaya ba\u015fland\u0131. Ayr\u0131ca, EFSF\u2019nin yerine kurulacak olan Avrupa \u0130stikrar Mekanizmas\u0131\u2019n\u0131n (ESM) bir banka gibi \u00e7al\u0131\u015fabilmesi ve b\u00f6ylelikle kald\u0131ra\u00e7l\u0131 i\u015flemlere giri\u015ferek, sorunlu \u00fclkelerin devlet tahvillerinden sermayesinin olduk\u00e7a \u00fczerinde bir tutarda sat\u0131n alabilmesi i\u00e7in gereken d\u00fczenlemelerin yap\u0131lmas\u0131 (bankac\u0131l\u0131k lisans\u0131 verilmesi) yine g\u00fcndeme getirildi.<br \/>\n\u00d6zellikle Draghi\u2019nin a\u00e7\u0131klamalar\u0131, bir \u00f6l\u00e7\u00fcde de ESM\u2019nin d\u00fczenlenmesine ili\u015fkin beklentilerin yaratt\u0131\u011f\u0131 olumlu havan\u0131n ge\u00e7ici olmas\u0131 ihtimalinin nedenleri \u015f\u00f6yle:<br \/>\nBirincisi, b\u0131rak\u0131n kald\u0131ra\u00e7l\u0131 i\u015flemler i\u00e7in izin almas\u0131n\u0131, daha ESM\u2019nin kurulmas\u0131na ili\u015fkin bir karar Almanya Anayasa Mahkemesi\u2019nin \u00f6n\u00fcnde duruyor; eyl\u00fcl ay\u0131nda g\u00f6r\u00fc\u015f\u00fclecek. Ayr\u0131ca, birka\u00e7 g\u00fcn \u00f6nce Almanya\u2019n\u0131n ESM\u2019ye bankac\u0131l\u0131k lisans\u0131 verilmesine kar\u015f\u0131 oldu\u011fu, Almanya yetkililerince bir kez daha vurguland\u0131 .<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1095960&amp;Yazar=FATIH-OZATAY&amp;CategoryID=101\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almanya uzun bir s\u00fcredir ECB&#8217;nin para basarak y\u00fckl\u00fc miktarda sorunlu \u00fclke tahvili almas\u0131na kar\u015f\u0131 \u00e7\u0131k\u0131yor. Avrupa Merkez Bankas\u0131 Ba\u015fkan\u0131 (ECB) Draghi\u2019nin a\u00e7\u0131klamalar\u0131na finansal piyasalardan olumlu&hellip;<\/p>\n","protected":false},"author":16,"featured_media":894,"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-18235","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\/18235","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\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=18235"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/18235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/894"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=18235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=18235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=18235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}