{"id":18430,"date":"2012-08-08T08:52:01","date_gmt":"2012-08-08T06:52:01","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=18430"},"modified":"2012-08-08T08:52:14","modified_gmt":"2012-08-08T06:52:14","slug":"gecen-haftaya-bakis","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/gecen-haftaya-bakis\/","title":{"rendered":"Ge\u00e7en Haftaya Bak\u0131\u015f"},"content":{"rendered":"<p>Ge\u00e7en haftaki yaz\u0131m\u0131 Avrupa Merkez Bankas\u0131 (ECB) Ba\u015fkan\u0131 Mario Draghi&#8217;nin Londra&#8217;da yapt\u0131\u011f\u0131 ve finansal piyasalarda son derece olumlu kar\u015f\u0131lanan a\u00e7\u0131klamalar\u0131na ay\u0131rm\u0131\u015f ve ba\u015fl\u0131kta &#8220;Nihayet bitiyor mu?&#8221; diye sormu\u015ftum. A\u00e7\u0131klamalar\u0131n neden olumlu kar\u015f\u0131land\u0131\u011f\u0131n\u0131 tart\u0131\u015ft\u0131ktan sonra, durumun olumsuz taraflar\u0131na dikkat \u00e7ekmi\u015ftim. Yaz\u0131, &#8220;hen\u00fcz en k\u00f6t\u00fcn\u00fcn geride kal\u0131p kalmad\u0131\u011f\u0131n\u0131 bilmiyoruz&#8221; yarg\u0131s\u0131yla bitmi\u015fti.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1889929111\"><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>ECB&#8217;nin kararlar\u0131<\/strong><\/p>\n<p>Yaz\u0131 yay\u0131nland\u0131ktan sonra ECB&#8217;nin finansal piyasalarca merakla beklenen ayl\u0131k toplant\u0131s\u0131 yap\u0131ld\u0131. Toplant\u0131dan sonra Draghi&#8217;nin okudu\u011fu metin ve daha sonra bas\u0131n mensuplar\u0131n\u0131n sorular\u0131na verdi\u011fi yan\u0131tlar, futbolcular\u0131n yenildikleri ma\u00e7lardan sonra pek sevdikleri &#8220;\u00f6n\u00fcm\u00fczdeki ma\u00e7lara bakaca\u011f\u0131z&#8221; a\u00e7\u0131klamalar\u0131na benziyordu. Yani, &#8220;bug\u00fcn bizden bekleneni yerine getiremedik ama ileride belki&#8221; Draghi, sorunlu \u00fclkelerin ge\u00e7ici istikrar fonuna (k\u0131saltmas\u0131 EFSF olana) ve 12 Eyl\u00fcl&#8217;de Almanya Anayasa Mahkemesi p\u00fcr\u00fcz \u00e7\u0131karmaz da EFSF&#8217;nin yerini alarak faaliyete ge\u00e7ebilirse kal\u0131c\u0131 Avrupa \u0130stikrar Mekanizmas\u0131&#8217;na (k\u0131saltmas\u0131 ESM olana) ba\u015fvurmalar\u0131 ve onlar\u0131n ko\u015fullar\u0131na uymay\u0131 taahh\u00fct etmeleri halinde, ECB&#8217;nin de devreye girebilece\u011fini s\u00f6yledi.<\/p>\n<p>Bu \u00fclkelerin bu fonlara ba\u015fvurmalar\u0131 ve anla\u015fma imzalamalar\u0131 \u015fu anlama geliyor: Mali disipline ve fonlar\u0131n getirece\u011fi di\u011fer ko\u015fullara uyacaklar\u0131 konusunda garanti vermi\u015f oluyorlar. Bu garanti, hem baz\u0131 yasal ko\u015fullar\u0131n yerine gelmesine yar\u0131yor hem de sorun ya\u015famayan \u00fclkeler kamuoylar\u0131na d\u00f6n\u00fcp &#8220;bak\u0131n \u00e7ok b\u00fcy\u00fck bir \u00e7aba i\u00e7indeler&#8221; diyebiliyorlar. Bu durumda, s\u00f6z konusu fonlar birinci piyasadan bu \u00fclkelerin devlet tahvillerini sat\u0131n al\u0131rken, ECB de ikincil piyasadan piyasalar\u0131 rahatlatacak kadar (k\u0131sa vadeli) tahvil alacak. \u00dcstelik \u00f6zel kesimin bu tahvillerden sat\u0131n almas\u0131n\u0131 kolayla\u015ft\u0131racak baz\u0131 teknik sorunlar \u00fczerinde \u00e7al\u0131\u015ft\u0131klar\u0131n\u0131 da a\u00e7\u0131klad\u0131 Draghi. Dolay\u0131s\u0131yla, bu tahvillerin faizleri belirgin bi\u00e7imde d\u00fc\u015febilecek. Bu sayede az\u0131msanmayacak bir s\u00fcre, bor\u00e7lanma a\u00e7\u0131s\u0131ndan rahat bir nefes alabilecek \u0130spanya ve \u0130talya gibi \u00fclkeler. A\u00e7\u0131k ki hem birincil hem de ikincil piyasalardan tahvil al\u0131m\u0131, uzun zamand\u0131r beklenen ad\u0131mlar ve at\u0131labilirlerse piyasalarda bir s\u00fcre co\u015fku ya\u015fanaca\u011f\u0131 a\u00e7\u0131k.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"http:\/\/www.dunya.com\/gecen-haftaya-bakis-149211yy.htm\" target=\"_blank\" data-wpel-link=\"external\" rel=\"nofollow external noopener\">TIKLAYINIZ.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ge\u00e7en haftaki yaz\u0131m\u0131 Avrupa Merkez Bankas\u0131 (ECB) Ba\u015fkan\u0131 Mario Draghi&#8217;nin Londra&#8217;da yapt\u0131\u011f\u0131 ve finansal piyasalarda son derece olumlu kar\u015f\u0131lanan a\u00e7\u0131klamalar\u0131na ay\u0131rm\u0131\u015f ve ba\u015fl\u0131kta &#8220;Nihayet bitiyor&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-18430","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\/18430","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=18430"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/18430\/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=18430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=18430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=18430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}