{"id":19086,"date":"2012-08-30T08:30:21","date_gmt":"2012-08-30T06:30:21","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=19086"},"modified":"2012-08-30T08:30:31","modified_gmt":"2012-08-30T06:30:31","slug":"nasiplenmeye-gonulsuzluk","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/nasiplenmeye-gonulsuzluk\/","title":{"rendered":"Nasiplenmeye G\u00f6n\u00fcls\u00fczl\u00fck"},"content":{"rendered":"<p>ECB&#8217;nin ald\u0131\u011f\u0131 tahvillerin ve benzer operasyonlarda kabul etti\u011fi teminatlar\u0131n de\u011ferleri keskin bi\u00e7imde d\u00fc\u015fecek ve ECB&#8217;nin sermayesi eriyecek.<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2766394194\"><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>T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n (MB) 2001 krizinden birka\u00e7 ay sonra yapt\u0131\u011f\u0131 y\u00fckl\u00fc miktarda devlet tahvili sat\u0131n alma operasyonu yapabilmesinin \u00e7ok \u00f6nemli bir nedeni vard\u0131. O zamanki h\u00fck\u00fcmet, mali ve parasal disiplin \u00f6ng\u00f6ren ve bankac\u0131l\u0131k sekt\u00f6r\u00fcnde \u00e7ok \u00f6nemli ve olumlu y\u00f6nde bir de\u011fi\u015fim tasarlayan \u2018G\u00fc\u00e7l\u00fc Ekonomiye Ge\u00e7i\u015f Program\u0131\u2019n\u0131 uygulamaya ba\u015flam\u0131\u015ft\u0131. Bu program IMF taraf\u0131ndan uygun ko\u015fullarda ve \u00f6nemli tutarda kredi ile destekleniyordu.<\/p>\n<p><strong>ECB garanti istiyor\u00a0<\/strong><br \/>\nOysa Avrupa Merkez Bankas\u0131 (ECB), sorunlu \u00fclkelere uygulad\u0131klar\u0131 program\u0131n sonu\u00e7lar\u0131n\u0131 alana kadar, o \u00e7ok gereksindikleri zaman\u0131 kazand\u0131racak ve dolay\u0131s\u0131yla finansal piyasalar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde rahatlatacak y\u00fckl\u00fc tahvil al\u0131m\u0131 program\u0131na ba\u015flayam\u0131yor. Temel bir nedenle: ECB, \u0130spanya\u2019n\u0131n ya da \u0130talya\u2019n\u0131n merkez bankas\u0131 de\u011fil. T\u00fcm Euro B\u00f6lgesi\u2019nin merkez bankas\u0131. B\u00f6lge \u00fclkeleri, \u00f6zellikle de Almanya ve Finlandiya gibi \u00fclkeler, \u0130talya ve \u0130spanya\u2019n\u0131n uygulamaya ba\u015flad\u0131klar\u0131 program\u0131 s\u00fcrd\u00fcreceklerine dair garantiler istiyorlar. Almanya\u2019n\u0131n Euro B\u00f6lgesi\u2019ndeki a\u011f\u0131rl\u0131\u011f\u0131 dikkate al\u0131n\u0131nca ECB onlar\u0131 dinlemek zorunda.<br \/>\nBu nedenle ECB de programlar\u0131n uygulanaca\u011f\u0131na dair garanti istiyor. D\u00fc\u015f\u00fcnd\u00fc\u011f\u00fc \u2018garanti\u2019 \u015fu: \u0130spanya ile \u0130talya\u2019n\u0131n Avrupa\u2019n\u0131n kurtarma fonlar\u0131na ba\u015fvurmalar\u0131n\u0131 \u015fart ko\u015fuyor. \u2018Fonlar\u2019 diyorum, \u00e7\u00fcnk\u00fc mevcut fon, ge\u00e7ici bir fon (k\u0131saltmas\u0131 EFSF olan). EFSF\u2019nin yerine ge\u00e7ecek ve daha fazla parasal olanaklara sahip olacak fon (k\u0131saltmas\u0131 ESM olan) ise hen\u00fcz devreye girmedi. Bu fonlar, kendilerine ba\u015fvuran \u00fclkelere baz\u0131 ekonomik ko\u015fullar dayatmaya yetkililer. Ko\u015fullar\u0131n, ba\u015fvuran \u00fclkelerce kabul edilmesi halinde, o s\u0131rada hangi fon mevcutsa o fon ba\u015fvuran \u00fclkelerin hazine tahvillerinden do\u011frudan sat\u0131n alabiliyor. Arkas\u0131ndan da ECB, ikincil piyasalardan benzer bir tahvil al\u0131m\u0131 yapmay\u0131 planl\u0131yor.<\/p>\n<p>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <strong><a href=\"http:\/\/www.radikal.com.tr\/Radikal.aspx?aType=RadikalYazar&amp;ArticleID=1098636&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>ECB&#8217;nin ald\u0131\u011f\u0131 tahvillerin ve benzer operasyonlarda kabul etti\u011fi teminatlar\u0131n de\u011ferleri keskin bi\u00e7imde d\u00fc\u015fecek ve ECB&#8217;nin sermayesi eriyecek. T\u00fcrkiye Cumhuriyet Merkez Bankas\u0131\u2019n\u0131n (MB) 2001 krizinden birka\u00e7&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-19086","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\/19086","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=19086"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/19086\/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=19086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=19086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=19086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}