{"id":8730,"date":"2011-12-10T09:59:48","date_gmt":"2011-12-10T06:59:48","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=8730"},"modified":"2011-12-10T10:00:01","modified_gmt":"2011-12-10T07:00:01","slug":"dogru-adim-ama-yetersiz","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/dogru-adim-ama-yetersiz\/","title":{"rendered":"Do\u011fru Ad\u0131m Ama Yetersiz"},"content":{"rendered":"<p>Ad\u0131mlar piyasalar\u0131 rahatlatmaya yetecek oranda de\u011fil<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-897684526\"><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>\u0130ki g\u00fcnd\u00fcr Avrupa \u00e7ok hareketli. \u00d6nce Avrupa Bankac\u0131l\u0131k Kurumu (EBA), arkas\u0131ndan ise Avrupa Merkez Bankas\u0131 (ECB) baz\u0131 kararlar ald\u0131lar. Per\u015fembe ak\u015fam\u0131 Avrupal\u0131 liderler bir araya geldiler ve cuma sabah\u0131n\u0131n erken saatlerine kadar g\u00f6r\u00fc\u015ft\u00fcler. Kararlardan \u00f6nce sorunlar:<br \/>\nTemel sorun, tek bir para politikas\u0131 varken \u00e7ok farkl\u0131 maliye politikalar\u0131 olmas\u0131. Bu olgu, gev\u015fek maliye politikas\u0131 ve bankac\u0131l\u0131k sekt\u00f6r\u00fcndeki problemler nedeniyle Yunanistan, Portekiz, \u0130rlanda, \u0130spanya ve \u0130talya\u2019y\u0131 batman\u0131n e\u015fi\u011fine getirdi. \u0130talya ve \u0130spanya devletlerinin finansman gereksinimi \u00e7ok fazla. Mevcut ko\u015fullar alt\u0131nda bunun kar\u015f\u0131lanamayaca\u011f\u0131 ve bor\u00e7lar\u0131n yeniden yap\u0131land\u0131r\u0131lmak zorunda kal\u0131naca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcld\u00fc\u011f\u00fcnden, \u00fclkeler ancak y\u00fcksek faizle bor\u00e7lanabiliyorlar. Finansman gereksinimi daha da y\u00fckseliyor. Faiz daha da art\u0131yor.<br \/>\nBu k\u0131s\u0131r sarmal\u0131n k\u0131r\u0131lmas\u0131 i\u00e7in olmazsa olmaz ko\u015ful, mali disiplinin keskin bi\u00e7imde artt\u0131r\u0131lmas\u0131. Ama bunun b\u00fcy\u00fcme h\u0131zlar\u0131n\u0131 d\u00fc\u015f\u00fcrmesinden ve \u00fclkelerin kamu bor\u00e7lar\u0131n\u0131n milli gelirlerine oranlar\u0131n\u0131 artt\u0131rmas\u0131ndan korkuluyor. Bu ise faizin daha da artmas\u0131 demek. Bu durumda, g\u00fcveni sa\u011flayarak bor\u00e7lanma maliyetlerini d\u00fc\u015f\u00fcrecek k\u00f6pr\u00fc kredisine ihtiya\u00e7 var. Sorun \u015fu ki \u0130talya ve \u0130spanya\u2019n\u0131n ek kaynak gereksinimi \u00e7ok y\u00fcksek. Bu kayna\u011f\u0131n t\u00fcm\u00fcn\u00fc sa\u011flayacak mevcut bir mekanizma yoktu. Ek olarak, Almanya gibi \u00fclkeler, ba\u015fta de\u011findi\u011fim temel sorunu ortadan kald\u0131r\u0131c\u0131 yeni bir yasal de\u011fi\u015fikli\u011fe gidilmeden ve \u00fclkeler mali disiplin y\u00f6n\u00fcnde kararl\u0131 ad\u0131mlar atmadan, mevcut mekanizmalar\u0131 g\u00fc\u00e7lendirmek istemiyorlard\u0131.<br \/>\nBa\u011flant\u0131l\u0131 bir di\u011fer sorun, per\u015fembe g\u00fcn\u00fc de\u011findi\u011fim bankalar\u0131n sermaye a\u00e7\u0131\u011f\u0131. EBA, d\u00fcn, sermaye a\u00e7\u0131\u011f\u0131n\u0131 9 milyar euro y\u00fckselterek 115 milyar euroya \u00e7\u0131kard\u0131. Bankalar\u0131n taze sermaye koymak yerine, Haziran 2012 sonuna kadar EBA\u2019ca istenen asgari sermaye\/kredi oran\u0131n\u0131 sa\u011flamak \u00fczere kredi stoklar\u0131n\u0131 keskin bi\u00e7imde k\u00fc\u00e7\u00fcltmelerinden korkuluyor.<br \/>\nLiderler, beklenen kararlar\u0131n hangilerini ald\u0131lar? Birincisi, maliye politikas\u0131n\u0131 merkezile\u015ftirmeye y\u00f6nelik bir karar \u00e7\u0131kt\u0131. Yasalara denk b\u00fct\u00e7e ko\u015fulu getirilecek. B\u00fct\u00e7e a\u00e7\u0131\u011f\u0131 belli miktar\u0131 ge\u00e7ecek \u00fclkeler cezaland\u0131r\u0131lacak. Bu, olumlu ve temel sorunu hafifleten bir ad\u0131m. \u0130ki problem var: Bir, \u0130ngiltere, \u0130sve\u00e7 gibi \u00fclkeler kar\u015f\u0131 \u00e7\u0131kt\u0131lar; AB b\u00f6l\u00fcn\u00fcyor. \u0130ki, kararlar\u0131n parlamentolarca onaylanmas\u0131 gerekiyor; zaman alacak.<\/p>\n<p><strong>ESM\u2019ye taze kaynak\u00a0<\/strong><br \/>\nAvrupa Finansal \u0130stikrar Fonu\u2019nun (EFSF) yerine 2013\u2019te Avrupa \u0130stikrar Fonu (ESM) gelecekti. ESM\u2019nin toplam 500 milyar euro sermayesi olacak; EFSF\u2019ye g\u00f6re 60 milyar euro daha fazla. Ayr\u0131ca EFSF\u2019nin taze para \u015feklinde kayna\u011f\u0131 yoktu, ikili garantilerle \u00e7al\u0131\u015f\u0131yordu. ESM\u2019nin ise taze kayna\u011f\u0131 olacak. ESM\u2019nin 2012\u2019de devreye girmesi kararla\u015ft\u0131r\u0131ld\u0131. Bu da olumlu. Sorun: Ne zaman?<br \/>\n\u00dcyelerin IMF\u2019ye 200 milyar euro ek kaynak sa\u011flamalar\u0131 kararla\u015ft\u0131r\u0131ld\u0131. B\u00f6ylelikle, \u00fcyelerin kredi notlar\u0131n\u0131n d\u00fc\u015fmesi riskiyle sorunlu \u00fclkelere do\u011frudan kredi a\u00e7malar\u0131 yerine bu i\u015fi IMF yapabilecek. Ek olarak, Avrupa d\u0131\u015f\u0131ndan da baz\u0131 \u00fclkelerin katk\u0131 yapmalar\u0131n\u0131n kolayla\u015faca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcl\u00fcyor. Bu karar da olumlu. Ayr\u0131ca bor\u00e7 yeniden yap\u0131land\u0131rmalar\u0131nda \u00f6zel sekt\u00f6r\u00fcn de elini ta\u015f\u0131n alt\u0131na koymas\u0131n\u0131 isteyen maddeler gev\u015fetildi.<br \/>\nSa\u011flanan kaynaklar\u0131n yetersiz kalmas\u0131 olas\u0131l\u0131\u011f\u0131 g\u00fc\u00e7l\u00fc. Bu kayna\u011f\u0131 sa\u011flayaca\u011f\u0131 d\u00fc\u015f\u00fcn\u00fclen \u00f6nlemlerden zirvede kabul edilmeyenler \u015funlar: \u00dclkelerce \u2018ortak tahvil\u2019 \u00e7\u0131kar\u0131lmas\u0131. ESM\u2019ye bankac\u0131l\u0131k lisans\u0131 vererek, ESM\u2019nin sermayesini kald\u0131ra\u00e7 olarak kullanarak ECB\u2019den bor\u00e7lan\u0131p ek devlet tahvili almas\u0131. Ayr\u0131ca ECB\u2019nin daha fazla tahvil almas\u0131 da \u00f6neriliyordu. ECB buna kar\u015f\u0131 \u00e7\u0131kt\u0131.<br \/>\nSonu\u00e7: At\u0131lan ad\u0131m do\u011fru y\u00f6nde. Ancak piyasalar\u0131 rahatlatacak kadar b\u00fcy\u00fck de\u011fil. \u00d6n\u00fcm\u00fczdeki g\u00fcnlerde de Avrupa\u2019n\u0131n daha ne gibi \u00f6nlemler almas\u0131 gerekti\u011fini konu\u015faca\u011f\u0131z gibi g\u00f6r\u00fcn\u00fcyor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ad\u0131mlar piyasalar\u0131 rahatlatmaya yetecek oranda de\u011fil \u0130ki g\u00fcnd\u00fcr Avrupa \u00e7ok hareketli. \u00d6nce Avrupa Bankac\u0131l\u0131k Kurumu (EBA), arkas\u0131ndan ise Avrupa Merkez Bankas\u0131 (ECB) baz\u0131 kararlar ald\u0131lar.&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-8730","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\/8730","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=8730"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/8730\/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=8730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=8730"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=8730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}