Η μόχλευση στην ΕΚΤ έχει ξεπεράσει και τα όρια της υπερβολής – Διαθέτει 85,5 δισ κεφάλαια ενώ η μόχλευση, ξεπερνάει τις 24 φορές – Αν χρεοκοπήσει η Ελλάδα η ΕΚΤ θα έχει αρνητικά κεφάλαια…

Πηγή: bankingnews.gr

του Π. Λεωτσάκου

(upd2)Στην Ευρώπη συντελείται μια ακραία στρέβλωση που αν δεν προσέξουν οι θεσμικοί παράγοντες μπορεί να τινάξει στον αέρα την ΕΚΤ. 

Η ΕΚΤ διαθέτει 85,5 δις ευρώ κεφάλαια μαζί με τα αποθεματικά. 

Το εντυπωσιακό είναι ότι η μόχλευση των κεφαλαίων φθάνει τις 24 φορές που αποτελεί ρεκόρ όλων των εποχών.

Ποτέ δεν έχει υπάρξει τέτοιας κλίμακας μόχλευση από κεντρική τράπεζα ή επενδυτή. 

Η Κεντρική τράπεζα της Σουηδίας έχει μοχλεύσει 5 με 5,5 φορές τα κεφάλαια της και κατά μέσο όρο τα hedge funds αυτή την περίοδο έχουν μοχλεύσει τα κεφάλαια τους 4 με 5 φορές. 

Με την έννοια μόχλευση αναφέρεται πόσες φορές έχει χρησιμοποιήσει τα κεφάλαια της η ΕΚΤ για επενδύσεις. 

Τα 85,5 δις ευρώ η ΕΚΤ τα έχει χρησιμοποιήσει 24 φορές που σημαίνει ότι η συνολική έκθεση της φθάνει τα 2 τρις ευρώ. 

Να σημειωθεί ότι ο συνολικός ισολογισμός των περιουσιακών στοιχείων  της ΕΚΤ δηλαδή  ενεργητικό και παθητικό ανέρχεται σε 3,02 τρισ ευρώ όταν της FED κινείται στα 2,4 τρις ευρώ ή κοντά στα 3 τρις δολάρια. 

Banks could sink the euro

ΠΗΓΗ: NRC HANDELSBLAD

by Caroline de Gruyter

Forget the debate about austerity versus growth, the future of the single currency is being played out in the banking sector. As a result of the crisis, governments and financial institutions have become so interdependent that they have weakened each other. Excerpts.

It is not possible to create growth by magic, like a rabbit out of a hat, and certainly not without having money available for investment. This is why Daniel Gros is amazed by how European politicians, with the new French president François Hollande at the forefront, keep repeating one word: growth.

For the German economist, who is part of the Brussels think-tank the Centre for European Policy Studies (CEPS), to discuss "austerity versus growth" is a "false debate" that does not take forward the search for a solution to the euro crisis by a single step.

The real debate, he says, should be about banks, particularly those of southern Europe, which are in a much worse condition than was previously thought.

ECB's Orphanides wants to stop making banks pay for Greece

ΠΗΓΗ: Reuters

(Reuters) - European Central Bank policymaker Athanasios Orphanides called for euro zone leaders to abandon plans to make private sector investors help reduce Greece's debts - a move likely to get little traction with the currency bloc's paymaster,Germany.

Orphanides, who is also the central bank governor of Cyprus, said in a newspaper column published on Friday that dropping plans to force losses on private sector holders of Greek debt would "help restore trust" in theeuro zone and lower the borrowing costs of other governments in the currency union.

The involvement of the private sector in the Greek bailout has eroded investor confidence in euro zone sovereign debt and raised pressure on borrowing costs, despite policymakers' efforts to reassure markets thatGreece is an isolated case.

Powergrab at the ECB

Πηγή: counterpunch

by MIKE WHITNEY

“Time is running out fast. I think we have maybe a few months — it could be weeks, it could be days — before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now.”

– Willem Buiter, Citi Chief Economist

As the boycott of sovereign bonds in Europe has spread beyond the south to triple-A-rated countries like Finland, the Netherlands and France, it’s become increasingly difficult for banks and corporations to get short-term financing. The cost of swapping euros for dollars is steadily rising while interbank lending has started to break down. As banks hoard more capital (to comply with new regulations) and scale-back their lending, companies will be forced to curtail operations and trim investment. This is how a debt crisis morphs into a credit crunch that slows growth and sends the economy hurtling back into recession.