{"id":263,"date":"2012-05-16T10:52:19","date_gmt":"2012-05-16T08:52:19","guid":{"rendered":"http:\/\/blog.tressis.com\/?p=263"},"modified":"2023-06-29T12:33:23","modified_gmt":"2023-06-29T10:33:23","slug":"algo-ha-cambiado","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/algo-ha-cambiado\/","title":{"rendered":"Algo ha cambiado"},"content":{"rendered":"<p>Buenos d\u00edas,<\/p>\n<p>Algo ha cambiado. Ser\u00e1 la p\u00e9rdida de la paciencia, ser\u00e1 el convencimiento de que recortar y recortar sin un programa de crecimiento que lo respalde no sirve, ser\u00e1 el \u201cpeor ya no podemos estar\u201d. Y con ello ha cambiado el discurso de puertas a fuera de pol\u00edticos, dirigentes y organismos internacionales. Lo resume perfectamente el titular del ABC.es: \u201cLa salida de Grecia del euro: del <em>de ninguna manera<\/em> a <em>hay que estar preparados<\/em>\u201d. <!--more-->El fracaso en las negociaciones para formar un gobierno de coalici\u00f3n o uno de tecn\u00f3cratas, ya lo mismo daba, da paso a que el pr\u00f3ximo mes de junio se celebren nuevamente elecciones, pero ya con un trasfondo de <em>refer\u00e9ndum<\/em> donde el pueblo heleno ser\u00e1 preguntado si quieren o no seguir en el euro\u2026<\/p>\n<p>Y de los titulares en Atenas a los apretones de manos en Berl\u00edn, donde por fin Angela Merkel se reuni\u00f3 con su nueva pareja de baile y nuevo inquilino de la Presidencia de Francia, Fran\u00e7ois Hollande, no sin antes \u201csobreponerse\u201d a un rayo, que bien pod\u00eda ser enviado por el mismo Zeus. Ambos manifestaron su deseo de que Grecia permanezca en el euro y adopte las reformas pactadas, aunque est\u00e1n preparados para ayudar a la econom\u00eda helena en las medidas estructurales que mejoren su crecimiento cuando sea posible. Palabras m\u00e1s, palabras menos, es lo que menos te puedo dar, es lo de siempre.<\/p>\n<p>La posibilidad de una salida desordenada de Grecia de la Zona Euro, y as\u00ed de la Uni\u00f3n Europea, castiga al resto de econom\u00edas perif\u00e9ricas y m\u00e1s vulnerables fiscal y econ\u00f3micamente, puesto que a ojos de los inversores se convierten en candidatos a seguir una suerte similar teniendo que abandonar por la puerta de atr\u00e1s. En Espa\u00f1a el castigo es diferencial con una prima de riesgo del bono a 10 a\u00f1os por encima de los 500 pb, una rentabilidad superior al 6%, y un Ibex en m\u00ednimos de 10 a\u00f1os; y es que adem\u00e1s de la que nos cae desde fuera, nosotros mismos impulsamos las dudas del exterior y por partida doble: (1) las dudas que a\u00fan hay detr\u00e1s del agujero inmobiliario en nuestro sistema bancario; (2) las malogradas finanzas p\u00fablicas de las Comunidades Aut\u00f3nomas.<\/p>\n<p>En cuanto a la macro, datos ni malos ni buenos en EEUU, es decir, fotograf\u00eda mixta en un entorno donde vuelven los temores a que se produzca una reca\u00edda en el crecimiento mundial. En Europa, se confirma por qu\u00e9 cuando Angela Merkel habla todos callan: el PIB de la Zona Euro del 1T12 se estanc\u00f3 (0% vs -0,2%) gracias al crecimiento de Alemania (0,5% vs 0,1%) ante el buen comportamiento del sector exterior (Alemania exporta pero al mundo no-euro) y del consumo interno.<\/p>\n<p>Para hoy, mientras esperamos un \u201cgesto\u201d del BCE que nos eche una mano antes de que sea demasiado tarde, la atenci\u00f3n de los datos macro se dirigir\u00e1 a EEUU donde, entre otras citas, se dar\u00e1n a conocer las actas de la \u00faltima reuni\u00f3n de la Fed.<\/p>\n<p>Buen d\u00eda,<\/p>\n<p><strong>Montserrat Formoso Fraga<\/strong><\/p>\n<p>Gesti\u00f3n de Carteras<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buenos d\u00edas, Algo ha cambiado. Ser\u00e1 la p\u00e9rdida de la paciencia, ser\u00e1 el convencimiento de que recortar y recortar sin un programa de crecimiento que lo respalde no sirve, ser\u00e1 el \u201cpeor ya no podemos estar\u201d. Y con ello ha cambiado el discurso de puertas a fuera de pol\u00edticos, dirigentes y organismos internacionales. Lo resume [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[],"class_list":["post-263","post","type-post","status-publish","format-standard","hentry","category-morning-meeting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Algo ha cambiado<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tressis.com\/ca\/blog\/algo-ha-cambiado\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Algo ha cambiado\" \/>\n<meta property=\"og:description\" content=\"Buenos d\u00edas, Algo ha cambiado. Ser\u00e1 la p\u00e9rdida de la paciencia, ser\u00e1 el convencimiento de que recortar y recortar sin un programa de crecimiento que lo respalde no sirve, ser\u00e1 el \u201cpeor ya no podemos estar\u201d. Y con ello ha cambiado el discurso de puertas a fuera de pol\u00edticos, dirigentes y organismos internacionales. 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