{"id":323,"date":"2012-05-23T10:43:49","date_gmt":"2012-05-23T08:43:49","guid":{"rendered":"http:\/\/blog.tressis.com\/?p=323"},"modified":"2012-05-23T10:43:49","modified_gmt":"2012-05-23T08:43:49","slug":"grecia-paso-palabra-2","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/grecia-paso-palabra-2\/","title":{"rendered":"Grecia. Paso palabra\u2026"},"content":{"rendered":"<p>Buenos d\u00edas.<\/p>\n<p>\u00bfYa se ha terminado la alegr\u00eda, o al menos el respiro, en los mercados? Hemos contado con dos sesiones de calma chicha con subidas de la renta variable -ayer fue el turno de Europa, con Wall Street cerrando a medio gas-; y en los mercados de renta fija con relajaci\u00f3n de las curvas soberanas, especialmente la italiana y espa\u00f1ola.<!--more--><\/p>\n<p>\u00bfQu\u00e9 hab\u00eda detr\u00e1s de este comportamiento? Esperanza, o expectativas de esperanza, en la cumbre europea (decisiva en general, e informal en particular) que se celebra hoy, y en la que\u00a0 especulaba con que se pudieran abordar muchos temas clave: \u201cmuchos\u201d que suenan a demasiados, \u201cclave\u201d que suenan ut\u00f3picos. Enumeremos.<\/p>\n<ul>\n<li>Eurobonos. Resuena como el nirvana para la estabilidad financiera en Europa, como el cl\u00edmax de su reconstrucci\u00f3n; con un peque\u00f1o inconveniente:\u00a0 su articulaci\u00f3n perjudicar\u00eda a un pa\u00eds y a sus ciudadanos, Alemania. Por eso siempre que se le pregunta a la canciller germana, ella responde haciendo gala de la austeridad hasta en las palabras: nein.<\/li>\n<li>Medidas que favorezcan el crecimiento, dentro de un marco de continuaci\u00f3n de las medidas de austeridad o ajuste (\u00e9ste es un t\u00e9rmino m\u00e1s comercial). Destacar la calificaci\u00f3n de Austria, en voz de su Ministra de Finanzas, a las medidas para potenciar el crecimiento propuestas por Hollande: &#8220;tonter\u00edas&#8221;. Punto en boca.<\/li>\n<li>Refuerzo o modificaci\u00f3n del funcionamiento de los mecanismos de estabilidad (EFSF y ESM) para agilizar su capacidad de asistencia financiera a los sistemas bancarios en problemas, como el espa\u00f1ol\u2026<\/li>\n<li>BCE. \u00bfHasta d\u00f3nde habr\u00e1 que convencer a Draghi para que eche una mano en el alivio de nuestra prima de riesgo interviniendo en los mercados secundarios?<\/li>\n<li>Grecia. Paso palabra\u2026 Me quedo con las declaraciones del exministro griego, Papadimos, afirmando que la salida del euro tendr\u00eda consecuencias catastrofistas para Grecia, y de gran alcance para el conjunto europeo, y que a pesar de que este no es un escenario deseable ni para Grecia ni para otros pa\u00edses, no pueden descartar que se est\u00e1n haciendo preparativos para contener las consecuencias de una posible salida\u2026 El mercado se lo ha tomado mal, aunque personalmente me preocupar\u00eda lo contrario\u2026<\/li>\n<\/ul>\n<p>Cualquier avance m\u00e1s all\u00e1 de las comunes declaraciones de intenciones ser\u00eda una sorpresa positiva.<\/p>\n<p>La OCDE, que hac\u00eda tiempo que no se manifestaba, public\u00f3 ayer las estimaciones de crecimiento para la econom\u00eda mundial: este a\u00f1o ser\u00e1 del 3,4%, frente al 3,6% registrado en 2011, mientras que en 2013 se acelerar\u00e1 al 4,2%. En el conjunto de las 34 econom\u00edas que forman parte de la organizaci\u00f3n, el PIB crecer\u00e1 un 1,6% en 2012 y un 2,2% el a\u00f1o pr\u00f3ximo. En concreto, las estimaciones para EEUU son de un crecimiento del 2,4% este a\u00f1o y del 2,6% en 2013, mientras que para la Eurozona las previsiones anticipan una contracci\u00f3n del 0,1% en 2012 y una expansi\u00f3n del 0,9%. Para Espa\u00f1a, nuestro PIB se contraer\u00e1 el 1,6% en 2012 y un 0,8% en 2013 a consecuencia del impacto sobre la demanda dom\u00e9stica de las medidas de consolidaci\u00f3n fiscal y del proceso de desapalancamiento del sector privado.<\/p>\n<p>Buen d\u00eda,<\/p>\n<p><strong>Montserrat Formoso Fraga<\/strong><br \/>\nGesti\u00f3n de Carteras<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buenos d\u00edas. \u00bfYa se ha terminado la alegr\u00eda, o al menos el respiro, en los mercados? Hemos contado con dos sesiones de calma chicha con subidas de la renta variable -ayer fue el turno de Europa, con Wall Street cerrando a medio gas-; y en los mercados de renta fija con relajaci\u00f3n de las curvas [&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-323","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>Grecia. 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