{"id":566,"date":"2012-07-12T10:27:49","date_gmt":"2012-07-12T08:27:49","guid":{"rendered":"http:\/\/blog.tressis.com\/?p=566"},"modified":"2012-07-12T10:27:49","modified_gmt":"2012-07-12T08:27:49","slug":"el-ajuste-mas-severo-en-las-ultimas-decadas-2","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/el-ajuste-mas-severo-en-las-ultimas-decadas-2\/","title":{"rendered":"El ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas"},"content":{"rendered":"<p>Buenos d\u00edas.<\/p>\n<p>Finalmente, Europa ha impuesto su voluntad sobre Espa\u00f1a con una bater\u00eda de medidas recibidas con euforia por los mercados y por la clase pol\u00edtica extranjera.\u00a0Punto por punto a lo <em>propuesto<\/em> desde Bruselas,\u00a0Rajoy present\u00f3 ayer el ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas con una clara orientaci\u00f3n a salvar al pa\u00eds de la quema del mercado. Los pilares de la en\u00e9sima reforma incluyen la subida del IVA al 21% y del reducido al 10% (se salva tan s\u00f3lo el superreducido), reducci\u00f3n de subvenciones a partidos, sindicatos y patronal, as\u00ed como de distintas patas de la Administraci\u00f3n P\u00fablica, supresi\u00f3n de la paga de Navidad a los funcionarios, descenso de la prestaci\u00f3n de desempleo a partir del sexto mes o la eliminaci\u00f3n de la deducci\u00f3n por compra de vivienda \u2026 Entre tanto siguen las protestas por los recortes en el sector minero, otra medida de ajuste al fin y al cabo.<!--more--><\/p>\n<p>La acogida al anuncio de estas medidas fue recompensada en los mercados financieros, visto el comportamiento del Ibex (despunt\u00f3 respecto a sus hom\u00f3logos) y sobre todo en lo que a la renta fija se refiere, con una ca\u00edda de m\u00e1s de 20 pb del diez a\u00f1os espa\u00f1ol, pero vista la emisi\u00f3n m\u00e1s barata de la historia de Alemania (coloc\u00f3 m\u00e1s de EUR 4.000 MM al 1,32%), nada hace pensar en un cambio de sentimiento de los inversores.<\/p>\n<p>A pesar de Espa\u00f1a, la atenci\u00f3n giraba en torno a la (no) actuaci\u00f3n de los bancos centrales de EE.UU. y Jap\u00f3n (BoJ), a la que decidieron unirse con o sin sorpresa los de Corea y Brasil. Las actas de la \u00faltima reuni\u00f3n de la Fed han demostrado la falta de unidad dentro del FOMC (Federal Open Market Committee), aunque la conclusi\u00f3n es que la entidad presidida por Bernanke no parece estar dispuesta a volver a la compra de bonos a menos que la situaci\u00f3n empeore notablemente, y no olvidemos que Obama y Romney se miden en noviembre, por lo que la Fed podr\u00eda ser acusada de tomar partido en el proceso electoral. Al igual que sus hermanos europeo y americano, hoy de madrugada el BoJ se ha encargado de volver a enfriar los \u00e1nimos de los inversores al haber metido en el congelador la posibilidad de ampliar el programa de compra de activos.<\/p>\n<p>El mundo emergente sigue viendo los toros desde la barrera, o no. La ralentizaci\u00f3n europea y americana parece haber encontrado un nuevo compa\u00f1ero de viaje entre estos pa\u00edses. Tal y como estaba previsto, la autoridad monetaria de Brasil ha decidido recortar en medio punto los tipos oficiales, pero no ha sido esta la verdadera sorpresa, sino la inesperada bajada del precio del dinero por parte del banco central surcoreano hasta el 3% lo que no ha sentado nada bien en los mercados. Ma\u00f1ana adem\u00e1s tendremos lectura del PIB del segundo trimestre de China, muy esperado y que podr\u00eda suponer un fuerte frenazo a la actividad global.<\/p>\n<p>&nbsp;<\/p>\n<p>Buen d\u00eda,<\/p>\n<p><strong>Amilcar Barrios Vilallonga<\/strong><br \/>\nGesti\u00f3n de Carteras<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buenos d\u00edas. Finalmente, Europa ha impuesto su voluntad sobre Espa\u00f1a con una bater\u00eda de medidas recibidas con euforia por los mercados y por la clase pol\u00edtica extranjera.\u00a0Punto por punto a lo propuesto desde Bruselas,\u00a0Rajoy present\u00f3 ayer el ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas con una clara orientaci\u00f3n a salvar al pa\u00eds de la quema [&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-566","post","type-post","status-publish","format-standard","hentry","category-morning-meeting"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas<\/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\/el-ajuste-mas-severo-en-las-ultimas-decadas-2\/\" \/>\n<meta property=\"og:locale\" content=\"ca_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas\" \/>\n<meta property=\"og:description\" content=\"Buenos d\u00edas. Finalmente, Europa ha impuesto su voluntad sobre Espa\u00f1a con una bater\u00eda de medidas recibidas con euforia por los mercados y por la clase pol\u00edtica extranjera.\u00a0Punto por punto a lo propuesto desde Bruselas,\u00a0Rajoy present\u00f3 ayer el ajuste m\u00e1s severo en las \u00faltimas d\u00e9cadas con una clara orientaci\u00f3n a salvar al pa\u00eds de la quema [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tressis.com\/ca\/blog\/el-ajuste-mas-severo-en-las-ultimas-decadas-2\/\" \/>\n<meta property=\"og:site_name\" content=\"Tressis\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Tressis\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-12T08:27:49+00:00\" \/>\n<meta name=\"author\" content=\"Lola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@TressisSV\" \/>\n<meta name=\"twitter:site\" content=\"@TressisSV\" \/>\n<meta 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