Spagna: La Cina sta considerando un investimento da €9,3 Miliardi sulle casse di risparmio
DAVID ROMAN e JUAN MONTES
o Nel 2010 la Cina è stata il maggior investitore nel debito sovrano spagnolo e detiene attualmente circa €25MD, pari al 12% dei titoli detenuti da paesi stranieri.
o La Cina ha accresciuto gli investimenti nei mercati finanziari instabili dell’area euro (Spagna, Portogallo e Grecia).
o La notizia che la Cina continuerà ad investire nel debito dello Stato spagnolo ha contribuito ad abbassare il premio di rischio spagnolo (misurato dal divario del tasso di sconto tra i titoli a 10 anni del governo spagnolo e quelli tedeschi).
– L’area dell’euro è divenuta uno dei maggiori mercati di esportazione della Cina, incentivo ad aiutare il mantenimento della sua stabilità.
– Un Fondo sovrano cinese ha comunicato al primo ministro spagnolo Zapatero che sta pensando di investire €9,3MD nelle banche di risparmio spagnole, Cajas,
o che coprirebbe oltre la metà dei €15MD che le Casse devono raccogliere per ottemperare alle nuove regole UE sul capitale minimo.
o Secondo gli analisti le Cajas dovranno raccogliere un capitale molto superiore per coprire le perdite derivanti dal collasso della bolla edilizia durata un decennio.
– Il primo ministro cinese, Wen Jabao: la Cina intende continuare ad acquistare titoli di stato spagnoli.
La Spagna deve vendere €50 MD del suo debito netto per finanziare un deficit previsto a poco più del 6% del PIL.
Spain: China Mulling €9.3 Billion Cajas Investment
By DAVID ROMAN And JUAN MONTES
– BEIJING—A Chinese sovereign wealth fund has told Spanish Prime Minister José Luis Rodriguez Zapatero that it is mulling an investment of up to €9.3 billion ($13.46 billion) in the country’s savings banks, also known as cajas, in a new show of financial support for Spain’s troubled economy, a Spanish government spokesman said Wednesday.
– The announcement comes as Mr. Zapatero is on an Asian tour to China and Singapore. During a meeting with Mr. Zapatero Tuesday, Chinese Prime Minister Wen Jiabao said his country plans to continue buying Spanish bonds and would considering investing in savings banks, but no figures were given.
– China was a big investor in Spanish government debt last year and currently holds a total of around €25 billion, or 12% of all foreign holdings. Spain needs to sell €50 billion in net debt this year to finance a deficit it forecasts will be just over 6% of gross domestic product, twice the limit for European Union[e] countries.
– A Chinese investment of €9.3 billion in Spain’s cajas would cover more than half the €15 billion these institutions need to raise this year to cover new Spanish minimum-capital requirements. The cajas are scrambling to either find private investors or obtain funds from Spain’s state-backed Fund for Orderly Bank Restructuring.
– Most analysts estimate the cajas will need to raise much more capital to cover mounting losses after the collapse of a decade-long housing boom.
At a press conference in Madrid on Wednesday, Isidro Faine, head of Spain’s savings bank association, said he hadn’t been informed of the possible Chinese investment but that he would be "delighted" by such a move.
– China has taken on an increasingly active and public role in the investing in volatile euro-zone financial markets like those of Spain, Portugal and Greece.
The euro zone has become one of China’s main export markets, giving it an incentive to help preserve stability there.
– Analysts at Brown Brothers Harriman said the news Tuesday that China would continue investing in Spanish government debt helped lower Spain’s risk premium, as measured by the interest rate spread between the Spanish 10-year government bond and the German equivalent.
–Pablo Dominguez and Jonathan House contributed to this article.