El #rescate está sujeto a vigilancia y condicionado a que el Gobierno siga con las reformas

Eso es lo que pone, textualmente, en el acuerdo de los ministros del Eurogrupo. “El progreso en estas áreas será seguido muy de cerca y regularmente revisado,  en paralelo con la asistencia financiera”. Los ministros de Economía de la Unión también han dejado claro que esta ‘ayuda’ debe ajustarse a la evaluación de la Comisión, el Banco Central Europeo y el Fondo Monetario y el Gobierno español deberá de seguir con las políticas comprometidas con Europa en relación con el sector financiero.

Además de ello, los ministros recalcan que el Gobierno debe continuar con las “reformas estructurales, con el fin de corregir los desequilibrios macroeconómicos”, de lo que se deduce que tras este paso, el Ejecutivo tendrá que aprobar nuevas medidas que cumplan las exigencias europeas, empezando por la contención del déficit público, al que hace referencia, textualmente.

El acuerdo de los responsables de la Eurozona, que dice, literalmente:

“The Eurogroup supports the efforts of the Spanish authorities to resolutely  address the restructuring of its financial sector and it welcomes their intention  to seek financial assistance from euro area Member States to this effect.

The Eurogroup has been informed that the Spanish authorities will present a formal request shortly and is willing to respond favourably to such a request. The financial assistance would be provided by the EFSF/ESM for recapitalisation of financial institutions. The loan will be scaled to provide an  effective backstop covering for all possible capital requirements estimated by the diagnostic exercise which the Spanish authorities have commissioned to the external evaluators and the international auditors. The loan amount must  cover estimated capital requirements with an additional safety margin, estimated as summing up to EUR 100 billion in total.

Following the formal request, an assessment should  be provided by the Commission, in liaison with the ECB, EBA and the IMF, as well as a proposal for the necessary policy conditionality for the financial sector that shall accompany the assistance.

The Eurogroup considers that the Fund for Orderly Bank Restructuring (F.R.O.B.), acting as agent of the Spanish government, could receive the  funds and channel them to the financial institutions concerned. The Spanish  government will retain the full responsibility of the financial assistance and will sign the MoU.

The Eurogroup notes that Spain has already implemented significant fiscal and labour market reforms and measures to strengthen the capital base of  the Spanish banks. The Eurogroup is confident that  Spain will honour its commitments under the excessive deficit procedure and with regard to  structural reforms, with a view to correcting macroeconomic imbalances in the framework of the European semester. Progress in these areas will be closely and regularly reviewed also in parallel with the financial assistance.

Beyond the determined implementation of these commitments, the Eurogroup considers that the policy conditionality of the financial assistance  should be focused on specific reforms targeting the financial sector, including restructuring plans in line with EU state-aid rules and horizontal structural reforms of the domestic financial sector.

We invite the IMF to support the implementation and monitoring of the financial assistance with regular reporting”.

 

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