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miércoles, 16 de mayo de 2012

#Spain, YES WE CAN!

Converting estranged creditors and competitors in strategic partners.
The sovereign debt of Spain retains the apprehension of his creditors who fear that things get complicated.
It is therefore appropriate to present a proposal to resolve the trust issues that have to be growing, if not attended to.
For the IMF, ECB and EU, is always the same recipe; the Spanish economy must do their fiscal adjustment but the number of “unemployed” no longer tolerates.

To strengthen the economy, Mr. Rajoy can keep an ingenious proposal. It is always beneficial to anticipate litigation as crisis resolution system. Since there is no political space to address structural reforms, we must consider that Spain also needs new investment to help the recovery of economic activity.
At the economy, it sometimes seems that there is nothing else to do that structural reforms and sustain export competitiveness by intervening in the foreign exchange market (euro's depreciation).
Creditors have worried because of Spain, and the issue gives them an unprecedented opportunity to rescue the sovereign debt while Spanish exports start growing. If creditors remove conservative bias and installs a consistent business strategy, this unforeseen circumstance, can set a new basis, even for the restructuring of sovereign debt of Portugal, Greece, Italy and Ireland. Briefly, the proposal is an agreement with Chinese banks to form a Stress-Debt Fund "SDF". I.e.: the Chinese Development Bank and the Bank of China Import-Export. The Chinese are becoming the main source of sovereign credit for a group of countries with poor access to global capital markets. Thus the "SDF" composed of new bonds issued by Spain (supported by Chinese banks), they are going to redeem all of the old Spain titles on the market. The exchange will take 100% of nominal, equating to a PAR BONDS *. In exchange for the guarantee of the China banks, Spain will grant them a success fees they may offer Chinese companies interested to come to the market of Spain to invest in the industrial sector by generating exports to "Spanish workforce." The new bonds will be accepted in Spain as a tax credit, the quoted market value, to produce and export from Spain. The offer to holders of new bonds will improve, when in addition being assigned a coupon by the way of success fee "new Spanish exports proven". Moreover attending to banks and citizens of the EU, Spain will assist the Germans and French. The investors can starting a process of investment in Spain it will be with restructuring of an unprecedented debt at the same time reconciling the essential international relations.

Spain rescues the bonds held by banks and will calm down the demands of "just fiscal adjustment", but does so with solutions that serve Spanish targets, generating export production and Spanish workforce.
Spain guarantees the sustainability of an economy that will pay with the aggregate growth of exports. A solid solution and without ideological conflict that responds to the creditors concerned, and thus prevents and reduces the contingent risks. The "Stress Debt Fund" is also the ignition key to exponentially enhance the trade of Spain to conquer China's traditional customers, new markets. The chinese are experts and successful exporters. This is a formidable reconciliation with old and new friends, active partners in the Spanish growth.

* Bonuses PAR has 0% nominal discount, will pay an annual interest rate of 1.33% increasing after the first 5 years. The amortization is each six months and begins in 2032, the bond's maturity date is 2042, the currency of this bond issue will be the euro. Hoping an acceptance of at least 70%

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