Италия могла бы очень просто сократить свой огромный госдолг за счет монетизации государственных активов

Такой рецепт предложили для правительства экономисты консалтинговой компании  Mediobanca SpA Antonio Guglielmi and Simonetta Chiriotti.Они предлагают создать специальный финансовый институт под эгидой государства который будет заниматься монетизацией госактивов. 

 Feb. 28 (Bloomberg) — Prime Minister Mario Monti should
focus on cutting Italy’s debt by utilizing a state-run lender to
help “monetize” the nation’s assets,Mediobanca SpA analysts
Antonio Guglielmi and Simonetta Chiriotti said
.
     Italy, targeting a balanced budget in 2013, remains
“solvent,” as its 1.9 trillion euros ($2.5 billion) of public
debt is dwarfed by 8.5 trillion euros of private wealth, 130
billion euros of gold reserves held by the Bank of Italy, 425
billion euros in public real estate and “plenty of equity
stakes,” Guglielmi and Chiriotti, based in London and Milan
respectively, said in a report published today.
           Italy, which may face mandatory debt-reduction targets
under the European Union’s new fiscal compact, could shave total
borrowing of 119 percent of gross domestic product by 12
percentage points by putting 100 billion euros in equity stakes
and gold into a special-purpose vehicle run by state lender
Cassa Depositi e Prestiti SpA, the analysts said. CDP, like its
counterpart institutions in France and Germany, “sits outside
the public debt definition,” they said.
                           Like Banks
     The SPV could then leverage the funds for 200 billion
euros, paying off the assets and retaining 100 billion euros to
lend to investors to buy state-owned real estate assets, the
report says.
     “Just as banks needed” the ECB’s long-term refinancing
operation to deleverage, “we argue that CDP could become the
‘liquidity SPV provider’ to help Italy monetize its assets,”
Guglielmi and Chiriotti wrote.
     “Effectively, we are suggesting leveraging a bit the
‘healthy’ part,” the CDP and households, “to deleverage the
‘ill’ side of the equation,” the Italian state, they said.
     Europe’s governments could also consider setting up a
similar, EU-wide SPV into which they could deposit a share of
assets to provide collateral to back joint euro bonds, the
analysts said. The European Financial Stability Facility may
even be used for the purpose, they said.
     “This could overcome German reluctance toward joint and
several liabilities by backing such ‘euro covered bonds’ with
joint and several assets,” Guglielmi and Chiriotti said.

Комментарии (1)

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Неплохая идея при том, что доля накопленного богатсва  в стране велика, экономика конкурентно брэндоспособна и держатели итаробондов как минимум на 2/3 резиденты,  оприходовать долги в режиме нормальной монетизации, когда инвесторы готовы покупать новые долги, стоимость которых масимизируется и равна стоимости портфеля рисковых и безрисковых активов — это хорошее решение.
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