Entrevista do Monti ao Der Spiegel

Dia calmo, exceto pela reação irada dos parlamentares alemães à entrevista do Monti a revista alemã Der Spiegel. Ele esta correto na avaliação em relação a imagem alemã na europa, como se pode inferir pelas manchetes de jornais gregos e, mais recentemente, pela foto da Merkel em saudação fascista no jornal do Berlusconi. Acerta, também, na analise da relação entre governo e Parlamento, já que varios membros da coalizão alemã insistem em fazerem comentários que em nada ajudam na solução dos problemas da zona do euro. Alias, alguns deles, membros de um partido, nominalmente cristão, parecem desconhecer o que significa ser cristão e poderiam mudar o nome do partido para adequa-lo ao comportamento anti-cristão por eles adotado.

O titulo italiano fechou o dia em 5.97% e o espanhol em 6.71%, enquanto que o espanhol de dois continua em queda, 3.45%,refletindo a aposta do mercado que da como favas contadas o pedido espanhol de intervenção do fundo de resgate no mercado de divida soberana.

A entrevista:


SPIEGEL: Mr. Prime Minister, the euro is once again under pressure and voices speaking of a possible breakup of the common currency zone are growing louder. Have you completely given up on the idea of having a summer vacation?

Monti: I only have six days and I hope they don't disappear. Still, I am rather serene when I look at the summer. There is, of course, still a risk when it comes to Greece ...
SPIEGEL: ... because it appears that bankruptcy is unavoidable ...

Monti: ... but following a long period of preparation, we achieved good results on the whole at the most recent European Union summit at the end of June -- resolutions that should give the markets a better idea of how solid the euro zone really is.

SPIEGEL: But they haven't helped to reduce pressure on Italy and Spain. Last week, European Central Bank head Mario Draghi announced that the ECB is prepared, possibly together with European bailout funds, to buy sovereign bonds from indebted member states, but only at an undefined point in the future. Are you disappointed with the bank's hesitation?

Monti: I can only welcome the ECB's statement that the market for sovereign bonds in the euro zone is undergoing a period of "severe malfunctioning." It is also true that some countries face "exceptionally high" costs in financing their debt. That is exactly what I have been saying for some time. It is self-evident that banks are pulling back behind their national borders, making it even more difficult for those countries that are suffering from market mistrust. These problems must be solved quickly so that there can be no further uncertainty regarding the euro zone's ability to withstand the crisis.

SPIEGEL: Do you not think that the solution presented by the ECB reduces the pressure on the affected countries to clean up their state finances?

Monti: No. If you read the requirements of the European bailout funds, or even just last Thursday's ECB statement, you would have to admit that such concerns are unfounded. That is exactly the kind of distrust that has prevented us from embarking on a clear path toward a solution. We have to quickly surmount that and begin trusting one another once again.

SPIEGEL: Is there a reason to do so?

Monti: I think there is. Italy's current government has ensured a rapid reduction of the budget deficit, has passed structural reforms and has improved growth potential. Despite great sacrifice, Italians have accepted this course.

SPIEGEL: There is significant skepticism in Germany regarding ECB sovereign bond purchases. Can you not understand that those who back the bank are concerned about taking on unlimited guaranties?

Monti: The decisions facing Germany right now are not easy and I understand the difficulties German politicians are facing. To remain functional within a common currency, all countries would have had to implement reforms and arrange their budgets in a way that doesn't place a burden on others. That is why the progress that has already been achieved is so important to guarantee budgetary discipline -- like with the fiscal pact, for example.

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