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1 | Spain: The Banks Win, the People Lose | Espaina: Mahazo Tombony Ny Banky, Maty Antoka Ny Vahoaka |
2 | This post is part of our special coverage Europe in Crisis. | Ampahany amin'ny fandrakofanay manokana ny Eoraopa anaty krizy ity lahatsoratra ity. |
3 | The consulting firm Oliver Wyman, which assesses the solidity (or lack thereof) of the main Spanish banks, made public its conclusions: the banks will need 52 000 million euros to get out of the precarious situation which the property bubble and poor administration have left them in. | Ny orinasa mpanao fandalinana Oliver Wyman, izay mandalina ny hamafin'ny fototra (na na ny tsy fisian'izany) ho an'ireo banky lehibe espaniôla, dia namoaka ho fantatry ny rehetra ny famintinana avy aminy: mila 50.000 tapitrisa Euro ireo banky mba hialàn-dry zareo ao anatin'izao toerana mananosarotra nametrahan'ny fihibohan'ny asa fanorenan-trano sy ny haratsiam-pitantanana azy izao. |
4 | How is it possible for banks to have gotten into this situation? | Fa dia fomba ahoana loatra no nahatonga ireo banky ho amin'izao toerana misy azy izao? |
5 | The explanation can be found in the fact that the bulk of the estimated funds will have to be shared out between BFA/Bankia (26,400 million euros), Catalunya Caixa (7,800 million), Novacaixagalicia (6,400 million) and Banco de Valencia (3,000 million). | Ny fanazavàna dia azo takarina amin'ny hoe ny bolongam-bola tanaty vinavina dia tsy maintsy hozaraina amin'ny BFA/Bankia (26.400 tapitrisa euros), Catalunya Caixa (7.800 tapitrisa ), Novacaixagalicia (6.400 tapitrisa ) ary ny Banco de Valencia (3.000 tapitrisa ). |
6 | These banks and savings banks which now find themselves in this predicament have traditionally been controlled by politicians, who have used them not only to place friends and relatives [es] of doubtful merit in positions of great responsibility and high salary, but also as a personal piggy bank to finance all kinds of hideous monumental projects [es]. | Ireo banky ireo sy ireo toerana fitehirizam-bola tafiditra anatin'ity raharaha manahirana amin'izao fotoana ity dia ireo notantanan'ny mpanao politika fahiny, izay nampiasa azy ireny, tsy hoe fotsiny hametrahana ny namana sy havana [es] izay mampisalasala ihany ny fahaiza-manaony amin'ny toerana ambony maha-mpanapa-kevitra nasiana azy aminà karama midangana be, nefa koa natao toy ny banky fitoeran-tahiry manokan'ny tena mba ho famatsiana izao karazana tetikasa goavambe mampahatahotra rehetra izao [es]. |
7 | As José Mata [es] says on Twitter: | Araka ny lazain'i José Mata [es] ao amin'ny Twitter hoe: |
8 | Protests from 25th-29th September in Madrid. | Hetsi-panoherana tao Madrid ny faha-25 hatramin'ny 29 Septambra. |
9 | Photo from the Facebook page of Redes Quinto Poder. | Sary avy amin'ny pejy Facebook n-ni Redes Quinto Poder. |
10 | @JMataMata: “WE have lived beyond YOUR means”. | @JMataMata: “IZAHAY dia niaina mihotra lavitra noho izay nananaNAREO”. |
11 | Commented a politician-director of a Savings Bank. | Fanehoan-kevitra avy amin'ny tale-politikan'ny Banky Fitehirizam-bola iray. |
12 | #bailout #banks #badbank | #bailout #banks #badbank |
13 | Anibal Fernández‘s [es] tweet gives an idea of the general sentiment: | Ny bitsik'i Anibal Fernández [es] dia ahatakàrana ny fahatsapàna ankapobeny: |
14 | @anibalochevi: so because some men, who by the way are now in government, have done things badly, the rest of us (everyone) have to pay for the #bailout? | @anibalochevi: koa satria ny olona sasany, izay lasa any anaty governemant any ny sasany, nanaotao foana, isika mianakavy (isam-batan'olona) no tsy maintsy mandray anjara amin'ny #bailout (fanavotana)? |
15 | I don't think it's right | Tsy rariny izany amiko. |
16 | The banks, in turn, are responsible for inflating the property bubble by financing businesses in the sector which have paved the country with bricks (nourished, in turn, by the uncontrolled loans which were granted to them by the German banks [es]). | Ireo banky, etsy ankilany, no tomponandraikitra amin'ny fitontonganan'ny asa fanorenana noho ny famatsiany afera tany amin'ny sehatra izay nandrakofany ny firenena tamin'ny birikiny [nanomana ny làlany] (novatsiana, tetsy andaniny, tamin'ny fampindramana vola tsy voaara-maso izay natolotr'ireo banky Alemana ho azy ireo [es]). |
17 | Later, these same banks took it upon themselves to grant mortgages so that these properties would sell. | Taty aoriana, ireny banky ireny ihany no nanolotra findramam-bola mba hahafahana mivarotra ireny trano ireny. |
18 | The urgency to sell them and to make fast money meant that loans were given to people with unstable jobs who would find it hard to meet the payments throughout the long periods covered by the mortgages - 20 or 30 years, or even more. | Ny hamehana handafo azy ireny sy hahazo vola haingana dia midika fa nomena olona tsy manana anton'asa azo antoka ny vola, izay hisedra fahasahiranana amin'ny amerenana ny vola mandritra ny fotoana maharitra noferan'ny fitrosàna - 20 na 30 taona, na mihoatra izany aza. |
19 | And not just for a flat: on many occasions the banks convinced people to increase their loan to buy a second holiday home. | Ary tsy hoe ho anà efitrano iray monja : fa natetika ny banky no nandresy lahatra ny olona mba hanitatra ny findraman'izy ireny vola hividy trano iray faharoa hatao fialàna sasatra. |
20 | This behaviour has had two consequences: the first is that by creating an almost fictitious demand, house prices in Spain have shot up [es], becoming some of the most expensive in the EU. | Zavatra roa no vokatr'io fihetsika io: ny voalohany, tamin'ny alàlan'ny famoronana tinady azo lazaina ho tsy tena izy akory, nidangana be ny vidin-trano fonenana tany Espaina [es], nanjary ny iray amin'ireo lafo indrindra any amin'ny Fiombonambe Eoraopeana. |
21 | The second, is that when the property bubble burst, the banks found themselves with a large proportion of their capital invested in constructions which are now practically unsellable and with a considerable number of loans which are unlikely to be paid back, families who used their own flat as a guarantee for their mortgage and who now find themselves in the street when the bank seizes these properties. | Ny faharoa, rehefa nitsefotra ny resaka trano fonenana, hitan'ireo banky fa tafahitsoka anaty fampiasam-bola tamin'ny asa fanorenan-trano tsy misy manjifa sy any anatinà findramam-bola toa tsy ho voaverina akory ny ampahany betsaka amin'ny renivolan-dry zareo amin'izao fotoana, ireo fianakaviana izay nanao ny trano onenany ihany ho antoky ny vola nindraminy ary lasa eny an-dalambe ankehitriny rehefa nalain'ny banky ireny trano fonenana ireny. |
22 | Cristóbal Montoro, Minister of Finance, by Forges. | Cristóbal Montoro, Minisitry ny Fitantanam-bola, sarin'ny Forges. |
23 | Image from the blog of Izquierda Unida-Almuñécar | Image avy ao amin'ny bilaogin'ny Izquierda Unida-Almuñécar |
24 | Now, these same banks turn to the government - to all Spaniards - to shore up their assets. | Ankehitriny, ireny banky ireny ihany no mitodika any amin'ny governemanta - sy amin'ny teratany Espaniôla rehetra - mba hanohana ny asa fanarenana ny fahavoazan-dry zareo. |
25 | Between 2010 and 2011, the Spanish governments injected 11,000 million euros into these banks, money which is now considered lost, which has provoked an increase in the deficit as the Minister for Finance, Cristóbal Montoro, has admitted [es]. | Teo anelanelan'ny 2010 sy 2011, nanolotra 11.000 tapitrisa Euro ny governemanta Espaniôla ho an'ireny banky ireny, vola izay efa natao ho toy ny very ankehitriny, izay niteraka fitomboan'ny fitontonganana araka ny nambaran'ny Minisitry ny Fitantanam-bola, Cristóbal Montoro, [es]. |
26 | Now, so that it can continue to inject the money which the banks need according to Oliver Wyman, Spain will have to ask for a bailout of its banks from Europe, which means that the state will be responsible for repaying this European loan and in order to deal with this debt and its interest, it will have to issue public debt which is what will use up a considerable proportion of the general budget in 2013. | Amin'izao fotoana, mba hahafahany mampiditra ny vola izay ilain'ireo banky ireo, araka ny hevitry ny Oliver Wyman, mila mangataka amin'i Eoraopa i Espaina mba hamonjena ny bankiny, izay midika fa ho tomponandraikitra amin'ny famerenana ny trosa amin'ny Eoraopeana ny fanjakana ary mba hiatrehana izay trosa sy zanabola aterany, dia mila manetsika ny volam-bahoaka izay hampiasàna ampahany betsaka amin'ny tetibola 2013. |
27 | For this reason, the government has drastically reduced the budget for health, culture, education… | Noho io antony io, nahenan'ny governemanta be tsy nisy toy izany ny vola nato ho an'ny fahasalamana, kolontsaina sy fanabeazana… |
28 | As Vicenç Navarro [es], professor of economy and political science, explains on the blog Rebelión [es]: | Araka ny hazavain'i Vicenç Navarro [es], mpampianatra toekarena sy siansa politika, ao amin'ny bilaogy Rebelión [es] : |
29 | The ordinary citizen, who has no responsibility for the creation of the property bubble, is the one who will have to carry the can and the debt. | Ny olon-tsotra, izay tsy manana andraikitra akory amin'ny asa fanorenana, no iray tsy maintsy handoa ny tavy vaky sy ny trosa. |
30 | It is a profoundly unjust situation, since it is now the State which will guarantee that these banks' debts are repaid to their creditors. | Toa-javatra faran'izay tsy rariny izany, satria anjaran'ny Fanjakana amin'izao no miantoka ny famerenana ny trosan'ireny banky ireny amin'ny mpanome vola azy. |
31 | It would be difficult to design a more unjust system. | Ho sarotra ny hametraka rafitra iray tena tsy rariny toy izany. |
32 | The fair thing would be for the banks to pay for their errors and to absorb their losses. | Ny zavatra mendrika tokony hatao dia ny hanoneran'ireny banky ireny ny hadisoany sy hizaka ny fahavoazany. |
33 | Or at least for the absorption of the losses to be agreed between the banks and their creditors. | Na farafahakeliny mitady marimaritra iraisana eo amin'ny letsi-trosa amin'ny banky sy ny tompom-bola. |
34 | Instead of this, from now on, it is the creditor - national or foreign - who always comes out winning and never losing. | Tsy izany anefa, hatreto, fa ireo tompom-bola - teratany na vahiny - hatrany no mivoaka mahita tombony ary tsy matiantoka velively. |
35 | And if he cannot be repaid privately, it is the average citizen who will repay him via the State. | Ary raha tsy vitany ny manonitra samirery, dia ny olon-tsotra amin'ny ankapobeny no handoa izany amin'ny alàlan'ny fanjakana. |
36 | This is what is called the bailout of the financial system. | Io no antsoina hoe asa fanavotana ny rafitra ara-bola. |
37 | And since a part of this private debt is held by foreign banks (in large part German), such a financial bailout is, as has occurred in Greece, Portugal and Ireland, a bailout of German (and to a lesser extent French) banks. | Ary satria ny ampahany betsaka amin'io trosam-panjakana io dia banky vahiny no tompony (Alemana amin'ny ankapobeny), ny asa fanavotana ara-bola tahaka izany dia, tahaka izay nitranga tany Gresy, Portiogaly sy Ireland, asa fanavotana avy aminà banky Alemana (ary misy ampahany kely avy amin'ny Frantsay). |
38 | And again, if the bank does not pay the private debt which it has, the Spanish state will pay. | Sady koa, raha toa ny banky tsy mandoa ny trosam-panjakana izay any aminy, ny fanjakana Espaniôla no handoa izany. |
39 | It is the socialisation of the losses, making the State responsible for the bank's debt. | Mariky famadihana ny fatiantoka ho resaka sosialy izany, mahatonga ny Fanjakana ho tomponandraikitra amin'ny trosan'ny banky. |
40 | As utopiacarmona [es] comments: | Araka ny fanehoan-kevitr'i utopiacarmona [es] : |
41 | Put in other words, the state has turned into the primary insurer for the losses of financial speculators, and uses all the mechanisms and resources in its reach, including our money and our rights, so that the bank doesn't lose a single euro of the money it bet, and that is supposedly what being a free market economy means. | Raha atao amin'ny teny hafa, lasa ho mpiahy voalohany ny fatiantoka ara-bolan'ireo mpangoron-karena ny fanjakana Espaniôla, ary dia mampiasa ny tetika sy hevitra rehetra takatry ny sainy, hatramin'ny volantsika sy ny zontsika, mba tsy ho ny banky no ho matiantoka singanà Euro iray amin'ny vola nilokàny, ary dia izany no heverina ho dikan'ny hoe fifanakalozana ara-barotra malalaka. Malalaka, mba hamonoana antoka ny olon-tsotra mana-tsaina, malalaka, mba handresen'ny banky mandrakariva. |
42 | Free, so that normal people lose, free, so that the banks always win. | Ary i La Clave [es] no mamintina azy ity amin'ny teny nitsivitsy : |
43 | And La Clave [es] sums it up in a few words: | Fihazany ho azy ireo ny tombony fa ataony itambaram-be kosa ny fatiantoka. |
44 | They privatise the gains and socialise the losses. | Ampahany amin'ny fandrakofanay manokana ny Eoraopa anaty krizy ity lahatsoratra ity. |