We relive days like those of October 2008, but the nervousness now affects those who have a certain heritage. We will not see, as occurred in fall 2008, customers of banks and removing and putting money from their accounts not to exceed the € 100,000 that covers the Guarantee Fund. But among those with true heritage nervousness begins to be similar.

If you fear nothing invades discarded, possibly because you have to justify certain decisions that will amaze yourself. And that is what is happening.

Because of this, much more widespread in Greece, the German Treasury is taking a strong demand for titles that explains that the profitability of its ten-year bond has fallen to 2.86 (do well for Merkel and for all their fellow citizens who have managed the time to help the country Hellene) . Meanwhile the ten-year bond Spanish profitability has risen to 4.17 percent (Too bad for all the Spanish!). The difference in profitability of Spanish and German bond is explained by the dual effect of increased product demand Germany and a decline in the Spanish financial asset purchases.

By: Rafael Rubio

“W?” Double -dip? This week we had any more information than worrying. The American real estate sector has given us two terrors: one on Tuesday and another Wednesday. Without public support, home sales are not sustained. The New properties have marked a historic low. The U.S. Federal Reserve, in its communiqué issued after its regular meeting on monetary policy, proved to be more pessimistic than it had been customary in recent months. Because the financial terms have become an enemy of economic growth. References added a string of worrying in terms of employment, growth and bank credit.

On this side of the Atlantic, while the debt crisis continues to lash some another, especially in the form of closure of the interbank market, the new panel forecasts for Spain Funcas predict a relapse into recession in the second half of the year.

And while the economy falters, European states are struggling in the design of draconian budget cut plans. The most controversy was raised was the German and the impositions of Angela Merkel community partners. So much so that has caused an intense debate between George Soros and nothing less than the German economy minister, Wolfgang Schäuble. The famous investor, yesterday in Germany, in interviews, at a conference and later in an article published in the Financial Times, said: “Policies that are being imposed in the euro area directly contradict the lessons of the Great Depression of the thirties and carry the risk of condemning Europe for a prolonged period of stagnation, or worse.”

Soros agreed, so, with the open letter sent by President Barack Obama to their partners in the G-20. It is true that Obama has expressed much more diplomatic and did not call names to those who, veiled, were subject to criticism. The U.S. president stressed the great efforts made by governments to leave the Great Recession, and that would be unacceptable to squander all that capital. “Our priority in Toronto must be the safeguarding of the strength of the recovery. We work in an exceptional way to restore growth; we can not let it wane. This means we must reaffirm our unity to continue the policies that support economic growth enough,” Obama wrote in his letter.

And another very important thing, in clear reference to both China and Germany: “A strong and sustained recovery must be built on a balanced global demand. In Pittsburgh (an earlier meeting of the G-20), we agreed that countries with current account balances surpluses should do their utmost to strengthen domestic demand. “It is critical that the pace of fiscal consolidation in each economy is adequate for the needs of the global economy,” added the president. He does not say, but I think it is taking the bronze Hu Jintao and Angela Merkel. The latest case has made him a more flexible yuan. But the first is to his guns.

Not that Obama is an unconscious and is not concerned about his country’s massive debt. Sure it is. But his obsession is not a German. “My administration will cut the budget deficit by half by 2013, which in 2015 will be reduced to 3 %, “says the president. Attention! In 2015! In Europe, it was decided that this objective is met in 2013. Why the European masochism? ” , I would say Paul Krugman , also of pro -spending club , of which just left the UK , which has again been a lover of “blood , sweat and tears.” Germany has a constitutional mandate anti – deficit. Why now is not skip it as early in this decade? Krugman sees a further danger on the horizon, finally, Germany’s Axel Weber will become the next president of the European Central Bank is more orthodox than the current one, Jean -Claude Trichet. We know that the monetary authority’s mandate is to monitor inflation. And I do not want to move there. Well, if they ask for more flexible labor market, what I ask is flexibility in the role of the European Central Bank and the Stabilization and Growth Pact. Because their rigidities condemn us to the abyss.

But come on, Schäuble does not decay in his advocacy of fiscal austerity. And, unlike the delicacy with which Obama expressed, the German minister with all the ammunition fired, “While American politicians prefer to look at the short term, we expand the focus and therefore we are more concerned about the implications excessive deficits and the dangers of high inflation.” “Our aversion to deficit and the fear of inflation, which have their roots in German history, may seem strange to our American friends, whose economic culture is, in part, truffled deflationary episodes.”

The meeting of G-20 promises to debate. Also in relation to the financing system. Obama calls for transparency in the European financial system to reduce tensions in the credit market. To see whether Merkel grants and bare their banks.

It is a game of table tennis. I prefer to win the Obama , Soros and Krugman. For once, I oppose the efforts being made by Old Europe because I think the numbers will take away the reason and also with them, give up its essence. Not only growth is in danger. The flag of Old Europe, the welfare state, is also in question.

By: Cristina Vallejo

BP shares have fallen to their lowest point in 14 years and its market capitalization suffered a destruction of 100,000 million dollars (over 81,000 million euros) from the disaster that began on 20 April. In light of these data, Cameron on Friday showed concern about the “destruction” of the company.

Business and shareholder groups have been calling for Britain’s new Prime Minister comes to defending the company because of the perception that Obama has been too critical of its management of the landfill.

According to the sources cited, Cameron raised the issue of BP to Obama when the two leaders held their first face to face since he became prime minister last month. “Both agreed that there is nothing to gain if BP is damaged, “said the official.” And both agreed that BP should meet their obligations to stop the loss, clean up the damage and respond to the legitimate compensation costs.”

The company said it paid U.S. $ 2,350 million (1,900 million euros) so far in cleanup costs and compensation for the ecological disaster caused by the largest spill in U.S. history. That does not include the fund by the oil spill of 20,000 million (16,170 million euros) has agreed to establish, or the billions of dollars that must pay fines.

BP, which was an entirely British company, now has global operations and a greater presence in the U.S.. About 40 percent of its shareholder base from the United Kingdom, and a similar proportion in the U.S..

The issue of when and how to remove the economic incentives were launched to overcome the crisis has become the main source of friction within the G20, which groups the major developed and developing countries and has emerged the guardian of the global economy.

On one side of the debate are countries like the U.S., insisting as he made clear today the country’s Treasury Secretary Timothy Geithner that the G20 should focus primarily on growth, a position shared by emerging powers such as Brazil.

On the other side of the spectrum is the European Union, with Germany at the head, which maintain that cutting public spending is the priority.

This was made clear today, German Chancellor Angela Merkel, who said at the end of the G8 meeting, which ended hours before the start of G20, the global economy growth will only “durable and sustainable if countries strengthen their financial” and implementing structural reforms at the same time.”

Brazilian Finance Minister Guido Mantega, who represents his government in the summit at having to leave President Luiz Inacio Lula da Silva by floods in the country, warned that fiscal consolidation is important.

He warned, however, that the incipient and uneven global economic recovery may be “threatened” by “hurry the withdrawal of stimuli.”

Despite this push and pull on the theme that emerges as a key to the economies footing again today in Toronto were observed forays between opposing positions.

Merkel herself said , in that sense , there is “consensus” on the need to reduce the expense and Canadian Prime Minister Stephen Harper, who has proposed to cut the deficit in half by 2013, that consensus called “strong”.

Beyond was even president of the European Commission Jose Manuel Durao Barroso, who spoke during a press conference to the existence of a preliminary agreement to reducing the deficit in half by 2013 as suggested by Harper.

Mantega noted, however, that an agreement in this regard is far from closed and called unrealistic even such a proposal.

“It is very draconian a little difficult, a bit exaggerated, “he said at a news conference today Mantega, recalling that “there are countries with deficits above 10 percent” and will not be possible to achieve the objective set.

While waiting for the leaders of the G20 limens protrusions on that front today and tomorrow, another issue is emerging as controversial is the proposal to impose a global tax on the banking or financial transactions that fund .

United States, United Kingdom, Germany and France lead this crusade but emerging countries like Brazil have made it clear that they disagree.

“We’re not going to agree with that, “said Mantega today, others argue that this is a measure to be applied individually by countries that so wish.

It is expected, moreover, that the G20 tomorrow a new impetus to the proposal to strengthen banks capital and enhance transparency in the sector, according Mantega measures would be adopted at the group’s next meeting in November in South Korea.

It is expected that the final communiqué to be issued tomorrow to allude also to seek alternatives to the Doha Round and subsidies for fossil fuels.

The G20 meeting started today with a state dinner and continues tomorrow, Sunday, with the plenary meeting of the group.

So it finds the chapter on Housing and Mortgage Loans included by the Statistical Institute of Navarra ( IEN ) in the Survey of Consumer Economic Situation , for which asked a sample of 640 older than 18 years Navarre .

The survey, as reported today by the INE, shows that 72.3% of Navarre over 18 have a home and of these, 96.1 % have owned (96.9 % in 2009), 0.4 % for rent and 1.3% assigned, while the remaining 2.2% holding encompasses other situations.

13.7% of available buyers account before a housing (18.6 % in 2009) and another 13.7% had no home ownership (9.5 % in 2009).

The number of mortgage loans decreased from last year as a quarter of buyers have a loan current , which in almost all cases, mortgage to finance house purchases, while in 2009 it had in force third of the buyers.

On the other hand, the percentage of the value housing loans representing has declined, as more loans account for less than 50 % the value of housing and significantly decrease the loans which represent over 50% of the acquired property (74.8 % versus 85.1 % in 2009).

In the latter year the maturity of loans has been changed, highlighting those with growth within 16 to 20 years (12.6 points in 2009), and a decrease of which are depreciated between 10 and 15 years (nine points less than in 2009).

The interest rate that applies to home loans is primarily the variable (86.5 % ), followed by fixed rate (12.6 %) and mixed type (0.9 %), compared to 83.7 %, 15.6 % and 0.7 % in 2009, respectively.

As for the reference applied in the updating of the loans, the Euribor are used in 91.8 % of loans, similar percentage as in 2009.

Given the time of purchase, 3.1 % acquired less than three years, 21.6 % in the range of 3-10 years and 75.3% of respondents over 10 years.

Moreover, in regard to the type of housing, 86.6 % of homes purchased are free (compared to 83.1 % in 2009).

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So, usually the resources that a bank generates revenues are in part themselves (heritage or capital), and mostly foreign (deposits the public). Therefore, since most of the money that a given bank does not belong, bank management requires a constant process of evaluation and measurement of risks to set out the resources of depositors in the operations of the entity.

Such risks, together, are called bank risk and its management is often governed by bodies supervisors banking (Superintendents) in each individual country. A basic concern of these agencies is to ensure that each bank to repay public deposits, which requires an adequate level of capital so that in case of loss, it is covered by own resources and not with public money. Therefore, each entity must have a proportional capital resources risk and level of risk that exposes. This relationship between self and what is known as risky level solvency and calculate the ideal ratio is the subject of international efforts.

Types of risk

* Credit risk: This concerns the possibility of having large losses for the reason that a customer does not meet the credit obligations to which they committed.
* Liquidity risk: This refers to the possibility that excessive losses occur because of decisions made in favor of having resources quickly in order to meet present and future commitments.
* Foreign exchange risk: This refers to the possibility of losses from changes in exchange rates of different currencies at which a financial institution operates or has invested resources.
* Interest rate risk: This refers to the declining value of the assets or the assets of an entity due to changes in interest rates, which can lead to the institution having heavy losses.

The steady improvement in financial knowledge and technological advances enabled the creation of more complex products in search of higher returns, it probably will produce a parallel advance in the techniques of management and risk assessment undertaken. For its part, the regulatory and supervisory authorities failed to detect weaknesses early enough that they were creating. Among them, the excessive leverage of banks’ balance sheets, which for years growing at rates that were incompatible with a proper risk management, and insufficient capital from banks to cover the risks they were taking.

The turmoil in financial markets that emerged in July 2007 triggered a severe crisis in the international financial system and highlighted the weaknesses in it. Among them, the problems properly assess certain financial products-especially the most complex, “the deficiencies in credit ratings issued by rating agencies, poor management of risks, including liquidity by some entities, the lack of market transparency and harmony in these markets regulated and unregulated entities.

We are therefore experiencing an unprecedented crisis, which began as financial and economic has become. Both are being fed back, which is hampering its separation. International financial crisis has generated a sharp fall in asset prices, which has directly affected the balance sheets of banks. In this way, have generated very significant accounting losses, in some cases, have not been covered with the available capital by institutions. Therefore, credit institutions have been confronted with the need to increase their capital to survive in fresh capital to capture moments where it is very difficult.

One of the many negative consequences that are having this crisis is that, because of the excesses committed, obscures the viewer’s eyes to the advantages and positive aspects involved. On the other hand, financial innovation is genuine contribution to the efficient functioning of markets and, second, globalization. The measures taken should, therefore, achieve a difficult balance. Also, be careful that the solutions to the problems arising from the crisis do not lead to national protectionist policies in the financial field, but coordinated international solutions prevail.

Clearly, international financial regulation is a prerequisite for achieving sustainable economic growth. Therefore, the authorities around the world, including central banks, are using all measures within its power to overcome critical situations on the bench and try to restore confidence in the financial system. In addition, various international committees are considering fundamental changes in the future international regulation.

Regarding the former, the measures being taken with greater urgency to recapitalize and ensure the banks’ assets and to cleanse bank balance sheets called toxic assets are being designed to restore confidence in the system and for credit markets returned to normal. It is necessary to stabilize these markets for institutions to fulfill their role of channeling savings into investment and that, in this way, families and businesses access to finance.

Regarding the latter, the proposals on future international financial regulation, and the unprecedented measures taken to restore financial stability should be accompanied by strong reforms that can address the weaknesses that the crisis has highlighted and prevent it repeated in the future.

In order to find comprehensive solutions, various international groups and committees have made proposals for future very adequate. Hay be mentioned, especially the Group of 20 (G-20), comprising the most developed countries and emerging countries, and has been invited to Spain.

The G-20 leaders pledged to cooperate and implement the necessary reforms to improve the operation and solvency of financial systems worldwide. Specific targets were set for improvements in transparency and valuation of financial assets and the regulation of financial institutions, among others, and adopted an action plan with specific recommendations. It is clear that the current regulatory initiative in the financial system is in the proposals that emerge in the mountains.

The G-20 set a series of immediate measures to restore order as quickly as possible confidence in institutions, improving valuation standards, increasing demands for transparency and information to the market, demanding a strengthening of management risks and requiring national authorities to ensure that financial institutions have the capital necessary to maintain confidence. Initiatives have been taken to restore confidence in markets with measures such as regulation of rating agencies.

These agencies play an important role in financial markets, since their ratings are used by investors, lenders, issuers and governments for making investment decisions and financing. In addition, regulated entities such as banks, investment service companies or insurance companies, among others, may use these ratings as a benchmark for calculating their capital requirements for solvency.

Consequently, the rating has a significant impact on investor confidence and need to be independent, objective and of the highest quality. However, one of the shortcomings highlighted by the crisis has been that these agencies have failed to reflect early enough in their ratings the worsening market conditions. Therefore, the statement of G-20 included the international financial regulation and the European Union is currently drafting a regulation governing the registration, activity and the monitoring of these agencies.

The G-20 establishes the need to review what should be the scope of regulation with particular emphasis on institutions, instruments and markets that are not currently regulated by setting the objective that all systemically important institutions are adequately regulated.

As regulatory initiatives with regard to credit institutions included the work of the Committee of Banking Supervisors of Basel. The committee proposed to increase capital requirements for certain products, measures to promote more rigorous supervision and management on issues such as the concentration of risks, off-balance sheet exposures or securitization. It also proposes improvements in the valuation of complex instruments and the management of liquidity risk. Finally, include improvements to the information that institutions should provide the market.

The committee also is working on various initiatives in the medium term and, therefore, aimed at putting more credit institutions in a better position to face the next crisis to be faced and, in general, to make them more resistant to economic cycles. These initiatives can only take place when the crisis is over we are experiencing. In particular, we are looking to the solvency rules adequately capture all the risks taken by institutions, their regulatory capital is higher quality, with special emphasis on capital and reserves, and, finally, that the entities constituting capital cushions, liquidity and supplies to equip themselves in times of high economic cycle, which normally is when the balance sheets of the fastest growing entities, and are released during low cycle times, which is when risks materialize.

The crisis has revealed deficiencies in the financial system and the need for globally coordinated action to resolve them. Some of these measures represent a transformation from the previous situation, as is the inclusion of new institutions, markets or products within the scope of regulation or supervision consist prudencial. Deepen reforms already started before the crisis, subjects such as strengthening risk management, corporate governance or disclosure of information to the market, to name a few, were already covered by the agreement of the Basel II capital and had been transposed to many national laws.

These regulatory changes should be accompanied by a strengthening of national monitoring and improved global coordination. All this, with the objective that the financial system to fulfill its function of channeling savings into investment and not again become a factor that amplifies the imbalance.

To cope with this situation, we can restructure our personal finances, being a new mortgage to cover all loans that we have, which include high interest rates, making long-term passive prime.

To make a reunification of debts, the bank requires us to certain requirements, among which we find that the loan amount should not exceed 60% of the appraised value of the collateral and the rate of effort does not exceed 50% of our monthly income. It is very important that we prepare well for presenting the transaction to the bank and you may have a high acceptance rate

We can achieve this goal following a methodology that includes the following elements:

• Complete Record:

The bank will make a series of studies with personal documents, income and security.

• Feasibility of operation:

Verification of compliance with bank lending parameters, such as: loan amount, tax payable, debt ratio and market value of property

Once the study, our bank will indicate if the operation is pre approved. If yes, proceed to appraise the house and then sign the transaction at the notary.

Importantly, if the transaction is rejected by the bank, we go into the reasons that the bank gives to its refusal, and if possible address these points, we can try to present it to other entities, either through Internet or agencies close to our residence.