\nPentru prima dat\u0103 de la criza financiar\u0103 global\u0103, costurile de \u00eemprumut pe termen lung ale Fran\u0163ei se apropie de cele ale Italiei, o schimbare \u015focant\u0103 care zguduie percep\u0163ia investitorilor asupra celei de-a doua economii a Uniunii Europene, informeaz\u0103 Financial Times.<\/p>\n
\nRandamentele obliga\u0163iunilor guvernamentale franceze pe 10 ani au dep\u0103\u015fit pragul de 3% \u00een ultimul an, pe fondul instabilit\u0103\u0163ii politice prelungite \u015fi al \u00eengrijor\u0103rilor privind finan\u0163ele publice. Diferen\u0163a fa\u0163\u0103 de Italia s-a redus la doar 0,14 puncte procentuale, \u00een timp ce randamentele italiene au sc\u0103zut gra\u0163ie disciplinei fiscale demonstrate de guvernul Giorgiei Meloni.<\/p>\n
\nAceast\u0103 convergen\u0163\u0103 r\u0103stoarn\u0103 un stereotip vechi de decenii: Fran\u0163a, considerat\u0103 p\u00e2n\u0103 acum un \u00eemprumutat sigur, ajunge s\u0103 fie privit\u0103 cu aceea\u015fi pruden\u0163\u0103 ca Italia, \u0163ar\u0103 cu o datorie public\u0103 colosal\u0103, echivalent\u0103 cu circa 140% din PIB. \u00cen timpul crizei datoriilor din zona euro, diferen\u0163a (\u201espread-ul\u201d) dintre Italia \u015fi Fran\u0163a dep\u0103\u015fea chiar 4 puncte procentuale.<\/p>\n
\n\u201eProblema e cre\u015fterea nivelului datoriei, Fran\u0163a continu\u0103 s\u0103 ruleze deficite mari \u015fi devine un risc de credit tot mai mare\u201d, avertizeaz\u0103 Mike Riddell, manager de fonduri la Fidelity International. \u201eItalia gestioneaz\u0103 situa\u0163ia mai strict \u015fi este recompensat\u0103 pentru asta.\u201d<\/p>\n
\nTensiunile au atins un punct critic: \u00een ultimele s\u0103pt\u0103m\u00e2ni, unele titluri de stat franceze pe termen scurt au fost tranzac\u0163ionate la acela\u015fi randament cu cele italiene.<\/p>\n
\nLuna trecut\u0103, premierul francez Fran\u00e7ois Bayrou a prezentat un pachet fiscal pentru 2026, care include cre\u015fteri de taxe \u015fi reduceri de cheltuieli \u00een valoare de 44 miliarde de euro, pe care l-a numit \u201eun moment al adev\u0103rului\u201d, menit s\u0103 previn\u0103 o criz\u0103 a datoriei de tipul celei din Grecia (2010\u20132018). \u00cens\u0103 lipsa unei majorit\u0103\u0163i parlamentare \u00eei complic\u0103 adoptarea, iar opozi\u0163ia amenin\u0163\u0103 s\u0103-l demit\u0103. Predecesorul s\u0103u, Michel Barnier, a fost deja \u00eenl\u0103turat \u00een decembrie pentru un plan bugetar controversat, l\u0103s\u00e2nd Fran\u0163a f\u0103r\u0103 buget timp de aproape o lun\u0103 – o premier\u0103 istoric\u0103.<\/p>\n
\nDatoria public\u0103 a Fran\u0163ei a ajuns la 113% din PIB \u00een 2024 \u015fi este estimat\u0103 s\u0103 urce la 118% p\u00e2n\u0103 \u00een 2026, potrivit Eurostat. Agen\u0163ia de rating Moody\u2019s a retrogradat Fran\u0163a \u00een decembrie, iar S&P Global \u015fi Fitch men\u0163in o perspectiv\u0103 negativ\u0103.<\/p>\n","protected":false},"excerpt":{"rendered":"
Pentru prima dat\u0103 de la criza financiar\u0103 global\u0103, costurile de \u00eemprumut pe termen lung ale Fran\u0163ei se apropie de cele ale Italiei, o schimbare \u015focant\u0103 care zguduie percep\u0163ia investitorilor asupra celei de-a doua economii a Uniunii Europene, informeaz\u0103 Financial Times. Randamentele obliga\u0163iunilor guvernamentale franceze pe 10 ani au dep\u0103\u015fit pragul de 3% \u00een ultimul an, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[510],"tags":[7283,246,7833,14699,7573,7909,183,7633,7507,369,7931,78,8351,391],"class_list":["post-239278","post","type-post","status-publish","format-standard","hentry","category-actualitate","tag-costuri","tag-crestere","tag-criza-financiara","tag-datorie-publica","tag-economii","tag-franta","tag-imprumut","tag-investitori","tag-italia","tag-obligatiuni","tag-pib","tag-publicare","tag-randamente","tag-schimbare"],"_links":{"self":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/239278","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=239278"}],"version-history":[{"count":1,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/239278\/revisions"}],"predecessor-version":[{"id":239291,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=\/wp\/v2\/posts\/239278\/revisions\/239291"}],"wp:attachment":[{"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=239278"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=239278"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bm.dev.synology.me\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=239278"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}