GEREGETAN: the crisis is game OVER via BIG promises: 100510

Senin, 10/05/2010 07:48:44 WIB
Dana darurat Eropa picu Indeks berjangka AS naik
Oleh: Bloomberg

JAKARTA (Bloomberg): Indeks berjangka Standard & Poor 500 menguat seiring dana pinjaman darurat yang akan dikucurkan untuk menghambat merebaknya krisis utang di kawasan Eropa.

Indeks kontrak/berjangka pada bulan Juni yang tercatat di S&P 500 menguat 1,9% menjadi 1.129 pada pukul 6:49 p.m di New York.

Sementara itu, indeks berjangka Dow Jones Industrial Average menguat 1,7%. Saham di AS turun terbanyak dalam 14 bulan terakhir pada pekan lalu dan menghapus seluruh kenaikan yang terjadi di tahun 2010 karena kekhawatiran mengenai kondisi keuangan Yunani dan gangguan yang terjadi pada sistem bursa saham AS yang membuat pergerakan saham menjadi sangat tidak terduga dalam seperempat abad terakhir.

Bursa saham diseluruh dunia “babak belur” bulan ini ditengah kekhawatiran bahwa langkah yang diambil oleh pemimpin Uni Eropa tidak akan cukup untuk mengatasi risiko gagal bayar yang mendera negara Eropa yang terkena dampak krisis.

Para menteri keuangan Eropa kembali mengambil langkah pencegahan merebaknya krisis dengan membuat kesepakatan atas paket dana pinjaman darurat sebesar 440 miliar euro (US$570 miliar) dengan kemungkinan dana tambahan sebesar 60 miliar euro.

Sebagai tambahan, dana bantuan darurat tambahan dapat dikucurkan lagi dari Dana Moneter Internasional.

Bursa saham di Eropa anjlok terbanyak dalam 18 bulan terakhir pekan lalu. Indeks acuan yang mengukur saham di bank Eropa juga anjlok terbanyak sejak Maret 2009. Naiknya imbal hasil obligasi di bagian Selatan Eropa sendiri mengancam nilai tukar Euro.

Gelombang penjualan saham dari perusahaan elektronik membuat indeks Dow Jones Industrial Average anjlok sebesar 9,2% pada 6 Mei, penurunan terbesar sejak krisis yang terjadi di 1987.

Sementara itu, indeks VIX, indeks acuan untuk bursa saham AS melambung 86% menjadi 40,95. Ini merupakan kenaikan mingguan tertinggi dalam sejarah.


Terjadinya selloff (aksi jual bersih) adalah “sebuah peringatan bahwa indikasi yang muncul ternyata tidak sebaik yang mereka pikirkan. Saya rasa anda tidak harus panik tapi anda harus kembali memikirkan saham yang anda miliki dan mengapa anda memiliki saham tersebut,” ujar Stephen Davis, manager portfolio di Alpine Woods Capital Investors LLC, yang membantu mengelola aset sebesar US$7 miliar di Purchase, New York.

Kekhawatiran terkait krisis utang Eropa seakan menutupi kenaikan tertinggi jumlah pekerja di AS dalam empat tahun terakhir.

Kenaikan jumlah pekerja yang mencapai 290.000 melebihi estimasi median yang dibuat Bloomberg. Kenaikan tingkat pekerjaan di AS ini dimotori oleh kesempatan kerja di sektor swasta yang membuktikan bahwa pemulihan ekonomi semakin bisa mandiri dari program bantuan pemerintah. Tingkat pengangguran di AS sendiri naik dari 9,7% menjadi 9,9% seiring ribuan pelamar kerja yang mulai mendapatkan pekerjaan.
EU Preps $645 Billion Fund to Fight ‘Wolfpack,’ Debt Crisis

By James G. Neuger and Meera Louis

May 10 (Bloomberg) — European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.

Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, the 16 euro governments sketched out plans to make 440 billion euros ($570 billion) available, with 60 billion euros more from the EU’s budget, according to three officials at the talks in Brussels. An additional, unspecified sum may come from the International Monetary Fund, the officials said.

“We are going to defend the euro,” Spanish Economy Minister Elena Salgado told reporters as she arrived to chair the meeting yesterday. “We think we have a duty for more stability for our currency. We will do whatever is necessary.”

Europe’s failure to contain Greece’s fiscal crisis triggered a 4.1 percent drop in the euro last week, the biggest weekly decline since the aftermath of Lehman Brothers Holdings Inc.’s collapse. It prompted the U.S. and Asia to urge broader steps to prevent a debt crisis from pitching the world back into a recession.

‘Wolfpack Behavior’

President Barack Obama spoke by phone with German Chancellor Angela Merkel for the second time in three days, adding to the international pressure Europe has faced since a hurriedly arranged conference call of Group of Seven finance chiefs on May 7. Obama yesterday emphasized “the importance of the members of the European Union taking resolute steps to build confidence in the markets,” White House spokesman Bill Burton told reporters in Hampton, Virginia.

“In the night, when the markets are opening, we cannot afford a disappointment,” said Finance Minister Anders Borg of Sweden, one of 11 EU nations not in the euro. “We now see herd behavior in the markets that are really pack behavior, wolfpack behavior.”

Expectations of decisive action buoyed the euro as trading began in Asia. It jumped 1.5 percent to $1.2939 as of 7:59 a.m. in Sydney. EU officials aimed to wrap up the meeting by 2 a.m. Brussels time.

Several Alternatives

Germany, the bloc’s largest economy, is being represented by Interior Minister Thomas de Maiziere after wheelchair-bound Finance Minister Wolfgang Schaeuble, 67, was rushed to a Brussels hospital due to an adverse reaction to new medication.

The officials didn’t say what additional measures the European Central Bank may take.

“Europe is getting its act together,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York. “Time will tell if this statement is enough to satisfy the European bond market vigilantes.”

Government officials said they won’t push the independent ECB to, for example, buy government bonds. President Jean-Claude Trichet accelerated the market selloff on May 6 by rejecting that measure. Trichet is in Basel, Switzerland, for a scheduled meeting of central bankers from the Group of 10 nations. Vice President Lucas Papademos is attending the Brussels talks.

With the euro facing the stiffest test since its debut in 1999, the weekend turned into a crisis-management exercise to restore faith in the currency and prevent a European debt crisis from cascading around the world.


The purpose is to “decide on a mechanism that enables us to assure the stability of the euro, stability in the zone and, beyond that, stability in financial markets,” French Finance Minister Christine Lagarde said.

The euro slid to $1.2715 from $1.3293 last week and is down 15 percent since late November. European stocks sank the most in 18 months, with the Stoxx Europe 600 Index tumbling 8.8 percent to 237.18.

The extra yield that investors demand to hold Greek, Portuguese and Spanish debt instead of benchmark German bonds rose to euro-era highs. The premium on 10-year government bonds jumped as high as 973 basis points for Greece, 354 basis points for Portugal and 173 basis points for Spain.

Britain, the EU’s third-largest economy, won’t contribute to a fund to shore up euro countries, though it backs efforts to restore stability, Chancellor of the Exchequer Alistair Darling said.

Euro Support

“When it comes to supporting the euro, that is for the eurogroup countries,” Darling told Sky News. “We need to show again today that by acting together we can stabilize the situation.”

Germany stepped up calls for a closer monitoring of government finances and more rigorous enforcement of the deficit-limitation rules.

The vow to push budget shortfalls below the euro’s 3 percent limit echoes promises that have been regularly broken ever since governments in 1999 set a three-year deadline for achieving balanced budgets. The euro region’s overall deficit is forecast at 6.6 percent of gross domestic product in 2010 and 6.1 percent in 2011.

Plans for a European credit-rating authority are already under consideration at the European Commission, the bloc’s Brussels-based executive agency. It also is investigating whether ratings companies such as Standard & Poor’s wield too much power over investors’ perceptions of governments.

Asked whether steps to stem speculation against government bonds would include restrictions on short sales or credit default swaps, European Commission President Jose Barroso said “some of the points you have mentioned will be contemplated.”

The political leadership of the $12 trillion economy also signed off this weekend on a 110 billion-euro aid package for Greece negotiated by finance ministers last week. So far nine governments have cleared the way for funds to be sent to Athens.


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