{"id":30191,"date":"2022-10-07T14:41:00","date_gmt":"2022-10-07T11:41:00","guid":{"rendered":"https:\/\/economic.karpat.in.ua\/?p=30191"},"modified":"2022-10-07T10:27:06","modified_gmt":"2022-10-07T07:27:06","slug":"a-hitelek-kotvennye-alakitasat-jutna-dollarmilliardokhoz-ukrajna","status":"publish","type":"post","link":"https:\/\/economic.karpat.in.ua\/?p=30191&lang=hu","title":{"rendered":"A hitelek k\u00f6tv\u00e9nny\u00e9 alak\u00edt\u00e1s\u00e1t jutna doll\u00e1rmilli\u00e1rdokhoz Ukrajna"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Ukrajna, amely az S&amp;P \u00e9s a Fitch nemzetk\u00f6zi hitelmin\u0151s\u00edt\u0151k szerint szelekt\u00edv cs\u0151dben van, \u00e1m a ny\u00e1ron 6 milli\u00e1rd doll\u00e1rt sp\u00f3rolt ad\u00f3ss\u00e1gai k\u00e9t\u00e9ves \u00e1t\u00fctemez\u00e9s\u00e9vel, most unortodox m\u00f3don pr\u00f3b\u00e1l 30 milli\u00e1rd doll\u00e1rnyi forr\u00e1shoz jutni. A Wall Street Journal az ukr\u00e1n hadsereg oroszokat meglep\u0151 taktik\u00e1j\u00e1hoz hasonl\u00edtja Jurij Butsa p\u00e9nz\u00fcgyminiszter unortodox er\u0151fesz\u00edt\u00e9seit, hogy p\u00e9nzhez juttassa Ukrajn\u00e1t.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Komoly sikerk\u00e9nt k\u00f6nyvelt\u00e9k el Ukrajn\u00e1ban, hogy a ny\u00e1ron p\u00e1r h\u00f3nap alatt siker\u00fclt meg\u00e1llapod\u00e1sra jutni a hitelez\u0151kkel az \u00e1t\u00fctemez\u00e9sr\u0151l. Most az ukr\u00e1n t\u00e1rcavezet\u0151 arr\u00f3l besz\u00e9l, hogy az \u00e1llami szektor t\u00e1mogat\u00e1s\u00e1t felhaszn\u00e1lva pr\u00f3b\u00e1lj\u00e1k r\u00e1b\u00edrni a mag\u00e1nszektort, hogy hitelezze a h\u00e1bor\u00fas \u00fajj\u00e1\u00e9p\u00edt\u00e9st.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2022\/10\/ukrajna-usa-1024x683.jpg\" alt=\"\" class=\"wp-image-30192\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2022\/10\/ukrajna-usa-1024x683.jpg 1024w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2022\/10\/ukrajna-usa-300x200.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2022\/10\/ukrajna-usa-768x512.jpg 768w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2022\/10\/ukrajna-usa.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">Leporolt\u00e1k a 80-as \u00e9vek mexik\u00f3i programj\u00e1t, amit Nicholas Brady amerikai p\u00e9nz\u00fcgyminiszter nyom\u00e1n, csak Brady-tervk\u00e9nt emlegetnek, s egy \u00e9vtizede m\u00e9g G\u00f6r\u00f6gorsz\u00e1gban is sz\u00f3ba ker\u00fclt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A megold\u00e1s l\u00e9nyege, hogy a nem teljes\u00edt\u0151 kereskedelmi banki hiteleket kereskedhet\u0151 k\u00f6tv\u00e9nyekk\u00e9 alak\u00edtj\u00e1k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A nyolcvanas-kilencvenes \u00e9vekben, Argent\u00edna, Braz\u00edlia, Panama, Oroszorsz\u00e1g \u00e9s Venezuela is t\u00f6bb sz\u00e1z milli\u00e1rd doll\u00e1rnyi \u00fagynevezett Brady-k\u00f6tv\u00e9nyt bocs\u00e1tott ki, amelyeknek speci\u00e1lis amerikai kincst\u00e1rjegyek biztos\u00edtott\u00e1k a fedezet\u00e9t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Wall Streeten kezdetben nem hittek a term\u00e9kben, \u00e1m id\u0151vel a leggyorsabban n\u00f6vekv\u0151 eszk\u00f6zoszt\u00e1lly\u00e1 v\u00e1ltak a Brady-bondok, s 2016-ban m\u00e1r a glob\u00e1lis k\u00f6tv\u00e9nypiac 20 sz\u00e1zal\u00e9k\u00e1t k\u00e9pviselt\u00e9k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Els\u0151k\u00e9nt a JP Morgan csin\u00e1lt piacot ezeknek a k\u00f6tv\u00e9nyeknek, s az \u00fatt\u00f6r\u0151 befektet\u0151k k\u00f6z\u00e9 tartozott a GMO, a Fidelity Investments \u00e9s a T. Rowe Price Group.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ukrajna \u00fajj\u00e1\u00e9p\u00edt\u00e9se a 349 milli\u00e1rd doll\u00e1rba ker\u00fcl a Vil\u00e1gbank becsl\u00e9se szerint. Az ukr\u00e1n korm\u00e1ny j\u00f6v\u0151re 36 milli\u00e1rd doll\u00e1r k\u00f6lts\u00e9gvet\u00e9sen t\u00fali forr\u00e1ssal tervez.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r az Egyes\u00fclt \u00c1llamok, az Eur\u00f3pai Uni\u00f3, a Nemzetk\u00f6zi Valutaalap \u00e9s multilater\u00e1lis bankok milli\u00e1rdokat aj\u00e1nlottak fel Ukrajna megseg\u00edt\u00e9s\u00e9re, de h\u00f3napokba telhet, am\u00edg a p\u00e9nz meg\u00e9rkezik. \u00cdgy jobb h\u00edj\u00e1n a jegybanki \u201ep\u00e9nznyomda\u201d stoppolgatja a k\u00f6lts\u00e9gvet\u00e9si lyukakat, tov\u00e1bb gerjesztve az infl\u00e1ci\u00f3t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kijev m\u00e9g mindig nem kapta meg az idei \u00e9vre \u00edg\u00e9rt 30 milli\u00e1rd doll\u00e1r k\u00f6zel egyharmad\u00e1t, s ugyan rendelkezik 25 milli\u00e1rd doll\u00e1rnyi k\u00fclf\u00f6ldi tartal\u00e9kkal, de ez t\u00f6red\u00e9ke a h\u00e1bor\u00fas helyre\u00e1ll\u00edt\u00e1s k\u00f6lts\u00e9geinek.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Elemz\u0151k szerint az ukr\u00e1n k\u00f6tv\u00e9nykibocs\u00e1t\u00e1sok t\u00e1mogat\u00e1sa olcs\u00f3bb lehet a k\u00fclf\u00f6ldi orsz\u00e1gok sz\u00e1m\u00e1ra, mint az \u00fajabb p\u00e9nz\u00fcgyi seg\u00e9lyek, de az ilyen finansz\u00edroz\u00e1sok \u00f6sszetettek, s komoly koordin\u00e1ci\u00f3t ig\u00e9nyelnek a nyugati korm\u00e1nyok \u00e9s a p\u00e9nz\u00fcgyi piacok k\u00f6z\u00f6tt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hi\u00e1ba k\u00e9rte a mag\u00e1nalapok kezel\u0151it Zelenszkij eln\u00f6k, hogy fektessenek be Ukrajn\u00e1ban, a k\u00f6tv\u00e9ny\u00e1rak azt jelzik, kevesen k\u00f6telezt\u00e9k el magukat. Az ukr\u00e1n \u00e1llamk\u00f6tv\u00e9nyek a h\u00e9ten 20 cent alatt forogtak, szemben a h\u00e1bor\u00fa el\u0151tti 86 centtel \u2013 \u00edrja az Advantage Data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Most a ny\u00e1ri ad\u00f3ss\u00e1g\u00e1t\u00fctemez\u00e9sn\u00e9l is nagyobb kih\u00edv\u00e1ssal n\u00e9z szembe a kijevi p\u00e9nz\u00fcgyminiszter, arra kell r\u00e1vennie a mag\u00e1nbefektet\u00e9si alapokat, hogy a folytat\u00f3d\u00f3 h\u00e1bor\u00fa \u00e9s az orsz\u00e1g korrupci\u00f3s m\u00faltja ellen\u00e9re friss t\u0151k\u00e9t k\u00f6ssenek le Ukrajn\u00e1nak. A piaci bizalom meger\u0151s\u00edt\u00e9s\u00e9nek egyik m\u00f3dja az lehet, ha Ukrajna a nyugati int\u00e9zm\u00e9nyek \u00e1ltal kibocs\u00e1tott eszk\u00f6z\u00f6k vagy garanci\u00e1k felhaszn\u00e1l\u00e1s\u00e1val venne fel hitelt, hasonl\u00f3an ahhoz, ahogyan az alacsony hitelpontsz\u00e1m\u00fa mag\u00e1nszem\u00e9lyek kezeseket fogadnak. Az ukr\u00e1n \u00f6tlet a r\u00e9gi amerikai Brady-tervb\u0151l sz\u00e1rmazik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ukrajna most az Egyes\u00fclt \u00c1llamok, az Egyes\u00fclt Kir\u00e1lys\u00e1g \u00e9s az Eur\u00f3pai Uni\u00f3 \u201ekezess\u00e9g\u00e9re\u201d sz\u00e1m\u00edt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De sz\u00fcks\u00e9ge lesz egy multilater\u00e1lis bank, p\u00e9ld\u00e1ul az IMF bevon\u00e1s\u00e1ra, valamint olyan horgony befektet\u0151kre, mint p\u00e9ld\u00e1ul a BlackRock alapkezel\u0151.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong><a href=\"https:\/\/www.vg.hu\/penz-es-tokepiac\/2022\/10\/meglepo-csavarral-jutna-dollarmilliardokhoz-ukrajna?utm_source=hirstart\" target=\"_blank\" rel=\"noreferrer noopener\">(vg.hu)<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Wall Street Journal az ukr\u00e1n hadsereg oroszokat meglep\u0151 taktik\u00e1j\u00e1hoz hasonl\u00edtja Jurij Butsa p\u00e9nz\u00fcgyminiszter unortodox er\u0151fesz\u00edt\u00e9seit, hogy p\u00e9nzhez juttassa Ukrajn\u00e1t. <\/p>\n","protected":false},"author":12,"featured_media":30192,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41,33854,17,33],"tags":[429,6455,33971,120],"class_list":["post-30191","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cikkek","category-war-hu","category-surgos","category-ukrajna","tag-allamadossag","tag-kotvenyek","tag-ujraepites","tag-ukrajna-hu"],"_links":{"self":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/30191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=30191"}],"version-history":[{"count":1,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/30191\/revisions"}],"predecessor-version":[{"id":30193,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/30191\/revisions\/30193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/media\/30192"}],"wp:attachment":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=30191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=30191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=30191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}