{"id":65029,"date":"2025-11-01T17:16:00","date_gmt":"2025-11-01T15:16:00","guid":{"rendered":"https:\/\/economic.karpat.in.ua\/?p=65029"},"modified":"2025-11-01T10:30:39","modified_gmt":"2025-11-01T08:30:39","slug":"megrendult-a-penzugyi-stabilitas-az-eu-ban-bejelentest-tett-a-moodys","status":"publish","type":"post","link":"https:\/\/economic.karpat.in.ua\/?p=65029&lang=hu","title":{"rendered":"Megrend\u00fclt a p\u00e9nz\u00fcgyi stabilit\u00e1s az EU-ban, bejelent\u00e9st tett a Moody\u2019s"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Negat\u00edvra rontotta az eddigi stabilr\u00f3l az Eur\u00f3pai Uni\u00f3 p\u00e9nz\u00fcgyi v\u00e1ls\u00e1gkezel\u0151 alapja, az Eur\u00f3pai P\u00e9nz\u00fcgyi Stabilit\u00e1si Eszk\u00f6z (European Financial Stability Facility, EFSF) oszt\u00e1lyzati kil\u00e1t\u00e1s\u00e1t a Moody&#8217;s Ratings.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A nemzetk\u00f6zi hitelmin\u0151s\u00edt\u0151 a p\u00e9ntek \u00e9jjel Londonban bejelentett d\u00f6nt\u00e9st mindenekel\u0151tt azzal indokolta, hogy a minap negat\u00edvra rontotta Franciaorsz\u00e1g \u00e1llamad\u00f3ss\u00e1g-k\u00f6telezetts\u00e9geinek oszt\u00e1lyzati kil\u00e1t\u00e1s\u00e1t is.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/11\/leyen-1024x682.jpg\" alt=\"\" class=\"wp-image-65030\" srcset=\"https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/11\/leyen-1024x682.jpg 1024w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/11\/leyen-300x200.jpg 300w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/11\/leyen-768x511.jpg 768w, https:\/\/economic.karpat.in.ua\/wp-content\/uploads\/2025\/11\/leyen.jpg 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9g hangs\u00falyozza, hogy Franciaorsz\u00e1g az EFSF k\u00f6tv\u00e9nyeinek m\u00e1sodik legnagyobb garanciav\u00e1llal\u00f3ja N\u00e9metorsz\u00e1g ut\u00e1n, \u00e9s ha a francia szuver\u00e9n oszt\u00e1lyzat a negat\u00edv kil\u00e1t\u00e1s nyom\u00e1n a jelenlegi \u201eAa3\u201d-r\u00f3l \u201eA1\u201d-re romlana, akkor m\u00e1r nem lenne biztos\u00edthat\u00f3, hogy az EFSF k\u00f6tv\u00e9nykibocs\u00e1t\u00e1saira v\u00e1llalt garanci\u00e1kat teljes eg\u00e9sz\u00e9ben \u201eAa3\u201d vagy enn\u00e9l magasabb szuver\u00e9n besorol\u00e1s\u00fa eur\u00f3\u00f6vezeti garant\u0151r\u00f6k fedezz\u00e9k.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hitelmin\u0151s\u00edt\u0151 ezzel \u00f6sszef\u00fcgg\u00e9sben megjegyzi, hogy Franciaorsz\u00e1g az EFSF k\u00f6tv\u00e9nyk\u00f6telezetts\u00e9geinek 33,1 sz\u00e1zal\u00e9k\u00e1t garant\u00e1lja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Moody&#8217;s kiemelte ugyanakkor azt is, hogy az EFSF lehet\u0151 legmagasabb, \u201eAaa\u201d szint\u0171 besorol\u00e1sa \u2013 amelyet a hitelmin\u0151s\u00edt\u0151 a kil\u00e1t\u00e1s negat\u00edvra ront\u00e1s\u00e1val egy id\u0151ben meger\u0151s\u00edtett \u2013 az uni\u00f3s stabilit\u00e1si eszk\u00f6z ad\u00f3ss\u00e1gk\u00f6telezetts\u00e9geinek t\u00falbiztos\u00edtotts\u00e1g\u00e1t t\u00fckr\u00f6zi, \u00e9s azt, hogy ezeknek a k\u00f6telezetts\u00e9geknek a 100 sz\u00e1zal\u00e9k\u00e1t tov\u00e1bbra is \u201eAa3\u201d vagy enn\u00e9l magasabb szuver\u00e9n besorol\u00e1s\u00fa eur\u00f3\u00f6vezeti garant\u0151r\u00f6k fedezik.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az EFSF \u201eAaa\u201d oszt\u00e1lyzat\u00e1t mindemellett al\u00e1t\u00e1masztja a garant\u0151r orsz\u00e1gok nagyon magas szint\u0171 t\u00e1mogat\u00e1sny\u00fajt\u00e1si k\u00e9szs\u00e9ge is, tekintettel arra, hogy az eszk\u00f6z k\u00f6zponti szerepet t\u00f6lt be az eur\u00f3\u00f6vezet int\u00e9zm\u00e9nyi keretrendszer\u00e9n bel\u00fcl, \u00e9s egy esetleges t\u00f6rleszt\u00e9si cs\u0151dhelyzet meg\u00edt\u00e9l\u00e9sbeli \u00e9s p\u00e9nz\u00fcgyi k\u00e1rokat okozna \u2013 \u00e1ll a Moody&#8217;s londoni elemz\u00e9s\u00e9ben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A hitelmin\u0151s\u00edt\u0151 szerint az EFSF tov\u00e1bbi ad\u00f3sprofilbeli er\u0151ss\u00e9gei k\u00f6z\u00e9 tartozik az eszk\u00f6z nagyon magas sz\u00ednvonal\u00fa kezel\u00e9se \u00e9s szil\u00e1rd piaci hozz\u00e1f\u00e9r\u00e9se.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A Moody&#8217;s a m\u00falt h\u00e9ten rontotta negat\u00edvra az addigi stabilr\u00f3l Franciaorsz\u00e1g \u201eAa3\u201d \u00e1llamad\u00f3ss\u00e1g-k\u00f6telezetts\u00e9geinek besorol\u00e1s\u00e1t. A c\u00e9g els\u0151sorban azzal a v\u00e9lem\u00e9ny\u00e9vel indokolta a d\u00f6nt\u00e9st, hogy a francia belpolitika sz\u00e9tforg\u00e1csol\u00f3dotts\u00e1ga miatt folytat\u00f3dik a francia t\u00f6rv\u00e9nyalkot\u00e1si int\u00e9zm\u00e9nyrendszer m\u0171k\u00f6d\u0151k\u00e9pess\u00e9g\u00e9nek er\u00f3zi\u00f3ja, \u00e9s ez akad\u00e1lyozhatja a kulcsfontoss\u00e1g\u00fa szakpolitikai kih\u00edv\u00e1sok, k\u00f6zt\u00fck a magas \u00e1llamh\u00e1ztart\u00e1si hi\u00e1ny, az ugyancsak magas \u00e1llamad\u00f3ss\u00e1gteher \u00e9s az emelked\u0151 hitelk\u00f6lts\u00e9gek korm\u00e1nyzati kezel\u00e9s\u00e9t.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A m\u00e1sik k\u00e9t glob\u00e1lis hitelmin\u0151s\u00edt\u0151, a Fitch Ratings \u00e9s az S&amp;P Global Ratings az elm\u00falt hetekben hasonl\u00f3 okokra hivatkozva lemin\u0151s\u00edtette Franciaorsz\u00e1got.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Az S&amp;P, amely k\u00e9t hete az addigi \u201eAA m\u00ednusz\/A-1 plusz\u201d-r\u00f3l egy fokozattal \u201eA plusz\/A1\u201d-re rontotta Franciaorsz\u00e1g hossz\u00fa \u00e9s r\u00f6vid futam\u00fa szuver\u00e9n k\u00fcls\u0151 \u00e9s hazai ad\u00f3ss\u00e1gk\u00f6telezetts\u00e9geinek besorol\u00e1s\u00e1t, a l\u00e9p\u00e9st mindenekel\u0151tt azzal a v\u00e1rakoz\u00e1s\u00e1val indokolta, hogy a hazai \u00f6sszterm\u00e9khez (GDP) m\u00e9rt francia \u00e1llamad\u00f3ss\u00e1gr\u00e1ta 2028 v\u00e9g\u00e9ig 121 sz\u00e1zal\u00e9kra emelkedik a tavaly m\u00e9rt 112 sz\u00e1zal\u00e9kr\u00f3l.<\/p>\n\n\n\n<p class=\"has-text-align-right wp-block-paragraph\"><strong><a href=\"https:\/\/www.vg.hu\/nemzetkozi-gazdasag\/2025\/11\/iteletet-mondott-a-nagy-amerikai-hitelminosito-eu-leyen\" target=\"_blank\" rel=\"noreferrer noopener\">(vg.hu)<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Negat\u00edvra rontotta az eddigi stabilr\u00f3l az Eur\u00f3pai Uni\u00f3 p\u00e9nz\u00fcgyi v\u00e1ls\u00e1gkezel\u0151 alapja, az Eur\u00f3pai P\u00e9nz\u00fcgyi Stabilit\u00e1si Eszk\u00f6z (European Financial Stability Facility, EFSF) oszt\u00e1lyzati kil\u00e1t\u00e1s\u00e1t a Moody&#8217;s Ratings.<\/p>\n","protected":false},"author":12,"featured_media":65030,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1593,41,11,39],"tags":[179,51153,1194],"class_list":["post-65029","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actual-hu","category-cikkek","category-kiemelt-tema","category-vilag","tag-europai-unio","tag-leminosites","tag-moodys"],"_links":{"self":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/65029","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=65029"}],"version-history":[{"count":1,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/65029\/revisions"}],"predecessor-version":[{"id":65031,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/posts\/65029\/revisions\/65031"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=\/wp\/v2\/media\/65030"}],"wp:attachment":[{"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economic.karpat.in.ua\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}