{"id":719735,"date":"2025-01-16T23:01:53","date_gmt":"2025-01-16T22:01:53","guid":{"rendered":"https:\/\/www.hashtag.al\/?p=719735"},"modified":"2025-01-16T23:02:56","modified_gmt":"2025-01-16T22:02:56","slug":"roma-paralajmeron-gjigandet-e-saj-financiare","status":"publish","type":"post","link":"https:\/\/www.hashtag.al\/index.php\/2025\/01\/16\/roma-paralajmeron-gjigandet-e-saj-financiare\/","title":{"rendered":"Roma paralajm\u00ebron gjigant\u00ebt e saj financiar\u00eb","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

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Qeveria e Italis\u00eb ka frik\u00eb se marr\u00ebveshjet e bashkimit nga disa prej grupeve m\u00eb t\u00eb m\u00ebdha financiare t\u00eb vendit do t\u00eb d\u00ebmtojn\u00eb aft\u00ebsin\u00eb e saj p\u00ebr t\u00eb thirrur investime patriotike n\u00eb nj\u00eb kriz\u00eb.<\/span><\/p>\n

UniCredit me baz\u00eb n\u00eb Milano, banka e dyt\u00eb m\u00eb e madhe n\u00eb vend dhe Generali me baz\u00eb n\u00eb Trieste, siguruesi i saj m\u00eb i madh, po shikojn\u00eb t\u00eb dy aleancat nd\u00ebrkufitare q\u00eb k\u00ebrc\u00ebnojn\u00eb t\u00eb zbehin italianitetin e tyre. P\u00ebr disa politik\u00ebb\u00ebr\u00ebs, t\u00eb p\u00ebrhumbur nga kujtimet e kriz\u00ebs s\u00eb eurozon\u00ebs 2011-2012 dhe t\u00eb p\u00ebrballur me kat\u00ebr vjet kaosi ekonomik nd\u00ebrsa Donald Trump kthehet n\u00eb Sht\u00ebpin\u00eb e Bardh\u00eb, kjo \u00ebsht\u00eb nj\u00eb perspektiv\u00eb shqet\u00ebsuese, p\u00ebrcjell Politico<\/a><\/span>.<\/span><\/p>\n

Me nj\u00eb borxh komb\u00ebtar prej mbi 3 trilion\u00eb euro ose 137 p\u00ebr qind t\u00eb prodhimit t\u00eb brendsh\u00ebm bruto, qeveria e Italis\u00eb \u00ebsht\u00eb jasht\u00ebzakonisht e ndjeshme ndaj nevoj\u00ebs p\u00ebr nj\u00eb baz\u00eb solide dhe t\u00eb besueshme investitor\u00ebsh.<\/span><\/p>\n

Dhe investitor\u00ebt e huaj, t\u00eb cil\u00ebt zakonisht jan\u00eb m\u00eb t\u00eb paq\u00ebndruesh\u00ebm, tani mbajn\u00eb mbi 30 p\u00ebr qind t\u00eb borxhit t\u00eb papaguar t\u00eb Rom\u00ebs, sipas t\u00eb dh\u00ebnave t\u00eb Bank\u00ebs s\u00eb Italis\u00eb. Si e till\u00eb, Roma tani ka nj\u00eb grup investitor\u00ebsh mbi t\u00eb cil\u00ebt mendon se ka m\u00eb pak ndikim. Analisti i Morningstar, Javier Rouillet, tha se \u00ebsht\u00eb “e arsyeshme” t\u00eb d\u00ebshirojm\u00eb nj\u00eb baz\u00eb investitore m\u00eb t\u00eb “diversifikuar” n\u00eb k\u00ebt\u00eb kontekst.<\/span><\/p>\n

Politikan\u00ebt kan\u00eb nj\u00eb besim t\u00eb gjat\u00eb, n\u00ebse gabojn\u00eb, se firmat vendase jan\u00eb m\u00eb t\u00eb besueshme sepse blejn\u00eb bono p\u00ebr arsye “patriotike”, than\u00eb dy njer\u00ebz t\u00eb njohur me t\u00eb menduarit e qeveris\u00eb. \u00cbsht\u00eb nj\u00eb besim q\u00eb shfryt\u00ebzohet q\u00ebllimisht nga lobist\u00ebt vendas q\u00eb shtyjn\u00eb p\u00ebr rregullim m\u00eb t\u00eb but\u00eb, tha nj\u00eb nga njer\u00ebzit, edhe pse realiteti \u00ebsht\u00eb se bankat dhe siguruesit italian\u00eb \u2013 si konkurrent\u00ebt e tyre t\u00eb huaj \u2013 blejn\u00eb bono italiane p\u00ebr shkak t\u00eb \u201cprofilit t\u00eb mrekulluesh\u00ebm t\u00eb rrezikut\/kthimit \u2013 jo p\u00ebr t\u00eb k\u00ebnaqur qeverin\u00eb\u201d.<\/span><\/p>\n

“T\u00eb kemi borxhin ton\u00eb n\u00eb duart e brendshme \u00ebsht\u00eb nj\u00eb q\u00ebllim p\u00ebr t\u00eb mbajtur interesin e paguar n\u00eb ekonomin\u00eb italiane,” tha nj\u00eb ligjv\u00ebn\u00ebs i njohur me t\u00eb menduarit e qeveris\u00eb, “Jo se [institucionet financiare] b\u00ebjn\u00eb at\u00eb q\u00eb k\u00ebrkon qeveria, por ka pasur gjithmon\u00eb nj\u00eb paragjykim i qart\u00eb vendas n\u00eb firmat e investimeve me pron\u00ebsi italiane.\u201d<\/span><\/p>\n

Ministria e Ekonomis\u00eb dhe Financave sigurisht q\u00eb do t\u00eb ket\u00eb nevoj\u00eb p\u00ebr t\u00eb gjith\u00eb ndihm\u00ebn q\u00eb mund t\u00eb marr\u00eb k\u00ebt\u00eb vit. Plani i saj aktual \u00ebsht\u00eb t\u00eb shes\u00eb bono deri n\u00eb 350 miliard\u00eb euro – gati 1 miliard euro n\u00eb dit\u00eb – p\u00ebr t\u00eb financuar buxhetin e vitit 2025 dhe p\u00ebr t\u00eb rifinancuar t\u00eb gjitha obligacionet e vjetra q\u00eb po maturohen. Sipas analist\u00ebve t\u00eb Barclays, kjo p\u00ebrfshin 73 miliard\u00eb euro nga Banka Qendrore Evropiane, e cila \u2013 n\u00eb m\u00ebnyr\u00eb thelb\u00ebsore \u2013 tani po redukton zot\u00ebrimet e saj pas nj\u00eb dekade blerjesh asetesh. Eurosistemi, n\u00ebp\u00ebrmjet Bank\u00ebs s\u00eb Italis\u00eb, mbante mbi nj\u00eb t\u00eb kat\u00ebrt\u00ebn e obligacioneve t\u00eb qeveris\u00eb n\u00eb fund t\u00eb shtatorit.<\/span><\/p>\n

Kjo vjen pasi disponimi n\u00eb tregjet evropiane t\u00eb borxhit fillon t\u00eb err\u00ebsohet. N\u00eb t\u00eb gjith\u00eb bot\u00ebn, kostot e huamarrjes po zvarriten m\u00eb shum\u00eb nga shenjat se ekonomia e SHBA-s\u00eb \u00ebsht\u00eb ende e fort\u00eb dhe nuk ka nevoj\u00eb p\u00ebr m\u00eb shum\u00eb ulje t\u00eb normave t\u00eb interesit nga Rezerva Federale. Dhe kjo \u00ebsht\u00eb p\u00ebrpara se t\u00eb shqyrtohet ndikimi i mundsh\u00ebm inflacioni i mandatit t\u00eb dyt\u00eb t\u00eb Presidentit t\u00eb zgjedhur Trump.<\/span><\/p>\n

N\u00eb gjasht\u00eb jav\u00ebt e fundit, kostot e huamarrjes s\u00eb Italis\u00eb jan\u00eb rritur me 0.6 pik\u00eb p\u00ebrqindjeje. N\u00ebse do t\u00eb q\u00ebndronin n\u00eb nivelin aktual prej mbi 3.8 p\u00ebr qind, at\u00ebher\u00eb barra e saj e borxhit do t\u00eb rritej m\u00eb shpejt sesa ekonomia q\u00eb e sh\u00ebrben at\u00eb, shkroi kryeekonomisti i AXA Investment Management Gilles Mo\u00ebc n\u00eb nj\u00eb sh\u00ebnim p\u00ebr klient\u00ebt t\u00eb h\u00ebn\u00ebn.<\/span><\/p>\n

Itali vs Franc\u00eb vs Gjermani<\/strong><\/span><\/p>\n

Sa i p\u00ebrket shkrirjeve n\u00eb m\u00ebnyr\u00eb specifike, shqet\u00ebsimi kryesor i politik\u00ebb\u00ebr\u00ebsve \u00ebsht\u00eb nj\u00eb lidhje prej 2 trilion eurosh midis krah\u00ebve t\u00eb menaxhimit t\u00eb aseteve t\u00eb Generali dhe konglomeratit me baz\u00eb n\u00eb Paris Natixis, sipas dy njer\u00ebzve t\u00eb njohur me k\u00ebt\u00eb \u00e7\u00ebshtje. Bisedimet kan\u00eb vazhduar tash e disa muaj. Shqet\u00ebsimi, t\u00eb pakt\u00ebn mes disa zyrtar\u00ebve, \u00ebsht\u00eb se Generali, nj\u00eb nga mbajt\u00ebsit m\u00eb t\u00eb m\u00ebdhenj historik\u00eb t\u00eb obligacioneve sovrane italiane, mund t\u00eb “humb\u00eb angazhimin e tij” ndaj borxhit italian n\u00eb t\u00eb ardhmen, si pjes\u00eb e nj\u00eb grupi m\u00eb t\u00eb gjer\u00eb, t\u00eb dominuar nga francez\u00ebt. Kjo mund t\u00eb p\u00ebrkeq\u00ebsoj\u00eb nj\u00eb situat\u00eb t\u00eb keqe p\u00ebr Italin\u00eb n\u00ebse dhe kur t\u00eb lind\u00eb paniku tjet\u00ebr, tha nj\u00eb nga njer\u00ebzit.<\/span><\/p>\n

Personi shtoi se l\u00ebvizja e ka shtyr\u00eb Rom\u00ebn t\u00eb shqyrtoj\u00eb n\u00ebse mund t\u00eb p\u00ebrdor\u00eb mjetet e kontrollit ekzekutiv p\u00ebr t\u00eb kusht\u00ebzuar marr\u00ebveshjen.<\/span><\/p>\n

Shqet\u00ebsime t\u00eb ngjashme v\u00ebrtiten rreth nj\u00eb l\u00ebvizjeje t\u00eb diskutueshme nga UniCredit ndaj Commerzbank, bank\u00ebs s\u00eb dyt\u00eb m\u00eb t\u00eb madhe n\u00eb Gjermani. Vet\u00ebm, k\u00ebto shqet\u00ebsime nuk jan\u00eb t\u00eb kufizuara n\u00eb Rom\u00eb: masa ka provokuar gjithashtu protesta n\u00eb Berlin.<\/span><\/p>\n

Nj\u00eb raport n\u00eb tetor nga agjencia e vler\u00ebsimit Moody’s sugjeroi se rritja e pjes\u00ebs gjermane t\u00eb bilancit t\u00eb UniCredit do t\u00eb “lironte korrelacionin e brendsh\u00ebm midis aft\u00ebsis\u00eb kreditore t\u00eb UniCredit dhe asaj t\u00eb qeveris\u00eb italiane”. Kjo ka t\u00eb ngjar\u00eb t\u00eb zvog\u00ebloj\u00eb kostot e huamarrjes s\u00eb UniCredit n\u00eb treg.<\/span><\/p>\n

Ana e kund\u00ebrt e k\u00ebsaj, si\u00e7 tha kryetari i Commerzbank dhe ish-shefi i bank\u00ebs qendrore gjermane, Jens Weidmann n\u00eb nj\u00eb intervist\u00eb t\u00eb botuar t\u00eb h\u00ebn\u00ebn, \u00ebsht\u00eb se do t’i ekspozonte klient\u00ebt e Commerzbank n\u00eb Gjermani ndaj paq\u00ebndrueshm\u00ebris\u00eb s\u00eb mundshme n\u00eb Itali. Weidmann i tha Handelsblatt se nj\u00eb blerje do t\u00eb p\u00ebrfaq\u00ebsonte “reciprokizimin e borxhit sovran nga dera e pasme”.<\/span><\/p>\n

Sipas dosjeve t\u00eb kompanis\u00eb, UniCredit mban rreth 38 miliard\u00eb euro borxh t\u00eb qeveris\u00eb italiane, nd\u00ebrsa Generali mban mbi 30 miliard\u00eb euro. T\u00eb dy nuk pranuan t\u00eb komentojn\u00eb.<\/span><\/p>\n

Nj\u00eb z\u00ebdh\u00ebn\u00ebse e ministris\u00eb s\u00eb financave minimizoi \u00e7do ndjenj\u00eb shqet\u00ebsimi. Ajo vuri n\u00eb dukje ecurin\u00eb e fort\u00eb relative t\u00eb obligacioneve italiane n\u00eb muajt e fundit dhe faktin se ato ende ofrojn\u00eb nj\u00eb prim t\u00eb konsideruesh\u00ebm ndaj homolog\u00ebve t\u00eb tyre t\u00eb eurozon\u00ebs.<\/span><\/p>\n

Dyshimet italiane p\u00ebr lidhjet e mundshme kan\u00eb edhe arsye t\u00eb tjera, ve\u00e7an\u00ebrisht sepse ato gjithmon\u00eb duket se p\u00ebrfundojn\u00eb me dominuesin e partnerit jo-italian. P\u00ebr zyrtar\u00ebt italian\u00eb, mbrojtja e Commerzbank \u00ebsht\u00eb shfaqur nj\u00eb hipokrizi ve\u00e7an\u00ebrisht flagrante, duke pasur parasysh marrjen e fundit nga Lufthansa e Gjermanis\u00eb t\u00eb linj\u00ebs ajrore italiane ITA.<\/span><\/p>\n

Marr\u00ebveshja e Generalit, nd\u00ebrkoh\u00eb, ka ringjallur ankthin shekullor rreth imperializmit ekonomik t\u00eb perceptuar francez. Italia dhe Franca kan\u00eb nj\u00eb histori t\u00eb trazuar kur b\u00ebhet fjal\u00eb p\u00ebr bashkimet transalpine. Shumica kan\u00eb shkuar n\u00eb nj\u00eb drejtim, tha Alessandro Aresu, nj\u00eb analist gjeopolitik dhe k\u00ebshilltar i ish-kryeministrit Mario Draghi p\u00ebr shqyrtimin e investimeve. N\u00eb vitet e fundit, Cr\u00e9dit Agricole ka rr\u00ebmbyer disa banka lokale, kryesisht n\u00eb Italin\u00eb veriore, nd\u00ebrsa BNP Paribas ka n\u00eb pron\u00ebsi Banca Nazionale del Lavoro, bank\u00ebn e gjasht\u00eb m\u00eb t\u00eb madhe n\u00eb vend, q\u00eb nga viti 2008. Drejtori i P\u00ebrgjithsh\u00ebm i Generali, Philippe Donnet, \u00ebsht\u00eb vet\u00eb nj\u00eb francez me besim.<\/span><\/p>\n

Dhe nd\u00ebrsa kompanit\u00eb franceze kan\u00eb marr\u00eb p\u00ebrsip\u00ebr ato italiane n\u00eb sektor\u00eb nga luksi n\u00eb media, ka pasur pak marr\u00ebveshje t\u00eb m\u00ebdha q\u00eb shkojn\u00eb n\u00eb an\u00ebn tjet\u00ebr. Nj\u00eb marr\u00ebveshje e till\u00eb, nj\u00eb bashkim i propozuar midis nd\u00ebrtuesve t\u00eb anijeve Fincantieri dhe Chantiers de l’Atlantique t\u00eb Franc\u00ebs, p\u00ebrfundimisht u rr\u00ebzua p\u00ebr shkak t\u00eb kund\u00ebrshtimit francez.<\/span><\/p>\n

Meloni n\u00eb ve\u00e7anti ka kritikuar marr\u00ebveshjet q\u00eb ajo i portretizon si blerje franceze t\u00eb bizhuterive t\u00eb kuror\u00ebs italiane, duke p\u00ebrfshir\u00eb at\u00eb q\u00eb krijoi grupin e automobilave Stellantis – nj\u00eb kompani q\u00eb \u00ebsht\u00eb ende n\u00eb pik\u00ebpyetje t\u00eb saj.<\/span><\/p>\n

N\u00eb fund t\u00eb fundit, nuk \u00ebsht\u00eb p\u00ebr t’u habitur q\u00eb Roma ka nj\u00eb “frik\u00eb ataviste q\u00eb Generali t\u00eb hyj\u00eb n\u00eb sfer\u00ebn franceze”, tha Aresu. \u201cBesimi i Italis\u00eb nuk do t\u00eb rikthehet derisa t\u00eb ket\u00eb marr\u00ebveshje t\u00eb r\u00ebnd\u00ebsishme n\u00eb t\u00eb cilat aktori italian \u00ebsht\u00eb ai q\u00eb do t\u00eb fitoj\u00eb\u201d.<\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

Qeveria e Italis\u00eb ka frik\u00eb se marr\u00ebveshjet e bashkimit nga disa prej grupeve m\u00eb t\u00eb m\u00ebdha financiare t\u00eb vendit do t\u00eb d\u00ebmtojn\u00eb aft\u00ebsin\u00eb e saj p\u00ebr t\u00eb thirrur investime patriotike n\u00eb nj\u00eb kriz\u00eb. UniCredit me baz\u00eb n\u00eb Milano, banka e dyt\u00eb m\u00eb e madhe n\u00eb vend dhe Generali me baz\u00eb n\u00eb Trieste, siguruesi i saj […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":32,"featured_media":719736,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,13],"tags":[],"class_list":["post-719735","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fast-foodi","category-te-fundit"],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/719735","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/comments?post=719735"}],"version-history":[{"count":99999,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/719735\/revisions"}],"predecessor-version":[{"id":719739,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/719735\/revisions\/719739"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media\/719736"}],"wp:attachment":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media?parent=719735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/categories?post=719735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/tags?post=719735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}