{"id":2211391,"date":"2026-10-21T13:06:38","date_gmt":"2026-10-21T10:06:38","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2211391"},"modified":"2026-10-21T13:06:38","modified_gmt":"2026-10-21T10:06:38","slug":"franta-randamentele-obligatiunilor-pe-10-ani-au-depasit-temporar-5-pe-fondul-incertitudinilor-bugetare","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2211391","title":{"rendered":"Fran\u021ba: randamentele obliga\u021biunilor pe 10 ani au dep\u0103\u0219it temporar 5%, pe fondul incertitudinilor bugetare&#8230;"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/cdn.adh.reperio.news\/image-4\/42d725bf-468f-4bae-b097-17d04a1cb39c\/index.jpeg?p=f%3Djpeg%26w%3D1200%26h%3D630%26r%3Dcover&#8221;]<\/p>\n<article class=\"svelte-x63bga\">\n<nav>\n<ul class=\"breadcrump svelte-1pk9a69\">\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/\" title=\"Adev\u0103rul\" class=\"svelte-1pk9a69\">Home<\/a><\/li>\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/stiri-externe\" class=\"svelte-1pk9a69\">\u0218tiri Externe<\/a><\/li>\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/stiri-externe\/europa\" class=\"svelte-1pk9a69\">Europa<\/a><\/li>\n<li class=\"svelte-1pk9a69\"><a href=\"https:\/\/adevarul.ro\/stiri-externe\/europa\/franta-randamentele-obligatiunilor-pe-10-ani-au-2565541.html\" class=\"svelte-1pk9a69\">Fran\u021ba: randamentele obliga\u021biunilor pe 10 ani au dep\u0103\u0219it temporar 5%, pe fondul incertitudinilor bugetare \u0219i politice<\/a><\/li>\n<\/ul>\n<\/nav>\n<p><main class=\"svelte-x63bga\"><\/p>\n<p>Fran\u021ba s-a \u00eemprumutat miercuri la dob\u00e2nzi de peste 5% pentru obliga\u021biunile de stat cu scaden\u021ba la zece ani, un nivel nemaiatins din 2002, pe fondul \u00eengrijor\u0103rilor investitorilor privind deficitul bugetar \u0219i instabilitatea politic\u0103.<\/p>\n<div class=\"container-image  svelte-1xbw4f3\"><source type=\"image\/webp\" srcset=\"https:\/\/cdn.adh.reperio.news\/image-4\/42d725bf-468f-4bae-b097-17d04a1cb39c\/index.jpeg?p=a%3D1%26co%3D1.05%26w%3D1400%26h%3D750%26r%3Dcontain%26f%3Dwebp 1400w\" media=\"(min-width: 1400px)\" \/><\/p>\n<div class=\"caption svelte-1xbw4f3\"><span class=\"captionText svelte-1xbw4f3\">Fran\u021ba se \u00eemprumut\u0103 la dob\u00e2nzi tot mai mari pentru obliga\u021biunile de stat  <span class=\"source svelte-1xbw4f3\">Foto: AFP<\/span><\/span><\/div>\n<\/div>\n<p>Randamentul obliga\u021biunilor franceze pe zece ani a dep\u0103\u0219it temporar pragul de 5%, \u00eenainte de a cobor\u00ee la aproximativ 4,998% \u00een jurul orei 12:30, ora Parisului. <a href=\"https:\/\/adevarul.ro\/securitate-si-aparare\/fata-nevazuta-a-aisbergului-revoltelor-care-risca-2565090.html\" target=\"_blank\">Evolu\u021bia reflect\u0103 presiunea<\/a> exercitat\u0103 asupra finan\u021belor publice de costurile ridicate de finan\u021bare \u0219i de incertitudinile privind capacitatea guvernului de a reduce deficitul,  relateaz\u0103 AFP \u0219i Reuters.<\/p>\n<p>\u201e<i>Exist\u0103 o lips\u0103 destul de evident\u0103 de \u00eencredere \u00een Fran\u021ba<\/i>\u201d, a declarat Andrea Tueni, analist la Saxo Bank France, pentru AFP.<\/p>\n<h2>Diferen\u021ba fa\u021b\u0103 de Germania, la niveluri nemai\u00eent\u00e2lnite din 2011<\/h2>\n<p>Diferen\u021ba dintre randamentele obliga\u021biunilor franceze \u0219i germane pe zece ani a urcat miercuri la aproximativ 1,57 puncte procentuale, cel mai ridicat nivel din 2011, \u00een timpul crizei datoriilor suverane din zona euro.<\/p>\n<p>Germania este considerat\u0103 un reper de siguran\u021b\u0103 pe pia\u021ba obliga\u021biunilor europene. Prin urmare, cre\u0219terea diferen\u021bei dintre randamentele celor dou\u0103 state indic\u0103 faptul c\u0103 investitorii solicit\u0103 o prim\u0103 mai mare pentru a finan\u021ba Fran\u021ba.<\/p>\n<p>\u00cen jurul orei 12:30, randamentele obliga\u021biunilor pe zece ani erau de aproximativ 4,58% \u00een Italia \u0219i 4,06% \u00een Spania, sub nivelul \u00eenregistrat de Fran\u021ba, potrivit datelor citate de AFP.<\/p>\n<h2>Deficitul bugetar, principala vulnerabilitate<\/h2>\n<p>Presiunea asupra datoriei franceze este alimentat\u0103 de deficitul bugetar persistent \u0219i de dificult\u0103\u021bile guvernului \u00een adoptarea unor m\u0103suri de consolidare fiscal\u0103.<\/p>\n<p>Potrivit Comisiei Europene, deficitul bugetar al Fran\u021bei a r\u0103mas ridicat \u00een 2025, iar reducerea acestuia reprezint\u0103 una dintre principalele provoc\u0103ri pentru autorit\u0103\u021bi. Datoria public\u0103 ridicat\u0103 limiteaz\u0103, de asemenea, spa\u021biul de manevr\u0103 al guvernului, mai ales \u00een condi\u021biile \u00een care costurile de finan\u021bare cresc.<\/p>\n<p>Executivul francez urm\u0103re\u0219te reducerea deficitului la 5% din produsul intern brut \u00een 2027. Atingerea obiectivului depinde \u00eens\u0103 de adoptarea bugetului \u0219i de aplicarea m\u0103surilor de economisire, \u00eentr-un parlament fragmentat \u0219i \u00eenaintea alegerilor preziden\u021biale din prim\u0103vara anului viitor.<\/p>\n<p>Banca elve\u021bian\u0103 UBP estimeaz\u0103 c\u0103 perspectivele unei consolid\u0103ri fiscale consistente \u00eenaintea scrutinului preziden\u021bial sunt limitate, \u00een condi\u021biile incertitudinii politice.<\/p>\n<h2>Energia \u0219i instabilitatea politic\u0103 amplific\u0103 presiunea<\/h2>\n<p>Cre\u0219terea randamentelor este influen\u021bat\u0103 \u0219i de evolu\u021biile interna\u021bionale, \u00een special de scumpirea energiei \u0219i de temerile privind accelerarea infla\u021biei. Investitorii urm\u0103resc \u00een acest context \u0219i deciziile de politic\u0103 monetar\u0103 ale B\u0103ncii Centrale Europene, care pot influen\u021ba costurile de finan\u021bare \u00een \u00eentreaga zon\u0103 euro.<\/p>\n<p>\u00cen cazul Fran\u021bei, acestor factori li se adaug\u0103 tensiunile politice \u0219i sociale, care sporesc incertitudinea privind viitoarele m\u0103suri fiscale \u0219i bugetare.<\/p>\n<p>Violen\u021bele din weekend au amplificat \u00eengrijor\u0103rile privind situa\u021bia intern\u0103, \u00eentr-un moment \u00een care guvernul trebuie s\u0103 ob\u021bin\u0103 sprijin parlamentar pentru buget \u0219i s\u0103 prezinte pie\u021belor un plan credibil de reducere a deficitului.<\/p>\n<p>Randamentele mai mari nu modific\u0103 automat dob\u00e2nzile aferente \u00eentregii datorii existente, dar cresc costul noilor \u00eemprumuturi \u0219i al refinan\u021b\u0103rii obliga\u021biunilor ajunse la scaden\u021b\u0103.<\/p>\n<h2>Moody\u2019s urmeaz\u0103 s\u0103 revizuiasc\u0103 ratingul Fran\u021bei<\/h2>\n<p>Un alt test pentru finan\u021bele publice franceze este revizuirea ratingului de \u021bar\u0103 de c\u0103tre agen\u021bia Moody\u2019s, programat\u0103 pentru vineri, potrivit AFP\/Agerpres.<\/p>\n<p>\u00cen prezent, Moody\u2019s atribuie Fran\u021bei ratingul Aa3, cu perspectiv\u0103 negativ\u0103. O eventual\u0103 retrogradare ar putea accentua preocup\u0103rile investitorilor privind evolu\u021bia datoriei \u0219i capacitatea autorit\u0103\u021bilor de a stabiliza bugetul.<\/p>\n<p>Decizia agen\u021biei va fi urm\u0103rit\u0103 \u00eendeaproape de pie\u021be, \u00eens\u0103 efectul asupra randamentelor va depinde \u0219i de m\u0103sura \u00een care rezultatul corespunde a\u0219tept\u0103rilor investitorilor.<\/p>\n<p>Pentru guvernul francez, priorit\u0103\u021bile r\u0103m\u00e2n adoptarea bugetului pentru 2027 \u0219i reducerea deficitului, \u00eentr-un context \u00een care costurile de \u00eemprumut sunt \u00een cre\u0219tere, iar apropierea <a href=\"https:\/\/adevarul.ro\/stiri-externe\/europa\/mobilizare-fara-precedent-in-franta-militarii-2565356.html\" target=\"_blank\">alegerilor preziden\u021biale<\/a> complic\u0103 negocierile politice.<\/p>\n<p><\/main><\/p>\n<footer class=\"svelte-x63bga\">\n<div class=\"related-wrap related-footer svelte-78g0vl\"><span class=\"related-label svelte-78g0vl\">Cite\u0219te \u0219i<\/span><a class=\"related svelte-78g0vl\" data-gtrack=\"{&quot;event&quot;:&quot;utm_click&quot;,&quot;data&quot;:{&quot;event_category&quot;:&quot;article_related&quot;}}\" href=\"https:\/\/adevarul.ro\/securitate-si-aparare\/fata-nevazuta-a-aisbergului-revoltelor-care-risca-2565090.html\" title=\"Alt articol de interes pentru tine\"><img decoding=\"async\" class=\"thumb svelte-78g0vl\" src=\"https:\/\/cdn.adh.reperio.news\/image-7\/7a461789-8837-4416-a51f-eee60c5b5c6a\/index.jpeg?p=f%3Dwebp%26w%3D120%26h%3D80%26r%3Dcover%26a%3D0\" alt loading=\"lazy\" width=\"80\" height=\"54\"><span class=\"title svelte-78g0vl\">Fa\u021ba nev\u0103zut\u0103 a aisbergului revoltelor care risc\u0103 s\u0103 scufunde UE. 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src=&#8221;https:\/\/cdn.adh.reperio.news\/image-4\/42d725bf-468f-4bae-b097-17d04a1cb39c\/index.jpeg?p=f%3Djpeg%26w%3D1200%26h%3D630%26r%3Dcover&#8221;] Home \u0218tiri Externe Europa Fran\u021ba: randamentele obliga\u021biunilor pe 10 ani au dep\u0103\u0219it temporar 5%, pe fondul incertitudinilor bugetare \u0219i politice Fran\u021ba s-a \u00eemprumutat miercuri la dob\u00e2nzi de peste 5% pentru obliga\u021biunile de stat cu scaden\u021ba la zece ani, un nivel nemaiatins din 2002, pe fondul \u00eengrijor\u0103rilor investitorilor privind deficitul bugetar \u0219i instabilitatea [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[89],"tags":[19,226],"class_list":["post-2211391","post","type-post","status-publish","format-standard","hentry","category-romania","tag-adevarul","tag-crawlmanager"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2211391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2211391"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2211391\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2211391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2211391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2211391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}