Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (2 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Grisù
Forumer attivo
Interessante.....
Greece’s Current Account Deficit Grew In Jan-April
Greece’s current account deficit grew in January-April period, Bank of Greece said Wednesday.
In April 2010, the current account deficit stood at EUR2,952 million, unchanged year-on-year. This is attributable to the fact that the declines in the trade deficit and the income account deficit were offset by a fall in the services balance and by the fact that the current transfers account recorded a deficit. The decrease in the trade deficit was accounted for by declines of EUR75 million and EUR65 million in the trade deficit excluding oil and ships and in net payments for purchases of ships, respectively, while the net oil import bill did not change considerably.
The surplus of the services balance narrowed by EUR50 million, mainly as a result of a EUR32 million fall in net transport receipts, while net travel receipts also fell (by EUR12 million) year-on-year.
The income account deficit shrank by EUR84 million due to lower net interest, dividend and profit payments.
Finally, the current transfers balance recorded a deficit of EUR175 million (compared with a small deficit of EUR1.4 million in April 2009), as EU transfers to general government were lower than general government transfers (payments) to the EU. (It should be recalled that gross current transfers from the EU mainly include receipts from the European Agricultural Guidance and Guarantee Fund (EAGGF), as well as receipts from the European Social Fund, while current transfers to the EU include Greece’s contributions (payments) to the Community Budget.)
In January-April 2010, the current account deficit grew by EUR2.6 billion or 25.5% year-on-year and reached EUR12.9 billion, reflecting primarily a large decrease in current transfers to general government (mainly from the EU) and a rise in the net oil import bill, as well as, to a lesser extent, a decline in the surplus of the services balance. If current transfers to general government (mainly from the EU) are not taken into account for the first four months of 2010 (since their large decline is temporary, as explained hereinbelow), the rise in the current account deficit is limited to EUR0.6 billion or 4.5%.
The EUR373 million hike in the overall trade deficit stemmed from an increase of EUR765 million in the net oil import bill. By contrast, the trade deficit excluding oil and ships narrowed by EUR375 million, as the import bill fell by EUR610 million (5.9%), while export receipts declined by EUR235 million (6.4%). Net payments for purchases of ships also fell by EUR18 million.
The EUR138 million contraction in the surplus of the services balance reflects lower net transport receipts. Gross transport receipts (chiefly from merchant shipping) showed an increase (of 8.7%), while the corresponding payments grew by 25.8%; as a result, net transport receipts fell by EUR185 million. Moreover, travel spending in Greece by non-residents dropped by 7.8%, while travel spending by residents abroad declined by 11.1%; as a result, net travel receipts rose by EUR22 million. Finally, net payments for “other” services decreased by EUR26 million.
The income account deficit narrowed by EUR163 million in comparison with the first four months of 2009, because net interest, dividend and profit payments fell by EUR176 million.
Finally, the current transfers balance showed a deficit of EUR883 million, compared with a surplus of EUR1,379 million in the same period of 2009, mainly owing to a decline in EU transfers to general government. As already mentioned in previous press releases, this decrease is attributable to a delay in inflows (in the order of EUR2 billion) from the European Agricultural Guidance and Guarantee Fund (EAGGF) for the payment of direct aid under the CAP, which, however, are expected to be recorded in the balance of payments statistics for May.
Capital transfers balance
In April 2010, the capital transfers balance showed a surplus of only EUR11 million, substantially down in comparison with April 2009 (EUR335 million). (Capital transfers from the EU mainly include receipts from the Structural Funds – except for the European Social Fund – and the Cohesion Fund under the Community Support Framework.)
In January-April 2010, the capital transfers balance showed a surplus of EUR159 million, compared with EUR814 million in the same period of 2009. This chiefly reflects a decline in EU capital transfers to general government. The overall transfers balance (current transfers plus capital transfers) recorded a deficit of EUR724 million, compared with a surplus of EUR2,194 million in the same period of 2009, largely reflecting the aforementioned developments in EU current transfers.
Combined current account and capital transfers balance
The deficit of the combined current account and capital transfers balance (corresponding to the economy’s external financing requirements) reached EUR2.9 billion in April 2010, compared with EUR2.6 billion in April 2009. In January-April 2010, this deficit came to EUR12.7 billion, compared with EUR9.4 billion in the corresponding period of 2009.
Financial account balance
In April 2010, non-residents’ direct investment in Greece recorded a net inflow of EUR39 million. The most important transaction concerns an inflow of EUR30 million, representing an advance by the Cypriot company Competrol Est. Cyprus Ltd. for the acquisition of 100% of Chipita S.A., which belonged to the Vivartia group. Residents’ direct investment abroad showed a net outflow of EUR73 million. The most important transactions in this category concerned on the one hand a EUR27 million outflow for the participation of MIG in the share capital increase of MIG Real Estate Serbia B.V. and, on the other hand, a EUR15 million outflow for the participation of MIG in the share capital increase of MIG Leisure and Real Estate Croatia B.V.
Under portfolio investment, a net outflow of EUR7.0 billion was recorded, reflecting mainly a EUR8.4 billion decrease (outflow) in non-residents’ investment in Greek government bonds and Treasury bills and a EUR383 million decline (outflow) in non-residents’ holdings of shares of Greek firms. These developments were partly offset by a EUR1.9 billion drop (inflow) in residents’ holdings of foreign bonds and Treasury bills.
Under “other” investment, a net inflow of EUR9.5 billion was recorded, which is mainly attributable to a EUR13.3 billion increase (inflow) in non-residents’ deposit and repo holdings in Greece and a EUR130 million rise (inflow) in loan liabilities of the public and the private sector to non-residents. These developments were partly offset by a EUR3.8 billion increase (outflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad, and a EUR51 million rise (outflow) in loans granted to non-residents.
In January-April 2010, direct investment showed a net inflow of EUR907 million. Specifically, net inflows of non-residents’ funds for direct investment in Greece reached EUR1,100 million, while an outflow of EUR193 million was recorded under residents’ direct investment abroad.
During the same period, a net outflow of EUR2.1 billion was recorded under portfolio investment. Specifically, an outflow was recorded due to a EUR6.8 billion decrease in non-residents’ purchases of Greek government bonds and Treasury bills, as well as a EUR630 million outflow as a result of a decline in non-residents’ investment in shares of Greek firms. Outflows of EUR968 million and EUR742 million were also recorded owing to increases in residents’ investment in foreign shares and financial derivatives, respectively. These developments were only partly offset by a EUR7.1 billion inflow due to a decline in resident credit institutions’ and institutional investors’ holdings of foreign bonds and Treasury bills.
Finally, under “other” investment, a net inflow of EUR13.2 billion mainly reflects a EUR25.3 billion increase (inflow) in non-residents’ deposit and repo holdings in Greece, which was partly offset by a EUR11.9 billion rise (outflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad and – to a smaller extent – a EUR86 million decrease (outflow) in loan liabilities of the public and the private sector to non-residents.
At end-April 2010, Greece’s reserve assets stood at EUR4.0 billion. (It should be recalled that, since Greece joined the euro area in January 2001, reserve assets, as defined by the European Central Bank, include only monetary gold, the "reserve position" with the IMF, "Special Drawing Rights", and Bank of Greece claims in foreign currency on residents of non-euro area countries. Conversely, reserve assets do not include claims in euro on residents of non-euro area countries, claims in foreign currency and in euro on residents of euro area countries, and the Bank of Greece participation in the capital and the reserve assets of the ECB.)
Greece’s Current Account Deficit Grew In Jan-April
Greece’s current account deficit grew in January-April period, Bank of Greece said Wednesday.
In April 2010, the current account deficit stood at EUR2,952 million, unchanged year-on-year. This is attributable to the fact that the declines in the trade deficit and the income account deficit were offset by a fall in the services balance and by the fact that the current transfers account recorded a deficit. The decrease in the trade deficit was accounted for by declines of EUR75 million and EUR65 million in the trade deficit excluding oil and ships and in net payments for purchases of ships, respectively, while the net oil import bill did not change considerably.
The surplus of the services balance narrowed by EUR50 million, mainly as a result of a EUR32 million fall in net transport receipts, while net travel receipts also fell (by EUR12 million) year-on-year.
The income account deficit shrank by EUR84 million due to lower net interest, dividend and profit payments.
Finally, the current transfers balance recorded a deficit of EUR175 million (compared with a small deficit of EUR1.4 million in April 2009), as EU transfers to general government were lower than general government transfers (payments) to the EU. (It should be recalled that gross current transfers from the EU mainly include receipts from the European Agricultural Guidance and Guarantee Fund (EAGGF), as well as receipts from the European Social Fund, while current transfers to the EU include Greece’s contributions (payments) to the Community Budget.)
In January-April 2010, the current account deficit grew by EUR2.6 billion or 25.5% year-on-year and reached EUR12.9 billion, reflecting primarily a large decrease in current transfers to general government (mainly from the EU) and a rise in the net oil import bill, as well as, to a lesser extent, a decline in the surplus of the services balance. If current transfers to general government (mainly from the EU) are not taken into account for the first four months of 2010 (since their large decline is temporary, as explained hereinbelow), the rise in the current account deficit is limited to EUR0.6 billion or 4.5%.
The EUR373 million hike in the overall trade deficit stemmed from an increase of EUR765 million in the net oil import bill. By contrast, the trade deficit excluding oil and ships narrowed by EUR375 million, as the import bill fell by EUR610 million (5.9%), while export receipts declined by EUR235 million (6.4%). Net payments for purchases of ships also fell by EUR18 million.
The EUR138 million contraction in the surplus of the services balance reflects lower net transport receipts. Gross transport receipts (chiefly from merchant shipping) showed an increase (of 8.7%), while the corresponding payments grew by 25.8%; as a result, net transport receipts fell by EUR185 million. Moreover, travel spending in Greece by non-residents dropped by 7.8%, while travel spending by residents abroad declined by 11.1%; as a result, net travel receipts rose by EUR22 million. Finally, net payments for “other” services decreased by EUR26 million.
The income account deficit narrowed by EUR163 million in comparison with the first four months of 2009, because net interest, dividend and profit payments fell by EUR176 million.
Finally, the current transfers balance showed a deficit of EUR883 million, compared with a surplus of EUR1,379 million in the same period of 2009, mainly owing to a decline in EU transfers to general government. As already mentioned in previous press releases, this decrease is attributable to a delay in inflows (in the order of EUR2 billion) from the European Agricultural Guidance and Guarantee Fund (EAGGF) for the payment of direct aid under the CAP, which, however, are expected to be recorded in the balance of payments statistics for May.
Capital transfers balance
In April 2010, the capital transfers balance showed a surplus of only EUR11 million, substantially down in comparison with April 2009 (EUR335 million). (Capital transfers from the EU mainly include receipts from the Structural Funds – except for the European Social Fund – and the Cohesion Fund under the Community Support Framework.)
In January-April 2010, the capital transfers balance showed a surplus of EUR159 million, compared with EUR814 million in the same period of 2009. This chiefly reflects a decline in EU capital transfers to general government. The overall transfers balance (current transfers plus capital transfers) recorded a deficit of EUR724 million, compared with a surplus of EUR2,194 million in the same period of 2009, largely reflecting the aforementioned developments in EU current transfers.
Combined current account and capital transfers balance
The deficit of the combined current account and capital transfers balance (corresponding to the economy’s external financing requirements) reached EUR2.9 billion in April 2010, compared with EUR2.6 billion in April 2009. In January-April 2010, this deficit came to EUR12.7 billion, compared with EUR9.4 billion in the corresponding period of 2009.
Financial account balance
In April 2010, non-residents’ direct investment in Greece recorded a net inflow of EUR39 million. The most important transaction concerns an inflow of EUR30 million, representing an advance by the Cypriot company Competrol Est. Cyprus Ltd. for the acquisition of 100% of Chipita S.A., which belonged to the Vivartia group. Residents’ direct investment abroad showed a net outflow of EUR73 million. The most important transactions in this category concerned on the one hand a EUR27 million outflow for the participation of MIG in the share capital increase of MIG Real Estate Serbia B.V. and, on the other hand, a EUR15 million outflow for the participation of MIG in the share capital increase of MIG Leisure and Real Estate Croatia B.V.
Under portfolio investment, a net outflow of EUR7.0 billion was recorded, reflecting mainly a EUR8.4 billion decrease (outflow) in non-residents’ investment in Greek government bonds and Treasury bills and a EUR383 million decline (outflow) in non-residents’ holdings of shares of Greek firms. These developments were partly offset by a EUR1.9 billion drop (inflow) in residents’ holdings of foreign bonds and Treasury bills.
Under “other” investment, a net inflow of EUR9.5 billion was recorded, which is mainly attributable to a EUR13.3 billion increase (inflow) in non-residents’ deposit and repo holdings in Greece and a EUR130 million rise (inflow) in loan liabilities of the public and the private sector to non-residents. These developments were partly offset by a EUR3.8 billion increase (outflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad, and a EUR51 million rise (outflow) in loans granted to non-residents.
In January-April 2010, direct investment showed a net inflow of EUR907 million. Specifically, net inflows of non-residents’ funds for direct investment in Greece reached EUR1,100 million, while an outflow of EUR193 million was recorded under residents’ direct investment abroad.
During the same period, a net outflow of EUR2.1 billion was recorded under portfolio investment. Specifically, an outflow was recorded due to a EUR6.8 billion decrease in non-residents’ purchases of Greek government bonds and Treasury bills, as well as a EUR630 million outflow as a result of a decline in non-residents’ investment in shares of Greek firms. Outflows of EUR968 million and EUR742 million were also recorded owing to increases in residents’ investment in foreign shares and financial derivatives, respectively. These developments were only partly offset by a EUR7.1 billion inflow due to a decline in resident credit institutions’ and institutional investors’ holdings of foreign bonds and Treasury bills.
Finally, under “other” investment, a net inflow of EUR13.2 billion mainly reflects a EUR25.3 billion increase (inflow) in non-residents’ deposit and repo holdings in Greece, which was partly offset by a EUR11.9 billion rise (outflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad and – to a smaller extent – a EUR86 million decrease (outflow) in loan liabilities of the public and the private sector to non-residents.
At end-April 2010, Greece’s reserve assets stood at EUR4.0 billion. (It should be recalled that, since Greece joined the euro area in January 2001, reserve assets, as defined by the European Central Bank, include only monetary gold, the "reserve position" with the IMF, "Special Drawing Rights", and Bank of Greece claims in foreign currency on residents of non-euro area countries. Conversely, reserve assets do not include claims in euro on residents of non-euro area countries, claims in foreign currency and in euro on residents of euro area countries, and the Bank of Greece participation in the capital and the reserve assets of the ECB.)
belindo
Guest
tommy271
Forumer storico
Grazie!
Una nota positiva in una giornata pessima!
Oggi giornata trista ... i movimenti sugli spread/bund sono stati minimi, oscillazione contenuta su alti valori.
Apertura a 851 pb., una mezzoretta fa a 787 ...
IlPorcospino
Forumer storico
Voglio ringraziarti per il grande lavoro che stai facendo per tutti noi:
Tommy e Grisù
tengono il 3d sù.
belindo
Guest
Hai prorpio ragione.
E pensare che il mese scorso ci aspettavamo in questo periodo un rimbalzo, dopo la visita FMI e invece........................dicono che va tutto bene ma si scnede di brutto!
Ormai non so cosa pensare................... aspettiamo e pace.
tommy271
Forumer storico
Pur in pesante loss ... sono sempre fermo.
tommy271
Forumer storico
Il Parlamento alza la voce
23 giugno 2010 | Le Monde
"Dopo l'entrata in vigore del trattato di Lisbona gli eurodeputati si stanno mobilitando per difendere il 'metodo comunitario' dagli attacchi degli stati membri e dalla deriva intergovernamentale", riferisce Le Monde. Le quattro principali "famiglie" politiche – conservatori, socialisti, liberaldemocratici e verdi – sono pronte a coalizzarsi in difesa del loro ruolo.
L'accordo che definisce i contorni del futuro servizio diplomatico europeo, firmato da Catherine Ashton il 21 giugno, è stato solo una battaglia nella guerra dichiarata dal Parlamento alla "cricca degli stati". Il compromesso raggiunto da Commissione, Consiglio e Parlamento permetterà il funzionamento di una struttura composta da settemila funzionari, di cui il 60 per cento saranno diplomatici europei e il restante 40 diplomatici nazionali. Gli eurodeputati hanno chiesto invano "che il servizio fosse integrato alla Commissione europea per controllarne meglio il funzionamento e le spese", ricorda Le Monde. I parlamentari sono infatti convinti che la Commissione dovrebbe appoggiarsi a loro per realizzare al meglio i progetti comunitari. "La confusione che ha circondato il salvataggio della Grecia ha mostrato i limiti della concertazione tra gli stati", sottolinea l'ex primo ministro belga Guy Verhofstadt, oggi capogruppo dei liberali al Parlamento europeo e considerato "uno degli uomini più influenti dell'emiciclo".
La posizione degli eurodeputati non è una novità, continua Le Monde, ma il trattato di Lisbona ha fornito loro "nuove energie". "Gli eurodeputati dispongono infatti di nuove prerogative che intendono far valere: un aumentato potere codecisionale con il Consiglio, maggiori responsabilità di bilancio e la possibilità di rigettare in blocco gli accordi internazionali". Uno scontro che sta irritando i vertici del Consiglio europeo, conclude il quotidiano.
23 giugno 2010 | Le Monde
"Dopo l'entrata in vigore del trattato di Lisbona gli eurodeputati si stanno mobilitando per difendere il 'metodo comunitario' dagli attacchi degli stati membri e dalla deriva intergovernamentale", riferisce Le Monde. Le quattro principali "famiglie" politiche – conservatori, socialisti, liberaldemocratici e verdi – sono pronte a coalizzarsi in difesa del loro ruolo.
L'accordo che definisce i contorni del futuro servizio diplomatico europeo, firmato da Catherine Ashton il 21 giugno, è stato solo una battaglia nella guerra dichiarata dal Parlamento alla "cricca degli stati". Il compromesso raggiunto da Commissione, Consiglio e Parlamento permetterà il funzionamento di una struttura composta da settemila funzionari, di cui il 60 per cento saranno diplomatici europei e il restante 40 diplomatici nazionali. Gli eurodeputati hanno chiesto invano "che il servizio fosse integrato alla Commissione europea per controllarne meglio il funzionamento e le spese", ricorda Le Monde. I parlamentari sono infatti convinti che la Commissione dovrebbe appoggiarsi a loro per realizzare al meglio i progetti comunitari. "La confusione che ha circondato il salvataggio della Grecia ha mostrato i limiti della concertazione tra gli stati", sottolinea l'ex primo ministro belga Guy Verhofstadt, oggi capogruppo dei liberali al Parlamento europeo e considerato "uno degli uomini più influenti dell'emiciclo".
La posizione degli eurodeputati non è una novità, continua Le Monde, ma il trattato di Lisbona ha fornito loro "nuove energie". "Gli eurodeputati dispongono infatti di nuove prerogative che intendono far valere: un aumentato potere codecisionale con il Consiglio, maggiori responsabilità di bilancio e la possibilità di rigettare in blocco gli accordi internazionali". Uno scontro che sta irritando i vertici del Consiglio europeo, conclude il quotidiano.
tommy271
Forumer storico
Ti ringrazio, ma sul forum siamo in tanti.
Sono anch'io che ringrazio per le piacevoli discussioni
.- Stato