Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Grecia, ispettori Bce-Ue-Fmi ad Atene
Con ok 'Troika' arrivera' secondo pacchetto aiuti da 9 mld

25 luglio, 17:38

(ANSA) - ROMA, 25 LUG - Nuova missione ad Atene degli ispettori di Ue, Fmi e Bce per valutare gli effetti del programma di austerity varato dal governo greco. La 'troika', come viene chiamata in Grecia la triade di autorita', iniziera' a lavorare domani e dovra' compilare un rapporto sulla base del quale verra' poi decisa l'assegnazione della seconda tranche del pacchetto di aiuti. Verranno quindi passati al setaccio i debiti della sanita', i fondi pensionistici, le entrate fiscali e le finanze pubbliche.

 

[tommy271]

Aerei: sciopero, caos su cieli Grecia
Agitazione indetta per protestare contro le misure di austerity

25 luglio, 19:47

(ANSA) - ATENE 25 LUG - Sciopero 'bianco' dei controllori di volo greci, dopo che ieri e' stato giudicato illegittimo lo stop di 24 ore a partire da oggi.

L'agitazione era stata indetta per protestare contro le misure di austerity chieste dal Governo di Atene. Cancellati da stamani 3 voli per Roma, Londra e Barcellona, mentre sono stati registrati ritardi per oltre 120 voli all'aeroporto di Atene, dopo la decisione dei controllori del traffico aereo di rispettare la capacita' dello spazio aereo nazionale.

 

[tommy271]

EU's Juncker Says Slovakia May Reconsider Help to Greece

Post a Comment July 25, 2010

LJUBLJANA (Reuters) - Euro zone member Slovakia will have strong reasons to reconsider its help to indebted euro group member Greece, the Eurogroup Chairman Jean-Claude Juncker was quoted as saying.

He also said that June establishment of the euro zone's emergency loan mechanism, the European Financial Stability Facility (EFSF), calmed markets and added that he was against changing euro zone rules in a way to allow exclusion of euro members.

"I think that Slovakia will have strong reasons to reconsider its cooperation in the package for Greece," Juncker told Slovenian daily Delo in an interview that will be published in its Monday edition. He did not elaborate.

"If Slovakia would finally decide not to cooperate in bailing out Greece, the mechanism foresees that other members can provide its share," he added.

Slovakia, the poorest euro zone member, in July became the last euro member to sign the EFSF, but its government at the same time recommended parliament not support providing a bilateral loan to Greece, part of a separate European bailout plan for the country.


Juncker welcomed the EFSF mechanism, saying that "since establishment of the mechanism conditions truly calmed down and the markets again behave rationally."

He said he was "strongly against" possible changing of euro zone rules so as to allow countries to leave the zone or be expelled from it for not abiding by euro group rules.

"If we would change the (Lisbon) treaty so as to have a system that would enable exclusion and exit (from the euro group), we would introduce an element of constant instability. Almost every month there would be speculation on who will be excluded and who will leave the euro group," he said.

He also urged European Union states to reduce public deficit and debt in a way that would not hurt economic recovery.

"Consolidation of the European public finances is not an option, it is a necessity. If deficits and public debts remain high there will be no growth in Europe.

"Therefore we have to remove fiscal incentives from economic flows from 2011 onwards. I hope that states that are introducing saving programs would do so without obstructing economic recovery," Juncker said.

He also said he did not see reasons for credit rating agencies to have reduced ratings of Portugal and Greece as both countries introduced "serious and credible programs" of public finance consolidation.

 

[tommy271]

Uncle Sam has worse woes than Greece

By Laurence Kotlikoff
Published: July 25 2010 20:24 | Last updated: July 25 2010 20:24

The spectre of Greek default continues to rattle global financial markets. Greek long-term government bond yields are running 700 basis points above comparable US Treasuries. The inference is that America is in far better fiscal shape than Greece. Nothing could be further from the truth.

Greek debt totals 120 per cent of gross domestic product, twice the US figure. But debt alone tells us little about a country’s fiscal condition. Economists call this the labelling problem, because governments can describe receipts and payments in any way they like. Payroll taxes to fund pensions and healthcare can, for instance, be labelled as borrowing, with the future benefits called repayment less a future tax. Measured thus, the US budget deficit is 15 per cent of GDP, not 9 per cent.


Chile’s pension reform of the early 1980s re-labelled that country’s deficits in this way. Receipts, which had previously been called taxes, were funnelled into private pension funds, from which the government then borrowed to cover the pensions themselves. Voilà. The same money was still flowing from workers to retirees but was now called borrowing. The economists’ change in language let them block spending, including on an aircraft carrier, claiming “the” deficit was too high. So Chile’s long-term fiscal position improved, despite reporting more debt.

Argentina subsequently “reformed” its pensions, albeit with no underlying fiscal tightening. Recently it nationalised its pension funds, calling the confiscated assets revenue, while keeping the future liabilities off the books. Thus Argentina sold IOUs for current cash. Greece did much same in selling anticipated fees from airports and proceeds from lotteries. But then so did France, when it confiscated France Télécom pension assets (while retaining the pension obligations) to meet the deficit criteria to join the euro.

But all these countries have something to learn from the real labelling master: Uncle Sam. During the past half-century, the US has sold tens of trillions of unofficial IOUs, leaving it with liabilities to pay Social Security, Medicare and Medicaid benefits that total 40 times official debt. So is US debt actually 40 times larger than reported? Is this year’s deficit 15 per cent of GDP or 9 per cent? It’s your pick, since we are in a fiscal wonderland of measurement without meaning.

In economics, as in physics, certain concepts are not well defined. In physics it is absolute time and distance, whose measurement depends on direction and speed through space. This frame of reference determines how we perceive the time of day or the length of a desk. In economics, every dollar a government takes in or pays out can be referenced with different words or labels, to produce almost any level of official debt one wishes to present. As a result, using debt levels to assess a country’s fiscal sustainability, as the Group of 20 nations just did, is like driving in Los Angeles with a map of New York.

Fortunately, theory suggests a label-free measure of fiscal status: the fiscal gap, or the present value difference between all future expenditures and receipts. The Greek fiscal gap is staggering. Calculations developed with my colleagues at Freiberg University put it at 11.5 per cent of the value of Greece’s future GDP. And this huge figure already incorporates Greece’s recently legislated fiscal policy retrenchment. But the US figure, based on the Congressional Budget Office’s just-released projections, is even larger: 12.2 per cent.

Clearly, Greece is in terrible fiscal shape. To get its books in order it would have to pull in its belt each year by another 11.5 per cent of GDP. This provides new meaning to the word draconian. But the US is in much worse shape, because the CBO’s projections that reveal the 12.2 per cent fiscal gap already assume a 7.2 per cent of GDP belt-tightening by 2020.

But the assumptions underlying this 7.2 per cent adjustment are highly speculative, including a substantial rise in the share of taxpayers facing the Alternative Minimum Tax, once called the “millionaires tax” for targeting only the rich. The CBO also assumes that real wage growth will push all workers into much higher tax brackets, and that Congress will slash discretionary spending as well as greatly limit growth in Medicare and Medicaid benefits. Each supposition runs counter to recent experience.

Wishing won’t fix America’s fiscal mess. The US is one foot away from a deep and permanent economic grave. It is far past time to do meaningful long-term fiscal planning, level with the public, and implement radical reforms that permanently put America’s fiscal house in order.

(Financial Times)

 

[tommy271]

Criticism against Greek political system for economic crisis is just: president
10:54, July 25, 2010

Criticism against the Greek political system for the economic crisis that has hit Greece hard this year is just, said Greek President Karolos Papoulias on Saturday.

Addressing an event on the occasion of the 36th anniversary of the restoration of democracy in the country, Papoulias talked of a "decadence that is fairly attributed by citizens mainly to the political system."

"Since 1974, Greece has become a democracy, but despite the flow of European funds, we didn't manage to create a strong production basis, nor a transparent management of state property," Papoulias said in the presence of representatives of the political world, such as Prime Minister George Papandreou and leaders of other political parties represented in parliament.

Approximately 800 veterans of the struggle against the military dictatorship which ruled Greece from 1967 to 1974 and army officers also attended the reception, which was organized on a lower budget compared to previous years. There was no catering or live band this year due to the economic crisis.

"The crisis has not affected people equally. Protests are justified, as long as they don't amount to indifference of the general interest. Social cohesion is in danger," Papoulias stressed.

"Today we witness the results of past mistakes. Our common goal is the creation of a better democracy. I am certain that we can achieve it if we are united," Papandreou added in his message for the anniversary.

Greece faces a severe debt crisis since late 2009 and the government has introduced a package of austerity measures and structural reforms to overcome it with the support of European partners and the International Monetary Fund.

(Il Quotidiano del Popolo, Cina)

 

[ferdo]

Non riesco a travare il trafiletto
x favore a che pagina di plus si trova

Grazie

ora non ce l'ho sotto mano, è un trafiletto in pagina sinistra interna ultima colonna in alto ... è cmq un punto di vista

 

[tommy271]

GERMAN MINISTER OF ECONOMICS: THE SUPPORT MECHANISM WILL STAY FOR THREEE YEARS


The newspaper Frankfurter Allgemeine Zeitung published an interview of the German Minister of Economics, Wolfgang Schäuble (CDU) entitled “the support mechanism will expire, we made it very clear”. The German Minister also talks about the lesson of the European financial crisis, about the rumors of argument with France for the financial government and about his intentions as it comes to his stay in politics and in the Minister’s position.
“Only for the next three years”
Mr. Schäuble answers two questions about the financial crisis in Greece and the European support mechanism.
Question: We bet that your proposition will not be realized and the support mechanism for the euro zone countries will be extended.
Schäuble: As long as Angela Merkel is the chancellor and I am the Minister, this will never happen. The mechanisms will expire. Greece can use the loan for three years. These will apply for five years. Then, it ends.

“Decrease in deficit is not against development”
Question: The competitiveness of the Greek economy is limited. How can Greece pay its debt, when the weight will continue to increase from 110% to 150% in three years?
Schäuble: The Greeks work in order to decrease their deficit. But I still don’t change my opinion that a moderate decrease in deficit does not go against the development.

(Greek Reporter)

 

[tommy271]

Greece's defense spending expected tp see a slight increase by 2014-BMI


Michael Roberts - 26.07.2010


Greece has been rocked by serious protests in recent months as the government has embarked upon a tough austerity programme that may transform the Greek economy in the long term. While some protests have descended into riots, some with loss of life, Greece is a relatively stable and affluent society which should be able to ride out the difficulties in the medium term.


In May 2010, three people were killed in a firebomb attack as post-May Day strikes and protests took a bloody turn, the Times newspaper reported. Greece has a history of protests, which often involve semiorchestrated battles between anarchists and the police. In June, more strikes were held, including one which shut down the port at Piraeus, Athens's main outlet to the sea, as reported by AP. However, no violence was reported and the situation appeared considerably calmer by late June, perhaps as a fullblown crisis seemed to have been averted.


In the past decade, Greece has spent EUR50bn on its military, and the armed forces budget rose every year since 2003. According to press reports, a major factor behind the substantial and rising outlay was a perception of threat from Greece's neighbour Turkey. However, in the same period, Greco-Turkish relations have actually improved to the extent that the two countries are arguably closer than at any stage since the foundation of the Turkish Republic in the 1920s. The risk of a full-scale armed conflict between Greece and Turkey in the foreseeable future is negligible, though spikes in tension are possible.


Territorial disagreements between Greece and Turkey are increasingly seen as symbolic, and very much secondary to the countries' mutual economic interests. In summary, if the expansion of the Greek military's budget in recent years really has been directed at Turkey, it is something of a white elephant. However, one should also consider other factors, not least Greece's international military commitments through NATO and the UN. Furthermore, given its strategic position on the Mediterranean, Adriatic and Aegean Seas - with scope to control the exit from the Black Sea, a good case could be made for bringing the Greek armed forces up to date, and ensuring that they are well equipped. Nonetheless, after a period of heavy investment, and with improved relations with Turkey in mind, economic prerogatives are likely to see spending cut significantly. A May 2010 report by Bloomberg suggested that the rapprochement between the two countries would give Greece the opportunity to cut back on military spending, starting with a EUR500m reduction in 2010, as the government looks to tackle the fiscal deficit.


However, convincing an already restive electorate, in which the far right has a growing influence, that Turkey is no longer a threat, will be another challenge for the government. Overall, BMI expect expenditure of US$10.7bn in 2010, rising to just US$11.14bn in 2014, although as more details of forced government austerities come to light, BMI may revise this forecasts further downwards. Source; Fastm

(Balkans.com)

 

[tommy271]

ECB Bini Smaghi: Greece Will Be Able To Repay Its Debt

By Market News International || July 26, 2010 at 07:45 GMT


BERLIN (MNI) – Greece will be able to repay its debt, European
Central Bank Executive Board member Lorenzo Bini Smaghi said in an essay
in German daily Frankfurter Allgemeine Zeitung (FAZ) published Monday.
The decisions taken by the Greek government in recent weeks show
that the country aims to meet the conditions set by the International
Monetary Fund and the European Union, Bini Smaghi wrote.
Asking rhetorically if Greece would be able to re-pay loans Bini
Smaghi said “the decisions of the past weeks show that the answer is
yes.”
“Greece intends to stick to the conditions of the agreed program,”
he emphasized.
In the spring, Greece reached an agreement with its Eurozone
partners and the IMF on a E110 billion bail out deal over three years.
“Greece has undertaken far-reaching reforms which include a massive
lowering of public expenditures and an important enhancement of the
potential to increase tax revenue,” the central banker reasoned.
Bini Smaghi defended the aid program for Greece, arguing that a
default of the country would have caused a wave of speculation against
other countries of the Eurozone.
The aid program by the IMF and the EU is the best way to assure
that Greece can meet its debt obligations, he argued.
Bini Smaghi urged that the institutional framework of the Eurozone
had to be strengthened so that a situation similar to what occurred in
Greece can never happen again.



***
Qui siamo tra gli ottimisti ...

 

[giutrader]

ECB Bini Smaghi: Greece Will Be Able To Repay Its Debt

By Market News International || July 26, 2010 at 07:45 GMT


BERLIN (MNI) – Greece will be able to repay its debt, European
Central Bank Executive Board member Lorenzo Bini Smaghi said in an essay
in German daily Frankfurter Allgemeine Zeitung (FAZ) published Monday.
The decisions taken by the Greek government in recent weeks show
that the country aims to meet the conditions set by the International
Monetary Fund and the European Union, Bini Smaghi wrote.
Asking rhetorically if Greece would be able to re-pay loans Bini
Smaghi said “the decisions of the past weeks show that the answer is
yes.”
“Greece intends to stick to the conditions of the agreed program,”
he emphasized.
In the spring, Greece reached an agreement with its Eurozone
partners and the IMF on a E110 billion bail out deal over three years.
“Greece has undertaken far-reaching reforms which include a massive
lowering of public expenditures and an important enhancement of the
potential to increase tax revenue,” the central banker reasoned.
Bini Smaghi defended the aid program for Greece, arguing that a
default of the country would have caused a wave of speculation against
other countries of the Eurozone.
The aid program by the IMF and the EU is the best way to assure
that Greece can meet its debt obligations, he argued.
Bini Smaghi urged that the institutional framework of the Eurozone
had to be strengthened so that a situation similar to what occurred in
Greece can never happen again.



***
Qui siamo tra gli ottimisti ...

Grecia saprà evitare insolvenza su debito - Bini Smaghi a stampa

Reuters - 26/07/2010 10:00:54

FRANCOFORTE, 26 luglio (Reuters) - La Grecia è in grado di gestire il suo debito pubblico senza incorrere in una dichiarazione d'insolvenza.

A dirlo è Lorenzo Bini Smaghi, membro del consiglio esecutivo della Banca centrale europea, in un'intervista a Frankfurt Allgemeine Zeitung.

Bini Smaghi cita Messico e Brasile come esempi di paesi che negli ultimi quindici anni si sono dimostrati capaci di procedere alla ristrutturazione delle loro economie dopo aver ricevuto un pacchetto di aiuti e a ripagare il debito nel tempo.

"La Grecia può fare altrettanto? Le decisioni prese nelle ultime settimane mostrano che la risposta è sì", ha detto Bini Smaghi". "La Grecia intende attenersi alle condizioni dell'accordo relativo agli aiuti".

Secondo il consigliere della Bce, inoltre, ogni discussione relativa a ristrutturazioni del debito è controproduttiva mentre è necessario rafforzare il quadro istituzionale dell'area euro per evitare nuovi casi come quello greco.


Questo è un parere molto autorevole !!!