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

[tommy271]

Closed profession bill seen in fall

Country’s GDP is expected to grow by 13.2 percent on back of new law, according to an IOBE study
The government will table a bill this fall for the liberalization of closed-shop professions, which is set to include all regulations provided for by the memorandum Greece has signed with its creditors, the European Union and the International Monetary Fund.
This is the decision that Economy Minister Louka Katseli and Finance Minister Giorgos Papaconstantinou made at yesterday’s meeting with the IMF’s Poul Thomsen, the European Commission’s Servaas Deroose and the European Central Bank’s Klaus Masuch.
Papaconstantinou took it upon himself to draft the bill, which will cover all professions slated to be opened up. The impact of this policy on investment and real wages could be particularly favorable.
A survey by the Foundation for Economic and Industrial Research (IOBE) indicated that in the long term, the gradual liberalization of closed professions such as lawyers, notaries architects and others would add some 13.2 percent to the gross domestic product. It would also lead to a 15.5 percent increase in private consumption and boost investments to the tune of 11.3 percent. It should also generate an increase in real wages by 10.8 percent, due to the drop in prices and the rise in productivity.
The international experts also asked the Competition Commission to take a more active role in rationalizing the financial conditions in Greece. This could take place in closed-shop professions, for instance. The visiting officials did not rule out a closer relationship with the Greek watchdog.
They also made a stop at the Interior Ministry, asking in particular about the finances of local authorities and to get more details about the aspects of the Kallikratis plan, essentially a restructuring of the Greek local authority map, as well as the Diavgeia program on increasing transparency in fiscal policy and other government decisions.
The troika did not discuss anything regarding layoffs, Interior Minister Yiannis Ragousis said afterward, suggesting that “there was no discussion of any issues other than those we are already processing and realizing.”
The IMF, EU and ECB representatives left the ministry reportedly satisfied with its performance. Ministry officials said one of the main points the experts made clear was that total loan obligations of local authorities, which do not exceed 1.7 billion euros, are among the lowest in the EU and do not constitute a particular burden for the state budget.
Ragousis also stated that the government will swiftly proceed to improving transparency in pre-election spending, with the aim of protecting politicians from anonymous sources of funding for election campaigns.


(Kathimerini.gr)

 

[tommy271]

The domestic market for white goods declines

The domestic market for white goods (washing machines, refrigerators, ovens etc) posted a considerable decline last year, with the drop continuing this year as well. The causes of this are to be found in the general financial climate and the large reduction in construction activity, which implies less demand for new household appliances. Sales declined in 2009 by 12.5 percent compared with the year before, an ICAP study showed.


(Kathimerini.gr)

 

[tommy271]

Luxury summer home demand nosedives


NIKOS ROUSSANOGLOU


The luxury summer home market has been suffering this season, when most such sales usually take place.
Changes in property taxation, with the imposition of the single property tax for homes valued at over 400,000 euros, has dramatically reduced buying interest in properties on the islands, once a popular choice.
There are reports of a drop in prices of as much as 45 percent in certain cases of luxury homes valued at or even exceeding 1 million euros.
Discounts are the order of the day, as is also the case in the market for main residences.
Any possibility of a rebound in interest and prices is closely connected to an improvement in the economic climate, which could rekindle demand by Greeks and reduce the hesitation of foreign buyers.
Demand in destinations such as Myconos, Santorini, Paros and Naxos has nosedived this year. Yiannis Revythis, head of the Athens-Attica Estate Agents Association, says demand on most islands has declined by about 15 to 20 percent compared to last year. Sale prices have fallen by 20 percent on average.


(Kathimerini.gr)

 

[tommy271]

Anche in questo scorcio di prima mattinata l'indice ASE della Borsa di Atene è in ottima performance segnando 1715 punti con un + 1,64. Scambi a 35 milioni di euro.
Spread/bund sul decennale stabile, con oscillazioni sulla parte bassa della curva abituale.

 

[tommy271]

La Grecia mediatore tra Belgrado e Pristina

29.07.2010



Anche se non ha riconosciuto l`indipendenza e neanche sembra predisposta a farlo presto, la Grecia si propone con un atteggiamento diverso verso il Kosovo, se confrontata agli altri cinque Paesi UE che ne bloccano il riconoscimento a Bruxelles. Così, questo fine settimana il Vice Ministro degli Esteri della Grecia, Dimitris Droutsas, visiterà Belgrado e Pristina(...)

(Osservatorioitaliano.org)

***
Anche su questo fronte, Atene sta svolgendo un buon ruolo di mediazione. Anche se siamo un pò lontani dal tema "bond" serve sempre per saggiare la capacità di ruolo ed innovazione sui temi internazionali del governo Papandreou.
Ricordo i fronti caldi: Turchia, Israele, Cipro, Balcani ...

 

[METHOS]

Bad timing for Greece

Karen Maley
Published 4:08 PM, 29 Jul 2010

The group of officials from the European Union, International Monetary Fund and the European Central Bank who kicked off their two-week inspection of Greek finances on Monday must be feeling somewhat awkward by now.
The very day the 'troika' – as they are referred to in Greece – set to work, Greek truck drivers announced they would go on indefinite strike to protest against EU/IMF austerity policies aimed at opening up Greece’s 'closed' professions, including truck drivers, pharmacists and architects.
Greek truck drivers are worried that the value of their existing licences – which can be worth up to $US260,000 – will be destroyed if the Greek government follows the EU/IMF recommendations and issues new licences. Their strike, which has already resulted in lengthy queues outside petrol stations, risks disrupting fuel supplies in the country in the middle of the Greek tourist season. And this is an unwelcome development in a country where tourism accounts for about one-fifth of GDP.
Even more worrying is the report carried in the Greek newspaper, Ta Nea, on Wednesday in which, the extreme left-wing Greek guerrilla group, Rebel Sect, claimed responsibility for the murder of journalist, Sokratis Giolias. The 37-year-old journalist was shot 16 times at close range outside his home in suburban Athens just over a week ago.
The French newspaper, Le Monde, reports that the newspaper published a seven-page missive from the sect on Wednesday, in which the group threatened further attacks on journalists, police and prison authorities. “Tourists should know that Greece is no longer a haven of capitalism. We will turn it into a revolutionary war zone, with fires, sabotage, violent protests, bombings and assassinations…we are at war against your democracy”, the sect warned.
Now, the formation of this guerrilla group pre-dates the Greek government’s austerity measures. Rebel Sect first came to public attention in February last year when it claimed responsibility for attacking an Athens police station. Four months later, the group was responsible for the death of a policeman.
However, there are some concerns that the austerity measures that the Greek government agreed in exchange for receiving a $US140 billion EU/IMF emergency bailout package in May has fostered a climate of escalating social unrest in the country. Critics allege that the troika’s program puts too much emphasis on cutting government services, such as health care, while doing little to crack down on tax evasion, and that public servants and pensioners are forced to shoulder a disproportionate share of the pain.
But the task force from the troika is not in Athens to assess the inevitable social tensions that will arise as the Greek economy shrinks by an estimated 4 per cent this year. Their task is to assess whether the Greek government should be allowed to access the next instalment of its bailout package.
They’ll be looking closely to see whether the Greek government is implementing the tough spending cuts and tax rises aimed at reducing the budget deficit to 8.1 per cent of GDP this year from 13.6 per cent of GDP last year. They’ll also be having a close look at the finances of the state-owned transport companies, many of which have clocked up massive operating deficits for years, and have now accumulated heavy debts. And they’ll also be interested to see what progress the Greek government has made in drawing up privatisation plans for some of the loss-making enterprises, including the Greek railway.
It’s a tense time for the Greek government. Preliminary reports suggest that the budget is on track when it comes to spending cuts, but that revenues are lagging behind target. This raises the prospect that Greek Prime Minister George Papandreou could find himself under pressure to agree to further austerity measures. Any this could sorely test Greek patience with the troika.

​

 

[tommy271]

CAMIONISTI IN PIAZZA CONTRO ORDINE REVOCA SCIOPERO, DISORDINI

Atene, 29 lug. - (Adnkronos) - Disordini e tafferugli si sono registrati oggi ad Atene, dove migliaia di autotrasportatori sono scesi in piazza per protestare contro l'ordine del governo di revocare lo sciopero che da oltre tre giorni tiene il Paese a secco di benzina e di altri beni e che ha costretto molti turisti a cancellare le vacanze. L'apice della tensione si e' registrato davanti al ministero dei Trasporti, dove la polizia e' ricorsa a gas lacrimogeni per disperdere la folla di manifestanti che lanciava sassi e bottiglie contro i cancelli dell'edificio, cercando in qualche caso di scavalcare e fare irruzione nella struttura.
All'origine dello sciopero c'e' la decisione del governo socialista di George Papandreou di avviare una liberalizzazione delle licenze dei camion, nell'ambito di un piano di risanamento dell'economia nazionale varato d'accordo con l'Unione Europea e con il Fondo monetario internazionale in cambio di un prestito da 110 miliardi di euro. Tra i punti piu' contestati del piano, quello di abbassare notevolmente il prezzo di partenza delle licenze rispetto ai quasi 300mila euro attuali.

 

[tommy271]

Greek June PPI Rises 6.5% On Year



Greece’s Producer Price Index in Industry recorded a rise of 6.5% in June 2010 compared with June 2009, the country’s statistical office said Thursday.

The previous year, the PPI had decreased by 9.2%.

On a monthly basis, the PPI recorded a rise of 0.8%. The previous year the PPI increased by 2.2%.

The twelve-month average index, from July 2009 to June 2010, compared with the same index of the period from July 2008 to June 2009, recorded a rise of 1.4%. The previous year the twelve-month average index decreased by 0.5%.

(Capital.gr)

 

[giutrader]

CMA | Market Data


Cds in leggero aumento

 

[tommy271]

CMA | Market Data


Cds in leggero aumento

Si, inversione di tendenza dopo diversi giorni in costante diminuzione, ieri aveva toccato i minimi a 696 circa.
Vediamo ..., ad ogni modo gli spread/bund sul decennale sono sempre sui minimi del range di oscillazione.