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

[tommy271]

Time to ponder power sell-off

After EU-IMF talks, government has until next month to decide on controversial sale of electricity plants

The government bought itself some time yesterday on the thorny issue of privatizing some of Greece’s power plants, after agreeing with representatives of the European Commission, the European Central Bank and the International Monetary Fund that the matter would be raised in more detail next month.
The foreign officials are pressuring the government to sell off 40 percent of the Public Power Corporation’s (PPC) production facilities as part of a liberalization program aimed at improving competition. However, the ruling Socialists are wary of such a move, as PPC has a very powerful union, which has already threatened to shut down the electricity grid if privatization is forced through, and the movement has traditionally had strong ties with PASOK.
“PPC is one of the flagships of the Greek state sector, along with OTE telecom,” Infrastructure Minister Dimitris Reppas said yesterday. He argued that the previous government had sold part of its share in OTE too cheaply and quickly. “We do not want similar moves in the energy sector,” he said.
The EU-IMF representatives held talks yesterday with Environment, Energy and Climate Change Minister Tina Birbili who, according to sources, agreed that some form of privatization is needed but that it could not take the form of a power plant sell-off. She explained to the visiting technocrats that PPC workers have a legal claim to the production facilities as the power company had held back their social security contributions in the past to fund its investment program. She also pointed out that the government wants to reduce the amount of power produced by lignite-fired plants and increase the use of natural gas and renewable energy sources.
Birbili proposed several alternatives to selling off power stations, including allowing private companies to buy electricity from PPC at wholesale prices and then sell it on to consumers and allowing private firms to be involved in the construction and management of new units.


(Kathimerini.gr)

 

[tommy271]

Banks told to take merger path

Central bank says lenders should seek alliances; sees pressures easing in last few months of 2010

By Stelios Bouras - Kathimerini English Edition


The country’s central bank has called on lenders to seek strategic alliances that will make them big enough to survive the economic crisis, in comments likely to fuel talk of takeover activity taking place in the sector.
In a financial stability report, the Bank of Greece said yesterday that lenders should initiate strategic deals as the deepening recession cuts into their profits, reducing credit volumes and upping bad loans, while also creating liquidity problems.
“Restructuring in the banking system would help Greek banks to acquire a critical mass that would allow them to benefit from economies of scale and more quickly regain access to international money and capital markets,” it said.
Lenders need to “proactively” adapt to the changing environment by maintaining capital levels above regulatory minimums, establishing impairment charges, rationalizing operating costs and managing resources prudently, it added.
After recent calls by Finance Minister Giorgos Papaconstantinou for banks to join forces, Piraeus Bank made the first move in the sector last month by offering to buy controlling stakes in state-owned Hellenic Postbank (TT) and ATEbank for 701 million euros.
The government has appointed advisers to consider the deal as market talk grows that more banks will seek strategic deals over the summer, sending bank shares sharply higher.
Bank stocks have gained 42 percent over the last month, versus a 22.5 percent advance in the broader market. TT shares lead the advance, jumping 84 percent, followed by a 63 percent rise in Eurobank EFG.
The Bank of Greece also said it expects a better end to the year after the country’s large fiscal and external imbalances triggered successive credit rating downgrades of sovereign debt in the first few months of 2010, leading to an economic and liquidity crisis.
Pressure on financial stability is expected to ease in the coming months with the return of market confidence due to implementation of the government’s fiscal and structural adjustment program and the trilateral support mechanism for the Greek economy, it added.

 

[tommy271]

Business mood better, but not much


The economic climate in Greece improved slightly for a second straight month in July but overall business conditions remain poor, with the retail and construction sectors in the worst situation, according to the Foundation for Economic and Industrial Research (IOBE).
The Athens-based think tank said that its index – which measures short-term economic trends – rose to 66.3 points in July, from 63.8 in June and 61.8 in May.
“Essentially, business expectations have simply steadied and the climate has not particularly changed, with the general feeling of discontent on the course of the economy remaining strong,” it said in a statement.
Business sentiment in retail hit a new historic low in July due to very poor sales expectations for the current period. Earlier this week, traders indicated that revenues from the summer sales season, now in its third week, are about 10 percent lower than last year’s levels as reduced prices fail to tempt consumers scared off by the worsening job market.
Consumer confidence rose one point to minus 66 points from a historic low of minus 67 in June and May, IOBE said.
Meanwhile, sentiment in the construction industry also worsened, due to a poor outlook for future projects, the think tank added.
On the positive side, there was a slight improvement in sentiment in the industrial sector, in line with a small spike in the services sector.
In broader terms, business sentiment among the European Union’s 27 member states rose to 102.2 points in July from 100.3 points in June, mainly due to a more upbeat economic mood in Germany, the continent’s largest economy.


(Kathimerini.gr)

 

[tommy271]

OTE Swings To Losses In Q2 2010



OTE, Greece’s telecommunications company, said it posted a net loss of EUR60.8mn in Q2 2010, reflecting the extraordinary tax levy imposed by the Greek State.

Excluding additional taxes (special contribution on Greek profitable entities, tax on dividend income from Greek subsidiaries), net income would have been approximately EUR55mn.

Capital expenditures decreased in Q2’10, reflecting lower investments at OTE and RomTelecom. Total CAPEX as a percentage of Group revenues in Q2’10 was 15.2%, as compared to 14.9% in Q2’09. Capital expenditure for the Greek fixed-line, Romania fixed-line and for mobile operations amounted to EUR56.7mn, EUR36.7mn and EUR107.9mn, respectively

The company said that due to challenging economic conditions, intense competition and lower consumer spending across all countries in which it operates, it experienced a revenue decline of over 8% in Q2’10.

On a comparable basis (i.e. excluding Q2’09 revenues of Cosmofon and Q2’10 revenues of Zapp in Romania), Group revenues were down by 8.6% compared to Q2’09.

Total Operating Expenses excluding depreciation & amortization amounted to EUR916.9mn in Q2’10. Excluding the Q2’09 voluntary retirement costs and the Q2’10 reversal of voluntary retirement costs, total Operating Expenses declined by 4.2% from the comparable 2009 quarter, mainly reflecting lower charges from domestic telephony operators and lower cost of telecommunications equipment.

In Q2’10, Payroll and Employee Benefits decreased by 4.1%. Payroll and Employee Benefits in Greek fixed-line operations were down by 2.6%.
“The factors that have negatively affected the OTE Group’s top-line performance in the second quarter are expected to continue impacting revenues throughout 2010. As it has done in the second quarter, OTE management will actively pursue initiatives aimed at containing revenue erosion, cutting costs that are under its control, and preserving cash,” the company said in a statement.

Commenting on the second quarter, Panagis Vourloumis, Chairman & CEO, noted:

“As we had anticipated, our top-line performance this quarter was significantly impacted by the tough economic and competitive conditions in all our markets, while our net result for the first half was annihilated by the dramatic increase in our taxes. In this context, the resilience of our EBITDA margins bears witness to the effectiveness of our past cost-containment initiatives.”

Mr. Vourloumis added: “We are intensifying our cost-reduction efforts and have initiated a constructive dialogue with the unions on the needed transformation of our organizations. We are pointing out to the Greek regulator the radical changes at work in the telecommunications markets for the past three years, and we are confident that this new reality will be taken into account as a new framework is put in place. Finally, we have made customer retention our absolute priority and will fight relentlessly to retain and strengthen the loyalty of all of our clients. While we do not foresee any relief in the short term, we are doing everything in our power to preserve and strengthen OTE’s future growth and profit potential.”

(Capital.gr)

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Corporate ...

 

[METHOS]

OTE Swings To Losses In Q2 2010



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Corporate ...

Suula ote è da un pò che penso se vale la pena entrate sulla 1013 5% sotto la pari. Essendoci DT dentro si dovrebbe avere maggiori garanzie, però se la grecia và in **** non so cosa possa accadere a quest'azienda.

 

[METHOS]

GRECIA: UE-BCE-FMI PROMUOVONO RISANAMENTO. ARRIVANO ALTRI 9 MLD DI EURO (ASCA) - Roma, 5 ago - La Grecia passa gli esami del primo semestre del 2010. Oggi la verifica di Ue-Bce-Fmi sul programma di risanamento dei conti pubblici greci. ha confermato come ''Atene stia rispettando i programmi'' e dunque arrivera' ''la seconda tranche di prestiti'', pari a 9 miliardi di euro.

Atene, secondo i funzionari della tre istituzioni, ha fatto importanti ''progressi per risanare la finanza pubblica, sebbene permangano ancora dei rischi''.

Confermata la previsione per l'economia ellenica di un biennio di recessione: Pil 2010 -4%, nel 2011 -2,5%.

L'inflazione, anche a causa dell'aumento delle imposte indirette, viaggia ''sopra le attese, ma e' destinata a scendere rapidamente''.

I funzionari delle tre istituzioni hanno poi comunicato che la prossima verifica sul programma di risanamento sara' fatta nel prossimo mese di ottobre.

In totale Ue e Fmi hanno messo a disposizione della Grecia una linea di credito pluriennale da 110 miliardi di euro, 20 miliardi sono stati utilizzati a maggio, altri 9 arriverano dopo la promozione odierna, altri 9 a dicembre se verra' superata la verifica di ottobre.

men/mcc/bra

 

[giutrader]

GRECIA: UE-BCE-FMI PROMUOVONO RISANAMENTO. ARRIVANO ALTRI 9 MLD DI EURO (ASCA) - Roma, 5 ago - La Grecia passa gli esami del primo semestre del 2010. Oggi la verifica di Ue-Bce-Fmi sul programma di risanamento dei conti pubblici greci. ha confermato come ''Atene stia rispettando i programmi'' e dunque arrivera' ''la seconda tranche di prestiti'', pari a 9 miliardi di euro.

Atene, secondo i funzionari della tre istituzioni, ha fatto importanti ''progressi per risanare la finanza pubblica, sebbene permangano ancora dei rischi''.

Confermata la previsione per l'economia ellenica di un biennio di recessione: Pil 2010 -4%, nel 2011 -2,5%.

L'inflazione, anche a causa dell'aumento delle imposte indirette, viaggia ''sopra le attese, ma e' destinata a scendere rapidamente''.

I funzionari delle tre istituzioni hanno poi comunicato che la prossima verifica sul programma di risanamento sara' fatta nel prossimo mese di ottobre.

In totale Ue e Fmi hanno messo a disposizione della Grecia una linea di credito pluriennale da 110 miliardi di euro, 20 miliardi sono stati utilizzati a maggio, altri 9 arriverano dopo la promozione odierna, altri 9 a dicembre se verra' superata la verifica di ottobre.

men/mcc/bra

Le cedole di settembre sono al sicuro !!!

 

[Grisù]

Fino ad ottobre niente default

Troika Sees ‘Strong Start’ For Greek Programme

The EU/ IMF mission concluded its quarterly review of the Greek government’s economic program and says it has made a strong start. The end-June quantitative performance criteria have all been met, led by a vigorous implementation of the fiscal program, and important reforms are ahead of schedule, it said in an announcement.
“However, important challenges and risks remain,” it said.
The statement reads as follows:
"The contraction in the economy is in line with May program projections: GDP is expected to decline by 4 percent in 2010 and some 2½ percent in 2011. Inflation is higher than expected - we have revised our estimate for 2010 to 4¾ percent - pushed up by indirect tax increases. With no signs of second-round effects, inflation is expected to decline rapidly.
In the fiscal area, the authorities have kept spending significantly below budget limits at the state level. This has offset slippages caused by problems in controlling expenditures at the sub-national level (local governments, hospitals, social security funds), and the overall deficit target for end-June was met. Going forward, to address potential risks to fiscal targets, it is critical to tighten expenditure control and monitoring, in particular at sub-national levels. Another key challenge is to further strengthen tax administration, including to reduce tax evasion by high-income and wealthy individuals. This is essential to secure tax revenues and to promote the overall fairness of the adjustment program.
In the financial sector, there has been a moderate deterioration in capital adequacy as nonperforming loans have increased in line with expectations. Recently, the CEBS stress tests covered more than 90 percent of Greek banking system assets and all but one state-owned bank passed, thus helping to reduce market volatility. We welcome that the government has commissioned a strategic review for the banking sector and a due diligence for state banks. The Financial Stability Fund (FSF), which is soon to become operational, will provide an important backstop to deal with potential capital shortfalls. In our view, the 10 billion euro earmarked for the FSF under the program remains adequate. Continued close monitoring of the financial sector will be important in the period ahead.
Impressive progress is being made on structural reforms. The mission welcomes Parliament’s approval of the landmark pension reform, which is far-reaching by international standards. Substantive labor market reform is also well underway. Implementation of recent tax reform and budget reform is key in order to consolidate fiscal consolidation. Other reforms that are scheduled for early implementation are transportation, where important progress has already been made with liberalization of road haulage, and energy. Restoring competitiveness and boosting potential growth remains critical to the program’s success. The challenge facing the government in this regard will be to overcome resistance from entrenched vested interests to opening-up of closed professions, deregulation, implementation of the services directive, and elimination of barriers to development of tourism and retail.
The Greek government is still unable to access international capital markets except for placement of short-term T-bills. However, market sentiments appear now to be improving. Taking advantage of the breathing space afforded by the large-scale international financial support, the key challenge facing the Greek authorities remains to establish a strong track record of policy implementation in order to regain access to international capital markets.
Next Steps. The staff-level agreement reached with the Greek authorities will pave the way for the conclusion of the first review under the loan facility agreement (euro area) and Stand-By Arrangement (IMF), subject to approval by the Commission, the Eurogroup, and the IMF’s management and Executive Board. Such approval will allow the disbursement of EUR 9 billion (EUR 6.5 billion by the euro area Member States, and EUR 2.5 billion by the IMF).
The mission for the next program review is scheduled for October, 2010."

 

[Grisù]

Grecia, ministero Finanze evacuato per allarme bomba


ATENE 5 agosto (Reuters) - La polizia ha evacuato oggi il ministero delle Finanze greco dopo un allarme bomba scattato poco prima di una conferenza stampa del ministro delle Finanze George Papaconstantinou.
Lo ha detto un testimone Reuters.
La polizia ha circondato l'edificio e sta effettuando controlli.
Papaconstantinou avrebbe dovuto commentare i risultati della visita d'ispezione compiuta da Unione Europea e Fondo Monetario Internazionale.

 

[Grisù]

Un articolo che condivido e che mette in evidenza come la merkel e l'esercito di sprovveduti che la circonda stia mettendo a forte rischio il futuro dell'europa....

German Government Advisor: Debt-Reduction Focus Is Excessive

FRANKFURT -(Dow Jones)- The German government's preoccupation with cutting the budget deficit is harmful for Germany and the euro zone, and risks replicating Japan's 20-year struggle with deflation, according to one of its top economic advisors.

"If no impulse comes now from Germany, the biggest country [in the euro zone], then I can see us having a Japanese-style problem with 0% inflation," Peter Bofinger, one of the German government's Council of Economic Advisors, told the International Club of Frankfurt Business Journalists late Wednesday.
Bofinger's traditional focus on Keynesian-style demand management puts him at odds with the fashion for budgetary rigor in Berlin. The center-right government of Chancellor Angela Merkel earlier this summer confirmed plans to press ahead with five years of spending cuts aimed at eliminating the structural budget deficit by 2016, as required by a recent constitutional amendment known locally as the "Debt Brake".
"We have a navel-gazing attitude: we're saying we have our Debt Brake and we aren't interested in anything else," Bofinger said. "As an overall process it would be wrong too, but even at a purely German level it isn't correct."

-By Geoffrey T. Smith, Dow Jones Newswires