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

[tommy271]

IMF expert says Greece could exit economic crisis by 2013​

2010-08-06 21:03:26

ATHENS, Aug. 6 (Xinhua) -- Greece could exit its economic crisis by 2013, an International Monetary Fund economist said Friday.
Poul Thomsen also told the Greek daily "To Vima" that Athens should strengthen its efforts to diminish wide spread tax evasion and boost state revenues.
"There must be decisiveness on improving the tax collection mechanism. It is a matter of political will," Thomsen said. "You can't implement a program of fiscal discipline, throwing all the burden to pensioners and employees."
Thomsen heads a group of European Union- IMF auditors who monitor the Greek economy in the framework of an agreement to financially assist Greece in exchange for austerity measures and reforms.
Thomsen said the opening up of "closed" professions is one of the most important reforms Athens should make because it will have an immediate positive impact on the growth of the national economy.
Concerning the prospect of a wave of dismissals of civil servants to slash state expenditures and a budget deficit of 13.6 percent of GDP to less than three percent in three years, Thomsen said restructuring of the Greek public sector should be done with social responsibility.
From September there will be an IMF office in Athens that will systematically collect, analyze and discuss with local authorities data on the Greek economy, he said.
The delegation of EU-IMF experts under Thomsen just finished a two-week visit to Athens this week. After talks with Greek officials, the foreign experts will officially submit a positive first progress report on the implementation of the Greek Stability and Growth Program to European Commission, European Central Bank and IMF headquarters later this month.
Based on that report EU and IMF officials are expected to approve the release of the second tranche of financial aid to Greece this September in the framework of the three-year support package to tackle the economic crisis.



***
Agenzia di stampa cinese.

 

[tommy271]

INFLAZIONE SALE AL 5,5%, AI MASSIMI DA 13 ANNI



Atene, 6 ago. - (Adnkronos/Xin) - L'inflazione in Grecia e' salito del 5,5% a luglio, il livello piu' alto degli ultimi 13 anni. Lo ha comunicato oggi l'Autorita' di Statistica Greca. L'indice dei prezzi al consumo nella Grecia alle prese con il debito pubblico era salito al 5,2% in giugno.
Il nuovo dato e' il piu' elevato tasso di inflazione tendenziale dall'agosto del 1997, notano gli analisti, aggiungendo che probabilmente influira' negativamente sulle attitudini dei consumatori, poiche' il paese attraversa una profonda recessione, mentre lotta per uscire da un'acuta crisi debitoria. A causa degli aumenti delle tasse decisi nell'ambito del piano di austerita' deciso per combattere la crisi, i prezzi di alcoolici e tabacco sono saliti del 19,2% su base annua a luglio, mentre i costi dei trasporti sono saliti del 18,4%.
I prezzi dell'abbigliamento sono saliti dell'1,6%. Gli analisti temono che se l'inflazione crescera' fino al 6% o oltre nei mesi a venire, potrebbe vanificare gli sforzi fatti per fronteggiare la crisi e i piani del governo avrebbero bisogno di una revisione.


***
Post precedente di Porcospino, secondo un'agenzia italiana.

 

[tommy271]

Ue, fondo stabilità zona euro 440 miliardi pienamente operativo

06/08/2010 17.00
E' oggi completamente operativo il fondo di stabilità europeo con potenziale di raccolta e distribuzione di 440 miliardi di euro in caso di paesi europei in difficoltà. Lo riferiscono funzionari europei. Alla luce della recente tendenza alla stabilizzazione dei mercati europei grazie al miglioramento della posizione greca, con il piano di austerità varato da Atene che ha ricevuto ieri parole di encomio da parte di Ue, Fmi e Bce, si presume che non ci sarà bisogno di far ricorso al meccanismo, denominato Efsf 'European Financial Stability Facility' e messo a punto a giugno, cui hanno infine aderito tutti e ventisette i paesi Ue.

L'operatività del meccanismo è stata tecnicamente sancita dall'adesione dell'Italia, ultimo paese dell'Unione a dare il via libera ufficiale al Fondo. "Sono soddisfatto che i paesi della zona euro abbiano adottato la decisione definitiva necessaria all'operatività del meccanismo" dice una nota del numero uno Efsf Klaus Regling. "L'Efsf è adesso pienamente operativo ed è in grado, se necessario, di emettere obbligazioni con il sostegno dell'Agenzia tedesca per la gestione del debito garantite dai paesi della zona euro" continua il comunicato. Basato a Lussemburgo, il fondo è già operativo ma non ha ancora ricevuto una valutazione da parte delle agenzie di rating, elemento essenziale per stabilire quanto spread debbano offrire le obbligazioni del Fondo se mai verranno emesse.

(Milano Finanza)

 

[tommy271]

Greek Market Ends Down



Greek market ended in the red on Friday with the banks dropping 3% on the back of the disappointing US payroll data.

Analysts point to the low turnover registered during Thursday’s and Friday’s drop, something they consider encouraging.

The unexpected announcement by the Finance Minister that he is increasing the guarantee scheme for local banks caught the market by surprise, Takis Zamanis, head analyst at Beta Securities said.

“The market is absorbing the news,” he noted.

"The market was able to move largely in a consolidating mode but there was some session end profit taking as investors wanted to lock in gains," a senior local broker told Dow Jones Newswires.

"It is encouraging that falls like this are associated with light volumes and the bourse still comfortably held the psychological 1,700 index point support level."

Across the board, the General Index dropped 1.85% at 1,711.79 but posted weekly gains of 1.84%.

Total turnover shaped at 89.06 mil. euro.

Financials shed 3.09%.

Eurobank (-4.7%), NBG (-3.7%), Piraeus (-3.4%) all dipped.

(Capital.gr)

***
La Borsa di Atene, andamento in chiusura.

 

[tommy271]

Borsa Atene: Ase -1,8%, bassi volumi di scambio


MILANO (MF-DJ)--L'indice Ase di Atene termina la seduta in calo dell'1,8%, a 1.713 punti, in una seduta dai volumi bassi. "I mercati tendono al consolidamento ma si sono verificate prese di profitto", afferma il broker. In calo Eurobank a -4,7%, National a -3,7%, Piraeus a -3,4% ed Hellenic Telecoms a -2,5%. In territorio negativo anche Alpha in calo del 2,5%, Coca Cola Hellenic a -1,5%, Opap a -0,8% e Ppc a -0,6%.

 

[tommy271]

INTERVIEW: Greece Will Pull Through If It Doesn't Waver -IMF

By Nick Skrekas Of DOW JONES NEWSWIRES

ATHENS (Dow Jones)--The International Monetary Fund Greek mission chief, Poul Thomsen, said Friday that the debt-laden country will pull through and gain the trust of markets again as long as its resolve to implement reforms doesn't waver.
On Thursday at a joint press conference in Athens the IMF, the European Central Bank and the European Commission said that Greece had made impressive progress and implied that the second EUR9 billion tranche of the three-year, EUR110 billion bailout program will be paid in September.

"The pessimism in Greece in misplaced because by 2012 the country will have a primary surplus and a deregulated economy with viable social systems. But the caveat is that the program is implemented properly," Thomsen told Dow Jones Newswires in an exclusive interview.
"This program in its design is ambitious and impressive and it is off to a good start. It is a very front-loaded fiscal-adjustment program with an important structural-reform component to create opportunities for growth through structural reforms. There are risks and pressure points but June targets have been met so the program appears on track for the year," said Thomsen.

Greece ambitiously aims to slash its budget deficit to 8.1% of gross domestic product in 2010 from 13.6% last year. In the IMF's opinion this will mean that the limited central government underspends to compensate for any problems at the level of local government, in wasteful hospitals and in unstable state pension funds.
The senior IMF official admitted he would have liked to see more broad local support from political parties for the memorandum signed in May but was at the same time impressed with the current Socialist government's determination to implement reforms.

Greece has made "a good start" according to the tri-partite delegation of lenders but it is still at the beginning of a long road. And as Hungary showed last month when it turned its back on IMF and European Union demands for further austerity measures, possible backtracking can't ever be completely ruled out.
"From talking to a lot of people inside and outside government, social partners, and average Greek on the street, they understand that this is a defining moment for the country and systemic change is necessary to compete in the euro zone," said Thomsen.

He said long-term support for the IMF-EU program hinges critically on the public perception that it is fair and balanced. "The government needs to act more vigilantly on tax administration because wage earners and pensioners have paid their share but the wealthy have not. But this can't be achieved overnight--it's a process."
However, Thomsen said the IMF understimated the effect indirect taxes would have on inflation when they were passed through to consumers. "At least there are no second-round effects like a jump in wages," he added.

The IMF chief said the program moves forward in sequences and now that reforms have taken place to the pension system and labor market it is time to tackle other closed professions, the energy sector and transportation.
This will be easier said than done. The union representing workers at the state-controlled electricity has already threatened "to turn the lights out on all of Greece" if wholesale energy liberalization takes place. And workers on the state railways refuse to allow anyone to be removed from bloated staffs despite the fact that the railways are EUR10 billion in debt.

"There are obviously challenges and it will not be an easy process so the government has to work smart. It must be a priority to restart growth focusing on reforms to create real growth, employment and higher incomes, and many of these structural issues have short-term payoffs for society," said Thomsen.

The IMF also wants to see consolidation in the local banking sector. They believe that solvency and capital adequacy isn't an issue but warn against recidivism even if one banking champion is created out of the numerous state-controlled banks. "State banks have been recapitalized several times in the past because they were engaged in quasi-financial operations but that will change and it won't be happening in future," he said.
Thomsen also said that it was the IMF's idea for the government to create a new EUR25 billion state guarantee problem to help local banks with tight liquidity raise fresh cash from the ECB using the guarantee collateral. Thomsen describes this as a "forward-looking liquidity buffer."

Thomsen underlined that while the situation in the Greek bond market is fragile he sees some measure of sentiment stabilizing even if bond spreads--and potential borrowing costs--are still high. He said he has heard that "institutions are eliminating their short positions, high-yield funds are mulling entering and that generally things are moving in the right direction."
"The basic strategy of the program is to take Greece out of the market for two years and allow Greece to create a track record and that is why we are putting in so much money in. Confidence will only improve if the program is executed properly," said Thomsen.

 

[sethi]

xcome al solito un po' si sale e un po' si scende per cuii tutto considerato le cose si barcamenano, ottimo gain fatto con i btpi 2021, periodo che si e' girato al meglio.....ciao da londra

 

[tommy271]

xcome al solito un po' si sale e un po' si scende per cuii tutto considerato le cose si barcamenano, ottimo gain fatto con i btpi 2021, periodo che si e' girato al meglio.....ciao da londra

Anch'io con il BTPi 41 vado bene ... è stata una buona entrata.
Saluti.

 

[tommy271]

Ho trovato su internet questo grafico di lungo periodo del Bund. Si tratta di un bel po' di anni. Mi ha colpito il fatto che graficamente parlando sembra quasi al capolinea si una situazione ideale, pagare poco o nulla a chi compra i TdS Germania.

Se pensiamo che con le buone notizie che abbiamo - sono sempre più ottimista (ma speriamo bene) - i nostri TdS hanno un rendimento invidiabile e per adesso anche protetto dalla rete UE - FMI.

Io credo che anche vedendo il gradimento riscontrato verso quelle spagnole e portoghesi degli ultimissimi giorni sia anche un buon segnale per tutti. E' lecito pensare che qualcuno possa girarsi a guardare i nostri titoli con minore diffidenza di prima?

Se va avanti così, nonostante le mille difficoltà, oltre a stimare il governo per quanto ha dovuto purtroppo fare e denunciare, credo che la Grecia potrà essere molto + avanti a noi nel prossimo futuro...

Entrare ora sul Bund è rischioso. Hai postato una tabella dove il grafico parla chiaro.
La tensione sui periferici si è un pò allentata, complice un dollaro debole contro un euro rafforzato.
La nostra Grecia ha messo in atto una riforma radicale che cambierà il paese ... in meglio.
Speriamo anche noi di coglierne i frutti.

 

[tommy271]

La chiusura di ieri degli spread/bund sul decennale del Club Med (l'Irlanda è un invitato "speciale"):

Grecia 774 pb. (773)
Portogallo 252 pb. (253)
Irlanda 242 pb. (240)
Spagna 153 pb. (157)
Italia 125 pb. (125)