Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
Grisù
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Le statistiche su due anni in piena recessione confermano la volonta di indicare solo notizie di un tipo.
Il calo delle entrate nei primi sei mesi del 2010 sul 2009 è dell'11,9 %, non bene ma considerando scioperi e manifestazioni meno peggio di quanto potevamo attendere.
Stiamo a vedere come chiuderanno la stagione...
Grisù
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Current account balance
In June 2010, the current account deficit came to €1,943 million, down by €367 million year-on-year. This improvement is mainly attributable to a decrease in the trade deficit and, secondarily, a rise in the surplus of the services balance and a drop in the deficit of the current transfers balance. These developments were partly offset by an increase in the income account deficit.
The drop in the trade deficit was accounted for by a decline of €430 million in the trade deficit excluding oil and ships, while net payments for purchases of ships and the net oil import bill rose by €113 million and €38 million, respectively.
The surplus of the services balance rose by €150 million as a result of a €291 million hike in net transport receipts, while net travel receipts fell (by €210 million) year-on-year.
The income account deficit grew by €136 million, almost exclusively due to higher net interest, dividend and profit payments.
Finally, the deficit of the current transfers balance almost halved year-on-year, mainly as a result of lower general government payments to the Community Budget. (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 the first half of 2010, the current account deficit did not change considerably year- on-year, as it rose by a mere €32 million or 0.2%, to reach €14.5 billion. This reflects the fact that the fall in the surplus of the current transfers balance was offset by decreases in the trade and the income account deficits, as well as by a rise in the surplus of the services balance.
The €97 million drop in the overall trade deficit stemmed from a decrease of €1.1 billion in the trade deficit excluding oil and ships, as the relevant import bill fell by €1.4 billion (8.7%), while the corresponding export receipts declined by €276 million (4.9%). By contrast, the net oil import bill rose by €841 million or 23.4% and net payments for purchases of ships grew by €142 million or 7.7%.
The €135 million increase in the surplus of the services balance mainly reflects higher net transport receipts. Gross transport receipts (chiefly from merchant shipping) showed an increase of 14.8%, while the corresponding payments grew by 20.1%; as a result, net transport receipts rose by €304 million. By contrast, net travel receipts fell by €253 million, as travel spending by non-residents in Greece dropped by 11.9%, while travel spending by residents abroad also declined (by 10.5%). Finally, net payments for “other” services decreased by €84 million.
The income account deficit narrowed by €103 million in comparison with the first half of 2009, because net interest, dividend and profit payments fell by €130 million.
Finally, the current transfers balance showed a surplus of €1.1 billion, compared with a surplus of €1.5 billion in the same period of 2009. Four fifths (4/5) of this decline is accounted for by lower net receipts of the “other sectors” (emigrants’ remittances etc.) and 1/5 by lower net EU transfers to general government.
Capital transfers balance
In June 2010, the capital transfers balance showed a deficit of €11 million, compared with a surplus of €74 million in June 2009. (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 the first half of 2010, the capital transfers balance showed a surplus of €136 million, compared with €902 million in the first half 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 surplus of €1,224 million, compared with a surplus of €2,355 million in the same period of 2009.
Combined current account and capital transfers balance
In June 2010, the combined current account and capital transfers balance (corresponding to the economy’s external financing requirements) showed a deficit of €2 billion, compared with a deficit of €2.2 billion in June 2009. In the first half of 2010, the deficit of the combined current account and capital transfers balance came to €14.4 billion, compared with €13.6 billion in the same period of 2009 (up by 5.9%).
Financial account balance
In June 2010, non-residents’ direct investment in Greece recorded a net inflow of €82 million, while residents’ direct investment abroad showed a net inflow (disinvestment) of €11 million, but no important transactions were recorded.
Under portfolio investment, a net inflow of €3.8 billion was recorded, reflecting mainly a €3.3 billion increase (inflow) in non-residents’ investment in Greek government bonds and Treasury bills and a €0.6 billion decline (inflow) in residents’ holdings of foreign bonds and Treasury bills.
Under “other” investment, a net outflow of €1.8 billion was recorded, which mainly reflects a €6.7 billion decrease (outflow) in non-residents’ deposit and repo holdings in Greece, which was partly offset by a €4.9 billion decline (inflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad.
In the first half of 2010, direct investment showed a net inflow of €892 million. Specifically, net inflows of non-residents’ funds for direct investment in Greece reached €1,251 million, while an outflow of €360 million was recorded under residents’ direct investment abroad.
During the same period, a net outflow of €5 billion was recorded under portfolio investment. Specifically, outflows were recorded due to decreases of €12.6 billion and €1.1 billion in non-residents’ purchases of Greek government bonds/Treasury bills and shares of Greek firms, respectively. Outflows of €808 million and €317 million were also recorded owing to increases in residents’ holdings of foreign shares and financial derivatives, respectively. These outflows were only partly offset by a €9.7 billion inflow due to a decline in resident credit institutions’ and institutional investors’ holdings of foreign bonds and Treasury bills.
Under “other” investment, a net inflow of €19.1 billion is mainly attributable to general government borrowing (as mentioned in the press release for May 2010), as well as a €15.4 billion increase (inflow) in non-residents’ deposit and repo holdings in Greece. These developments were largely offset by a €16.3 billion rise (outflow) in resident credit institutions’ and institutional investors’ deposit and repo holdings abroad.
At end-June 2010, Greece’s reserve assets stood at €4.6 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.)
BALANCE OF PAYMENTS (EUR millions - provisional)
tommy271
Forumer storico
La stampa tedesca prevede un futuro nero per la Grecia
FTA Online News
Secondo la stampa tedesca (quotidiano "Bild" e settimanale "Der Spiegel") l'economia del paese ellenico sta collassando sulla scia delle manovre di austerita' promosse dal Governo di Atene. Il tasso di disoccupazione salito al 12% (8,9% ante-crisi) potrebbe arrivare fino al 20% a fine anno. In forte crescita i fallimenti di negozi e imprese di piccole dimensioni.
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Nei post precedenti potete trovare il reportage di "Der Spiegel".
FTA Online News
Secondo la stampa tedesca (quotidiano "Bild" e settimanale "Der Spiegel") l'economia del paese ellenico sta collassando sulla scia delle manovre di austerita' promosse dal Governo di Atene. Il tasso di disoccupazione salito al 12% (8,9% ante-crisi) potrebbe arrivare fino al 20% a fine anno. In forte crescita i fallimenti di negozi e imprese di piccole dimensioni.
***
Nei post precedenti potete trovare il reportage di "Der Spiegel".
tommy271
Forumer storico
Two different tales in key sectors
Shipping income rises in H1 with good prospects; tourism hurting from Greece’s tarnished image
Greek shipowners have continued to order new vessels despite the economic downturn, awaiting better days in global trade but experts warn against the risk of overcapacity, which could weigh on the freight rate down the line.
By Stelios Bouras - Kathimerini English Edition
With Greece in the midst of a severe recession, two of the country's most crucial sectors, shipping and tourism, are telling two different stories.
Data from Bank of Greece (BoG) released yesterday showed that the global environment had a different impact on the two industries in the first half of the year, creating opposing outlooks for the remainder of 2010.
Greek shipowners, who possess about 20 percent of the world's fleet, raised 7.7 billion euros in income between January and June, up from 6.7 billion in the first half of 2009. The figure stood at 9.4 billion midway through 2008.
«We have covered half of the ground lost last year,» Yiannis Cotzias, the CEO of shipbroker Cotzias, told Kathimerini English Edition.
Solid demand from China is helping support freight rates, while improved investor sentiment has increased risk appetite in a sector that is starting to see more finance available for operations.
«Credit has started to flow. There is heavy scrutiny but the banks are offering credit, in conditions similiar to those seen in the 1970s and 80s,» Cotzias said.
Greek shippers got a further boost recently from Russia's decision to ban grain exports. Grain products will have to be transported from markets other than the Baltic region, such as South America, creating more demand for sea transport services, according to a shipping industry source.
Risks, however, linger in the form of a potential oversupply of ships and market volatility, after recent figures on the US and Chinese economies suggest global growth is facing headwinds.
Data in Greece's other key industry, tourism, has painted a very different picture.
BoG numbers showed that spending on travel by nonresidents dropped in the first half of the year to 2.7 billion euros, from 3.1 billion in the same period last year.
Experts believe that the number of visitors to reach Greek shores this year will remain at last year's levels, at nearly 15 million people.
However, the money these individuals spend will be less due to the special deals used to attract visitors and the fact that travelers are spending less due to the downturn.
Deputy Tourism Minister Giorgos Nikitiadis admitted to Kathimerini recently that tourism revenues will be between 7 and 9 percent lower than in 2009 and attributed the drop-off to continued strike action harming the country's image as a holiday destination.
This means that sector revenues could be up to 1 billion euros less than last year, when they reached 10.3 billion euros for the 12-month period, down from 11.6 billion euros in 2008. [email protected]
Greek shipowners have continued to order new vessels despite the economic downturn, awaiting better days in global trade but experts warn against the risk of overcapacity, which could weigh on the freight rate down the line.
By Stelios Bouras - Kathimerini English Edition
With Greece in the midst of a severe recession, two of the country's most crucial sectors, shipping and tourism, are telling two different stories.
Data from Bank of Greece (BoG) released yesterday showed that the global environment had a different impact on the two industries in the first half of the year, creating opposing outlooks for the remainder of 2010.
Greek shipowners, who possess about 20 percent of the world's fleet, raised 7.7 billion euros in income between January and June, up from 6.7 billion in the first half of 2009. The figure stood at 9.4 billion midway through 2008.
«We have covered half of the ground lost last year,» Yiannis Cotzias, the CEO of shipbroker Cotzias, told Kathimerini English Edition.
Solid demand from China is helping support freight rates, while improved investor sentiment has increased risk appetite in a sector that is starting to see more finance available for operations.
«Credit has started to flow. There is heavy scrutiny but the banks are offering credit, in conditions similiar to those seen in the 1970s and 80s,» Cotzias said.
Greek shippers got a further boost recently from Russia's decision to ban grain exports. Grain products will have to be transported from markets other than the Baltic region, such as South America, creating more demand for sea transport services, according to a shipping industry source.
Risks, however, linger in the form of a potential oversupply of ships and market volatility, after recent figures on the US and Chinese economies suggest global growth is facing headwinds.
Data in Greece's other key industry, tourism, has painted a very different picture.
BoG numbers showed that spending on travel by nonresidents dropped in the first half of the year to 2.7 billion euros, from 3.1 billion in the same period last year.
Experts believe that the number of visitors to reach Greek shores this year will remain at last year's levels, at nearly 15 million people.
However, the money these individuals spend will be less due to the special deals used to attract visitors and the fact that travelers are spending less due to the downturn.
Deputy Tourism Minister Giorgos Nikitiadis admitted to Kathimerini recently that tourism revenues will be between 7 and 9 percent lower than in 2009 and attributed the drop-off to continued strike action harming the country's image as a holiday destination.
This means that sector revenues could be up to 1 billion euros less than last year, when they reached 10.3 billion euros for the 12-month period, down from 11.6 billion euros in 2008. [email protected]
tommy271
Forumer storico
Current account deficit shrinks
Greece’s current account deficit shrank 16 percent year-on-year in June to 1.94 billion euros, helped by a lower trade gap and a rise in the services balance, the country’s central bank said yesterday.
In the year to June, the Bank of Greece said the current account deficit widened by 0.2 percent from the previous 12 months to 14.52 billion euros year-on-year, or about 6 percent of gross domestic product (GDP).
A key macroeconomic imbalance reflecting eroding competitiveness, Greece’s current account gap had narrowed to 11 percent of GDP last year from 14.5 percent in 2008 as a recession kicked in, helping to reduce imports.
“June was a month of labor unrest, including at ports, which negatively affected tourism. But in July we will see an improvement, as tourist arrivals and receipts increased,” Alpha Bank economist Dimitris Maroulis told Reuters.
“The shrinking of the current account gap was expected, as there was a drop in imports coupled with a small rise in exports. We will see a contraction in the current account in 2010 to about 9 percent of GDP.”
(Kathimerini.gr)
Greece’s current account deficit shrank 16 percent year-on-year in June to 1.94 billion euros, helped by a lower trade gap and a rise in the services balance, the country’s central bank said yesterday.
In the year to June, the Bank of Greece said the current account deficit widened by 0.2 percent from the previous 12 months to 14.52 billion euros year-on-year, or about 6 percent of gross domestic product (GDP).
A key macroeconomic imbalance reflecting eroding competitiveness, Greece’s current account gap had narrowed to 11 percent of GDP last year from 14.5 percent in 2008 as a recession kicked in, helping to reduce imports.
“June was a month of labor unrest, including at ports, which negatively affected tourism. But in July we will see an improvement, as tourist arrivals and receipts increased,” Alpha Bank economist Dimitris Maroulis told Reuters.
“The shrinking of the current account gap was expected, as there was a drop in imports coupled with a small rise in exports. We will see a contraction in the current account in 2010 to about 9 percent of GDP.”
(Kathimerini.gr)
tommy271
Forumer storico
Liquidity woes hit 86 pct of firms
By Dimitra Manifava - Kathimerini
The vast majority of businesses are struggling due to the lack of liquidity, which is creating a range of problems in the market and consequently forcing a number of enterprises to shut down.
In addition to seeing a sharp drop in consumption levels, businesses are also finding their access to funding shut off, as banks do not want to want to increase their risk of incurring bad loans.
Moreover, the last two programs run by the state’s Credit Guarantee Fund for Small and Very Small Enterprises (TEMPME), which provides cheap loans to help with the repayment of tax and social security obligations, have not been successful.
The results of a survey conducted by the Athens Chamber of Commerce and Industry (EBEA) on 523 businesses via the Internet showed that 86 percent of respondents are facing liquidity problems, while just over half (51 percent) described the problem as serious.
At the same time, nine out of 10 businesses have recorded a significant drop in turnover due to the crisis.
Nearly nine in 10 businesses said they were have difficulties getting funding from the bank, while just 2 percent said they had no such problem. Eighty-two percent of those questioned replied that they have come across obstacles in an attempt to obtain access to EU programs.
“The survey results confirm the difficult position in which the vast majority of businesses are finding themselves. Apart from the recession hurting the market, the inability of businesses to access finance and get benefits from European Union programs is also playing an important role,” said Constantinos Michalos, president of EBEA.
The slowdown in credit being pumped into businesses is also reflected in Bank of Greece data. Figures from the central bank show that annual loan growth to households and businesses in June slowed to 2.5 percent, from 2.8 percent in May and 4.2 percent at the end of last year.
By Dimitra Manifava - Kathimerini
The vast majority of businesses are struggling due to the lack of liquidity, which is creating a range of problems in the market and consequently forcing a number of enterprises to shut down.
In addition to seeing a sharp drop in consumption levels, businesses are also finding their access to funding shut off, as banks do not want to want to increase their risk of incurring bad loans.
Moreover, the last two programs run by the state’s Credit Guarantee Fund for Small and Very Small Enterprises (TEMPME), which provides cheap loans to help with the repayment of tax and social security obligations, have not been successful.
The results of a survey conducted by the Athens Chamber of Commerce and Industry (EBEA) on 523 businesses via the Internet showed that 86 percent of respondents are facing liquidity problems, while just over half (51 percent) described the problem as serious.
At the same time, nine out of 10 businesses have recorded a significant drop in turnover due to the crisis.
Nearly nine in 10 businesses said they were have difficulties getting funding from the bank, while just 2 percent said they had no such problem. Eighty-two percent of those questioned replied that they have come across obstacles in an attempt to obtain access to EU programs.
“The survey results confirm the difficult position in which the vast majority of businesses are finding themselves. Apart from the recession hurting the market, the inability of businesses to access finance and get benefits from European Union programs is also playing an important role,” said Constantinos Michalos, president of EBEA.
The slowdown in credit being pumped into businesses is also reflected in Bank of Greece data. Figures from the central bank show that annual loan growth to households and businesses in June slowed to 2.5 percent, from 2.8 percent in May and 4.2 percent at the end of last year.
tommy271
Forumer storico
Ways to kick-start the economy...
Prime Minister George Papandreou is scheduled to meet with Bank of Greece Governor Giorgos Provopoulos today. The two are expected to look into ways to kick-start the economy, which contracted at an annual pace of 3.5 percent in the second quarter of the year, after shrinking by 2.3 percent in the first three months of the year. Local media has been speculating that Papandreou will unveil at the Thessaloniki International Fair in early September changes that would allow for large-scale investment projects to be put on the fast track. Papandreou is also expected to meet today with Finance Minister Giorgos Papaconstantinou.
(Kathimerini.gr)
Prime Minister George Papandreou is scheduled to meet with Bank of Greece Governor Giorgos Provopoulos today. The two are expected to look into ways to kick-start the economy, which contracted at an annual pace of 3.5 percent in the second quarter of the year, after shrinking by 2.3 percent in the first three months of the year. Local media has been speculating that Papandreou will unveil at the Thessaloniki International Fair in early September changes that would allow for large-scale investment projects to be put on the fast track. Papandreou is also expected to meet today with Finance Minister Giorgos Papaconstantinou.
(Kathimerini.gr)
tommy271
Forumer storico
Greek Bonds Show Nation Won't Control Increasing Debt, High Frequency Says
By Paul Dobson - Aug 19, 2010 10:13 AM GMT+0200
Greek bond yields shows investors are concerned the nation won’t be able to control increased debt levels when aid from the European Union and International Monetary Fund ends in 2014, High Frequency Economics Ltd. said.
“The storm is centered on bonds maturing in 2014, the first year Greece will be cut off from its lifeline of IMF and EU cash,” Carl Weinberg, chief economist in Valhalla, New York, wrote in a note to clients today. “By the time they are done fixing Greece in 2013, its debt burden will have risen to 340 billion euros ($435 billion). No one should believe that Greece will be any better able to service and repay 340 billion euros worth of fixed-income debt than it was able to manage 270 billion euros.”
Four-year Greek bonds were little changed, with the yield at 11.88 percent as of 9:08 a.m. in London. The 10-year yield was also little changed at 10.75 percent.
(Bloomberg)
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I pessimisti: perlomeno questo ha spostato il default un anno più avanti ...
By Paul Dobson - Aug 19, 2010 10:13 AM GMT+0200
Greek bond yields shows investors are concerned the nation won’t be able to control increased debt levels when aid from the European Union and International Monetary Fund ends in 2014, High Frequency Economics Ltd. said.
“The storm is centered on bonds maturing in 2014, the first year Greece will be cut off from its lifeline of IMF and EU cash,” Carl Weinberg, chief economist in Valhalla, New York, wrote in a note to clients today. “By the time they are done fixing Greece in 2013, its debt burden will have risen to 340 billion euros ($435 billion). No one should believe that Greece will be any better able to service and repay 340 billion euros worth of fixed-income debt than it was able to manage 270 billion euros.”
Four-year Greek bonds were little changed, with the yield at 11.88 percent as of 9:08 a.m. in London. The 10-year yield was also little changed at 10.75 percent.
(Bloomberg)
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I pessimisti: perlomeno questo ha spostato il default un anno più avanti ...
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