tommy271
Forumer storico
Una passeggiata nel Club Med di Mauro Bottarelli:
FINANZA/ Il "miracolo" dell?Irlanda spaventa Italia, Spagna e Portogallo | Pagina 1
FINANZA/ Il "miracolo" dell?Irlanda spaventa Italia, Spagna e Portogallo | Pagina 1
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
tommy271
Forumer storico
Greece picks bank privatisation advisors - paper
Fri Aug 20, 2010 2:46am EDT
*Deutsche Bank, HSBC and Lazard chosen - paper
*Govt to make announcement next week - official
ATHENS Aug 20 (Reuters) - Greece has chosen Deutsche Bank (DBKGn.DE), HSBC (HSBA.L) and Lazard (LAZ.N) to advise it on bank privatisations and will make an official announcement next week, financial daily Kathimerini reported on Friday.
A finance ministry official would not confirm or deny that the government had picked these three investment banks to advise it on an offer by Piraeus Bank (BOPr.AT) to buy government stakes in ATEbank (AGBr.AT) and Hellenic Postbank (GPSr.AT). [ID:nLDE66S12P]
"There will be an official announcement next week, the bureaucratic process regarding the assignment has not been completed yet," the official said. Piraeus Bank, Greece's fourth-largest lender, has offered 701 million euros in cash ($900 million) to buy 77.3 percent of ATEbank and 33 percent of Hellenic Postbank.
The offer, announced on July 15, sparked a rally in bank stocks battered by the country's debt crisis. The government, which wants banks to explore tie-ups to become bigger and stronger, has said it would seriously assess the bid.
Greek lenders have been struggling with a deteriorating economy, rising bad loans and closed access to wholesale funding in the interbank market as a result of the country's debt crisis.
The paper said the three investment banks had already started to work on the project, evaluating Piraeus Bank's offer, as well as alternatives for the government's bank stakes.
ATEbank failed a European stress test last month. Piraeus, which only just passed, has said it would spell out in due course how it plans to raise capital to fund its proposed acquisition of the government stakes. [ID:nLDE66P1KN].
(Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by Erica Billingham)
Fri Aug 20, 2010 2:46am EDT
*Deutsche Bank, HSBC and Lazard chosen - paper
*Govt to make announcement next week - official
ATHENS Aug 20 (Reuters) - Greece has chosen Deutsche Bank (DBKGn.DE), HSBC (HSBA.L) and Lazard (LAZ.N) to advise it on bank privatisations and will make an official announcement next week, financial daily Kathimerini reported on Friday.
A finance ministry official would not confirm or deny that the government had picked these three investment banks to advise it on an offer by Piraeus Bank (BOPr.AT) to buy government stakes in ATEbank (AGBr.AT) and Hellenic Postbank (GPSr.AT). [ID:nLDE66S12P]
"There will be an official announcement next week, the bureaucratic process regarding the assignment has not been completed yet," the official said. Piraeus Bank, Greece's fourth-largest lender, has offered 701 million euros in cash ($900 million) to buy 77.3 percent of ATEbank and 33 percent of Hellenic Postbank.
The offer, announced on July 15, sparked a rally in bank stocks battered by the country's debt crisis. The government, which wants banks to explore tie-ups to become bigger and stronger, has said it would seriously assess the bid.
Greek lenders have been struggling with a deteriorating economy, rising bad loans and closed access to wholesale funding in the interbank market as a result of the country's debt crisis.
The paper said the three investment banks had already started to work on the project, evaluating Piraeus Bank's offer, as well as alternatives for the government's bank stakes.
ATEbank failed a European stress test last month. Piraeus, which only just passed, has said it would spell out in due course how it plans to raise capital to fund its proposed acquisition of the government stakes. [ID:nLDE66P1KN].
(Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by Erica Billingham)
tommy271
Forumer storico
Banker Works for Free as Euro Founding Father Rescuing Greeks
By Elisa Martinuzzi and Maria Petrakis - Aug 20, 2010 1:00 AM GMT+0200 Thu Aug 19 23:00:01 GMT 2010
The euro is so important to Tommaso Padoa-Schioppa, one of the common currency’s founding fathers, that he’s willing to work for free to safeguard its future.
Greek Prime Minister George Papandreou this month asked Padoa-Schioppa, whose previous roles include Italian finance minister, central banker, economist and international banking supervisor, to advise the country on its debt management.
As former finance minister of a country with continuous budget problems, Padoa-Schioppa can convey important experiences,” Otmar Issing, a former Bundesbank chief economist and a fellow founder member of the European Central Bank’s executive board, said by e-mail.
The Italian national helped Italy, regarded for years as the weakest euro member by investors, curb its deficit. Those skills will aid Greece, which only avoided default after the European Union and the International Monetary Fund forged a bailout worth 110 billion euros ($141 billion). The nation still pays four times more than Germany does to borrow for 10 years.
“Tommaso is there to ensure the program does not derail,” said Renato Filosa, a former member of the IMF’s executive board. “His determination will be key to implementing the agreements Greece reached with EU and IMF.”
Padoa-Schioppa, 70, says he’ll gauge his success by whether Greece’s economy grows and its crisis eases. “I’m a user of economics more than an economist,” he said in an interview in Milan. “I am used to searching the middle ground between economic abstract reasoning and its application to concrete cases.”
Unpaid Assignment
Padoa-Schioppa’s pro bono assignment adds Greece to a curriculum spanning 37 years of public service, beginning at the Bank of Italy in Rome in 1968 and including stints running the bank’s money-market and economic research divisions before becoming deputy director general for 13 years from 1984. “I am independent, I don’t have conflicts of interest and I won’t get paid for what I do,” he said about his new position.
The son of an insurance chief, he recalls the economic crises of the 1970s and 1980s that meant Italy couldn’t sell long-dated bonds and faced weekly concerns about whether investors would buy T-bills needed to refinance borrowings. Papandreou has said he wants Greece, currently reliant on bailout funds, to resume selling bonds next year.
“Papandreou has made a very good choice,” said Pascal Lamy, Director General of the World Trade Organization and a former European Union Trade Commissioner. “Greece can draw on Tommaso’s wealth of experience and wisdom in the finance and banking field.”
Bond Woes
Investors demand a yield of about 10.6 percent to buy Greek 10-year government debt, 8.25 percentage points more than they charge Germany, Europe’s most creditworthy nation. Greece’s borrowing costs have more than doubled in the past year after the nation admitted its deficit had never met the 3 percent of gross domestic product target demanded of euro members.
“Greece is on the road to orderly default,” said Simon Johnson, a former chief economist for the IMF and now professor at Massachusetts Institute of Technology’s Sloan School of Management. “Padoa-Schioppa will help.”
The bailout package from the EU and IMF has bought Greece time, though some economists say it won’t solve the problem. Four-year Greek bonds yield about 11.9 percent, up from as low as 3.2 percent less than a year ago. The yield peaked at almost 18 percent in May as investors fretted the nation wouldn’t be able to pay its debts.
‘Fixing Greece’
“By the time they are done fixing Greece in 2013, its debt burden will have risen to 340 billion euros,” Carl Weinberg, the chief economist of High Frequency Economics in Valhalla, New York, wrote in a note to clients this week. “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.”
Padoa-Schioppa was present at the euro’s birth as an adviser to France’s Jacques Delors, who crafted the EU’s plans for a single market and common currency while commission president, as joint secretary to the Delors committee from 1988 to 1989.
“He proved to be pro-European,” said Filosa, the former manager of monetary and economic affairs at the Bank for International Settlements in Basel, who first met Padoa-Schioppa at MIT, where Padoa-Schioppa obtained a master in economics in 1970. “His absolute creed and will is to build a solid Europe.”
Euro Threat
That European solidity has been threatened by Greece’s economic woes, which drove the euro down by six percent against the dollar in the first quarter of this year and by a further 10 percent in the second three months of the year.
Papandreou aims to cut Greece’s deficit to 8.1 percent of gross domestic product this year from 13.6 percent in 2009. As Italy’s finance minister from 2006 through 2008, Padoa-Schioppa trimmed the country’s shortfall to a seven-year low of 1.5 percent of GDP in 2007.
Padoa-Schioppa’s roles as chairman of the Basel Committee on Banking Supervision from 1993 to 1997, and his current salaried job as European chairman of Promontory Financial Group LLC, a Washington-based company that advises banks on regulation, have kept him in contact with the world’s top financial professionals.
“He can help communicate to the European partners of Greece and to the finance community the structure of the economic policy the government follows and what it achieves, as well as the commitment of the government to fiscal responsibility,” Herakles Polemarchakis, director of the economics office of Greece’s prime minister, said in an e-mail.
To contact the reporters on this story: Elisa Martinuzzi in Milan at [email protected] Maria Petrakis in Athens at [email protected]
By Elisa Martinuzzi and Maria Petrakis - Aug 20, 2010 1:00 AM GMT+0200 Thu Aug 19 23:00:01 GMT 2010
The euro is so important to Tommaso Padoa-Schioppa, one of the common currency’s founding fathers, that he’s willing to work for free to safeguard its future.
Greek Prime Minister George Papandreou this month asked Padoa-Schioppa, whose previous roles include Italian finance minister, central banker, economist and international banking supervisor, to advise the country on its debt management.
As former finance minister of a country with continuous budget problems, Padoa-Schioppa can convey important experiences,” Otmar Issing, a former Bundesbank chief economist and a fellow founder member of the European Central Bank’s executive board, said by e-mail.
The Italian national helped Italy, regarded for years as the weakest euro member by investors, curb its deficit. Those skills will aid Greece, which only avoided default after the European Union and the International Monetary Fund forged a bailout worth 110 billion euros ($141 billion). The nation still pays four times more than Germany does to borrow for 10 years.
“Tommaso is there to ensure the program does not derail,” said Renato Filosa, a former member of the IMF’s executive board. “His determination will be key to implementing the agreements Greece reached with EU and IMF.”
Padoa-Schioppa, 70, says he’ll gauge his success by whether Greece’s economy grows and its crisis eases. “I’m a user of economics more than an economist,” he said in an interview in Milan. “I am used to searching the middle ground between economic abstract reasoning and its application to concrete cases.”
Unpaid Assignment
Padoa-Schioppa’s pro bono assignment adds Greece to a curriculum spanning 37 years of public service, beginning at the Bank of Italy in Rome in 1968 and including stints running the bank’s money-market and economic research divisions before becoming deputy director general for 13 years from 1984. “I am independent, I don’t have conflicts of interest and I won’t get paid for what I do,” he said about his new position.
The son of an insurance chief, he recalls the economic crises of the 1970s and 1980s that meant Italy couldn’t sell long-dated bonds and faced weekly concerns about whether investors would buy T-bills needed to refinance borrowings. Papandreou has said he wants Greece, currently reliant on bailout funds, to resume selling bonds next year.
“Papandreou has made a very good choice,” said Pascal Lamy, Director General of the World Trade Organization and a former European Union Trade Commissioner. “Greece can draw on Tommaso’s wealth of experience and wisdom in the finance and banking field.”
Bond Woes
Investors demand a yield of about 10.6 percent to buy Greek 10-year government debt, 8.25 percentage points more than they charge Germany, Europe’s most creditworthy nation. Greece’s borrowing costs have more than doubled in the past year after the nation admitted its deficit had never met the 3 percent of gross domestic product target demanded of euro members.
“Greece is on the road to orderly default,” said Simon Johnson, a former chief economist for the IMF and now professor at Massachusetts Institute of Technology’s Sloan School of Management. “Padoa-Schioppa will help.”
The bailout package from the EU and IMF has bought Greece time, though some economists say it won’t solve the problem. Four-year Greek bonds yield about 11.9 percent, up from as low as 3.2 percent less than a year ago. The yield peaked at almost 18 percent in May as investors fretted the nation wouldn’t be able to pay its debts.
‘Fixing Greece’
“By the time they are done fixing Greece in 2013, its debt burden will have risen to 340 billion euros,” Carl Weinberg, the chief economist of High Frequency Economics in Valhalla, New York, wrote in a note to clients this week. “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.”
Padoa-Schioppa was present at the euro’s birth as an adviser to France’s Jacques Delors, who crafted the EU’s plans for a single market and common currency while commission president, as joint secretary to the Delors committee from 1988 to 1989.
“He proved to be pro-European,” said Filosa, the former manager of monetary and economic affairs at the Bank for International Settlements in Basel, who first met Padoa-Schioppa at MIT, where Padoa-Schioppa obtained a master in economics in 1970. “His absolute creed and will is to build a solid Europe.”
Euro Threat
That European solidity has been threatened by Greece’s economic woes, which drove the euro down by six percent against the dollar in the first quarter of this year and by a further 10 percent in the second three months of the year.
Papandreou aims to cut Greece’s deficit to 8.1 percent of gross domestic product this year from 13.6 percent in 2009. As Italy’s finance minister from 2006 through 2008, Padoa-Schioppa trimmed the country’s shortfall to a seven-year low of 1.5 percent of GDP in 2007.
Padoa-Schioppa’s roles as chairman of the Basel Committee on Banking Supervision from 1993 to 1997, and his current salaried job as European chairman of Promontory Financial Group LLC, a Washington-based company that advises banks on regulation, have kept him in contact with the world’s top financial professionals.
“He can help communicate to the European partners of Greece and to the finance community the structure of the economic policy the government follows and what it achieves, as well as the commitment of the government to fiscal responsibility,” Herakles Polemarchakis, director of the economics office of Greece’s prime minister, said in an e-mail.
To contact the reporters on this story: Elisa Martinuzzi in Milan at [email protected] Maria Petrakis in Athens at [email protected]
tommy271
Forumer storico
EU: Greece ahead of the curve
Country to secure next loan tranche in early September after meeting commitments on deficit, reforms
Greece is ahead of schedule in meeting its deficit-cutting commitments and making structural reforms, putting the country back on track to secure the next loan installment, the European Commission said yesterday.
Deficit cuts “are going even faster than planned,” Commission spokesman Amadeu Altafaj Tardio told reporters in Brussels. “Greece is on track to meet its commitments” as part of a “very ambitious” and “very demanding” program, he said.
Greece’s goal is to reduce the budget deficit from 13.6 percent of gross domestic product last year to within the European Union’s limit of 3 percent by 2014.
Prime Minister George Papandreou in May committed to further wage cuts and tax increases on alcohol, fuel and tobacco in return for 110 billion euros in emergency loans from the International Monetary Fund (IMF) and European Union to stave off a default. Some 20 billion euros was handed over in a first tranche. European finance ministers are expected to approve the second tranche, which totals 9 billion euros – 6.5 billion from the eurozone and 2.5 billion from the IMF – when they meet on September 7, the European Commission said. Greece is expected to receive the money 24 hours later.
“Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms,” European Economic and Monetary Affairs Commissioner Olli Rehn said.
The assessment followed a mission by experts from the European Commission, the European Central Bank and the IMF to Athens earlier this month to assess the progress made by Greek authorities in slashing a huge public deficit.
The audit mission had concluded that Athens had made “considerable progress in a vast array of areas” but that “key challenges” remained. Rehn also found that “despite the significant progress made, challenges and risks remain. The main immediate challenge is to safeguard adequate liquidity and financial stability of the banking sector,” he said. “At the same time, the structural reform agenda needs to be pressed ahead to unleash the huge potential for raising growth.”
The loan for Greece will not be held up by objections from Slovakia, the Commission said. Slovakia’s parliament rejected the nation’s participation last week, ending the EU’s unity in handling the sovereign-debt crisis. The Slovak government opposed the aid, saying poor countries shouldn’t pay for the profligacy of richer peers.
(Kathimerini.gr)
Greece is ahead of schedule in meeting its deficit-cutting commitments and making structural reforms, putting the country back on track to secure the next loan installment, the European Commission said yesterday.
Deficit cuts “are going even faster than planned,” Commission spokesman Amadeu Altafaj Tardio told reporters in Brussels. “Greece is on track to meet its commitments” as part of a “very ambitious” and “very demanding” program, he said.
Greece’s goal is to reduce the budget deficit from 13.6 percent of gross domestic product last year to within the European Union’s limit of 3 percent by 2014.
Prime Minister George Papandreou in May committed to further wage cuts and tax increases on alcohol, fuel and tobacco in return for 110 billion euros in emergency loans from the International Monetary Fund (IMF) and European Union to stave off a default. Some 20 billion euros was handed over in a first tranche. European finance ministers are expected to approve the second tranche, which totals 9 billion euros – 6.5 billion from the eurozone and 2.5 billion from the IMF – when they meet on September 7, the European Commission said. Greece is expected to receive the money 24 hours later.
“Greece has managed impressive budgetary consolidation during the first half of 2010 and has achieved swift progress with major structural reforms,” European Economic and Monetary Affairs Commissioner Olli Rehn said.
The assessment followed a mission by experts from the European Commission, the European Central Bank and the IMF to Athens earlier this month to assess the progress made by Greek authorities in slashing a huge public deficit.
The audit mission had concluded that Athens had made “considerable progress in a vast array of areas” but that “key challenges” remained. Rehn also found that “despite the significant progress made, challenges and risks remain. The main immediate challenge is to safeguard adequate liquidity and financial stability of the banking sector,” he said. “At the same time, the structural reform agenda needs to be pressed ahead to unleash the huge potential for raising growth.”
The loan for Greece will not be held up by objections from Slovakia, the Commission said. Slovakia’s parliament rejected the nation’s participation last week, ending the EU’s unity in handling the sovereign-debt crisis. The Slovak government opposed the aid, saying poor countries shouldn’t pay for the profligacy of richer peers.
(Kathimerini.gr)
tommy271
Forumer storico
Tourism income...
Cruise ships docked yesterday in the port of Piraeus. Data showing a 14.8 percent dip in tourism income in the first half of the year to 2.7 billion euros has raised concerns among government officials about the health of one of the country’s most crucial sectors. In a report issued yesterday, Alpha Bank blamed the drop-off on continued strike action that has hurt the country’s image as a holiday destination. ‘The opportunity Greece had to increase revenues from foreign visitors in the first half of the year due to a recovery in the global economy was lost due to protest action from certain groups, which harmed Greece’s image,’ Alpha Bank said.
(Kathimerini.gr)
Cruise ships docked yesterday in the port of Piraeus. Data showing a 14.8 percent dip in tourism income in the first half of the year to 2.7 billion euros has raised concerns among government officials about the health of one of the country’s most crucial sectors. In a report issued yesterday, Alpha Bank blamed the drop-off on continued strike action that has hurt the country’s image as a holiday destination. ‘The opportunity Greece had to increase revenues from foreign visitors in the first half of the year due to a recovery in the global economy was lost due to protest action from certain groups, which harmed Greece’s image,’ Alpha Bank said.
(Kathimerini.gr)
tommy271
Forumer storico
GRECIA: COMMISSIONE, BENE CONTI PUBBLICI 1* SEM MA DATI INCOMPLETI
(ASCA) - Roma, 20 ago - Dopo il via libera alla nuova tranche di prestiti (9 miliardi di euro) a favore dalla Grecia, che sara' approvata dall'Ecofin del prossimo 7 settembre, la Commissione Europea ha pubblicato il rapporto completo sulla performance dei conti pubblici di Atene.
''Nella prima meta' del 2010 ci sono stati sviluppi positivi, il deficit e' sceso piu' di quanto previsto, ma un certo numero di rischi deve essere tenuto in considerazione'', spiega la Commissione.
Nel caso, le entrate fiscali o le uscite dovessero mostrare andamenti peggiori degli obiettivi, ''il governo dovra' essere pronto a nuove manovre correttive'', spiega la Commissione.
Bruxelles solleva alcune perplessita' sulla performance finanziaria degli enti locali, ''inferiore agli obiettivi, lo stesso si puo' dire sulla spesa per la sicurezza sociale sociale. Inoltre l'imminenza delle elezioni amministrative potrebbe determinare un ulteriore allontamento dagli obiettivi'' di contenimento della spesa pubblica.
Poi i problemi sulla completezza delle informazioni statistiche fornite da Atene, ''sono ancora incompleti i dati sulla spesa per la sicurezza sociale, su quella degli enti locali, su quella extra-bilancio, sull'occupazione nel settore pubblico e sugli impegni di spesa, anche quelli arretrati''.
(ASCA) - Roma, 20 ago - Dopo il via libera alla nuova tranche di prestiti (9 miliardi di euro) a favore dalla Grecia, che sara' approvata dall'Ecofin del prossimo 7 settembre, la Commissione Europea ha pubblicato il rapporto completo sulla performance dei conti pubblici di Atene.
''Nella prima meta' del 2010 ci sono stati sviluppi positivi, il deficit e' sceso piu' di quanto previsto, ma un certo numero di rischi deve essere tenuto in considerazione'', spiega la Commissione.
Nel caso, le entrate fiscali o le uscite dovessero mostrare andamenti peggiori degli obiettivi, ''il governo dovra' essere pronto a nuove manovre correttive'', spiega la Commissione.
Bruxelles solleva alcune perplessita' sulla performance finanziaria degli enti locali, ''inferiore agli obiettivi, lo stesso si puo' dire sulla spesa per la sicurezza sociale sociale. Inoltre l'imminenza delle elezioni amministrative potrebbe determinare un ulteriore allontamento dagli obiettivi'' di contenimento della spesa pubblica.
Poi i problemi sulla completezza delle informazioni statistiche fornite da Atene, ''sono ancora incompleti i dati sulla spesa per la sicurezza sociale, su quella degli enti locali, su quella extra-bilancio, sull'occupazione nel settore pubblico e sugli impegni di spesa, anche quelli arretrati''.
Imark
Forumer storico
Certo che negli ultimi tempi Fugnoli dà la netta impressione di essere molto sbilanciato sull'equity...
e poi gli argomenti sono deboli e "girandolini": una volta punta sul "tutto va bene" della ripresa, un'altra sul "non vi preoccupate, che tanto ci pensa la FED" ... insomma, un po' bar sport, e per persone di scarsa memoria... 
Imark
Forumer storico
Giorno dopo giorno, oggi quasi non valeva la pena riportare l'OT... prezzi soggetti a variazioni minime, direzionalità del tipo "vacche al pascolo": ognuna per conto proprio... Unico andamento degno di nota su base giornaliera l'avanzamento del GGBei 2025...
il 2013 - 84,68 (BBML) 85,04 (Xtrakter);
il 2014 - 80,86 (BBML) 80,92 (Xtrakter);
il 2015 - 80,38 (BBML) 80,48 (Xtrakter);
il 2016 - 70,04 (BBML) 70,12 (Xtrakter);
il 2017 - 67,76 (BBML) 67,83 (Xtrakter);
il 2018 - 68,25 (BBML) 68,32 (Xtrakter);
il 2019 6% 72,62 (BBML) 73,14 (Xtrakter);
il 2019 6.5% 74,98 (BBML) 75,04 (Xtrakter);
il 2022 - 67,51 (BBML) 67,64 (Xtrakter);
il 2024 - 61,64 (BBML) 61,23 (Xtrakter);
il 2026 - 61,75 (BBML) 61,94 (Xtrakter);
il 2037 - 54,33 (BBML) 54,30 (Xtrakter);
il 2040 - 54,55 (BBML) 54,56 (Xtrakter);
GGBei 2025 - 53,17 (BBML), non significativo su Xtrakter
GGBei 2030 - 47,97 (BBML), non significativo su Xtrakter
tommy271
Forumer storico
Borsa Atene: Ase -1,2% in scia a Piraeus a -3,4%
MILANO (MF-DJ)--L'indice Ase della Borsa di Atene scende dell'1,2% a quota 1.627,8 punti con un volume di scambi di 21,9 mln euro al di sotto della maggior parte dei mercati europei.
Piraeus perde il 3,4%, Alpha il 2,6%, Eurobank l'1,9%, Ppc l'1,8%, Titan l'1,6%, National l'1,3% e Hellenic Telecoms l'1,2%.
MILANO (MF-DJ)--L'indice Ase della Borsa di Atene scende dell'1,2% a quota 1.627,8 punti con un volume di scambi di 21,9 mln euro al di sotto della maggior parte dei mercati europei.
Piraeus perde il 3,4%, Alpha il 2,6%, Eurobank l'1,9%, Ppc l'1,8%, Titan l'1,6%, National l'1,3% e Hellenic Telecoms l'1,2%.
- Stato