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

[tommy271]

Greece Finance Ministry Officially Requests EU6.5 Billion Aid

August 20, 2010, 5:35 AM EDT


By Maria Petrakis

Aug. 20 (Bloomberg) -- Greece made an official request for the European Union and European Central Bank to disburse 6.5 billion euros in aid after meeting targets set under a 110 billion-euro package of emergency loans.
“We request the disbursement of the second instalment of financial assistance by the euro-area member states in the amount of 6,500 million euros in line with the loan facility agreement,” according to a letter signed by Finance Minister George Papaconstantinou, dated Aug. 6 and released by the Athens-based ministry today.
Under the terms of the loan facility, Greece expects to receive a 9 billion-euro tranche next month. The outstanding 2.5 billion euros will be paid by the International Monetary Fund.

 

[giutrader]

Grecia, necessari tagli spesa per altri 4 mld - Commissione Ue

venerdì 20 agosto 2010 12:14

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BRUXELLES 20 agosto (Reuters) - La Commissione Ue ritiene che la Grecia dovrebbe tagliare la spesa pubblica di altri 4 miliardi di euro per fare fronte alle minori entrate e conseguire l'obietivo di un deficit pari all'8% del Pil.
Secondo Bruxelles, "le misure fiscali adottate dalla Grecia sembrano sufficienti a raggiungere gli obiettivi di contenimento del deficit 2010". Ma la spesa totale è di 4 miliardi superiore a quello che serve per fronteggiare il calo dei ricavi e i rinvii negli stanziamenti in alcune aree del settore pubblico.
La Grecia ha programmato una spesa pubblica complessiva di 77,073 miliardi di euro nel 2010, con un taglio del 5,3% rispetto all'anno scorso. I ricavi sono visti a 58,382 miliardi.
Il problema, secondo la Commissione Ue, è che la ripresa economica potrebbe non essere sufficiente a centrare i target fissati nel maggio scorso per le entrate annuali.

 

[Grisù]

Debito al 137,2 % del PIL.
Aumento di 18,4 miliardi di euro nel primo semestre dovrebbe aumentare di non più di 9,4 miliardi nel secondo.

Scadenze nel debito di 172 miliardi di euro fino al 2015.

Durata media dei titoli ridotti a 5,04 anni da 5,66 anni nel 2009 e 10,96 nel 2008.

http://www.minfin.gr/content-api/f/...pplication/pdf/Report_136_Greece_July2010.pdf

http://www.minfin.gr/content-api/f/...0210d31/application/pdf/Revised+MoU+FINAL.pdf

 

[tommy271]

Greece should cut spending by 4 bln euro more in 2010-EU


BRUSSELS | Fri Aug 20, 2010 6:01am EDT


BRUSSELS Aug 20 (Reuters) - Greece should cut government spending by an additional 4 billion euros this year to offset revenue shortfalls and spending slippages if it is to cut the deficit to 8 percent of GDP, the European Commission said.
Greece, which has been living beyond its means for years, is trying to slash the government deficit from 13.6 percent in 2009 to regain the trust of financial markets and ensure it receives emergency loan pay-outs from euro zone countries.
"The fiscal measures adopted by Greece so far appear sufficient to reach the 2010 budgetary deficit ceiling targets ...provided that expenditure control remains very tight leading to total state expenditure of 4 billion euros below plans to offset revenue shortfall and expenditure slippages in other government sectors," the Commission said on Friday.
Greece plans total government expenditure in 2010 of 77.073 billion euros, down 5.3 percent from 2009 levels of 81.39 billion euros, and expects 2010 revenues of 58.382 billion.
But the Commission noted that with the recession deepening in the second half of the year, the anticipated recovery might not be sufficient for the annual state revenue to meet the projections, made in May.
"The under-execution of state budget expenditures will also need to cover the projected difference between the available cash deficit and the ESA95-based balance," the Commission said.
Commission spokesman Amadeu Altafaj said the 4 billion cuts in spending to compensate for possible poorer outcomes elsewhere was a "moving target" -- if revenues turned out higher or savings higher, the 4 billion figure would be lower too.
EU finance ministers have asked Greece to cut its deficit to 8 percent of GDP in 2010, to 7.6 percent of GDP in 2011, 6.5 percent in 2012, 4.9 percent in 2013 and 2.6 percent in 2014.
"Provided that the planned measures are duly implemented in a timely manner, and if the macroeconomic scenario unfolds according to expectations, available forecasts suggest that government deficit and debt ceiling for 2011-2014, with a correction of excessive deficit by 2014, are within reach," the Commission said in a statement.


***
Più dettagliato.

 

[tommy271]

ATHEX Slides Towards 1,600



Greek stocks move lower on Friday extending their losses after a two-day losing streak.

Trading activity remains weak and the General Index loses as much as 2.8% with low turnover.

“We would expect the market today to take direction from the opening of main European bourses” ATE Securities said in its morning report while Piraeus Securities said: “We would expect the market today to take direction from the opening of main European bourses”.

“We believe that today will once again bolster low activity in terms of volume while directionally we expect weakness to continue” Eurobank Securities commented.

“The market will continue to slide in the absence of hard news domestically and internationally” a local analyst told Dow Jones Newswires. “We could have a technical rebound on Monday and all eyes next week will on blue chips and bank΄s 2Q earnings results” he said.

Across the board, the General Index sheds 2.63% at 1,604.58.

In the FTSE20 Index Jumbo loses 5.10%, Bank of Piraeus, Viohalco and Eurobank all decline by more than 4% followed by Alpha Bank, Ellaktor, Hellenic Petroleum and Motor Oil. National Bank of Greece also moves lower, losing 2.94% at 10.22 EUR.

Total turnover stands at 41 million euro.


(Capital.gr)

 

[Grisù]

Developments in the Greek government bond market: July 2010

On international markets government bonds had a mixed performance in July. In Euro-zone “peripheral” markets government bonds recorded gains, whereas in Germany government bond prices fell and yields rose particularly on short-term maturities. In addition, in the US market government bonds had a positive performance with the exception of the 30-year bond that recorded losses.
On the Greek electronic secondary securities market (HDAT), Greek government bond yields fell during July, in line with the performance seen in the rest of the “peripheral” Euro-zone markets. The biggest decline was recorded in the 30-year benchmark bond yield that declined by 80 basis points (bps) to 8.65% at the end of July, followed by the 15-year benchmark bond yield that fell by 59 bps to 10.06%. In addition, the 3 and the 10-year benchmark bond yields declined by 27 and 21 bps respectively to 11.04% and 10.24% on July 30. As a result, the yield curve remained inverted, with the difference between the 30- and the 3-year bond yields reaching -239 bps at the end of July, compared to -186 bps at the end of June. Finally, the spread between the Greek and the German 10-year bond yields narrowed to 756 bps at the end of the month from 789 bps on June 30.
As for government benchmark bond prices, the 3-year bond price rose to 85.11 at the end of July from 84.19 at the end of June, the 10-year bond price rose to 75.70 from 74.56 and the 30-year bond price rose to 57.00 from 52.01.
Trading volume on HDAT in July amounted to EUR 1.5 billion worth of transactions, compared to EUR 1.6 billion in the previous month and EUR 18.2 billion in July 2009. The daily average turnover was EUR 66.5 million compared with EUR 71.5 million during the previous month. The most actively traded bond during the month was the 5-year bond maturing on August 20, 2015 with EUR 200 million worth of transactions. Of the 1,117 orders executed on HDAT, 55.3% were “sell” orders and 44.7% “buy” orders.

 

[Grisù]

Debito al 137,2 % del PIL.
Aumento di 18,4 miliardi di euro nel primo semestre dovrebbe aumentare di non più di 9,4 miliardi nel secondo.

Scadenze nel debito di 172 miliardi di euro fino al 2015.

Durata media dei titoli ridotti a 5,04 anni da 5,66 anni nel 2009 e 10,96 nel 2008.

http://www.minfin.gr/content-api/f/...pplication/pdf/Report_136_Greece_July2010.pdf

http://www.minfin.gr/content-api/f/...0210d31/application/pdf/Revised+MoU+FINAL.pdf

Hanno fatto un buon lavoro, finalmente un documento chiaro della situazione greca che non siano le quattro fesserie delle agenzie di rating.

Il piano ha una execution sino all'ultimo quarto 2011, a meno di cadute nel PIL o novità particolari non vedo che senso avrebbe anticipare ulteriori azioni sul debito. I greci comunque stanno facendo il possibile, se si svegliassero anche sul piano dell'evasione e tagliassero le spese militari nel 2011 potrebbero anche farcela.

 

[tommy271]

Hanno fatto un buon lavoro, finalmente un documento chiaro della situazione greca che non siano le quattro fesserie delle agenzie di rating.

Il piano ha una execution sino all'ultimo quarto 2011, a meno di cadute nel PIL o novità particolari non vedo che senso avrebbe anticipare ulteriori azioni sul debito. I greci comunque stanno facendo il possibile, se si svegliassero anche sul piano dell'evasione e tagliassero le spese militari nel 2011 potrebbero anche farcela.

Ho dato solo un'occhiata veloce ai documenti, li leggerò con un pò più di tempo ... complimenti per averli trovati.

 

[tommy271]

FOCUS: Greek Government Planning New Taxes, Spending Cuts


By Costas Paris and Nick Skrekas Of DOW JONES NEWSWIRES

ATHENS (Dow Jones)-The Greek government is preparing a series of new tax increases and spending cuts to comply with deficit limits set for 2011 by the International Monetary Fund and the European Union.
Two senior government officials, speaking on the condition of anonymity, said the package will be presented to the Greek parliament in November.

As part of a its agreement for the EUR110 billion EU/IMF rescue package in May, the government agreed to raise another EUR9.1 billion in new proceeds next year.
Some EUR2.5 billion will be carried over from measures already imposed this year. The government seeks to generate another EUR5 billion with new taxes, with the balance to come from unspecified spending cuts.

"The extra revenue is imperative if we are to cut our budget deficit to 7.6% of GDP in 2011 as we have promised," said one official familiar with plans being drawn up by the government. Greece currently carries a budget deficit amounting to 13.6% of gross domestic product, more than four times the EU's 3% limit.

The government already has announced such austerity measures as tax increases and cuts to pensions and public-sector wages. The unpopular steps have forced Greece deeper into recession and driven up unemployment to 12%.
Additional revenue raising and cuts to public spending measures could deepen and prolong the recession, potentially tearing the social fabric and damaging the government's standing with voters.

Officials said the plans so far call for higher value-added tax on certain retail goods and services, such as entertainment, hotels and restaurants. Environmental, or "green," taxes could come in the form of more increases to car registration fees to reflect engine size and emissions.
These officials said the government also is considering raising so-called objective valuations of real estate, which will correspondingly increase the intake from transfer taxes and stamp duties. Objective valuations are values set by the government on properties because many purchasers in Greece understate the real amount of the purchase price to lower their taxes and stamp duties.

The government also is considering again imposing an extraordinary tax on highly profitable companies. The additional tax is levied on profits above a certain threshold 2009 it was 4% to 10% of company profits--on an increasing scale for companies whose profits exceed EUR100,000.

Extra revenue will also come in from new licenses on gambling games, taxation on those who lease cars and more taxes on luxury goods, the officials said.
The freeze on pensions and salaries could extend into next year, high pensions could be trimmed and there are plans to replace only 20% of public-sector workers entering retirement.

The government is hoping the measures will be convincing to investors and result in lower borrowing costs. "We are concentrating on the measures agreed with the [EU and IMF] and expect that our efforts will be recognized by the markets and spreads will start shrinking starting this year," said one official.
"In 2011 we have to issue a bit less than EUR5 billion in long term-debt. This will be the big test," this person said.
Since the rescue package was signed in May, Greece has returned to bond markets only once with a 13-week and 26-week treasury bill auction in July as part of its quarterly bill rollover, but decided against issuing 52-week bills.
"I admit it will take a big effort to persuade the markets that we will get out of this crisis unscathed," one official said. "We are doing all we can."

 

[Grisù]

Greece should cut spending by 4 bln euro more in 2010-EU

In realtà chiedono di efficentare il risultato già realizzato nel primo half anche nella seconda metà del 2010. Se non hanno ritardato spese per fare bella figura non dovrebbe essere un problema.
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