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

[tommy271]

Crisi: tassi bund a minimi storici

Timori sulla ripresa. Volano premi rendimento

24 agosto, 13:49

(ANSA) - ROMA, 24 AGO - I rendimenti pagati dai titoli di Stato tedeschi decennali e trentennali segnano nuovi minimi storici per i timori sulla ripresa.Salgono i premi del debito di Irlanda, Grecia, SPagna, Portogallo e Italia rispetto al bund tedesco. I tassi sui titoli tedeschi trentennali sono scesi oggi di cinque punti base a 2,86%, quelli sul bund decennale al 2,24%, in un mercato che cerca il riparo del debito tedesco e statunitense e rifugge i titoli 'periferici' europei.

 

[Noloss]

Spread Btp/Bund decennali fino a 161 pb,massimo da inizio giugno Reuters - 24/08/2010 14:15:33

 

[tommy271]

Citi: Less Bearish On Fundamentals Of Greek Banks



(Capital.gr) Citi says it is less bearish on fundamentals of Greek banks and its less pessimistic stance is driven by a stabilizing macro environment as the Greek Government budget deficit is shrinking to plan (albeit withrevenues coming in softer than projected), a report dated August 24th says.

Together with its new EPS estimates, the firm also adjusts its cost of equity assumptions, differentiating banks with higher leverage (Eurobank
EFG, Piraeus) from those with lower leverage (Alpha, NBG). It ups or maintains all TP, except for Marfin Popular.

“We expect M&A activity and speculation to pick up in the autumn. Stocks will likely be volatile as investors speculate on who will be buying and who will be selling. Investors should be prepared for valuations which do not necessarily reflect fundamentals.”


New TP
Old TP
New Rating
Old Rating
NBG
11.25
10
Hold
Hold
Alpha Bank
5.75
4.75
Hold
Hold
Eurobank
5.75
4.25
Hold
Hold
Piraeus Bank
4.50
4
Hold
Hold
Bank Of Cyprus
5
4.50
Buy
Buy
Hellenic Postbank
4.50
3
Hold
Hold
ATEBank
0.95
0.75
Sell
Sell
Marfin Popular Bank
1.70
1.85
Hold
Buy

 

[tommy271]

Borsa Atene: Ase chiude a -3,4%, male banche e blue chip


MILANO (MF-DJ)--L'indice Ase della Borsa di Atene termina una seduta con volumi di 106,4 mln euro in ribasso del 3,4% a quota 1544,23 punti.
Il sentiment negativo internazionale guida le forti vendite tra le blue chip e le banche locali.
"Non e' stato un buon mese per il mercato greco, che ha perso finora l'8%, e rimarranno poche le vie d'uscita fino a quando non verranno pubblicate trimestrali corporate brillanti o non si consolidera' il sistema bancario", commenta un analista.
Sul fronte dei titoli in rosso Alpha, a -5,9%, Piraeus a -5,9%, Eurobank a -5,4%, Hellenic Telecoms a -5,3%, Ppc a -4,4%, Coca Cola Hellenic a -2,5%, Opap a -2,5%, National a -1,9% e Titan a -1,7%.

 

[Grisù]

Naturalmente una mezza notizia positiva da parte delle agenzie passa inosservata....

MOODY'S: GREEK DEBT COULD STABILIZE EVEN BEFORE 2013

Moody's rating agency said Greece's debt could stabilise before 2013 if the government pushes forward with the implementation of the economic reforms included in its agreement with the EU and IMF, daily financial Imerisia reported.

 

[Grisù]

Volumi scarsi anche sul secondario in luglio...

GREEK GOVT BOND TRADE VOLUME DROPS 6.3 PCT M/M IN JULY

The volume of Greek government debt traded on the central bank's electronic system (HDAT) fell 6.3 percent month-on-month in July to 1.5 billion euros ($1.9 billion) from 1.6 billion in June, the central bank said.

 

[METHOS]

Greek debt restructuring fears unfounded, says EU's Rehn

August 24, 2010 -



Greece is on track in its efforts to cut spending and return to financial stability, and concerns that it could be forced to restructure its debt are unfounded, the EU's economic and monetary affairs commissioner wrote in the Wall Street Journal.
"Greece has taken drastic, sometimes painful, steps to turn an unsustainable situation around," Olli Rehn wrote in an opinion piece published in the WSJ on Tuesday.
"I am aware that the Greek reform drive has not killed concerns that Athens might yet be forced to restructure its debt," he wrote.
But he added: "For several intertwined reasons, I find these concerns unfounded."
Athens' adjustment programme, which will see fiscal consolidation totalling about 8 percent of gross domestic product (GDP) this year, was ambitious but also realistic, and there were signs it was doing better than expected, Rehn said.
At the same time, Rehn said Greece's hard work could pay off and lead to a higher level of growth.
"In fact, the impressive progress with structural reforms is likely to lead to a higher than assumed GDP growth," he said, without providing figures or projections.
He gave three reasons why debt restructuring was unlikely.
Firstly, he said pension reform was being implemented ahead of schedule, greatly reducing spending pressures in the future.
Second, broader structural changes to the economy have strengthened medium-term growth prospects, reducing the pressure on debt financing.
And third, those advocating debt restructuring tended to understate the costs, both economically and politically.
"It would mean severe knock-on effects, through a protracted disruption of the broader economy and financial system in Greece, and have adverse consequences for the whole euro area and the global economy," he said.
"Its political costs would be extremely damaging not only for Greece but for the euro area and the European Union as a whole. While improving credibility does not happen overnight, we are seeing signs of a gradual stabilization in market sentiment toward Greece."

 

[mago gambamerlo]

Suona logico ! E' una questione di Conteggi e quale e' il male politico minore !

Greek debt restructuring fears unfounded, says EU's Rehn

August 24, 2010 -



Greece is on track in its efforts to cut spending and return to financial stability, and concerns that it could be forced to restructure its debt are unfounded, the EU's economic and monetary affairs commissioner wrote in the Wall Street Journal.
"Greece has taken drastic, sometimes painful, steps to turn an unsustainable situation around," Olli Rehn wrote in an opinion piece published in the WSJ on Tuesday.
"I am aware that the Greek reform drive has not killed concerns that Athens might yet be forced to restructure its debt," he wrote.
But he added: "For several intertwined reasons, I find these concerns unfounded."
Athens' adjustment programme, which will see fiscal consolidation totalling about 8 percent of gross domestic product (GDP) this year, was ambitious but also realistic, and there were signs it was doing better than expected, Rehn said.
At the same time, Rehn said Greece's hard work could pay off and lead to a higher level of growth.
"In fact, the impressive progress with structural reforms is likely to lead to a higher than assumed GDP growth," he said, without providing figures or projections.
He gave three reasons why debt restructuring was unlikely.
Firstly, he said pension reform was being implemented ahead of schedule, greatly reducing spending pressures in the future.
Second, broader structural changes to the economy have strengthened medium-term growth prospects, reducing the pressure on debt financing.
And third, those advocating debt restructuring tended to understate the costs, both economically and politically.
"It would mean severe knock-on effects, through a protracted disruption of the broader economy and financial system in Greece, and have adverse consequences for the whole euro area and the global economy," he said.
"Its political costs would be extremely damaging not only for Greece but for the euro area and the European Union as a whole. While improving credibility does not happen overnight, we are seeing signs of a gradual stabilization in market sentiment toward Greece."

 

[METHOS]

Suona logico ! E' una questione di Conteggi e quale e' il male politico minore !

[/B][/U]

Sostanzialmente è quello che si diceva fin dall'inizio e cioè che se la grecia fosse un africa o in sud america a nessuno gliene poteva fregar di meno di un suo default. Invece la grecia sta dentro l'europa e dentro l'euro, una sua ristrutturazione del debito e/o uscita dall'euro non sarebbe assolutamente indolore per gli altri paesi comunitari anzi ci potrebbe essere una tensione finanziaria tale da minacciare oltre il portogallo el'irlanda anche la spagna e l'italia. Di fronte ad una tale minaccia nemmeno la francia e la germania possono pensare di essere tanto al sicuto visto tutti gli intrecci finanziari che ci sono tra le varie banche europee. alla fine il costo minore è tenere in vita il paziente moribondo a qualunque costo. Vedremo se sarà così fino alla fine.

 

[mago gambamerlo]

E finche si tratta di svalutazioni salutari di un Euro comunque sovravalutato ..... Ma nel caso di default ve lo immaginate lo scenario di un euro che crolla e tutte le relative conseguenze.

Sostanzialmente è quello che si diceva fin dall'inizio e cioè che se la grecia fosse un africa o in sud america a nessuno gliene poteva fregar di meno di un suo default. Invece la grecia sta dentro l'europa e dentro l'euro, una sua ristrutturazione del debito e/o uscita dall'euro non sarebbe assolutamente indolore per gli altri paesi comunitari anzi ci potrebbe essere una tensione finanziaria tale da minacciare oltre il portogallo el'irlanda anche la spagna e l'italia. Di fronte ad una tale minaccia nemmeno la francia e la germania possono pensare di essere tanto al sicuto visto tutti gli intrecci finanziari che ci sono tra le varie banche europee. alla fine il costo minore è tenere in vita il paziente moribondo a qualunque costo. Vedremo se sarà così fino alla fine.