belindo
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Su cnbs ieri dicevano che i titoli greci sono in mano per lo più a istituzionali e BCE e che le aste mensili possono aiutare il retail a prendere fiducia per comprare nuovamente i titoli di stato ellenici......................SPEREM
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (1 Viewer)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Su cnbs ieri dicevano che i titoli greci sono in mano per lo più a istituzionali e BCE e che le aste mensili possono aiutare il retail a prendere fiducia per comprare nuovamente i titoli di stato ellenici......................SPEREM
Grisù
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Su cnbs ieri dicevano che i titoli greci sono in mano per lo più a istituzionali e BCE e che le aste mensili possono aiutare il retail a prendere fiducia per comprare nuovamente i titoli di stato ellenici......................SPEREM
Corretto, il circolante è a livelli molto bassi (poco più di un miliardo su base mensile). La nota positiva in tal senso è che la BcE non ha dovuto più sostenere il valore dei titoli.
Da un punto di vista finanziario il fallimento della Grecia sarebbe un non senso, in questa fase, poichè gli stati stanno già finanziando le banche in modo più o meno diretto. In caso di default dovrebbero mettere nuovamente mano al portafoglio per sostenere il sistema e coprire i debiti (fallirebbero gli stress test diverse banche francesi e tedesche per non parlare di quelle greche).
Il buon senso direbbe di rifinanziare la Grecia a tassi più bassi dato che peraltro questi sono a livelli di minimo storico. Se poi i biscazzieri riescono a manipolare anche la politica questo è un altro discorso....
tommy271
Forumer storico
Slovak PM: 'no' to Greek bailout, seeks EU apology
(AFP) – 54 minutes ago
BERLIN — Slovakia's prime minister Wednesday launched a vigorous defence of her country's refusal to help pay for a joint EU-IMF bailout for Greece and demanded an apology from Brussels for criticising the decision.
Speaking in an interview with German daily Die Welt ahead of a meeting with Chancellor Angela Merkel, Iveta Radicova said she would call for an "official apology" from the EU for slamming the Slovak parliament's decision.
"The way in which (EU Economic and Monetary Affairs Commissioner) Olli Rehn, a non-elected official from Brussels, spoke about the freely elected members of the Slovakian parliament was insulting," she said.
Earlier this month, Radicova's centre-right coalition won a majority in parliament to overturn a decision by the previous administration to contribute 800 million euros (1.0 billion dollars) to the 110-billion-euro fund.
The decision prompted fury in Brussels, with Rehn describing it as a "breach of solidarity."
Merkel, who came under fire for her perceived dithering over whether to stump up the lion's share of the cash for the bailout, has also criticised Slovakia's decision.
"Everyone needs to know that he may one day be dependent on the solidarity of the others," her spokesman Steffen Seibert told the Financial Times Deutschland last week.
Despite refusing to contribute to the Greek bailout, Bratislava has approved a larger framework agreement on a 440-billion-euro package designed to shore up other EU member states that may need help.
And Slovak reticence will not in practice prevent Greece from drawing down the loan since it has already been put in place alongside stiff austerity measures.
***
Guardate che gente abbiamo imbarcato ...
(AFP) – 54 minutes ago
BERLIN — Slovakia's prime minister Wednesday launched a vigorous defence of her country's refusal to help pay for a joint EU-IMF bailout for Greece and demanded an apology from Brussels for criticising the decision.
Speaking in an interview with German daily Die Welt ahead of a meeting with Chancellor Angela Merkel, Iveta Radicova said she would call for an "official apology" from the EU for slamming the Slovak parliament's decision.
"The way in which (EU Economic and Monetary Affairs Commissioner) Olli Rehn, a non-elected official from Brussels, spoke about the freely elected members of the Slovakian parliament was insulting," she said.
Earlier this month, Radicova's centre-right coalition won a majority in parliament to overturn a decision by the previous administration to contribute 800 million euros (1.0 billion dollars) to the 110-billion-euro fund.
The decision prompted fury in Brussels, with Rehn describing it as a "breach of solidarity."
Merkel, who came under fire for her perceived dithering over whether to stump up the lion's share of the cash for the bailout, has also criticised Slovakia's decision.
"Everyone needs to know that he may one day be dependent on the solidarity of the others," her spokesman Steffen Seibert told the Financial Times Deutschland last week.
Despite refusing to contribute to the Greek bailout, Bratislava has approved a larger framework agreement on a 440-billion-euro package designed to shore up other EU member states that may need help.
And Slovak reticence will not in practice prevent Greece from drawing down the loan since it has already been put in place alongside stiff austerity measures.
***
Guardate che gente abbiamo imbarcato ...
tommy271
Forumer storico
Stabilization Of The Banking System Adds A Burden For Greece
The stabilization of the Greek banking system will lead to the increase of the government’s debt, Athens based bankers in Athens suggest in view of the administration’s decision to participate in the upcoming capital increase of Agricultural Bank.
Still, this burden may fall on other state-run banks.
In any case, the Greek government will maintain a strong state arm in the banking system as Finance Minister pointed out in yesterday’s meeting with bank employees.
The government is concerned οn the reaction of the market to these choices, regarding the "fate" of state holdings, which through the use of the EUR28 plus EUR25 billion support schemes will directly and indirectly increase significantly until the end of September.
This concern was fuelled by S & P΄s reaction yesterday to the Irish government’s intention to strengthen the Anglo-Irish Bank, which will require capital support. This rating agency downgraded Ireland because of the upcoming capital injection, coupled with the deterioration of the outlook for the euro-economy.
(Capital.gr)
The stabilization of the Greek banking system will lead to the increase of the government’s debt, Athens based bankers in Athens suggest in view of the administration’s decision to participate in the upcoming capital increase of Agricultural Bank.
Still, this burden may fall on other state-run banks.
In any case, the Greek government will maintain a strong state arm in the banking system as Finance Minister pointed out in yesterday’s meeting with bank employees.
The government is concerned οn the reaction of the market to these choices, regarding the "fate" of state holdings, which through the use of the EUR28 plus EUR25 billion support schemes will directly and indirectly increase significantly until the end of September.
This concern was fuelled by S & P΄s reaction yesterday to the Irish government’s intention to strengthen the Anglo-Irish Bank, which will require capital support. This rating agency downgraded Ireland because of the upcoming capital injection, coupled with the deterioration of the outlook for the euro-economy.
(Capital.gr)
tommy271
Forumer storico
Opportunity or opportunism?
It’s never really been determined where the proverb “The enemy of my enemy is my friend” originated. In a way, it’s fitting we don’t know because it’s a philosophy that has been applied throughout time and across the world. Many people feel that Greece’s rapprochement with Israel over the past few weeks, culminating in Israeli Prime Minister Benjamin Netanyahu’s visit to Athens this week, shows that this age-old proverb still has relevance today.
There is no doubt that relations between the two countries have come a long way in a very short period of time. It was only in the 1980s that Israel viewed Andreas Papandreou’s Greece as a rogue state that gave succor to Palestinian terrorism and Arab radicalism. Papandreou had aligned himself with the Arab world when many in his PASOK party felt that Greece should play a leading role in the Third World, creating a new force that could spring up between the communist East and capitalist West. He also believed that by currying favor with the Arabs, he could ensure their support in his dealings with Turkey and perhaps convince them to invest in Greece.
It is ironic that Papandreou’s son, George, should now attempt to follow a dramatically different course, one that runs between the Arabs and Israelis rather than veering to one side. Of course, he does so in an environment that is nothing like the one experienced by his father. There are no eastern and western blocs now: The pieces on the geopolitical chessboard are in constant movement. Also, Turkey is now the region’s big player – when it talks, the Arabs listen, not the other way round. And, as far as foreign investments go, the weak presence of Arab capital in Greece never seemed to merit sacrificing the country’s foreign policy. Attempting to lure the Chinese yuan rather than Arab petrodollars appears to offer far greater rewards.
So, in brutal, realpolitik terms, it seems to make perfect sense for Greece to upgrade its relations with Israel and continue a process of reconciliation that began tentatively in the 1990s. But, by reaching across to Israel, Papandreou runs counter to a strong anti-Israeli, and in some cases anti-Semitic, current in Greek society. Israel is still regarded with suspicion and anger by many Greeks who view the Palestinians as their spiritual kin. Israel’s decision at the end of May to board six ships, two of which were Greek, carrying humanitarian aid to Gaza – leading to nine activists being killed and 35 Greeks arrested and deported amid claims of abuse – fed rage among many Greeks about Israel’s role in the Middle East and rocked relations between Athens and Jerusalem.
So, many find Papandreou’s decision to warm to Israel rather shallow. They are convinced that Greece is only interested in playing its newfound friendship with Netanyahu’s government against Turkey, at a time when Ankara and Jerusalem, who for so long had a flourishing relationship, are failing to see eye-to-eye. There is little doubt that the breakdown in relations between Greece and Turkey has acted as a catalyst for Netanyahu and Papandreou, and that the dividing line between opportunity and opportunism is very thin indeed. However, anyone believing that Turkey would be overly concerned by Greeks and Israelis conducting joint air force exercises or working together to manage their water resources is fooling themselves. Turkey, which is seeking an ever more active role in Iraq and closer ties with Iran, is jostling for position at the bargaining table with the USA and the world’s other major powers, where Greece is far from the biggest chip in the pile.
Rather than a brave piece of triangular diplomacy, Greece’s approach to Israel should be seen as a common-sense move. At a time when so many aspects of international relations are in flux, especially in the broader region around Greece, and when the local economy is being tested like never before, it seems only logical that Athens should aim to have as many friends and as few enemies as possible.
(Editoriale di Athens Plus)
It’s never really been determined where the proverb “The enemy of my enemy is my friend” originated. In a way, it’s fitting we don’t know because it’s a philosophy that has been applied throughout time and across the world. Many people feel that Greece’s rapprochement with Israel over the past few weeks, culminating in Israeli Prime Minister Benjamin Netanyahu’s visit to Athens this week, shows that this age-old proverb still has relevance today.
There is no doubt that relations between the two countries have come a long way in a very short period of time. It was only in the 1980s that Israel viewed Andreas Papandreou’s Greece as a rogue state that gave succor to Palestinian terrorism and Arab radicalism. Papandreou had aligned himself with the Arab world when many in his PASOK party felt that Greece should play a leading role in the Third World, creating a new force that could spring up between the communist East and capitalist West. He also believed that by currying favor with the Arabs, he could ensure their support in his dealings with Turkey and perhaps convince them to invest in Greece.
It is ironic that Papandreou’s son, George, should now attempt to follow a dramatically different course, one that runs between the Arabs and Israelis rather than veering to one side. Of course, he does so in an environment that is nothing like the one experienced by his father. There are no eastern and western blocs now: The pieces on the geopolitical chessboard are in constant movement. Also, Turkey is now the region’s big player – when it talks, the Arabs listen, not the other way round. And, as far as foreign investments go, the weak presence of Arab capital in Greece never seemed to merit sacrificing the country’s foreign policy. Attempting to lure the Chinese yuan rather than Arab petrodollars appears to offer far greater rewards.
So, in brutal, realpolitik terms, it seems to make perfect sense for Greece to upgrade its relations with Israel and continue a process of reconciliation that began tentatively in the 1990s. But, by reaching across to Israel, Papandreou runs counter to a strong anti-Israeli, and in some cases anti-Semitic, current in Greek society. Israel is still regarded with suspicion and anger by many Greeks who view the Palestinians as their spiritual kin. Israel’s decision at the end of May to board six ships, two of which were Greek, carrying humanitarian aid to Gaza – leading to nine activists being killed and 35 Greeks arrested and deported amid claims of abuse – fed rage among many Greeks about Israel’s role in the Middle East and rocked relations between Athens and Jerusalem.
So, many find Papandreou’s decision to warm to Israel rather shallow. They are convinced that Greece is only interested in playing its newfound friendship with Netanyahu’s government against Turkey, at a time when Ankara and Jerusalem, who for so long had a flourishing relationship, are failing to see eye-to-eye. There is little doubt that the breakdown in relations between Greece and Turkey has acted as a catalyst for Netanyahu and Papandreou, and that the dividing line between opportunity and opportunism is very thin indeed. However, anyone believing that Turkey would be overly concerned by Greeks and Israelis conducting joint air force exercises or working together to manage their water resources is fooling themselves. Turkey, which is seeking an ever more active role in Iraq and closer ties with Iran, is jostling for position at the bargaining table with the USA and the world’s other major powers, where Greece is far from the biggest chip in the pile.
Rather than a brave piece of triangular diplomacy, Greece’s approach to Israel should be seen as a common-sense move. At a time when so many aspects of international relations are in flux, especially in the broader region around Greece, and when the local economy is being tested like never before, it seems only logical that Athens should aim to have as many friends and as few enemies as possible.
(Editoriale di Athens Plus)
tommy271
Forumer storico
Greek Coke bottler urges review of taxes
Coca-Cola Hellenic, Greece’s largest firm by market value, urged the government yesterday to review taxation and take steps to boost growth, warning that austerity measures and corporate taxes are hurting demand and investment. Greece is implementing a multibillion-euro plan to slash its debt and budget deficit, including a one-off tax on large companies’ profits, a 40 percent tax on dividends, cuts in public investment and public wages as well as value-added tax hikes. “It’s unreasonable to expect that Coca-Cola Hellenic [CCH] and other companies with significant activities outside Greece will continue to bring money to Greece, pay 40 percent out of that money and then distribute what is left,” CCH’s managing director Doros Constantinou told Reuters in an interview. “It’s unheard of, it’s like discouraging anybody from outside of Greece to come and invest here,” he said. Coca-Cola Hellenic, the No 2 bottler of Coca-Cola in the world, buys syrup concentrate from Coca-Cola and bottles and distributes drinks including Coca-Cola, Sprite and Fanta in 27 countries in Europe and in Nigeria. “I expect the government will take some corrective measures,” he said, also urging steps to ensure a return to growth in the recession-hit country. “The government needs to give people some way out and some visibility for the future and some confidence... no additional negative measures,” he said while praising government expenditure cuts. CCH’s sales volume fell 2 percent in the first half year-on-year due to tough conditions in Greece and Italy. Constantinou said trends improved in July and August, mainly thanks to Russia, in line with market expectations.
(Reuters)
Coca-Cola Hellenic, Greece’s largest firm by market value, urged the government yesterday to review taxation and take steps to boost growth, warning that austerity measures and corporate taxes are hurting demand and investment. Greece is implementing a multibillion-euro plan to slash its debt and budget deficit, including a one-off tax on large companies’ profits, a 40 percent tax on dividends, cuts in public investment and public wages as well as value-added tax hikes. “It’s unreasonable to expect that Coca-Cola Hellenic [CCH] and other companies with significant activities outside Greece will continue to bring money to Greece, pay 40 percent out of that money and then distribute what is left,” CCH’s managing director Doros Constantinou told Reuters in an interview. “It’s unheard of, it’s like discouraging anybody from outside of Greece to come and invest here,” he said. Coca-Cola Hellenic, the No 2 bottler of Coca-Cola in the world, buys syrup concentrate from Coca-Cola and bottles and distributes drinks including Coca-Cola, Sprite and Fanta in 27 countries in Europe and in Nigeria. “I expect the government will take some corrective measures,” he said, also urging steps to ensure a return to growth in the recession-hit country. “The government needs to give people some way out and some visibility for the future and some confidence... no additional negative measures,” he said while praising government expenditure cuts. CCH’s sales volume fell 2 percent in the first half year-on-year due to tough conditions in Greece and Italy. Constantinou said trends improved in July and August, mainly thanks to Russia, in line with market expectations.
(Reuters)
tommy271
Forumer storico
Merger talk spurs rocky ride
Takeover speculation grows ahead of earnings reports; experts split as to timing, banks it may involve
By Stelios Bouras - Kathimerini English Edition
With all eyes on banks unveiling second-quarter earnings figures this week, speculation about lenders being headed for merger activity is resurfacing, creating a bumpy ride for investors.
An offer by Piraeus Bank last month to buy government stakes in Hellenic Postbank and ATEbank for 701 million euros raised expectations of more lenders seeking partners in a bid to get through these tough times.
Slowing credit growth, rising bad loans and liquidity problems due to Greek lenders having been cut off from money markets support arguments for why they need to get bigger and stronger.
Yesterday, it was Bloomberg’s turn to cite brokers from Macquarie Research and UBS as saying that Greek banks need to merge as a result of dependence on European Central Bank funding and worsening asset quality. A few days ago, Reuters quoted a Bank of America Merrill Lynch expert who stressed that “consolidation can support earnings and, at a later stage, access to capital markets.”
Apart from market forces, political pressure is also pushing for match-ups.
In a report sent to the European Commission, European Central Bank and International Monetary Fund last week, Finance Minister Giorgos Papaconstantinou and Bank of Greece Governor Giorgos Provopoulos said they have commissioned an in-depth study on strategic options in the sector. “The Greek banking system continues to face a challenging environment,” they said.
However, experts are split as to who the mergers may involve and the timing of such deals.
Eurobank EFG equities research said yesterday consolidation momentum is cooling after Piraeus Bank’s July offer. “The lack of any follow-up to Piraeus Bank’s offer suggests that corporate activity might not be as imminent as thought, rendering valuation of synergies premature,” it said in a note to investors. Other brokers questioned the benefits of potential deals, adding that lenders have access to enough liquidity to get by and are adequately well capitalized to avoid rash decisions.
“Consolidation is not necessarily the solution. Improvements in government finances are crucial to helping them borrow again.”
The guessing game, however, has created room for investors to cash in on the speculation. Bank shares shed 10 percent this month after climbing 35 percent in July. Yesterday, banks tumbled 3.40 percent, with Alpha and Eurobank EFG plunging between 5 and 6 percent.
The beta – a measure of a stock’s volatility in relation to the market as a whole – for Eurobank jumped to 2.18 in the last two months, versus 1.45 in the second quarter of the year. National Bank’s beta rose to 1.53 in the same period, versus 1.264 between April and June. With Piraeus Bank kicking off the reporting season tomorrow, followed by National Bank on Friday, brokers expect more volatility as the merger issue remains open-ended. “The market will be bumpy. It is not clear what will happen and this boosts volatility,” a broker said. [email protected]
By Stelios Bouras - Kathimerini English Edition
With all eyes on banks unveiling second-quarter earnings figures this week, speculation about lenders being headed for merger activity is resurfacing, creating a bumpy ride for investors.
An offer by Piraeus Bank last month to buy government stakes in Hellenic Postbank and ATEbank for 701 million euros raised expectations of more lenders seeking partners in a bid to get through these tough times.
Slowing credit growth, rising bad loans and liquidity problems due to Greek lenders having been cut off from money markets support arguments for why they need to get bigger and stronger.
Yesterday, it was Bloomberg’s turn to cite brokers from Macquarie Research and UBS as saying that Greek banks need to merge as a result of dependence on European Central Bank funding and worsening asset quality. A few days ago, Reuters quoted a Bank of America Merrill Lynch expert who stressed that “consolidation can support earnings and, at a later stage, access to capital markets.”
Apart from market forces, political pressure is also pushing for match-ups.
In a report sent to the European Commission, European Central Bank and International Monetary Fund last week, Finance Minister Giorgos Papaconstantinou and Bank of Greece Governor Giorgos Provopoulos said they have commissioned an in-depth study on strategic options in the sector. “The Greek banking system continues to face a challenging environment,” they said.
However, experts are split as to who the mergers may involve and the timing of such deals.
Eurobank EFG equities research said yesterday consolidation momentum is cooling after Piraeus Bank’s July offer. “The lack of any follow-up to Piraeus Bank’s offer suggests that corporate activity might not be as imminent as thought, rendering valuation of synergies premature,” it said in a note to investors. Other brokers questioned the benefits of potential deals, adding that lenders have access to enough liquidity to get by and are adequately well capitalized to avoid rash decisions.
“Consolidation is not necessarily the solution. Improvements in government finances are crucial to helping them borrow again.”
The guessing game, however, has created room for investors to cash in on the speculation. Bank shares shed 10 percent this month after climbing 35 percent in July. Yesterday, banks tumbled 3.40 percent, with Alpha and Eurobank EFG plunging between 5 and 6 percent.
The beta – a measure of a stock’s volatility in relation to the market as a whole – for Eurobank jumped to 2.18 in the last two months, versus 1.45 in the second quarter of the year. National Bank’s beta rose to 1.53 in the same period, versus 1.264 between April and June. With Piraeus Bank kicking off the reporting season tomorrow, followed by National Bank on Friday, brokers expect more volatility as the merger issue remains open-ended. “The market will be bumpy. It is not clear what will happen and this boosts volatility,” a broker said. [email protected]
mago gambamerlo
Xx Phuket xX
e' da un pezzo che le stanno pompando ....
Ormai gli amichetti iniziano a fare mosse scontate
Irlanda, S&P taglia giudizio su paese ad AA-, outlook negativo
tommy271
Forumer storico
Deutsche Bank Cuts Target Prices For Greek Banks
Deutsche Bank remains neutral on Greek and Cypriot banks in a report dated August 24, while significantly cutting its target prices for the lenders.
The firm cuts its EPS by 67% in 2010E and 54% in 2011E or by 45-50%, excluding the windfall tax effect. It estimates that asset quality and capital adequacy will likely be the main focus areas and as it expects NPLs to peak in 2011E, the major challenge for the banks should be to stay profitable and safeguard their capital, in our view.
“Marginal liquidity is scarce – and provided only by the ECB – and the banks’ large exposure to Greece means that their creditworthiness is closely tied to the creditworthiness of the sovereign,” it says.
“We view macro conditions and asset quality as the main short-term risks (on either side), with wholesale access and capital adequacy as the main long-term challenges,” DB adds.
More specifically, the new price target for NBG is set at EUR11.80 from EUR21.80 EUR maintaining the ‘hold’ rating, for Alpha Bank to EUR5.30 from EUR9.20 (hold), for Eurobank to EUR5.60 from EUR7.50 euros (hold), for Piraeus Bank to EUR5 (hold), for Bank of Cyprus to EUR3.90 from EUR4.70 (hold), for Marfin Popular Bank to EUR1.90 from EUR2.70 (hold), and for ATEBank to EUR0.30 from EUR1.20
(Capital.gr)
Deutsche Bank remains neutral on Greek and Cypriot banks in a report dated August 24, while significantly cutting its target prices for the lenders.
The firm cuts its EPS by 67% in 2010E and 54% in 2011E or by 45-50%, excluding the windfall tax effect. It estimates that asset quality and capital adequacy will likely be the main focus areas and as it expects NPLs to peak in 2011E, the major challenge for the banks should be to stay profitable and safeguard their capital, in our view.
“Marginal liquidity is scarce – and provided only by the ECB – and the banks’ large exposure to Greece means that their creditworthiness is closely tied to the creditworthiness of the sovereign,” it says.
“We view macro conditions and asset quality as the main short-term risks (on either side), with wholesale access and capital adequacy as the main long-term challenges,” DB adds.
More specifically, the new price target for NBG is set at EUR11.80 from EUR21.80 EUR maintaining the ‘hold’ rating, for Alpha Bank to EUR5.30 from EUR9.20 (hold), for Eurobank to EUR5.60 from EUR7.50 euros (hold), for Piraeus Bank to EUR5 (hold), for Bank of Cyprus to EUR3.90 from EUR4.70 (hold), for Marfin Popular Bank to EUR1.90 from EUR2.70 (hold), and for ATEBank to EUR0.30 from EUR1.20
(Capital.gr)
- Stato