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

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ECB Must Show Commitment to Bond Buying, Dealer Group Says

August 27, 2010, 7:39 AM EDT

By Matthew Brown and Sara Eisen


Aug. 27 (Bloomberg) -- The European Central Bank needs to maintain its bond-buying program while the market remains fragile, said Sander Schol, a director of the Association for Financial Markets in Europe.

ECB purchases have fallen to a level where they aren’t enough to bolster prices, Schol, whose division represents the region’s 20 largest primary dealers, said in an interview yesterday. Schol said the ECB has relied on its practice of regularly phoning banks to get price quotes, which keeps the market functioning by making institutions aware that the central bank is ready to act if needed.
“It’s important that the ECB continues to show its commitment to this buying program,” Schol said. “My members notice that markets are still very jittery.”

The ECB has slowed purchases of government bonds to 338 million euros ($430 million) last week and 10 million euros the week before, compared with 16.5 billion euros in the first week of the operation, which started May 10. The ECB began buying bonds after the European Union and International Monetary Fund created a 750-billion-euro fund to backstop the single currency following a surge in borrowing costs in Greece, Portugal, Ireland and Spain.

Yields have risen on the debt of so-called peripheral euro- region nations this month as benchmark German bund yields plunged, widening the so-called yield spread on Irish 10-year government bonds to a record 353 basis points today. The Greek- German spread has widened 166 basis points since the beginning of the month, reaching 929 points as of 12:25 p.m. in London.
The Frankfurt-based ECB took term deposits on Aug. 24 to mop up 60.5 billion euros of liquidity created by bond purchases settled up to August 20.


‘Limited’ Purchases


“Mostly what they seem to be buying is Greece and then a little Ireland, mainly in the two- to three-year area,” Schol said. “They are not a significant buyer. Anything less than a couple of billion does not have a specific influence on the market.”


The ECB declined to comment.


Purchases haven’t exceeded 1 billion euros since the ECB bought 4 billion euros of securities in the week ended July 2.
In May, “the bond markets would have stopped functioning” without the ECB’s help, Schol said. “There was so much fear in the markets at that time, there was no other option for the ECB but to step in and put a ceiling on interest rates. There would have been a big chance that the market would have collapsed.”

--With assistance from Gabi Thesing in London. Editors: Keith Campbell, Mark Gilbert.
To contact the reporters on this story: Matthew Brown in London at [email protected]; Sara Eisen in New York at [email protected]
 
ECB Must Show Commitment to Bond Buying, Dealer Group Says

Questo grafico può aiutare.....
EZ_2BNDPR0610.gif
 
Saltati un paio di giorni, vediamo la situazione corrente, con le chiusure OTC di ieri sera. Si rileva una flessione dei prezzi su tutte le lunghezze, con una tenuta discreta solo dei titoli più lunghi: una situazione che vede accentuarsi una tendenziale inversione della curva dei rendimenti a partire dal 2012, senza tuttavia scontare alcuno scenario concreto e ravvicinato di ristrutturazione (con eventuale haircut).

Ne risulta che, prendendo a riferimento i dati Xtrakter, il bond 2011 GR0124015497 (fuori monitor, ma che teniamo d'occhio ogni tanto) sconta ancora un rendimento lordo a scadenza appena sotto il 10% (o appena sopra, se si considera invece il close BBML), si sale attorno al 12% lordo sui bond 2013-2014, con il venire meno del possibile effetto protettivo esplicato dal piano UE - FMI, per scendere poi nuovamente fino a quote poco superiori al 9% lordo di rendimento a scadenza per i bond 2037 e 2040, protette dal proprio prezzo rispetto ad ipotesi di haircut che non fossero molto drastiche.

Bene ed in controtendenza i prezzi dei GGBei a monitor, che salgono per entrambi i titoli.

il 2013 - 84,01 (BBML) 84,19 (Xtrakter);
il 2014 - 79,78 (BBML) 79,99 (Xtrakter);
il 2015 - 79,19 (BBML) 79,60 (Xtrakter);
il 2016 - 68,66 (BBML) 69,05 (Xtrakter);
il 2017 - 66,55 (BBML) 66,77 (Xtrakter);
il 2018 - 66,34 (BBML) 66,91 (Xtrakter);
il 2019 6% 71,10 (BBML) 71,43 (Xtrakter);
il 2019 6.5% 73,08 (BBML) 73,63 (Xtrakter);
il 2022 - 66,15 (BBML) 66,58 (Xtrakter);
il 2024 - 61,23 (BBML) 61,30 (Xtrakter);
il 2026 - 61,23 (BBML) 61,59 (Xtrakter);
il 2037 - 54,15 (BBML) 54,23 (Xtrakter);
il 2040 - 54,34 (BBML) 54,25 (Xtrakter);

GGBei 2025 - 53,43 (BBML), non significativo su Xtrakter
GGBei 2030 - 48,48 (BBML), non significativo su Xtrakter

I prezzi vecchi sono quelli dell'altro ieri, mentre l'OTC di ieri sera registra le chiusure indicate di seguito. I dati sembrano confermare il possibile esaurimento del rimbalzo estivo segnalato giorni addietro.

Continua con ritmo accellerato l'erosione dei prezzi tanto sulle scadenze più prossime e fino al 2019, titoli per i quali cali nell'ordine dei 100 pb sui due giorni dalla precedente rilevazione sono nella norma, quanto per quelle più lunghe, sulle quali pure l'allentamento dei prezzi è sensibile.

Particolarmente sensibile il calo del GGBei 2030.

il 2013 - 83,13 (BBML) 83,51 (Xtrakter);
il 2014 - 78,83 (BBML) 78,93 (Xtrakter);
il 2015 - 78,13 (BBML) 78,09 (Xtrakter);
il 2016 - 67,58 (BBML) 67,61 (Xtrakter);
il 2017 - 65,61 (BBML) 65,90 (Xtrakter);
il 2018 - 65,33 (BBML) 65,22 (Xtrakter);
il 2019 6% 69,59 (BBML) 69,79 (Xtrakter);
il 2019 6.5% 71,56 (BBML) 71,55 (Xtrakter);
il 2022 - 64,96 (BBML) 65,11 (Xtrakter);
il 2024 - 59,73 (BBML) 60,17 (Xtrakter);
il 2026 - 60,48 (BBML) 60,74 (Xtrakter);
il 2037 - 53,00 (BBML) 53,92 (Xtrakter);
il 2040 - 53,40 (BBML) 53,28 (Xtrakter);

GGBei 2025 - 53,00 (BBML), non significativo su Xtrakter
GGBei 2030 - 45,85 (BBML), non significativo su Xtrakter
 
Prime Minister asked for excuses, Euro Commissioner to refuse

The European Commission, in the body of Olli Rehn, Finnish Commissioner for economic and monetary affairs, refuted criticism from Slovak Prime Minister Iveta Radicova, concerning her refusal to provide a loan to Greece. “The Commission respects the right for Slovakia to refuse to provide this €810 million loan to Greece and we respect the Slovak parliament’s decision, but the EC has the right to express its disagreement”, said Rehn’s spokesperson, Amadeu Altafaj. The Slovak PM indeed said for the German newspaper Die Welt, that she would ask the Commission for official excuses. Rehn’s spokesperson added that the European Commission is a political organ composed of politicians and that expresses itself politically. As a Member of the European Commission, Rehn received his political legitimacy from the European Parliament, which is a democratically elected organ of the EU.

(Radio Slovakia International)
 
Borsa Atene: Ase chiude a +0,3% con bassi volumi


MILANO (MF-DJ)--L'indice Ase di Atene chiude in rialzo dello 0,3% a 1.547,01 punti, con un volume di scambi ridotto di 61,8 mln euro.
"Si tratta della seconda sessione in cui la borsa registra una ripresa, dopo la propensione a vendere di inizio settimana. Tuttavia la partecipazione ridotta degli investitori indica che i guadagni potrebbero non durare a lungo", afferma un trader locale.
Sul fronte corporate Coca Cola Hellenic sale del 2,8%, Hellenic Telecoms dell'1,3% e Eurobank dello 0,3%. Ppc chiude in calo del 2,6%.
 
Russia To Keep Buying Euro-Denominated Assets

First Published Friday, 27 August 2010 04:22 pm - © 2010 Dow Jones

(Adds details)

By Ira Iosebashvili
Of Dow Jones Newswires

MOSCOW -(Dow Jones)- Russia will continue investing its reserves--the world's third largest--in euro-denominated bonds, local news agencies reported Finance Minister Alexei Kudrin as saying Friday.
"The Russian government sees the euro's prospects as stable," Kudrin said after a meeting with his German counterpart Wolfgang Schaeuble.
"We will continue investing in euro denominated obligations and feel that exhaustive measures have been taken to stabilize the situation in the euro zone."
The euro has risen 6% since hitting a 4-year low against the dollar early June, when investor confidence was shaken by fears that several euro zone countries, primarily Greece, would default on their loans.
In the midst of the euro debt crisis, Kudrin predicted that Greece would undergo a "mini-default" although he emphasized that he still "believed in Europe and the euro."
Russia currently holds roughly 41% of its $475 million-plus reserves in euros, 47% in dollars and 10% in sterling.

-By Ira Iosebashvili, Dow Jones Newswires; +7 495 232 9195; [email protected]
 
Abbiamo trovato un lavoro per Gaudente, lo invieremo in Grecia a far filmini...:clap::clap::clap:

Greek Government launches video competition against tax evasion

At first the Greeks were gathering sales receipts, next it was the satellite photos, what will follow? The answer is home videos! The Greek Government stated that they are going to use each and every means against tax evasion as it costs the cash-strapped nation billions of euros per year.
According to the Greek Finance Ministry, they will pay the filmakers, including teenagers up to 5,000 euros ( $7174.50) for home made videos as part of a coordinated effort to bolster tax awareness and deal with tax evasion which is a major problem in Greece, especially during the recent years.
The top ten videos are going to be aired on a national channel and will be included in the Finance Ministry’s campaign concerning tax evasion. This entries are going to be awarded from 1,000 to 5,000 euros. All videos must be handed in from September the 6th till September the 30th under the license of Creative Commons [http://creativecommons.org/licenses/by/3.0/gr/]. During this period the Finance Ministry is going to release them on the net. An evaluation committee is going to announce the top 10 winner videos after the internet poll.
Greece is in a critical stage as itavoided bankruptcy thanks to the loan by the European Union and the International Monetary Fund (IMF) and the Government is making huge efforts to take the country out of the fiscal crisis. Recently, the Prime Minister George Papandreou, took a number of measures such as using satellites in order to find undeclared swimming pools and the Government urged the public to request for a receipt for any purchase in order to crack cown on tax evasion. In fact, the last measure did not prove successful as the majority of the consumers claim that undeclared transactions are even cheaper. The Government launches now this competition hoping it will prove successful as according to official estimation, Greece loses about 10 billion euros a year because of tax evasion.
 
Non credi che le tasse siano un patto sociale?
No.
Le tasse hanno origine dalla violenza.
Chi vince la guerra impone un tributo a chi la perde.
Analogamente l'organizzazione criminale che prevale su tutte le altre su un territorio abbastanza a lungo da potersi autoproclamare "stato" impone tributi a tutti i disgraziati che in quel territorio in un qualche modo ci tirano a campare.
 
No.
Le tasse hanno origine dalla violenza.
Chi vince la guerra impone un tributo a chi la perde.
Analogamente l'organizzazione criminale che prevale su tutte le altre su un territorio abbastanza a lungo da potersi autoproclamare "stato" impone tributi a tutti i disgraziati che in quel territorio in un qualche modo ci tirano a campare.

Dunque per la manutenzione delle strade chi è competente?
Gaudente con la sua scopa di saggina o il comune (provincia, regione o nazione) per il quale paghiamo le tasse?
Potrei includere la sanità, la difesa ecc. Mi astengo.
 
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