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

[lorenzo63]

C'e' un thread dedicato alla Grecia persino nel forum di noi expat in Thai , manco a dirlo sono tutti assetati di sangue impazienti di vedere sommosse e default.... ma potete sempre consolarvi col pensiero che le nostre menti sono obnubilate dalle orge e dalle sbronze e quindi da non prendere sul serio
Greece slits its wrists. - Page 11 - TeakDoor.com - The Thailand Forum

I valori dei CDS hanno raggiunto oramai livelli di guardia...

 

[tommy271]

I valori dei CDS hanno raggiunto oramai livelli di guardia...

E' vero, ma sono scesi rispetto ai doppi massimi toccati, con oltre 900 punti, a maggio e pochi giorni fa.
I titoli rimangono sempre ad alto rischio, adatti ad un portafoglio consapevole.

 

[tommy271]

C'e' un thread dedicato alla Grecia persino nel forum di noi expat in Thai , manco a dirlo sono tutti assetati di sangue impazienti di vedere sommosse e default.... ma potete sempre consolarvi col pensiero che le nostre menti sono obnubilate dalle orge e dalle sbronze e quindi da non prendere sul serio
Greece slits its wrists. - Page 11 - TeakDoor.com - The Thailand Forum

Generalmente Europa e Asia si capiscono poco ... .

 

[tommy271]

Spread bund sempre sotto tensione, con miglioramenti dovuti più al cedimento del bund che a cambi di direzione strutturali.
La nostra Grecia continua debolmente a restringere, salvo qualche sprazzo di luce durante la giornata. Il Club Med segue con Irlanda e Portogallo che si smarcano sempre di più rispetto a Spagna e Italia.

Grecia 919 pb. (924)
Irlanda 348 pb. (351)
Portogallo 333 pb. (338)
Spagna 168 pb. (177)
Italia 142 pb. (148)

 

[tommy271]

EU austerity policies risk civil war in Greece, warns top German economist Dr Sinn

Greece’s austerity measures cannot prevent default and will lead to a breakdown of the political order if continued for long, a leading German economist has warned.



“This tragedy does not have a solution,” said Hans-Werner Sinn, head of the prestigious IFO Institute in Munich.

“The policy of forced 'internal devaluation', deflation, and depression could risk driving Greece to the edge of a civil war. It is impossible to cut wages and prices by 30pc without major riots,” he said, speaking at the elite European House Ambrosetti forum at Lake Como.

“Greece would have been bankrupt without the rescue measures. All the alternatives are terrible but the least terrible is for the country to get out of the eurozone, even if this kills the Greek banks,” he said.
Dr Sinn said Greece is an entirely different case from Spain and Portugal, which still have manageable public debts and can bring their public finances back into line with higher taxes.
“Greece would have defaulted in the period between April 28 and May 7, had the money not been promised by the European Union,” he said, describing the failure of the EU’s bail-out strategy to include a haircut for the banks as an invitation to moral hazard.
“There should be a quasi-insolvency procedure for countries. Creditors have to accept a haircut before any money flows for rescue plans, otherwise we’ll never have debt discipline in the eurozone,” he said.
Greek society has so far held together well, despite a wave of strikes and street violence in the early months of the crisis. However, unemployment is rising fast and political fatigue with such austerity policies typically sets in the second year.
Under the rescue deal, the eurozone pledged €80bn of new loans at 5pc interest and the International Monetary Fund offered a further €30bn.
The joint bail-out was hoped to safeguard Greece against the pressure from global capital markets for two and half years, but the relief rally proved short. Spreads on longer-term Greek government debt have surged back to crisis levels of about 800 basis points, implying a high risk of default.
“We are in the second Greek crisis right now, today,” said Dr Sinn.
Greece is undergoing what amounts to an IMF austerity package but without the IMF cure of debt restructuring or devaluation that usual for a country with a spiralling public debt and a chronic loss of competitiveness.
The IMF says Greece’s debt will rise to 150pc by 2013-2014 even if Athens complies fully, a strategy viewed as self-defeating by several ex-IMF officials. There is a strong suspicion that the real objective is to bail-out North European banks with heavy exposure to Southern Europe, rather help Greece.
Dr Sinn said the Germany is now was super-competitive after clawing back 18pc in competitiveness during its long slump. “We’re in a new phase of history. The toggle switch has turned and we are going to see a mirror image of the last 15 years. This time it is Germany that will have an internal boom,” he said.
Germans will not recyle their savings in the Club Med region. They will invest at home.

(Telegraph.co.uk)

***
Vedremo, intanto - stando ai sondaggi - Papandreou e il suo governo godono ancora dell'appoggio della maggioranza della popolazione. Le manifestazioni sono sempre più deserte ...

 

[tommy271]

GOVERNMENT WORKERS UNION ANNOUNCES NON ATTENDANCE AT THESSALONIKI INTERNATION FAIR

The Civil Servants’ umbrella federation ADEDY announced on Friday that it will not attend the opening address of the Thessaloniki International Fair this year because as it stated: “there is no point”. ADEDY characterized the meetings in the framework of the TIF on economic and social policy as public relations.
In an announcement ADEDY also called for a meeting with the government to discuss the problems faced by public administration and salary and pension earners.
“The government, in cooperation with the IMF and EU, decided on and are implementing the anti-popular and anti-labour Memorandum,” it said.
ADEDY further said that the memorandum policies and government’s selections have brought a sharp reduction in workers’ incomes, abolition of social security rights, and are leading labour relations to the barbarous conditions of the previous century. This will cause dramatic repercussions on the working people and society as unemployment is rising and poverty and penury are affecting an increasing proportion of the population, while at the same time the profits of the financially strong are increasing and the economy is being plunged into recession.

(Greek Reporter.gr)

 

[lorenzo63]

I titoli rimangono sempre ad alto rischio, adatti ad un portafoglio consapevole.

Ciao Tommy,

Assolutamente vero : ed oserei dire anche con il dito sul grilletto in caso il pmc sia altino..
Inerente la considerazione sui valori cds, temo che le fluttuazioni weekly o giornaliere, nei fatti siano operantivamente poco o per nulla influenti, in quanto sono/saranno date dalla mera contrattazione ... e/ma questo nn varia minimamente lo stato generale economico della Grecia.

 

[tommy271]

Carrots to lure overseas funds

Finance Ministry considering bonds aimed at diaspora Greeks, planning checks on foreign accounts

The government is hoping to secure fresh funds from Greek money deposited or invested abroad via a combination of incentives and crackdowns.
Firstly, the Finance Ministry is reportedly examining a plan for the issuing of bonds exclusively directed to Greeks abroad, although no decisions have been made yet.
If the plan is implemented, it will concern markets with a strong Greek presence, such as the United States, Canada and Australia, sources suggest. The idea is to appeal to the patriotic sentiments of the diaspora.
Meanwhile, the ministry is further preparing to examine whether Greeks with bank accounts abroad are paying tax on interest earned and to establish the origin of the money deposited.
The process of identifying Greeks’ overseas accounts has already been started by the General Secretariat for Information Systems (GSIS), which reportedly has a list of tens of thousands of Greeks with deposits abroad that are earning high rates of interest which could represent a source of revenues for the government in the form of taxes.
A top ministry official suggested that even in cases where tax has been paid on the interest on overseas deposits, the origin and legitimacy of those funds are likely to be investigated due to the large amounts usually involved.
To this end, GSIS has compiled two lists: The first will consist of those who have not paid taxes on interest earned and the second of those who have suspiciously large overseas bank accounts. It will not be investigating student accounts or those with small balances.
It is clear that the purpose of these checks is to pressure foreign account holders into returning the capital to Greece. The relevant regulation provides incentives for the return of Greek capital to the country by waiving any checks on funds repatriated in return for a lower 5 percent tax, until October 15. What’s more, if the funds returned to Greece are invested in Greek bonds or in real estate, the tax due will be halved. Similar incentives given in the past have produced negligible results.


(Kathimerini.gr)

 

[tommy271]

Gov’t eyeing bank support funds


The European Commission in Brussels decided yesterday to approve the operation of the Hellenic Financial Stability Fund, meant to support local banks, in accordance with European Union regulations – and Athens can’t wait to get its hands on it.
The fund’s capital amounts to 10 billion euros and forms part of the financial support offered to Greece from the eurozone and the International Monetary Fund.
“I am satisfied by the fact that the terms according to which Greece will be able to resort to the fund are in harmony with the regulations of the support programs for the financial sector in periods of crises,” EU Competition Commissioner Joaquin Almunia said yesterday.
The first 5 billion euros has already been credited to the fund from the first installment from the EU and the IMF in May. The other half is expected to arrive this month with the second installment.
However, after the inspection by Greece’s creditors in end-July to early August, the government has agreed not to credit the fund with all 5 billion euros this month but only a small part of that, with the rest to be used for other purposes by the state.
Athens suggests that, until the end of this year, the banks will not need such funds, so there is no point in committing this amount of money at a time when other needs are greater. This way, the state will have secured an amount of ready cash during a period when its obligations are considerable and the markets are closed to it, as Greece will have to wait another three months before it can borrow money again.
The Finance Ministry is hoping to close 2010 and start next year with the biggest possible cash amounts available in the state coffers so as to be able to handle any problems until the fourth installment, due in March.


(Kathimerini.gr)


***
Con il neretto correggo un mio precedente post.

 

[Imark]

Bce e Germania facciano di più per crescita periferici - Roubini

Reuters - 03/09/2010 16:42:41

CERNOBBIO, 3 settembre (Reuters) - La Banca centrale europea e la Germania dovrebbero fare di più per aiutare i paesi periferici della zona euro a tornare su un sentiero di crescita solida, requisito indispensabile per riportare in linea anche i bilanci pubblici.

Lo sostiene l'economista Nouriel Roubini che, a margine del workshop Ambrosetti, ha criticato l'atteggiamento troppo austero di Bce e del governo di Berlino.

"La Bce e la Germania non stanno facendo la loro parte per aiutare a ristabilire la crescita nei paesi periferici della zona euro", ha detto l'economista.

"La politica monetaria della Banca centrale dovrebbe essere più accomodante", secondo Roubini, che ha chiesto a Francoforte di compensare almeno in parte la restrizione fiscale che verrà attuata attraverso le politiche di austerità previste da gran parte dei paesi europei.

"La Germania dovrebbe posporre le sue misure di austerità e puntare su un modello di crescita più focalizzato sulla domanda domestica che sulle esportazioni nette".

La Banca centrale, invece, potrebbe ridurre ulteriormente il proprio tasso chiave - fermo all'1% a fronte di un costo del denaro negli Usa e in Giappone praticamente a zero - ed effettuare un maggior allentamento quantitativo, anche attraverso acquisti di bond governativi di importi più consistenti.

"L'austerità di bilancio è necessaria nel medio termine e se il Pil dei paesi europei continuerà a scendere potrebbe innescarsi un circolo vizioso che vanificherà anche le misure di austerità" ha detto l'economista suggerendo, invece, un risanamento di bilancio graduale, con misure più pesanti nel futuro che nel presente accompagnate, però, già oggi da impegni credibili su diversi anni.

"L'euro al livello attuale è troppo forte", ha aggiunto l'economista che ha annunciato di aver siglato una partnership tra la sua società Roubini Global Economics (Rge) e la società del gruppo Ambrosetti denominata the European House.

Roubinì dice una cosa fondata, ma non considera che i tedeschi già oggi sono preoccupati per l'inflazione che rischia di salire al di sopra del tasso di sconto.

La loro inflazione, perché quella nostra e degli spagnoli, ad es., è già molto sopra al TUS.

Quindi, altro che allentamenti della politica monetaria: per i tedeschi, loro già stanno facendo una cortesia ai periferici in quanto, con il varare le loro misure di austerità, pospongono l'esigenza di rialzare i tassi dai livelli bassissimi su cui sono attualmente, figurarsi rinviarle.

Dal loro punto di vista di paese virtuoso, non mi sento di dargli tutti i torti, e se riescono a generare analogo virtuosismo anche altrove, ben venga la severità della Merkel.