Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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- Data di Inizio
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tommy271
Forumer storico
Finance Minister Mikloš says Slovakia will not budge on Greek bailout
8 Sep 2010 Flash News
Finance Minister Ivan Mikloš's meeting with EU Commissioner for Economic and Monetary Affairs Olli Rehn in Brussels on Tuesday, September 7, showed that the European Union is not accepting the Slovak government's decision to not participate in a bilateral loan to Greece with a bilateral loan and the EU will likely try to change it, the TASR newswire reported.
Slovakia’s parliament in August refused to provide €807 million, a sum that represents 1 percent of the financial assistance package for Greece of €80 billion. Slovakia has faced criticism from Brussels for its refusal.
“We've had a constructive dialogue. We discussed various views of the same situation in Europe, on solidarity in Europe. We need to continue to stabilise the eurozone, because we still don't have the worst behind us. So, member states need to comply with their commitments and show solidarity with other countries, also when it comes to the euro,” said Rehn, as quoted by TASR.
“We've agreed that we have different stances on the loan to Greece. I informed Commissioner Rehn that the Slovak government's stance is unchangeable and definite. It can be expected, however, that the Euro Group and the European Commission will want to raise this issue and I'm not ruling out pressure on Slovakia, either. But I'll tell the Euro Group ministers about Slovakia's unchangeable and definite stance,” said Mikloš.
Mikloš said that Rehn did not mention any possible political consequences for Slovakia, adding that the only way to reverse the decision would be to re-submit the proposal to the Slovak Parliament.
(The Slovak Spectator)
8 Sep 2010 Flash News
Finance Minister Ivan Mikloš's meeting with EU Commissioner for Economic and Monetary Affairs Olli Rehn in Brussels on Tuesday, September 7, showed that the European Union is not accepting the Slovak government's decision to not participate in a bilateral loan to Greece with a bilateral loan and the EU will likely try to change it, the TASR newswire reported.
Slovakia’s parliament in August refused to provide €807 million, a sum that represents 1 percent of the financial assistance package for Greece of €80 billion. Slovakia has faced criticism from Brussels for its refusal.
“We've had a constructive dialogue. We discussed various views of the same situation in Europe, on solidarity in Europe. We need to continue to stabilise the eurozone, because we still don't have the worst behind us. So, member states need to comply with their commitments and show solidarity with other countries, also when it comes to the euro,” said Rehn, as quoted by TASR.
“We've agreed that we have different stances on the loan to Greece. I informed Commissioner Rehn that the Slovak government's stance is unchangeable and definite. It can be expected, however, that the Euro Group and the European Commission will want to raise this issue and I'm not ruling out pressure on Slovakia, either. But I'll tell the Euro Group ministers about Slovakia's unchangeable and definite stance,” said Mikloš.
Mikloš said that Rehn did not mention any possible political consequences for Slovakia, adding that the only way to reverse the decision would be to re-submit the proposal to the Slovak Parliament.
(The Slovak Spectator)
tommy271
Forumer storico
Search on for growth incentives
Companies involved in large-scale investments may be offered tax breaks; inflation steady at 13-year high
The government is mulling the introduction of incentives aimed at boosting investments and getting the country back on a path toward growth, according to sources.
The Finance Ministry is looking at ways to boost sliding investment activity and create jobs through the use of tax incentives for large-scale investments.
Any tax breaks will also have to be in accordance with European Union competition rules, a ministry source said.
Among the options being examined is lowering the corporate tax rate to 20 percent from the current 24 percent as of the start of 2011. The move would also help to prevent companies presently operating in Greece from moving to another country in a bid to take advantage of more favorable business environments.
Other incentives being considered include lowering the tax rates on dividends distributed to foreign investors.
Meanwhile, on the inflation front, data showed yesterday that Greece’s headline consumer price inflation remained steady at a 5.5 percent annual pace in August, a 13-year-high, the result of tax hikes imposed by the government under the terms of a European Union and International Monetary Fund bailout deal earlier this year.
Month-on-month, consumer prices dropped 0.7 percent, the Hellenic Statistical Authority (ELSTAT) said.
Tax hikes, including a rise in the value-added-tax rate to 23 percent, have pushed Greek inflation higher.
The EU and the IMF raised this year’s inflation forecast for Greece to 4.75 percent from 1.9 percent.
Consumer price inflation in the 16 countries sharing the euro slowed in August to 1.6 percent year-on-year from 1.7 percent in the previous month, comfortably below the European Central Bank’s target of just under 2 percent.
“Domestic price pressures remain elevated, reflecting mainly higher VAT rates and recent hikes in a range of special consumption taxes. I expect inflation to move toward 6 percent over the next two months as a result of the introduction of heating oil prices in the consumer price index basket calculation.” Platon Monokroussos, a senior economist at Eurobank EFG told Reuters.
(Kathimerini.gr)
The government is mulling the introduction of incentives aimed at boosting investments and getting the country back on a path toward growth, according to sources.
The Finance Ministry is looking at ways to boost sliding investment activity and create jobs through the use of tax incentives for large-scale investments.
Any tax breaks will also have to be in accordance with European Union competition rules, a ministry source said.
Among the options being examined is lowering the corporate tax rate to 20 percent from the current 24 percent as of the start of 2011. The move would also help to prevent companies presently operating in Greece from moving to another country in a bid to take advantage of more favorable business environments.
Other incentives being considered include lowering the tax rates on dividends distributed to foreign investors.
Meanwhile, on the inflation front, data showed yesterday that Greece’s headline consumer price inflation remained steady at a 5.5 percent annual pace in August, a 13-year-high, the result of tax hikes imposed by the government under the terms of a European Union and International Monetary Fund bailout deal earlier this year.
Month-on-month, consumer prices dropped 0.7 percent, the Hellenic Statistical Authority (ELSTAT) said.
Tax hikes, including a rise in the value-added-tax rate to 23 percent, have pushed Greek inflation higher.
The EU and the IMF raised this year’s inflation forecast for Greece to 4.75 percent from 1.9 percent.
Consumer price inflation in the 16 countries sharing the euro slowed in August to 1.6 percent year-on-year from 1.7 percent in the previous month, comfortably below the European Central Bank’s target of just under 2 percent.
“Domestic price pressures remain elevated, reflecting mainly higher VAT rates and recent hikes in a range of special consumption taxes. I expect inflation to move toward 6 percent over the next two months as a result of the introduction of heating oil prices in the consumer price index basket calculation.” Platon Monokroussos, a senior economist at Eurobank EFG told Reuters.
(Kathimerini.gr)
Imark
Forumer storico
La Svizzera ha una situazione per alcuni versi analoga, ma credo abbia fatto molto lavoro, o meglio che l'abbiano fatto i due elefanti sulla scialuppa nazionale: UBS e Credit Suisse, specie la prima, più malconcia della seconda.
E poi ha una valuta sua propria, e magari un pochino di debolezza del CHF in questa fase le farebbe pure comodo...
L'UK ha un'altra situazione analoga, sebbene per ora sia riuscita a tappare le falle delle proprie banche: con l'austerity, resta da verificare cosa succederà al mercato immobiliare locale, senza dimenticare esposizioni su altre aree critiche.
La vicenda Dubai è paradigmatica dell'internazionalizzazione delle banche UK.... finché riesci a risolvere con gli accordi amend & extend e le ristrutturazioni soft...
tommy271
Forumer storico
National Bank Of Greece Plans Share Capital Increase
National Bank of Greece, the country’s largest lender, said late Tuesday it will seek to raise EUR2.8 bil. to boost its capital base.
NBG will proceed to the plan through a pre-emptive equity rights offering in cash, to raise proceeds of EUR631 million, an offering of convertible equity notes by way of pre-emption rights to existing ordinary shareholders of up to EUR1,184 million and a public offering of a minority stake in the share capital of NBG’s Turkish subsidiary, Finansbank.
More specifically, the bank will issue 121.4 million new ordinary shares at a subscription price of EUR5.20 per share and a subscription ratio of one new ordinary share for every five existing ordinary shares. It will also offer convertible equity notes by way of pre-emption rights to existing ordinary shareholders of up to EUR1,184 million by issuing 227.6 million of notes convertible into 227.6 million new ordinary shares of NBG at the ratio of 3 Convertible Equity Notes for every 8 existing ordinary shares.
“Successful completion of both components of the Capital Plan is expected to raise approximately Euro 2.8 billion of additional Core Tier 1 capital representing an increase of Core Tier 1 capital ratio of approximately 380 basis points,” the bank said in a statement.
The bank also said that following the capital increase, it would repay the preference shares the Greek state holds under the Greek liquidity support programme.
“The proposed Capital Plan announced today is testimony to the improving sentiment towards NBG and Greece and should be an important milestone in the country’s adjustment process,” Vasilios Rapanos, Chairman of the Board of Directors of NBG, said.
“Through this landmark proposed Capital Plan, NBG is proactively fortifying its balance sheet as a prudent response to the macro-economic realities in our core market and enhances our strategic options. Our Capital Plan is a conservative and proactive approach to risk and capital management,” Mr. Apostolos Tamvakakis, Chief Executive Officer of NBG, added.
Finance Minister George Papaconstantinou said in statement: "Today΄s announcement from NBG is exceptionally positive, that shows the trust of international investors in the Greek banking system and the wider local economy. We have repeatedly encouraged Greek banks to undertake initiatives to reinforce their positions in the international environment and at the same time assist the local economy."
Analysts Welcome Move
UBS says it is abold move that makes a lot of sense while the total amount to be raised is significantly higher than market expectations of EUR1-1.5 bn. The rationale behind the deal is for NBG to strengthen its capital ratios by c400 bp in order to reinforce its balance sheet and improve access to funding markets. Secondarily, the additional capital buffer will provide NBG with strategic flexibility should the environment improve in the medium term.
“We believe that this is strategically the right move for NBG,” it notes.
Goldman Sachs expects key areas of focus to be the adequacy of the new capital buffer to mitigate potential adverse developments in asset quality and sovereign bond markets and to what extent the higher capital buffer will help the bank to improve its funding mix and improve access to commercial funding sources; in other words, reducing reliance on ECB funding.
“
We are placing our rating, price target and estimates under review,” it says.
BofA-ML expects Greek peers to underperform short term as while NBG’s announcement may support financial stability in Greece overall, it could also increase pressure on domestic peers to raise capital.
(Capital.gr)
National Bank of Greece, the country’s largest lender, said late Tuesday it will seek to raise EUR2.8 bil. to boost its capital base.
NBG will proceed to the plan through a pre-emptive equity rights offering in cash, to raise proceeds of EUR631 million, an offering of convertible equity notes by way of pre-emption rights to existing ordinary shareholders of up to EUR1,184 million and a public offering of a minority stake in the share capital of NBG’s Turkish subsidiary, Finansbank.
More specifically, the bank will issue 121.4 million new ordinary shares at a subscription price of EUR5.20 per share and a subscription ratio of one new ordinary share for every five existing ordinary shares. It will also offer convertible equity notes by way of pre-emption rights to existing ordinary shareholders of up to EUR1,184 million by issuing 227.6 million of notes convertible into 227.6 million new ordinary shares of NBG at the ratio of 3 Convertible Equity Notes for every 8 existing ordinary shares.
“Successful completion of both components of the Capital Plan is expected to raise approximately Euro 2.8 billion of additional Core Tier 1 capital representing an increase of Core Tier 1 capital ratio of approximately 380 basis points,” the bank said in a statement.
The bank also said that following the capital increase, it would repay the preference shares the Greek state holds under the Greek liquidity support programme.
“The proposed Capital Plan announced today is testimony to the improving sentiment towards NBG and Greece and should be an important milestone in the country’s adjustment process,” Vasilios Rapanos, Chairman of the Board of Directors of NBG, said.
“Through this landmark proposed Capital Plan, NBG is proactively fortifying its balance sheet as a prudent response to the macro-economic realities in our core market and enhances our strategic options. Our Capital Plan is a conservative and proactive approach to risk and capital management,” Mr. Apostolos Tamvakakis, Chief Executive Officer of NBG, added.
Finance Minister George Papaconstantinou said in statement: "Today΄s announcement from NBG is exceptionally positive, that shows the trust of international investors in the Greek banking system and the wider local economy. We have repeatedly encouraged Greek banks to undertake initiatives to reinforce their positions in the international environment and at the same time assist the local economy."
Analysts Welcome Move
UBS says it is abold move that makes a lot of sense while the total amount to be raised is significantly higher than market expectations of EUR1-1.5 bn. The rationale behind the deal is for NBG to strengthen its capital ratios by c400 bp in order to reinforce its balance sheet and improve access to funding markets. Secondarily, the additional capital buffer will provide NBG with strategic flexibility should the environment improve in the medium term.
“We believe that this is strategically the right move for NBG,” it notes.
Goldman Sachs expects key areas of focus to be the adequacy of the new capital buffer to mitigate potential adverse developments in asset quality and sovereign bond markets and to what extent the higher capital buffer will help the bank to improve its funding mix and improve access to commercial funding sources; in other words, reducing reliance on ECB funding.
“
We are placing our rating, price target and estimates under review,” it says.
BofA-ML expects Greek peers to underperform short term as while NBG’s announcement may support financial stability in Greece overall, it could also increase pressure on domestic peers to raise capital.
(Capital.gr)
Imark
Forumer storico
OTC, ieri. occhio, perché BBML non ha dati aggiornati per la chiusura di ieri (non saprei dirvi il perché), quindi tornano utili solo gli Xtrakter. Con l'effetto, fra l'altro, di non avere un prezzo sui GGBei se non l'indicativo Xtrakter, privo di bid - ask e rivelatosi in passato poco affidabile.
Prosegue il calo manifestatosi ieri, particolarmente marcato sui titoli 2017 2019. Correggono leggermente anche gli ultradecennali, salvo il 2040 che invece mette a segno un recupero.
il 2013 - 84,27 (BBML) 84,19 (Xtrakter);
il 2014 - 79,69 (BBML) 79,46 (Xtrakter);
il 2015 - 78,60 (BBML) 78,59 (Xtrakter);
il 2016 - 67,18 (BBML) 67,09 (Xtrakter);
il 2017 - 65,65 (BBML) 65,36 (Xtrakter);
il 2018 - 65,14 (BBML) 64,50 (Xtrakter);
il 2019 6% 68,67 (BBML) 67,75 (Xtrakter);
il 2019 6.5% 70,51 (BBML) 70,08 (Xtrakter);
il 2022 - 64,30 (BBML) 63,80 (Xtrakter);
il 2024 - 59,35 (BBML) 59,18 (Xtrakter);
il 2026 - 60,41 (BBML) 60,39 (Xtrakter);
il 2037 - 53,86 (BBML) 53,48 (Xtrakter);
il 2040 - 54,13 (BBML) 54,60 (Xtrakter);
GGBei 2025 - 53,04 (BBML), non significativo su Xtrakter
GGBei 2030 - 48,26 (BBML), non significativo su Xtrakter
tommy271
Forumer storico
"La Borsa di Atene ha aperto oggi in forte ribasso. Dopo le prime contrattazioni l'indice generale del listino greco, l'Ase, cede quasi tre punti percentuali (-2,8%), scivolando sotto la soglia psicologica dei 1600 punti, a 1572 punti."
Alla prima ora di contrattazione era in profondo rosso a -3,5%.
Come diceva Mark il binomio banche-bond in Grecia è indissolubile. Ed è un bene (per noi).
pier_pat
Mountaineering
tommy271
Forumer storico
Eurostat Says Still Unaware Of How Greeks Masked Debt
Eurtostat, the European Union’s statistical office, says that Greece still hasn’t disclosed the full details of the secret financial transactions it used to mask its debt, Bloomberg says in a special report on the issue.
“We have not seen the real documents,” Walter Radermacher, Eurostat’s chief said in a Sept. 2 interview with the news agency in his Luxembourg office.
Eurostat first requested the contracts in February.
Radermacher said officials from his staff will head to Greece this month to come up with a “solid estimate” of the total value of debt hidden by the opaque contracts.
“This is a new era,” he said.
He noted that Greece is the only euro country that lied about using these complex swap contracts after Eurostat told countries to report them in 2008.
“What the Greeks did was an absolute cardinal sin,” said Ruairi Quinn, former finance minister of Ireland who presided over the 1996 meeting where debt and deficit limits for countries joining the euro were set.
“They deserve to be punished for it. I think they have been severely punished for it.”
(Capital.gr)
***
Per chi non vuol leggersi tutto il report di Bloomberg nella pagina indietro, qui è riassunto in poche righe.
Eurtostat, the European Union’s statistical office, says that Greece still hasn’t disclosed the full details of the secret financial transactions it used to mask its debt, Bloomberg says in a special report on the issue.
“We have not seen the real documents,” Walter Radermacher, Eurostat’s chief said in a Sept. 2 interview with the news agency in his Luxembourg office.
Eurostat first requested the contracts in February.
Radermacher said officials from his staff will head to Greece this month to come up with a “solid estimate” of the total value of debt hidden by the opaque contracts.
“This is a new era,” he said.
He noted that Greece is the only euro country that lied about using these complex swap contracts after Eurostat told countries to report them in 2008.
“What the Greeks did was an absolute cardinal sin,” said Ruairi Quinn, former finance minister of Ireland who presided over the 1996 meeting where debt and deficit limits for countries joining the euro were set.
“They deserve to be punished for it. I think they have been severely punished for it.”
(Capital.gr)
***
Per chi non vuol leggersi tutto il report di Bloomberg nella pagina indietro, qui è riassunto in poche righe.
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