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

[tommy271]

Grecia, Papandreou affronta la piazza


Salonicco blindata per il discorso del premier: in programma 5 cortei contro il piano di austerità


SALONICCO
Il primo ministro greco Georges Papandreou affronta questo pomeriggio la piazza a Salonicco, la seconda città della Grecia, dove sono in programma cinque diverse manifestazioni contro la sua politica di austerity. Proteste che arrivano nel momento in cui il capo del governo si appresta a presentare le sue priorità per l’economia del Paese nel 2011. Mentre gli estremi sforzi della Grecia per il rigore di bilancio sono stati elogiati ieri dal Fondo monetario internazionale (Fmi), che ieri ha sbloccato una seconda tranche del suo prestito al Paese, parte della popolazione contesta le dannose conseguenze sociali delle riduzioni salariali e degli aumenti fiscali da cui si sente strangolata.

Secondo fonti di polizia, i manifestanti dovrebbero essere molto più numerosi questa sera rispetto alle 10mila persone registrate lo scorso anno. Il discorso di politica economica pronunciato dal primo ministro in occasione della fiera internazionale di Salonicco, che caratterizza tradizionalmente il ritorno del governo sulla scena politica e sociale, è solitamente accompagnato da manifestazioni. Quest’anno, sono state predisposte imponenti misure di sicurezza. Più di 4mila poliziotti sono arrivati da Atene e altri dipartimenti per scortare i dimostranti, hanno indicato fonti delle forze dell’ordine. Uno schieramento mai visto dal 2003, quando la città ospitò un consiglio europeo di capi di stato. In base alla situazione della Grecia - salvata dal fallimento in primavera da un prestito di 110 miliardi di euro di Fmi e Unione europea, in cambio della realizzazione di una politica di rigore - Papandreou non dispone in pratica di alcun margine di manovra per attuare strumenti che attutiscano gli effetti dell’austerity.

Ne sono convinti tutti i commentari. Il rimpasto ministeriale effettuato lunedì è stato inoltre il segnale di una prosecuzione del rigore di bilancio, in particolare con la conferma alle Finanze del ministro Georges Papaconstantinou. In un mare di pessime notizie a livello economico, che illustrano la profonda recessione che attraversa il Paese (accelerazione del calo del Pil, flessione dell’8,6 per cento della produzione industriale a luglio, inflazione al 5,5 per cento ad agosto), Atene ha annunciato ieri di aver ridotto del 32 per cento il suo deficit di bilancio sui primi otto mesi del 2010 rispetto allo stesso periodo del 2009. Il ministero delle Finanze si è detto convinto di raggiungere l’obiettivo di ridurre questo deficit all’8,1 per cento del prodotto interno lordo sul totale dell’esercizio.

L’Fmi, intervenuto con l’Ue mentre il debito pubblico greco rasentava i 300 miliardi di euro (ossia quasi il 14 per cento del pil), ha segnalato che tutti gli obiettivi fissati per la Grecia alla fine di giugno sono stati raggiunti. Un’opinione che la popolazione sembra non condividere molto. L’anno scorso alcune manifestazioni furono macchiate dagli incidenti. A maggio tre persone morirono nell’incendio di una banca ad Atene, provocato da una bomba incendiaria. Oggi il corteo principale, organizzata dai sindacati del settore privato, dovrebbe iniziare nel pomeriggio, mentre il discorso di Papandreou è in programma in serata. Lunedì ad Atene inizierà intanto un nuovo controllo delle finanze del Paese, ad opera della «troika» Ue, Bce (Banca centrale europea) e Fmi, per determinare se la terza tranche del prestito, pari a nove miliardi di euro, venga versata a dicembre.

(La Stampa)

 

[tommy271]

Qualunque cosa accadrà sara decisa in ambito europeo. In ogni caso continuo pensare che se c'è l'interesse a non farla defaultare ci siano i margini per tenerla in piendi anche se l'economia del paese è disastrata.

Il debito in termini assoluti non è una cifra impressionante da gestire basterebbe:
1. i 110 mld imprestati verrebbero rinnovati a scadenza per cui non vengono restituiti
2. le banche europee potrebbero benissimo sottoscrivere (o essere indirizzate a sottoscrivere) nuovi bond greci alla scedenza di quelli attualmente in portafoglio
3. quello speciale veicolo da 750 mld che dovrebbe essere istituito potrebbe intervenire comprando nuovi bond
4. idem la bce rolla quelli che ha e ne acquista ancora un pò
5. rimarebbero quelli in mani private ma a questo punto penso che sarebbero meno di 1/3 del debito e con un pò "spinta" (la stessa che c'è stata da marzo 2009, chi si ricorda a che prezzi erano le morgan, le merrill e a che prezzi sono oggi?) penso molti investitori tornerebbero a comprarne

1) Una proroga sarebbe auspicabile
5) Oggi su Plus24 servizio di Alessandro Merli: "I Bot-People scoprono la Grecia".

 

[tommy271]

IMF Approves EUR2.57 Billion Disbursement For Greece


WASHINGTON (Dow Jones)--The International Monetary Fund said Friday it would disburse another 2.57 billion euros to Greece after the country's "strong start" on an economic austerity program.
The payout is the second under a EUR110 billion package to help Greece overcome its debt crisis. Disbursements now total about EUR8.28 billion.
"The Greek authorities have made a strong start with their economic program, and their determined implementation has started to deliver results," Murilo Portugal, deputy managing director and acting chair of the IMF's executive board, said in a statement.
Portugal said the country now has to move forward with deregulation, eliminate barriers to tourism and retail trade and take other steps to restore economic competitiveness.
Greece, unable to tap the bond market for cash after its fiscal crisis made borrowing costs shoot up, received the EUR110 billion bailout in May from the IMF and the European Union.
In return Athens agreed to a three-year austerity program, including deep salary and pension cuts for government workers as well as new taxes, that helped sink Greece deep into recession. The economy is expected to shrink 4% this year even as the rest of the world recovers from the global downturn.

 

[g.ln]

ipotesi di un gestore di fondo di investimento

Il norvegese tington dimentica che quel rendimento a scadenza di quasi il 12% e' dato solo per meta' dalla cedola e per l'altra meta' dal guadagno in conto capitale nell'ipotesi di rimborso totale alla scadenza, plusvalenza che in caso di default ovviamente se la puo' scordare

Ciao Gaudente, veramente leggo che l'ipotesi del norvegese gestore del fondo sovrano non è il default totale, ma la ristrutturazione del debito del 50%. Avrà fatto bene i suoi conti? E' un gestore di Fondi!
Ciao, Giuseppe

 

[tommy271]

Closely watched deficit shrinks

Budget data show shortfall narrowed by 32 pct in eight-month period; revenues miss annual target

Greece’s budget gap shrank 32.2 percent in the first eight months of the year, beating a 26.5 percent target for the period, as cuts in state wages and pensions offset slower-than-expected increases in revenues, the Finance Ministry said yesterday.
The deficit, which doesn’t include spending by state-owned institutions and companies, contracted to 14.5 billion euros from 21.4 billion a year earlier.
The government is targeting an annual decline of 39.5 percent, the ministry said. Final figures are due later this month.
“Deficit reduction in the last two months slowed down temporarily due to the high accumulation of interest payments,” which came to about 40 percent of the planned annual amount, and “on a lack of revenue,” the ministry said in a statement.
Net ordinary budget revenues rose 3.3 percent, compared with a targeted 13.7 percent annual increase, as the economy enters deeper into recession.
Data showed on Wednesday that the Greek economy contracted in the second quarter of the year by a more than originally estimated pace of 1.8 percent from the first quarter and 3.7 percent rate from a year earlier.
The Association of Greek Car Importers (SEAA) estimated yesterday that the slide in car sales will result in government income from car taxes in 2010 falling to 640 million euros, from 1 billion in 2009. The government is targeting revenues of 1 billion euros from the sector for the full year, SEAA added.
Ministry data showed that spending in the eight-month period fell 7.7 percent compared with an annual 5.5 percent decrease target, the ministry added.
“Based on the deficit reduction so far and on expectation about revenues and expenditures to December, the end-year target of a 39.5 percent deficit reduction in 2010 compared to 2009 will be met in full,” the ministry said.
Greece has pledged to slash its deficit to 8.1 percent of gross domestic product in 2010 from 13.6 percent last year, in exchange for a 110-billion-euro bailout from the European Union and International Monetary Fund that saved the debt-laden country from a debt crisis that shook the euro.
The European Union, International Monetary Fund and European Central Bank said last month that more attention is needed to strengthen tax administration and secure revenues.


(Kathimerini.gr)

 

[tommy271]

Ciao Gaudente, veramente leggo che l'ipotesi del norvegese gestore del fondo sovrano non è il default totale, ma la ristrutturazione del debito del 50%. Avrà fatto bene i suoi conti? E' un gestore di Fondi!
Ciao, Giuseppe

Giuseppe, abbandonandoci all'accademia, credo che tra le ipotesi di un taglio cedolare insieme ad un prolungamento delle scadenze sia da preferirsi, per Atene, un default.
Nel primo caso non risolverebbe nulla e si creerebbe un terremoto per un piatto di lenticchie mentre invece, il secondo caso sarebbe più appetibile (da parte greca) riuscire a pagare il meno possibile: è adeguato un taglio del 30% sul nominale?

 

[tommy271]

Plans to restructure...



Plans to restructure the heavily indebted Hellenic Railways Organization (OSE) include reducing staff numbers by 2,800 people, the Transport Ministry said yesterday. Efforts to reduce the company’s payroll will include the transfer of 2,800 workers to other public services where they are needed, the ministry said in a statement. Other positions will be eliminated, as employees retire, while the basic salary of remaining workers won’t be reduced. OSE has accumulated debts of about 10 billion euros.

(Kathimerini.gr)

 

[tommy271]

Talks on future of shipyards at crucial point

FRANKFURT (Reuters) – German group ThyssenKrupp said talks with Greece on the future of its Hellenic Shipyards unit were at a make-or-break stage after the Hellenic Navy backed off from a deal on the country’s largest shipyard. At stake is around 320 million euros ($406 million) that ThyssenKrupp will get from Greece for six submarines, settling a longstanding dispute over submarine construction and program upgrades. It would also close the transfer of ThyssenKrupp’s 75.1 percent stake in Hellenic Shipyards, based in Skaramangas, outside Athens, to shipbuilder Abu Dhabi Mar Group. A spokeswoman for ThyssenKrupp Marine Systems said yesterday the company and the Greek navy “initialed” contracts this week that fleshed out a framework agreement reached in March. “After initialing these contracts, the Hellenic Navy wants to renegotiate them and we do not want to accept this,” the spokeswoman said. “Initialing these contracts was the first step and the second step would have been the signing itself,” she said. She declined comment on details of these contracts, whose signing is the final hurdle for ThyssenKrupp’s exit from its civil shipbuilding business. She said the European Commission days ago cleared the disposal of most of the company’s civil shipbuilding operations. The company has proposed selling 100 percent of Blohm and Voss Shipyards in Germany and an 80 percent stake in Blohm & Voss Repair as well as Blohm and Voss Industries, with Abu Dhabi Mar as buyer. For the Greek government, it would secure jobs for around 1,200 employed at Hellenic Shipyards SA, which is now on the brink of insolvency.

 

[tommy271]

PM in PR drive ahead of speech

Papandreou justifies gov’t actions, Paboukis heralds new legislation in televised Cabinet meeting in Thessaloniki

DIMITRI MESSINIS/AP
Prime Minister George Papandreou yesterday went on a public relations offensive ahead of his keenly awaited speech at the Thessaloniki International Fair (TIF) today, declaring that his government had managed «to keep Greece on its feet» despite an unprecedented debt crisis and appealing to the members of his newly reshuffled Cabinet to tackle problems head-on.
Speaking during a televised Cabinet meeting held in the northern city, Papandreou sought to justify his government's actions over the past few months, and to claim credit for steering the country away from bankruptcy, mindful of local elections looming in November. «We were called upon to tackle an unprecedented crisis and managed to keep Greece on its feet and its hope alive but we are still on the alert,» the premier said. «We are here to work,» he added.
In a busy day of meetings and public appearances, Papandreou visited a state hospital where he reassured staff of his administration's commitment to supporting state healthcare. He also attended a seminar for businessmen and traders, organized by PASOK, where he expressed solidarity with entrepreneurs facing financial difficulties or bankruptcy. «The main problem is not how new businesses will open but how existing ones will survive,» he said. He added, however, that his administration was working on facilitating the procedures for those wanting to set up a business.
During the Cabinet meeting, State Minister Haris Paboukis heralded draft legislation that would also cut bureaucracy for would-be investors in large-scale projects.
The process of issuing licenses is to be accelerated significantly, meaning that licenses can be obtained in as little as three months from the date of application, Paboukis said.
It is thought that Papandreou will elaborate on his government's plans for attracting investors and boosting sluggish growth during his speech in Thessaloniki tonight.
It is also believed that the premier will offer some kind of relief or exemptions for low-income or vulnerable social groups though this year's budget constrictions will not allow him to pledge handouts as is traditionally done during the TIF speech. Still Papandreou will have to find a way of winning round both his audience of businessmen and the public as he cannot afford to alienate voters ahead of local elections due on November 7.
Members of workers' unions and others who oppose the government's imposition of austerity measures dictated by its international creditors yesterday made their discontent known, staging small but vociferous demonstrations in the northern port city. Nearly 4,000 police officers are to be mobilized today when the main march by labor unions is expected to attract thousands.


Finance minister heralds more austerity: crackdown on debt-mired state firms
Finance Minister Giorgos Papaconstantinou yesterday called on managers at all state companies and utilities (together known as DEKOs) to supply his office with details about the current state of their finances and their budget forecasts for 2011 by September 20. The call is believed to be the first step in a bid to stamp out mismanagement among DEKOs, such as the Hellenic Railways Organization (OSE) and many public transport companies, which are heavily in debt. According to statistics for more than 52 DEKOs, these companies' total debts reached 18.3 billion euros last year compared to 10.6 billion in 2008, an increase of 72.6 percent. The relatively high wages of employees at some DEKOs are believed to be partly responsible for these companies' heavy debts. At many state companies, the average employee's salary came to almost 50,000 euros last year. In debt-mired OSE, a key focus of the government's crackdown, some train drivers have been taking home an annual salary of 100,000 euros.


(Kathimerini.gr)

 

[tommy271]

Greece must stay fiscal course to regain trust-finmin

ATHENS, Sept 11 | Sat Sep 11, 2010 4:46am EDT


ATHENS, Sept 11 (Reuters) - Staying the course of fiscal consolidation will gradually restore trust in Greece's economy and allow a return to capital markets for funding, the country's finance minister said in a newspaper interview on Saturday.
Funded by the IMF and its euro zone peers under a 110 billion euro bailout, Greece is implementing a tough fiscal plan to slash deficits and return to fiscal health. Its economy, in recession for a second year, is paying the price of austerity.
"Growth without investments is not possible and investments cannot be done without financing. Financing with capital markets closed is not available and markets will stay closed as long as there is no trust that Greece is tidying up its finances," Finance Minister George Papaconstantinou told Eleftherotypia newspaper in an interview.
"This is why we chose a front-loaded programme of fiscal adjustment, to be in a position to overcome the immediate problem of funding and to fast restore trust in our economy," he said.
Eight months into 2010, the EU/IMF plan is yielding results. The budget deficit has shrunk by 32 percent but the deepening recession is hurting revenue growth, hindering Greece's target to cut the gap to 8.1 percent of GDP from 13.6 in 2009.
"The targets on tax revenues from various sources in 2010 will not deviate significantly from our plan," the minister said.
Budget data released on Friday showed tax revenues grew by a 3.3 percent annual pace, trailing a 13.7 percent target. [ID:nLDE6890Q4]
Papconstantinou told the paper developments were proving wrong all those who thought Greece could not make it.
"With the fiscal adjustment programme, we are managing to limit our borrowing needs significantly in just one year and the goal of returning to primary surpluses from 2012 looks attainable if we continue at the same pace," he said.
"Therefore, as long as we proceed this way, the discussion about debt restructuring will be getting more and more distant." (Reporting by George Georgiopoulos, editing Jonathan Thatcher)