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

[tommy271]

Papandreou: "Stiamo lottando per la sopravvivenza della Grecia"


Lo ha dichiarato il premier ellenico alla Fiera internazionale di Salonicco. Ventimila persone hanno protestato per le vie della città contro le misure di austerity del governo.




SALONICCO (GRECIA) - Non potranno esserci allentamenti negli enormi sforzi della Grecia per risanare il bilancio pubblico. È il messaggio chiaro che ha lanciato il premier greco socialista, George Papandreou, nell'atteso discorso pronunciato alla Fiera internazionale di Salonicco, nel nord del Paese. La città - lo ricordiamo- è stata bliindata sin dalle prime ore del giorno per l'atteso discorso del premier. Atene ha ricevuto aiuti da Unione europea e Fondo Monetario Internazionale per 110 miliardi di euro per evitare la bancarotta, ma a condizioni molto pesanti di risanamento delle finanze pubbliche.

PREMIER. "Stiamo lottando per la sopravvivenza delle Grecia - ha detto Papandreou - o vinciamo insieme, o affondiamo insieme". Il premier ha assicurato che il governo continuerà a promuovere le riforme necessarie e ad aprire tutti i settori dell'economia. "Chiederò – ha proseguito - a tutte le forze produttive di unirsi a noi, per sostenere questo grande cambiamento". Papandreou ha riconosciuto la pesantezza dei sacrifici per la popolazione. "Siamo tutti all'inizio dei nostri sforzi -ha detto - e non voglio fare grandi promesse. Ma capisco le difficoltà che poveri pensionati devono affrontare. Chiederò al mio ministro delle finanze di fare il possibile a seconda di come procedono le entrate".
LE PROTESTE. Contemporaneamente, 20.000 persone hanno dimostrato per le vie di Salonicco contro le misure, non sono mancati scontri e lancio di lacrimogeni. Un medico di 49 anni ha lanciato una scarpa contro Papandreou, senza però colpirlo. La maggior parte dei greci sembra, in realtà, sostenere il premier: secondo un sondaggio pubblicato dal quotidiano To Vima, i socialisti vincerebbero con il 29,1% dei voti contro il 21,3% dei conservatori.


(TG1)

 

[Grisù]

Scusate la domanda trita e ritrita, ma come aiuti BCE-FMI sulla carta il titolo che scade a maggio 2013 è coperto dal prestito?

In linea teorica il programma di sostegno avrà validità sino al 2013. E' importante sottolinare però che alcuni dei presupposti indicati nelle valutazioni dell'EU stanno cambiando rispetto alle previsioni indicate nel report sotto allegato:

A parer mio il 2011 sarà decisivo in un senso o nell'altro.

The attached Memorandum of Economic and Financial Policies (MEFP) outlines the
economic and financial policies that the Greek Government and the Bank of Greece,
respectively, will implement during the remainder of 2010 and in the period 2011-2013 to​

strengthen market confidence and Greece’s fiscal and financial position.
http://www.minfin.gr/content-api/f/...a0e4ed41a1d12567/application/pdf/ocp61_en.pdf

 

[tommy271]

La greca Aegean Airlines aumenta le perdite


Saturday 11 September 2010

Aegean Airlines, il maggior vettore aereo ellenico, ha comunicato i dati relativi al rimo semestre 2010, chiusosi con una perdita pari a circa 32,6 milioni di euro, rutto principalmente del deterioramento della situazione economica in Grecia: il Paese sta vivendo la peggiore recessione in quasi 40 anni, e la spesa dei onsumatori è sotto pressione, dopo che il Governo ha aumentato le tasse e tagliato li stipendi del settore pubblico per riuscire a far fronte alla crisi del debito.
Aegean, che in febbraio ha siglato un accordo di collaborazione con la recentemente privatizzata Olympic Airlines, ha visto il proprio traffico restare invariato, a circa 2,9 milioni di passeggeri, nel primo semestre 2010: la sensibile contrazione sul mercato domestico, di circa l´11 per cento, è stata infatti compensata dalla crescita dei passeggeri sulle rotte internazionali, pari al 18 per cento.
La dirigenza della compagnia ha annunciato che si proseguirà nella strategia di focalizzazione dove maggiore è il vantaggio competitivo offerto dalla flotta di Airbus 320 e si punterà alla entrata definitiva nella rete di Star Alliance.
La collaborazione con Olympic si farà più stretta, puntando a una fusione che però dovrà ricevere il via libera dalle autorità UE: se andasse a buon fine, il progetto produrrebbe un soggetto dominante nel mercato interno ellenico, con una flotta di 64
aerei e con di 5.850 lavoratori.
Le vendite della compagnia sono diminuite del tre per cento nel primo semestre, ma la percentuale di carico è cresciuta del 4,2 per cento su base annui.


Marcello Berlich

(Euroregion.net)

 

[tommy271]

Minor violent incidents mar premiere of Thessaloniki International Fair in northern Greece​

English.news.cn 2010-09-12 02:24:00



THESSALONIKI, Greece, Sept. 11 (Xinhua) -- Thousands of Greek demonstrators protested against government austerity measures in the center of the northern city Thessaloniki on Saturday afternoon under draconian security measures, as minor violent incidents have already marred the premiere of the 75th Thessaloniki International Fair.
More than 4,500 policemen were on increased alert around the conference center, where Greek Prime Minister George Papandreou is due to deliver a keynote speech on his government's economic policy shortly, as tension in the area rose.
Holding banners with slogans like "We are not for sale" and "No to EU and International Monetary Fund," demonstrators from all over the country participated in the rallies organized by labor unions, with minor scuffles with police reported.
Earlier on Saturday noon a Greek doctor who was believed to be a member of a far Right group attempted to throw a shoe at Papandreou, shouting that his government betrayed Greek people and served the interests of bankers.
The man was apprehended by the premier's bodyguards and sent to a local police station, along with his 15-year-old daughter and a 55-year-old friend. According to Greek media reports, the doctor had called on citizens of Thessaloniki through his website to " welcome Papandreou with their old shoes."


Later on Saturday afternoon, Athens Chamber of Commerce and Industry (EBEA) President Constantinos Michalos was attacked by a group of protesting truck drivers as he entered a Thessaloniki hotel for the General Assembly of the Central Union of Chambers of Greece. He was punched on the face, but was not seriously injured and participated in the meeting as scheduled.
Michalos, who supports the government's plan to liberalize the freight truck sector, which is a "closed" market in Greece, denounced the attack.
"Such efforts will not stop reforms," said Michalos, as unionists of the truck owners, who operate with state licenses for decades in Greece and object to a government plan to open up the sector, announced a new strike next week.
Also on Saturday a small group of teachers occupied for a while the Greek Finance Ministry's kiosk at the trade fair venue, chanting slogans against cutbacks on salaries and a freeze on hiring more teachers.
"We will safeguard democracy. We will safeguard citizens' right to demonstrate, but also it is the duty of the whole society to safeguard people's lives and properties. And we will do that," said Greek Citizens' Protection Minister Christos Papoutsis.
During a rally against austerity measures this May in Athens, three bank employees died, when hooded anarchists torched a bank branch near the parliament building.
Greece has been facing a severe economic crisis since late 2009 and austerity policies introduced by the government to solve it have met public anger.



Editor Yan

 

[tommy271]

Protests greet Greek leader's move to cut costs, corporate taxes

By the CNN Wire Staff
September 12, 2010 -- Updated 0141 GMT (0941 HKT)

STORY HIGHLIGHTS

• Tensions high as Papandreou delivers his much-anticipated austerity speech
• New measures include major overhaul of state rail company
• Prime minister plans to cut corporate taxes

Athens, Greece (CNN) -- As Greece backs away from the brink of bankruptcy, protesters lashed out against Prime Minister George Papandreou Saturday as he reaffirmed his drive to cut Greece's mounting deficit with new austerity measures.
"The battle we are waging is for the survival of Greece," said Papandreou. "This not a battle that the prime minister or his government will win or lose. This battle we will either we all win it together or we will all sink together," he said.
Tensions ran high as Papandreou delivered his much-anticipated speech in the northern city of Thessaloniki, where he outlined corporate tax cuts and a major overhaul of Greece's state-run rail company.
OSE, the rail company, is said to be bleeding money, with an estimated debt at around $13 billion, officials have said. If the changes are implemented, about 40 percent of OSE's 6,300 workers would be let go, but offered other public sector jobs. The rail service would face private competition, he added.
The embattled leader also pledged to deregulate the energy market, push forward with privatization plans and simplify business licensing procedures. He also said he would open up restricted professions in order for Greece to comply with European Union regulations. Accordingto Papandreou, these measures are important to make the Greek economy more competitive.
"Greece is not a poor country," Papandreou added.
"But what is keeping us pinned down? A deep, old, outdated view of our capabilities and our relations summarized into one phrase: 'It can't be done'.' We built a world of bureaucracy and lust for power. A world of corruption, of small and big privileges and interests for anyone who could take advantage of other people," he said.
Greece's labor unions are protesting the new measures and vowed to challenge the prime minister's position.
"Unions don't agree with the social and economic politics of the government," said Spyros Papaspyrou, leader of the large civil servants' union ADEDY.
The union of truck drivers, a restricted profession until now, has already called a nationwide strike for Monday.
A week-long strike this summer left Greece dry in the height of the tourist season, with large parts of the country running out of fuel supplies.
In Thessaloniki, police used tear gas against several hundred people trying to break through police lines protecting Papandreou.
Earlier on Saturday,a 49-year-old doctor was arrested for throwing a shoe at Papandreou in protest of the government's austerity measures.
An initial round of cutbacks was introduced in the spring in a bid to decrease Greece's budget deficit from around 14 percent of its gross domestic product to under the EU limit of 3 percent by 2014.
Greece was saved from default in May when the EU and the International Monetary Fund agreed to a 110- billion-euro, three-year loan bailout.
According to European Central Bank estimates, Greece's economy is expected to shrink by 4 percent in 2010 and some 2 and a half percent in 2011.
Earlier in May, analysts feared that Greece's sovereign debt crisis and increased public borrowing could trigger a financial contagion in other countries with large deficits such as Portugal, Ireland, Italy, and Spain.
Greek workers and businessmen are unsure the government's belt-tightening measures will have any effect.
After watching the televised speech, Yiannis Tsikouras, the owner of a tile factory in Thessaloniki, told CNN the measures are not sufficient to protect him from closing his business or moving it to neighboring Bulgaria.
"Construction has dropped severely and people do not renovate their houses the way they used to. All they think about is 'every cent' counts. And they are right. I do the same. But if no-one sells and no-one buys then even more businesses will close.
Many factories have already moved to Bulgaria where the terms are more favorable and the running costs are cheaper," Tsikouras said. " I am glad the prime minister is trying to cut red tape and improve competitiveness, but the truth is that in the case of Greece I think it is a case of too little too late."
In Athens, retired civil servant Maria Nikolopoulou, 67, whose pension was has been slashed by 12 percent, says she was expecting the prime minister to do more "for the people of Greece, not just businesses."
According to Nikolopoulou, the prime minister failed to propose any measures to improve conditions for those who have been most affected.
"I was hoping that he would give us some kind of bonus, or something to balance the fact that prices have gone up so much. But nothing. How are we to live? Fuel prices have been rising and they might go up again, and the health system is barely functioning so I have no choice but to go to private doctors. I can barely eat let alone warm the house and go to the doctor with my current pension," she said.
Journalist Elinda Lapropoulou and CNN's Helena de Moura contributed to this report.

 

[tommy271]

GREEK PM: "EITHER WE FIGHT IT ALL TOGETHER, OR WE SINK"

Greek Prime Minister George Papandreou on Saturday sent a message of collective effort, collective responsibility and decision for reforming the country. In the traditional prime minister’s speech to the country’s producer groups, from the podium of the Thessaloniki International Fair, Papandreou said: “The battle we are waging is for the survival of Greece”.
“This not a battle that the prime minister or his government will win or lose. This battle we will either we all win it together or we will all sink together,” the Greek Premier stressed, while he sent a message of optimism saying: “Together we will make it! Together we will reform Greece. This is not a party challenge. It is a patriotic one”.

Referring on the 11-month governance by PASOK, Papandreou said the government has averted the bankruptcy of the country. “We have made a really big effort. We gave a hard, daily, merciless struggle to save our country from what everyone though to be a fact a few months ago. The bankruptcy of Greece. The issue was not if, but when. Instead, with the struggle by all Greeks, with hard effort and sacrifices, we managed to avert what everyone inside and outside the country thought was inevitable”.

Papandreou said that positive comments made abroad for the country, for its will to change, belong to all the Greek people, “the only one deserving these praise, because everything we have accomplished over the last few months, we have accomplished together”. “Greece is all of us,” Papandreou said, adding that after saving the country from bankruptcy he believed we can also reform the country. He underlined that the Greek people not only have the right, but also has every reason, to hope. “We are here for all those wishing to change the country. Who want to live better, with opportunities and possibilities. I fully believe in the power we have”.

The Prime Minister said he was giving a battle from the European Union to the United Nations, from China to the US, from the Arab world to our neighborhood in the Balkans and the Mediterranean, without considering any political cost. “I do this because I believe in this place, I get angry when an injustice is done, I am anxious to take advantage of its huge human resources, the young and capable people, I hurt when I see the weak suffer”.

Papandreou presented his vision for economic growth and noted: “Our vision for growth is very closely linked with basic principles:
a) rule of law and strengthening democracy
b) a social state guaranteeing equal rights for all and not privileges for the most powerful
c) investing in the human to proceed to the green development of creation, cultivation and innovation.

“To us, sustainable growth means investing in the human potential, conquering knowledge, absorbing technology, investing in our products, in knowledge, history, know-how, aesthetics and quality. We can and, yes, it is underway! The people around us on a daily basis are the sound proof of this. They are making the revolution of the self-evident.”
Papandreou stressed that the big challenge for the government was to free all creative forces in the country, creating a Greece where innovation, science and entrepreneurship flourish because of the country’s excellent human resources. Creating a Greece that is flourishing by investing in nature and in its history.

“Greece is not a poor country,” Papandreou said, adding that Greece was a country with many comparative advantages. «But what is keeping us pinned down? A deep, old, outdated view of our capabilities and our relations summarized into one phrase: ‘It can’t be done’. We built a world of bureaucracy and lust for power. A world of corruption, of small and big privileges and interests for anyone who could take advantage of other people. We managed to drown the hopes and dreams of a whole generation. And now we see our youth leaving to foreign countries again. Leaving in bitterness.
Something we have not seen since the 1960s. That’s why we began a battle side-by-side with the Greek people, against established rationales and sick mentalities.”

The Greek Premier gave an answer to all those saying that the government will not make it and stressed: “A few months ago, many people said we will not make it. With the passing of the days, however, with our work and the efforts of all the Greeks, we proved them wrong. No one believed that Greece – the Greeks — could put their budget in order and cut their deficits. Here we are, in the first eight months of 2010, our budget deficit is shrinking at an unprecedented rate. Our fiscal deficit is 7.0 billion euros less than last year. A 40 pct decline. Every day we build the prospect. Within months we have begun and completed major structural reforms, we have built the foundations to get out of the misery the soonest possible.”

He added:
“-We created an independent statistical authority to stop this game with the Greek statistics.
-We radically changed our tax system.
-We introduced a new transparent fiscal framework, enhancing the inspection and participation of parliament.
-We changed the country’s administrative map with the “Kallikratis” plan.
-We legislated the biggest reform of the pension system ever, to guarantee its viability and pensions for all people.
-We managed to reverse a negative climate. The voices saying that Greece will make it, are multiplying.
-Confidence and credibility are returning.”

Papandreou also referred to the next steps to be made by the government. By the end of the year, the government must deregulate the road cargo transport sector, open up all other so-called closed-shop professions, implementing a restructuring plan for Hellenic Railways Organisation (OSE) and the restructuring of all loss-making public sector enterprises. Also, restructuring the tax mechanism to combat tax evasion and to offer better services to citizens, introducing a new framework for a speedier implementation of justice, a new development law, promoting privatizations and a better management of the state’s real estate property, promoting a plan for restructuring the country’s banking system. Also, completing the creation of a Single Payment Authority in the public sector, a new framework for state hospital supplies, introducing a 24-hour hospital service, operating a general commerce register, simplifying procedures for new company set ups and promoting a new plan to promote research and innovation.

Commenting on the big changes promoted by the government, Papandreou said: “Our first big change and message – with a huge impact on growth – is: we are changing the state. Our second big change/message is protecting the vulnerable population groups, a third change is opening the road to new investments, supporting healthy business activity, a fourth is putting an end to tax evasion and corruption, a fifth change is green development and a sixth change/message to the society is proceeding with a revolution in the education system.”
Papandreou said the country was making a fresh start. “We will win this battle together. All together. Turning the established view of ‘It can’t be done’ into ‘Yes, it can be done’.”.
“Fully confident in our power and abilities of being capable of doing everything. That we can make our country into all that it is capable of being. We owe it to ourselves and to our children,” the premier concluded.

(source: ana-mpa)

***
L'importante discorso di Papandreou a Salonicco.
Stà rivoltando il paese come un calzino ... confido nelle sue capacità.

 

[Grisù]

IMF Completes First Review Under Stand-By Arrangement with Greece and Approves €2.57 Billion Disbursement

The Executive Board of the International Monetary Fund (IMF) today completed the first review of Greece’s performance under an economic program supported by a 3-year, SDR 26.4 billion (about €30 billion) Stand-By Arrangement (SBA). The completion of the review enables the immediate disbursement of an amount equivalent to SDR 2.16 billion (about €2.57 billion), bringing total disbursements under the SBA to SDR 6.97 billion (about €8.28 billion).
The SBA, which was approved on May 9, 2010 (see Press Release No. 10/187), is part of a cooperative package of financing with Euro area member states amounting to €110 billion over three years. It entails exceptional access to IMF resources, amounting to more than 3,200 percent of Greece’s quota, and was approved under the Fund's fast-track Emergency Financing Mechanism procedures.
Following the Executive Board's discussion, Mr. Murilo Portugal, Deputy Managing Director and Acting Chair said:
“The Greek authorities have made a strong start with their economic program, and their determined implementation has started to deliver results. All quantitative performance criteria for end-June were met, and major structural reforms are ahead of schedule. It is essential to continue implementing the program rigorously, supported by the large-scale financial support of the international community, while securing public consensus for reforms.
“The fiscal strategy is on track. Continued tight expenditure control and monitoring will be key, in particular at sub-national levels. The authorities are determined to strengthen tax administration and reduce tax evasion to secure revenues and promote fairness in adjustment.
“Restoring competitiveness and boosting potential growth is critical. Impressive progress has been made in structural reforms. A far-reaching pension reform has been approved by parliament, and substantive labor market reform is underway. Priority now needs to be given to opening closed professions, moving forward with deregulation, implementing the services directive, and eliminating barriers to tourism and retail trade, where potential for growth remains high.
“Liquidity in banks remains tight but manageable, supported by the ECB and the government’s guarantee program. The new Financial Stability Fund provides an important back-stop for capital adequacy. Moreover, the Greek authorities have commissioned a strategic review for the banking sector and a due diligence for state banks. Continued close monitoring of the financial sector will be important,” Mr. Portugal said

 

[Grisù]

QUESTIONER: I have two questions, one regarding Greece. We’ve been hearing a string of comments lately from Germany saying that the IMF is not stringent as perhaps it would on the Greek program. So I’d like to see if you have a reaction to that. And second story, we’ve also had press reports on Argentina would be ready to go through an Article IV to negotiate its debt to the Paris Club. So I’d like to see if that’s something in the works.
MS. ATKINSON: Thank you. So, on Greece, I would just refer you to the last joint press conference actually with the European Commission and the European Central Bank and the IMF after the last visit to Greece, where we had a joint statement about the progress under the program that has been very satisfactory. And the program, as you know, was fully agreed at the Board. So I don’t have any other comment on reports of conversations and so on.

Transcript of a Press Briefing by Caroline Atkinson, Director of the IMF's External Relations Department

Il pericolo tedesco è sempre dietro l'angolo...

 

[tommy271]

QUESTIONER: I have two questions, one regarding Greece. We’ve been hearing a string of comments lately from Germany saying that the IMF is not stringent as perhaps it would on the Greek program. So I’d like to see if you have a reaction to that. And second story, we’ve also had press reports on Argentina would be ready to go through an Article IV to negotiate its debt to the Paris Club. So I’d like to see if that’s something in the works.
MS. ATKINSON: Thank you. So, on Greece, I would just refer you to the last joint press conference actually with the European Commission and the European Central Bank and the IMF after the last visit to Greece, where we had a joint statement about the progress under the program that has been very satisfactory. And the program, as you know, was fully agreed at the Board. So I don’t have any other comment on reports of conversations and so on.

Transcript of a Press Briefing by Caroline Atkinson, Director of the IMF's External Relations Department

Il pericolo tedesco è sempre dietro l'angolo...

Io credo che finchè ci sarà Schaeuble a dettare l'agenda della Germania, non dovrebbero esserci problemi.
Certamente l'opinione pubblica e parte della coalizione al governo non digeriscono molto bene i fatti greci. La Merkel, purtroppo, non ha grandi visioni strategiche e amministra come può. I suoi limiti li conosciamo.
Vedremo con le prossime elezioni.

 

[Grisù]

Cari amici, non per fare la figura del pessimista ad oltranza, ma nel caso di Dubai World si rinvia il problema per il debitore ed i creditori facendo finta che quello del debitore sia un semplice problema di carenza temporanea di liquidità, anziché un problema di ricorso eccessivo all'indebitamento nell'emirato, con attivi del debitore il cui valore nel contesto attuale è tutto da verificare...

Non è stata trovata una soluzione "sostenibile", è stata messa una toppa...

Secondo me non bisogna essere ne pessimisti ne ottimisti, solo osservare e farsi una idea. Rispetto a Dubai, il problema di interessi e rimborso del debito è centrale per la Grecia, quasi come gli aspetti di crescita del PIL.

Posto un contributo un poco più tecnico anche se datato, francamente ritengo la maggior parte dei gestori dei fondi meno autorevoli di una bambina, bilanciano le loro scelte con metodi statistici elementari e quindi passo oltre (come disse qualcuno più autorevole del sottoscritto: if you invite 1,000 monkeys to play roulette, 10 of them are going to end up fabulously rich ).
Realtime: Greek Debt Dynamics: Daunting but Feasible