Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (10 lettori)

[tommy271]

Greece: Ceilings on fuel prices

14. September 2010. | 08:11
Source: ANA



The maximum price for unleaded was put at 1.473 euros per liter for the prefectures of Attica and Thessalonica prefectures, while the ceiling prices for LERP gas is 1.561 euros per liter, for super unleaded 1.701 euros per liter, and diesel at 1.282 euros per liter.


The government on Monday morning announced ceilings on the prices of fuel, applicable by geographical zones, by virtue of a joint ministerial decision of the ministries of Finance, of Regional Development and Competitiveness, and of Energy and Climate Change.
The maximum price for unleaded was put at 1.473 euros per liter for the prefectures of Attica and Thessalonica prefectures, while the ceiling prices for LERP gas is 1.561 euros per liter, for super unleaded 1.701 euros per liter, and diesel at 1.282 euros per liter.

The ceiling prices are valid for 7 days, at which time the expediency of extending the ceilings will be re-examined.


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I prezzi dei combustibili (per avere un'idea)...

 

[tommy271]

Will Greece Turn To China And The Middle East For Salvation?

Joe Weisenthal | Sep. 13, 2010, 7:22 AM | 335 |



An interesting editorial in Greek newspaper the Kathimirini offers three ways for the country to avoid a debt restructuring.
First, fiscal consolidation should continue but more attention should be paid to the real economy instead of just taking measures to meet the budget deficit reduction target. This means Greece has to mobilize foreign direct and indirect investments.
Second, an upgrade of its credit rating status by Moody’s or S&P at some point in the first half or nine months of 2011 should be pursued with the help of the EU and the IMF. This will help bring down Greek spreads and create a better environment for the country’s bonds.
Third, Greece should try to convince sovereign wealth funds to buy a considerable chunk of its new bonds when they are issued. It is positive that Norway’s sovereign wealth fund stated it is a buyer in Greek bonds because it does not believe the country will default on its debt but this is not enough. Greece had flirted with selling its bonds to the Chinese in the past and should go back to them. The same holds true with Arab or other sovereign wealth funds in the Far East.
Back during the peak days of the crisis there was chatter that Russia may step in and save Greece, though that never amounted to anything. There was also a question of whether the rest of Europe would freak out over this.
And really, except for the first, suggestion, these ideas aren't that exciting. Yes, Greece will benefit from a reduction in spreads/yields, but in the end, if revenues keep plummeting in line with an economy going down the train, the country will wind up in insolvency either way.




(Business Insider)

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Editoriale pubblicato qualche giorno fa.
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[tommy271]

Analysts See Rate At T-Bill Auction Coming Below 5%



ING is looking for a rate of below 5% at Greece’s 26-week Treasury bill auction Tuesday, in line with the yield of the last auction in July that shaped at 4.65%, Dow Jones Newswires reports.

"Our baseline view is that something similar will happen this morning," says ING strategist Padhraic Garvey. "Even for those fearing default/restructuring at some point, the time-line of this morning’s bill should in normal circumstances be relatively safe," he added.

Barclays Capital expects the Greek auction of 26-week Treasury bills Tuesday to be well bid with demand stemming foremost from domestic banks, "as is usual for Greek T-bill auctions," says strategist Giuseppe Maraffino.

He added that the small size of the auction, as well as the high yield, should attract demand.

On the other hand, Commerzbank could also see the yield coming out below 5%, says strategist David Schnautz, but added that "even at a rate around 5% we see decent risk/reward for buy-and-hold investors." Results are due at 0900 GMT.

(Capital.gr)

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Greece will auction 6-month T-Bills for the first time since it needed a rescue package from the EMU countries. It is a test that we expect to succeed, even if one shouldn’t draw (too many) conclusions from it. T-Bills have a short maturity and are interesting, especially for domestic banks that may use them in liquidity provision operations with the ECB.

(KBC Market Research Desk)

 

[tommy271]

Troika In Athens



Greek officials have engaged in tough negotiations to persuade the troika mission that arrived in Athens Monday that the new tax bill will cover the EUR1.5 billion budget gap and will cover a portion of the 2011 revenue.

The discussions will culminate in the coming days as then the mission will start meeting ministers, but they seem quite hesitant. The aim of the government is twofold:

- To achieve an even partial replacement of the VAT in 2011 with another measure and rein in tax evasion with the new tax bill. The problem is that under the Memorandum, Greece has until the end of September to outline the measures in the 2011 draft budget (which will be sent to the mission before submitted at the parliament) and if the government wants to defer some of the measures that that it has already agreed upon (eg . VAT), it must propose to the Troika a measure that will yield equivalent results will be announced in the Draft.

- To gain some time until October, when the official interim assessment will be made.

For the time being the EU, ECB and IMF representatives collect data and tries to asses the revenue deviations.

The final negotiations will start on Friday with two meetings at ministerial level: with the Minister of Finance and the Minister of Regional Development that manages by the Public Investment Program.

(Capital.gr)

 

[tommy271]

Prime Minister Radičová to lunch with EU ambassadors today

14 Sep 2010 Flash News


Slovak Prime Minister Iveta Radicova will meet ambassadors from EU member states on Tuesday, September 14 at a lunch in Bratislava’s Crown Plaza hotel that will be hosted by Alain Cools, the Belgian Ambassador to Slovakia, the press department at the Slovak Cabinet Office informed the SITA newswire.
Former prime minister Robert Fico, the leader of the opposition Smer party, also asked the ambassadors for a working lunch due to allegedly tense situation in Europe sparked by Slovakia's decision not to participate in the rescue mechanism to help Greece. The event is expected to take place on Thursday.

Slovakia sparked tensions in the EU when it refused to participate in a loan of €800 million to Greece which had been agreed upon by the previous government. Radičová's cabinet turned it down and has ruled out a change in its position.
Brussels and many other major players in the EU such as Germany expressed showed annoyance and several top officials of the 27-bloc reportedly presented their personal view that Slovakia should be punished by the remaining 26 members.
Finance Minister IvanMikloš participated in a session in the EU finance ministers last week and ruled out that Slovakia might face consequences for its action.



(The Slovak Spectator)

 

[tommy271]

PM says Greece will meet targets

If tax crackdown succeeds, we won’t need more loans, Papandreou says as international envoys return

Prime Minister George Papandreou said yesterday that Greece will have met its targets for curbing its huge debt burden by the end of the year, despite a shortfall in tax collection revenues, as officials of the European Commission and the International Monetary Fund arrived in Athens to check his government’s progress in pushing through reforms.
Speaking at a joint conference by the IMF and the International Labor Organization in Oslo, Papandreou said the reforms introduced by his government since it came to power would have taken most administrations years to achieve. “In 11 months, we did a decade’s worth of work,” he said.
Papandreou added that his administration had great hopes for its crackdown on tax evasion, even though it has fallen short of its target in revenue collection so far. “If Greece stamps out tax evasion, it will not need any new loans and will emerge much more quickly from the current crisis,” he said.
However the Greek premier also acknowledged the existence of spreading public discontent in Greece, though he seemed to suggest that this depression was the cause rather than the result of the current recession. “The problem with the current crisis is not the welfare state but a general sense of pessimism which must be addressed,” Papandreou said.
The IMF’s managing director, Dominique Strauss-Kahn, was also at the conference, the main focus of which was the sharp rise in unemployment sparked by the global financial crisis. Strauss-Kahn said that public anger and discontent, in Greece and in other countries with debt problems, was understandable but should not derail austerity drives. “It’s true to say that the people being hit by the crisis and by the measures that the governments have to take... are not directly responsible for that mess,” he said. “But you need to fix the problem,” he added.
Back in Athens, the Finance Ministry received officials from the EC, IMF and European Central Bank who are to conduct a fresh audit of Greek finances ahead of the scheduled disbursement of 9 billion euros in December, the third installment of a loan package.


(Kathimerini.gr)

 

[tommy271]

BBC denies TIF protest ‘staged’


The BBC has refuted government insinuations that its correspondent in Athens incited a Greek protester to throw a shoe at Prime Minister George Papandreou at the Thessaloniki International Fair (TIF) on Saturday.
Journalist Malcolm Brabant had been told by a local resident (extreme right-wing doctor Stergios Pravazeris) that he intended to throw a shoe at the premier, the BBC noted. “Any suggestion that the protester was incited to behave in this way is completely unfounded. This event would have taken place had it been captured on camera or not,” it said. Brabant, an award-winning veteran, told Kathimerini the allegations were “absurd” and denied involvement in any kind of staged incident. The 49-year-old Pravazeris, briefly detained following his unsuccessful assault on Papandreou, is a member of a group called the Patriotic Front, which had urged readers of its website to protest austerity measures by throwing shoes at government officials.

(Kathimerini.gr)


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Il lanciatore di scarpe e la BBC...

 

[tommy271]

Troika to focus on 5 main points

EU, ECB and IMF representatives to monitor Greek progress as Athens granted second installment of aid

As Greece is due to receive the balance of the second installment of financial aid from its international lenders today, their representatives are back in Athens to examine the course of the country’s fiscal streamlining.
The government announced yesterday that it had received 6.5 billion euros and is due to receive another 2.5 billion today from the sum of 110 billion granted by the eurozone countries, European Central Bank and International Monetary Fund, collectively known as the troika.
On the day that EU Economic and Monetary Affairs Commissioner Olli Rehn stated that Greece “must remain focused on its fiscal adjustment and reforms,” inspectors from the European Commission, the ECB and IMF began their eight- or nine-day visit to coincide with the drafting of the 2011 budget.
The troika will have meetings with various financial agencies in Athens and focus on five points in particular.
The first is the new budget that is being drafted. The first draft will be tabled in Parliament on October 4 and the representatives of Greece’s lenders wish to ensure that if a measure is to be withdrawn, it will be swiftly replaced by another so that there is no danger of missing the target of reducing the budget deficit for 2011. On the expenses side, for the first time a ceiling on spending will be set for each ministry, which will require precise accounting in order for each department to avoid additional expenditures. The progression of this year’s budget is the second focus point for the envoys, as they have noted the lag in the collection of revenues. The Finance Ministry is preparing certain adjustments to amend this, and Greece’s lenders wish to make sure the problem does not spiral out of control.
The troika is also concerned about the finances of peripheral state sectors such as hospitals, local authorities and social security funds. The Finance Ministry is supposed to have a better picture of the situation regarding these institutions by September 20. Another focal point is banks, with the troika planning to examine developments in the credit sector. Discussion is likely to center on last week’s report by the state’s consultants that includes all likely scenarios for the future of Greece’s banking system. Finally, the envoys intend to meet with the new development minister to discuss how the economy is going to emerge from recession, with various development issues on the table and the implementation of the EU-funded National Strategic Reference Framework.


(Kathimerini.gr)

 

[tommy271]

Continuano le proteste in Grecia

Governo dichiara illegale lo sciopero dei ferrovieri

In Grecia centinaia di camion sono allineati per il secondo giorno consecutivo lungo le grandi vie di transito, da Atene a Salonicco, per protestare contro il piano statale di austerità.
I proprietari delle autocisterne, ai quali lunedì era stato impedito di raggiungere il Parlamento, hanno comunque garantito il rifornimento di carburante.
Per evitare speculazioni, il governo ha in ogni caso deciso di imporre un tetto al prezzo della benzina.
Intanto, la magistratura ha dichiarato illegale lo sciopero dichiarato dai ferrovieri, che denunciano la parziale privatizzazione dell'impresa statale.


(RSI.ch)

 

[tommy271]

Greece΄s Roadshow To Tackle Concerns



Greek Finance Minister kicks off tomorrow a roadshow to present the changes that have taken place in the Greek economy to foreign institutional investors in London, Paris and Frankfurt.

Nevertheless, Mr Papaconstantinou starts tomorrow presentation was the presence of the Troika, to enhance the credibility of the image will show up.

The major concern he has to address, as analysts in London say, is whether and how the government will avoid a possible debt restructuring that would lead to a haircut, meaning the devaluation of bonds in institutional portfolios.

The crucial question is how the Government would avoid such a move in 2013 when the debt will "hit" fresh highs at 150% of GDP, following 4-5 years of and when interest payments will have soared.

Ιn August interest payments were EUR1 billion higher compared to 2009 and this trend, due to the steady growth of the debt, will be continued.

The first indirect "message" on this element will be given today, where officials will see if foreign institutional investors will participate to Greece’s T-Bill auction.

(Capital.gr)