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

[tommy271]

Greek Parliament To Pass Trucking Reform Amid Protests



ATHENS -(Dow Jones)- The Greek Parliament Wednesday is set to finalize passage of the controversial bill to liberalize the domestic trucking sector amid continuing protests causing traffic chaos and clashes with police.
Liberalizing Greece's tightly regulated sectors, such as trucking, is one of the overhauls the socialist government has promised the European Union and the International Monetary Fund in exchange for a EUR110 billion loan that it secured in early May to prevent certain bankruptcy.
In parliament Wednesday the government and main opposition conservatives, as well as several independent deputies, will assure passage of the liberalization bill within a matter of hours for the final article by article vote. The "in principle" votes have already been successfully cast.
Meanwhile, truckers continue to stage a noisy two-day protest outside the parliament in downtown Athens in the hope of derailing the vote. About 250 truckers continue to protests outside the legislature and police have resorted to firing tear gas to disperse the crowd and prevent violent clashes.
Drivers have also blocked two of the main and busiest highways around Athens creating traffic confusion, and delaying goods being shipped to the countryside.
The truckers have been protesting for a 10th straight day even though a constitutional mobilization order has prevented them from legally striking, but the socialist government has been firm in its conviction to pass the reforms.
Specifically, the trucking overhauls envisage issuing new truck licenses to spur competition and reduce freight costs, but which would also severely undercut the value of existing licenses in circulation, now worth between EUR90,000 and EUR200,000 each.
Truckers are pulling out all the stops they legally can to prevent the depreciation and value erosion of their license assets and prevent foreign competition coming into the sector. Their protests may continue in the days ahead despite the final vote and passage of the law because they are also seeking preferential tax treatment and imporved pension entitlements.
While the truckers strike has proven to be particularly disruptive, many analysts fear the strike foreshadows similar protests from other cosseted professional groups working in Greece's so-called closed professions. Those include pharmacists, lawyers and engineers.

 

[tommy271]

Economists Say Debt Restructuring Unavoidable



Euro periphery countries will have to restructure their debt at some point as yields are unsustainably high, two economists told CNBC Wednesday.

Fears on the ability of countries such as Greece, Ireland, Portugal or Spain to pay their debts have rippled through the markets since the spring of 2010 when Greece was bailed out with a 110 billion euros ($146 billion) joint European Union – International Monetary Fund aid package.

"When you pay about four points over Bunds, you and I could borrow money," Dr. Irwin Stelzer, senior fellow and director Hudson Institute, told CNBC.

"But the fact is that people are very nervous about the ability of those economies to bear this kind of debt burden," he added.

"I don΄t see any way that continuation of this, at these interest rates, can go on without some sort of restructuring… the math is very simple: it can΄t happen," Stelzer said.

"Yes, you are able to sell bonds at a certain price but sometime you will have to pay this money back," Par Magnusson, chief Nordic economist at RBS told CNBC.

"For instance, how on Earth is Greece ever going to repay 11 percent interest rate with 100 percent debt-to-GDP? That΄s 12.5 percent of GDP in interest payments alone, had they not been funded by the European facility," Magnusson said.

(Capital.gr)

 

[tommy271]

Grecia liberalizza trasporto su gomma, scontri ad Atene

mercoledì 22 settembre 2010 13:49




ATHENS (Reuters) - I parlamentari greci hanno votato oggi a favore di un'apertura alla concorrenza del settore dei trasporti, scatenando così la protesta dei camionisti, che hanno bloccato i due principali collegamenti stradali di Atene e si sono scontrati con la polizia di fronte al parlamento.
Secondo un testimone Reuters, la polizia in tenuta antisommossa è ricorsa ai lacrimogeni per fermare 200 conducenti che tentavano di irrompere in parlamento, lanciando pomodori, bastoni, bottiglie di plastica e pietre.
I camionisti hanno bloccato anche le autostrade che collegano la capitale, mentre il parlamento votava a favore di una norma preliminare per eliminare il sistema in vigore da decenni in cui le licenze valevano centinaia di migliaia di euro, per rimpiazzarlo con un sistema che prevede solo ridotti costi amministrativi.
Già a luglio i camionisti avevano paralizzato il paese per sei giorni per protestare contro la riforma e in settimana in 2mila avevano marciato verso il parlamento. Ma i socialisti al governo hanno portato avanti la proposta, richiesta dall'Unione Europea e dal Fondo Monetario Internazionale.
"Temendo il costo politico e le reazioni dei camionisti, i governi passati hanno sempre evitato di prendere quest'iniziativa. Ora è diverso. Stiamo osando farlo", ha detto al parlamento il ministro Dimitris Reppas, poco prima degli scontri.
Quella del camionista è una delle professioni più "chiuse" in Grecia, insieme ai farmacisti, agli architetti e agli avvocati, per la mancanza da decenni di nuove licenze. Il voto finale sulla riforma dovrebbe arrivare in giornata e l'esito sarà probabilmente positivo, considerata l'ampia maggioranza parlamentare dei socialisti.

 

[lorixnt2]

lanciando pomodori

Vabbè tommy finché li lanciano invece di mangiarseli la situazione è sotto controllo

 

[tommy271]

Greece's ASE To Retain FTSE Developed Market Status




ATHENS (Dow Jones)--Greece's Athens Stock Exchange equity market is set to retain its developed market rating by the FTSE but it will remain on their watch-list for a possible downgrade for 12 months, its Chief Executive Spyros Capralos said Wednesday.
In 2001 Greece was promoted to developed market status when it joined the eurozone, but has been on a watch-list for a possible downgrade since 2006. That is because of concerns over issues of custody, settlement, regulation and the limited availability of thinly traded derivatives.
"I received a letter from the FTSE informing me that Thursday it will be announcing that Greece will retain its developed market status but will continue to be on their watchlist for another year," said Hellenic Exchanges HOldings SA (EXAE.AT) CEO Spyros Capralos.
Foreign portfolios are responsible for about 44% of turnover on the Athens bourse and control about 48% of companies' free float.
If Greece were to be downgraded many foreign investors, including index funds, could be forced to exit the market creating sever selling pressure and a shortfall in liquidity.
The Athens Stock Exchange cash and derivatives markets are controlled and run by listed Hellenic Exchanges SA.
The FTSE will officially announce annual country review results on Thursday.

 

[piameli]

Greece's ASE To Retain FTSE Developed Market Status




ATHENS (Dow Jones)--Greece's Athens Stock Exchange equity market is set to retain its developed market rating by the FTSE but it will remain on their watch-list for a possible downgrade for 12 months, its Chief Executive Spyros Capralos said Wednesday.
In 2001 Greece was promoted to developed market status when it joined the eurozone, but has been on a watch-list for a possible downgrade since 2006. That is because of concerns over issues of custody, settlement, regulation and the limited availability of thinly traded derivatives.
"I received a letter from the FTSE informing me that Thursday it will be announcing that Greece will retain its developed market status but will continue to be on their watchlist for another year," said Hellenic Exchanges HOldings SA (EXAE.AT) CEO Spyros Capralos.
Foreign portfolios are responsible for about 44% of turnover on the Athens bourse and control about 48% of companies' free float.
If Greece were to be downgraded many foreign investors, including index funds, could be forced to exit the market creating sever selling pressure and a shortfall in liquidity.
The Athens Stock Exchange cash and derivatives markets are controlled and run by listed Hellenic Exchanges SA.
The FTSE will officially announce annual country review results on Thursday.

Leggendo questo topic e l'analogo dedicato alle obbligazioni irlandesi posso dedurre che avremmo un autunno di tutto rispetto ( si fa per dire). L'effetto del progressivo delevereging attuato dalle dalle Banche Centrali produrra' una ulteriore crisi. Forse meno dirompente ma piu lunga e forse anche piu' profonda. Questa a causa dei bilanci statali.

 

[tommy271]

Leggendo questo topic e l'analogo dedicato alle obbligazioni irlandesi posso dedurre che avremmo un autunno di tutto rispetto ( si fa per dire). L'effetto del progressivo delevereging attuato dalle dalle Banche Centrali produrra' una ulteriore crisi. Forse meno dirompente ma piu lunga e forse anche piu' profonda. Questa a causa dei bilanci statali.

Vediamo, per quanto riguarda i bond greci rimango leggermente positivo.
Su quelli irlandesi temo che siamo alle schermaglie iniziali: bisogna vedere che ruolo intenderà giocare la BCE e il "costituendo" fondo di salvataggio.

 

[tommy271]

Iran's Ahmadinejad meets Greek PM


(AFP)



TEHRAN — Iranian President Mahmoud Ahmadinejad met Greek Prime Minister George Papandreou in New York, his website said on Wednesday, boasting a crack in Europe's strained relations with Tehran.
"Iran sees no limitations and obstacles to the expansion of ties and cooperation between the two countries," the president.ir website quoted Ahmadinejad as telling Papandreou at Monday's meeting.
"Palestine is the world's number one issue. It is about time the United States and some Western governments correct their past positions on Palestine and recognise some rights for the Palestinians to resolve the problems," Ahmadinejad said.
Ahmadinejad is in New York with other world leaders for the UN General Assembly.
"Greece welcomes the expansion of bilateral and regional ties with Iran," Papandreou was quoted as saying.
The European Union has had increasingly strained relations with Iran over its controversial nuclear programme, which Western governments fear is cover for a drive for an atomic weapon, an ambition Tehran denies.
The bloc adopted tough sanctions of its own against Tehran earlier this year, over and above the four sets of punitive measures imposed by the United Nations.

 

[Grisù]

Economists Say Debt Restructuring Unavoidable

"I don΄t see any way that continuation of this, at these interest rates, can go on without some sort of restructuring… the math is very simple: it can΄t happen," Stelzer said.

"Yes, you are able to sell bonds at a certain price but sometime you will have to pay this money back," Par Magnusson, chief Nordic economist at RBS told CNBC.

"For instance, how on Earth is Greece ever going to repay 11 percent interest rate with 100 percent debt-to-GDP? That΄s 12.5 percent of GDP in interest payments alone, had they not been funded by the European facility," Magnusson said.

Questi figuri i dottorati li hanno presi con i punti del supermercato o sono in palese malafede.

Sotto l'ombrello della BCE eventualmente i paesi in crisi di credibilità sul mercato (ovvero interessi troppo alti o aste non coperte) pagherebbero uno spread di 3-3,5 punti rispetto bund e non il 10 o il 20%. Non citano poi variabili come la crescita del GDP o l'inflazione. In definitiva, fesserie.

Mi aspetterei piuttosto uno studio serio che verificasse quanto la copertura EU/BCE/IMF possa coprire un effetto domino sui periferici con variabili macro diverse ma questo costerebbe lavoro ed è più semplice aderire al primo ribassista da bar nei paraggi per dare pareri privi di argomentazioni serie.

 

[tommy271]

Mobius invests in Greece and mulls Palestine holding

22 September 2010 | By Nick Rice

Mark Mobius, executive chairman for Templeton Investments’ emerging markets team, is seeking stocks in a new wave of countries, buying into National Bank of Greece and applying for the ability to invest in Palestine.


Mobius says it was possible but unlikely Greece will turn into an emerging market following the eurozone crisis.

Despite the country’s financial difficulties, he says it may end up averting a reduction of income per capita, the basis by which a country is classified as emerging or emerged.

Nevertheless, he says he has a holding in National Bank of Greece, explaining that at one stage the entire business was valued at the price of its Turkish operations alone.
Elsewhere, Mobius says he has also applied to widen his investment remit to include Palestine. He says he has not yet found any stocks in the country he would like to invest in, but is trying to acquire the flexibility to do so.

Other Middle Eastern countries which Mobius is mulling include Iraq and Iran, but only if the political situation is stable enough to permit investment.
The manager has been looking at a series of such off-benchmark bets, distancing himself from what he describes as investors’ “insane” fascination with the index.
He criticised frontier market and Latin American benchmarks in particular. Frontier market benchmarks are too oriented towards the most liquid markets, especially Kuwait, he says.
He observes the Latin American index is already distorted by large weightings in Brazilian resource companies Petrobras and Vale, which managers often cannot match in their funds due to regulatory constraints.
According to Mobius, the problem is likely to be exacerbated by Petrobras’s forthcoming secondary listing, which could add as much as $75 billion (£50 billion) to its market capitalisation.


(Fundstrategy.co.uk)