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

[tommy271]

Greek PPC, EDF mull renewables cooperation-sources

Sun Sep 26, 2010 10:25am GMT




* PPC to examine cooperation proposal on Tuesday-sources
* Management board to discuss non-binding terms sheet
* Deal would be part of PPC's 2 bln euro renewables plan



ATHENS, Sept 26 (Reuters) - PPC (DEHr.AT: Quote), Greece's biggest utility, will discuss a possible cooperation with France's EDF Energies Nouvelles (EEN.PA: Quote), as part of plans to become a domestic leader in renewable energy, PPC sources said on Sunday.
"The cooperation would concern the joint development, financing, implementation and operation of renewables projects," a PPC official with knowledge of the agenda of Tuesday's board meeting told Reuters.
The document under discussion will be a non-binding term sheet which will not include any specific plans or sums. The parties to it would be Energies Nouvelles' Greek unit EDFN and the Greek company's clean energy subsidiary, PPC Renewables.
PPC and Energies Nouvelles have already cooperated in the construction last year of a 38 megawatts wind farm in central Greece, one of the country's biggest.
PPC aims to invest about 2 billion euros ($2.67 billion) in renewable energies by 2015 to become the country's biggest player in clean energy.
Its CEO Arthouros Zervos, a renewables expert, has pledged to reduce PPC's carbon emissions to avoid hundreds of millions of euros in extra carbon costs from 2013, when allocation of free emission rights in the EU ends.
PPC, which produces more than 90 percent of Greece's power, relies on lignite, a form of soft brown coal, to cover the bulk of the country's electricity demand. (Reporting by Harry Papachristou; Editing by Louise Heavens)

 

[Imark]

Anche se infrasettimanale, mi è parso opportuno segnalare il positivo andamento di questi titoli anche OTC, con il dato di ieri sera... restano fermi i titoli più lunghi, salvo i GGBei, che invece fanno uno scatto in avanti significativo, bene invece le scadenze fino al 2019... volumi generalmente modesti sui mercati retail

il 2013 - 85,12 (BBML) 85,31 (Xtrakter);
il 2014 - 81,18 (BBML) 81,29 (Xtrakter);
il 2015 - 80,13 (BBML) 79,97 (Xtrakter);
il 2016 - 67,83 (BBML) 67,77 (Xtrakter);
il 2017 - 65,83 (BBML) 65,92 (Xtrakter);
il 2018 - 64,52 (BBML) 64,50 (Xtrakter);
il 2019 6% 68,49 (BBML) 68,39 (Xtrakter);
il 2019 6.5% 70,32 (BBML) 70,30 (Xtrakter);
il 2022 - 65,18 (BBML) 64,67 (Xtrakter);
il 2024 - 59,98 (BBML) 60,17 (Xtrakter);
il 2026 - 61,77 (BBML) 61,96 (Xtrakter);
il 2037 - 56,48 (BBML) 56,71 (Xtrakter);
il 2040 - 56,74 (BBML) 57,10 (Xtrakter);

GGBei 2025 - 53,27 (BBML), non significativo su Xtrakter
GGBei 2030 - 48,04 (BBML), non significativo su Xtrakter

Avevo quasi dimenticato la Grecia...

OTC di venerdì sera. E' proseguita la risalita dei prezzi, più debole solo sulla parte lunghissima della curva. I GGBei sono andati bene.

il 2013 - 85,71 (BBML) 85,81 (Xtrakter);
il 2014 - 81,86 (BBML) 82,01 (Xtrakter);
il 2015 - 81,16 (BBML) 81,27 (Xtrakter);
il 2016 - 68,57 (BBML) 68,53 (Xtrakter);
il 2017 - 66,71 (BBML) 66,63 (Xtrakter);
il 2018 - 65,15 (BBML) 65,00 (Xtrakter);
il 2019 6% 69,01 (BBML) 69,28 (Xtrakter);
il 2019 6.5% 70,94 (BBML) 71,06 (Xtrakter);
il 2022 - 65,64 (BBML) 65,82 (Xtrakter);
il 2024 - 61,12 (BBML) 61,20 (Xtrakter);
il 2026 - 62,14 (BBML) 62,35 (Xtrakter);
il 2037 - 56,86 (BBML) 57,18 (Xtrakter);
il 2040 - 57,02 (BBML) 57,44 (Xtrakter);

GGBei 2025 - 54,18 (BBML), non significativo su Xtrakter
GGBei 2030 - 48,83 (BBML), non significativo su Xtrakter

 

[tommy271]

The Repo Man Grabs Greek U-Boats

September 26, 2010: The financial crises in Greece has claimed another victim, the four German Type 214 subs the Greek Navy bought, but was unable to pay for. One of the boats was built in Germany, the other three in a Greek shipyard. But the Greeks owed the German manufacturer, and the Greek shipyard, nearly $800 million. The Greek government has now admitted that the cash is not available, and is not likely to be for some time. So the 214s will be auctioned off to the highest bidder. Late payment has not been the only problem with these subs. For the last four years, Greece and German submarine builder ThyssenKrupp have been arguing over the quality of German work on the Type 214 boats. Six months ago, the Greeks finally agreed to the original deal, and declared the quality issues resolved. It was about time. Four years ago, the first Type 214 arrived from Germany. But the Greeks quickly declared that the boat suffered from 400 defects. Meanwhile, the other three 214s were being built in Greece, and the first one of those was about ready for launch.

When the Germans first heard of the complaints, they thought it was politics. A new Greek government had just been installed, and it was common for the new officials to try and make the previous gang look bad. The Germans also expected that the Greeks were using this defect list to renegotiate the contract, and pay less than they had agreed to. The Germans eventually concluded that nearly all the 400 defects were bogus.

Finding that that all the claims were false or exaggerated, the Germans sued for breach of contract. The Greeks responded by refusing to accept the sub, which remained tied up in Germany. Then the Germans threatened to withdraw technical help for the Greek shipyard that was building the other three boats, and go to court to prevent the Greeks from using any of the German technology. Meanwhile, the three boats constructed in the Greek shipyard are largely finished, but not complete. Two years ago, the Greeks offered to settle the dispute, but they didn't have the cash to make the required payments.

The new deal had the Greeks accepting the first sub, and then selling it. The Greeks still wouldn't admit that their defect list was a fraud. The Germans agreed to resume assisting the Greek shipyard, and withdraw its lawsuits. Greece promised to make required payments, which was not done. It's believed that Greece's current financial problems (spending more than they promised the European Union that they would) was a major factor in this settlement. This debt problem has forced the government to cut way back on spending. That, plus the German threat to, in effect, shut down the Greek shipyard, and throw 1,400 people out of work, forced the government to back down on the crises it had created. But the cash was simply not there to pay for the subs, so now the deal goes back to the courts, and the 214s head for the auction block.

Meanwhile, Greece has eight German Type 209 subs. These 1,100 ton boats entered service in the 1970s and are being kept in service via regular upgrades and refurbishment. The 214s (ultimately eight of them) were to replace the 209s. Since that deal has finally died, the Greek submarine force will just fade away over the next decade or so. Archrival Turkey has bought six Type 214s, with the first arriving in five years.


(Strategypage.com)

***
La questione dei sottomarini ...

 

[tommy271]

Il rischio greco e quello dei periferici:

FT.com / FTfm / Last Word - Risk-free sovereign debt does not exist

 

[tommy271]

Wen Jiabao visiterà Grecia, Belgio, Italia e Turchia

2010-09-27 10:58:36 cri

Dal 2 al 9 ottobre, il premier del Consiglio di Stato cinese Wen Jiabao visiterà quattro pesi europei, vale a dire Grecia, Belgio, Italia e Turchia, e parteciperà all'8° Vertice dei capi di Stato Asia-Europa e al 13° Colloquio dei leader Cina-Europa. Il 27 settembre, la portavoce del ministero degli Esteri Jiang Yu ha annunciato che il premier cinese Wen Jiabao procederà alle visite ufficiali nei quattro paesi suddetti su invito del premier della Grecia George Papandreouel, del primo ministro del Belgio Yves Leterme, del primo ministro dell'Italia Silvio Berlusconi e del premier della Turchia Recep Tayyip Erdogan,.


(Radio Cina Internazionale)

 

[tommy271]

Greek officials welcomed the non-binding MoU, sealed in New York with Qatar Investment Authority to invest up to $5 bln


Harry Papachristou and Ingrid Melander, ATHENS - 27.09.2010


Greece and Qatar have signed a framework deal that paves the way for the Gulf emirate to invest up to $5 billion in energy, banking and other areas, giving a boost to the crisis-hit country.
Wooing foreign investment is key for Greece, which battles its worst recession in decades as it clamps down on state spending to slash its budget deficit under an EU/IMF bailout agreement.

Greek officials welcomed the non-binding memorandum of understanding, sealed late on Thursday in New York with Qatar Investment Authority (QIA), as a proof of investor confidence following months of market bashing over the debt crisis.
"The prospect of cooperation with such an important and credible international fund shows the Greek government's efforts to regain the trust of investors ... are bearing fruit," Investment Minister Harris Pamboukis said in a statement.

No specific projects were mentioned in the document. The QIA and Greece will set up within two months a joint committee to identify possible deals, mainly in real estate, tourism, energy, banking, ports and airports, the text said.
The committee will then meet every three months.
It was encouraging that the memorandum, although non-binding, mentioned a specific amount at such an early stage in the process, an official with direct knowledge of the talks told Reuters.

"The Qatar Investment Authority confirms its intention to invest in the Hellenic Republic... with an aggregate investment target budget of up to five billion U.S. dollars," said the memorandum, published by the Greek Prime Minister's office.
The economy needs to pick up to boost government revenue as Athens seeks to cut its budget deficit to 8.1 percent of GDP this year from 13.6 percent in 2009, trying to convince markets it is tackling a debt crisis which forced it to secure a 110 billion euro ($141 billion) EU/IMF bailout earlier this year.

Greece's efforts to attract more foreign direct investment (FDI), which has fallen in the past two years as business fled to the Balkans, face concerns about bureaucracy, economic conditions and regular strike action.
In response to some of these worries, Athens said earlier this month it would set up a fast-track procedure to cut red tape for big investments. The main labour union plans no strike anytime soon, also easing some concerns. [ID:nLDE68J0JL]
Analysts welcomed Friday's announcement. "All types of investments should benefit Greece at the current time of fiscal concerns," Kyprou Securities wrote in a note.

Qatar's Prime Minister Hamad bin Jassim al-Thani first expressed interest in investing in Greece during a visit to Athens in May, during which he signed non-binding agreements to build an LNG terminal and a power station in western Greece.

Source Reuters- Balkans.com

 

[tommy271]

L'opinione di Wolfgang Munchau sul costituendo fondo europeo di salvataggio:

FT.com / Columnists / Wolfgang Münchau - Could any country risk a eurozone bail-out?


Dietrologi sempre al lavoro:

http://online.wsj.com/article/SB10001424052748703904304575497871279626904.html?mod=googlenews_wsj

 

[tommy271]

Greece: Dialogue opens on higher ed reform

Πηγή: Express.gr 27/09/10-09:43


(ANA-MPA) -- The main guidelines of the government's planned changes in higher education were outlined by Prime Minister George Papandreou at the commencement of a dialogue on the new draft framework law for tertiary education, held in Delphi on Sunday.

Papandreou announced that a new system will be introduced under which students will gain entry into universities rather than specific university schools or departments, as is currently the case.

The plan, proposed by the Ministry of Education, includes unifications of universities and technical institutions of higher education (TEI) through unifications, mergers and abolitions of departments.

The Delphi meeting is attended by education minister Anna Diamantopoulou, university rectors, TEI presidents and representatives of teachers' associations and social agencies.

The prime minister further linked the citizen with life-long learning, and stressed the need to tear down the walls between the various levels of education in order to render knowledge accessible at any age, but with the required certification.

Papandreou also stressed the need for the extroversion and internationalisation of the universities so as to be able to take in professors as well as students from abroad.

***
Vediamo se i greci faranno prima e meglio degli italiani ....

 

[tommy271]

Greece; Two-billion-euro loan from European Investment Bank remains untapped

ekathimerini - 27.09.2010


Greece’s Public Investment Program is headed for further cuts as the government tries to meet fiscal goals in the areas of revenues and expenditures.
The reduction of public investments by 1.1 billion euros to 9.2 billion euros in 2010, from 10.3 billion last year, was just the beginning.
Lower investment spending, reaching 8.2 billion euros, was pointed out in a recent report by the International Monetary Fund and concerns are now shifting toward the 2011 budget, where the program will be cut by a further 5.43 percent.
The government is finding it difficult to come up with resources to support programs able to provide the economy with a boost, namely the European Union’s National Strategic Reference Framework (ESPA) and the new development law.

 

[tommy271]

Weak sentiment may harm tax revenues, boosting chances of further measures

Bankers, businesspeople concerned economic conditions bound to deteriorate in months ahead

Prime Minister George Papandreou with Finance Minister Giorgos Papaconstantinou in Parliament. The government is confident it will meet goals to slash the deficit but experts are concerned about the cost of this plan.

By Dimitris Kontogiannis - Kathimerini English Edition


While Finance Minister Giorgos Papaconstantinou appears confident Greece will meet or even exceed the 2010 budget deficit target of 8.1 percent of gross domestic product agreed in the economic policy program with the European Commission, the European Central Bank and the International Monetary Fund, executives from the private sector appear more pessimistic about the prospects of their firms and the real economy.
This, in turn, poses a dilemma: Can Greece stick to the austerity program and slash its budget deficit as planned or will the burden of a badly bruised private sector undermine this effort?

There is no doubt that the country’s fiscal consolidation is unprecedented even by international standards. The general government budget deficit will have to be reduced by some 11 percentage points of GDP between 2010 and 2013, half of which is planned to be slashed this year.
But the government, which let the country get to this point, has no other way but to cut its budget deficit and satisfy the terms of the memorandum if it wants to secure the remaining 10 loan disbursements from the 110-billion-euro financing package provided by eurozone countries and the IMF. It is noted 80 billion euros come from the eurozone and the rest from the IMF.

At this point, the budget appears to be on track to meet the deficit goal of 8.1 percent of GDP. This is despite a noticeable miss in tax revenues, which some analysts and businesspeople think will grow as we approach year-end. This may reflect more over-taxation along with poor Greek data and accompanied estimates of tax elasticities in setting the initial revenue target in the memorandum. It may also reflect the political will of the government to show that deficit reduction will come almost equally from both the expenditure and the revenue side, rather than being skewed toward expenditure cutting.
Even so, expenditure cuts, including a moratorium of payments to the state’s various domestic creditors, and a better-than-estimated performance of nominal GDP will likely ensure the attainment of the 2010 deficit reduction target and may even meet the revised target of 7.8 percent of GDP.

Only a sharp upward revision of last year’s budget deficit in excess of 14 percent of GDP and a collapse in tax revenues could put the above official projections at risk.
Government officials and even members of the so-called troika are likely to agree, the latter with more caution, to the projected path of the budget deficit.

But the majority of bankers, especially credit managers, businesspeople and others appear to be much more pessimistic about the prospects of the Greek economy until next May, to say the least. Some even doubt whether the improvement in fiscal data can last as sectors and individual firms are squeezed, sometimes to death.
From the more pessimistic senior bankers in charge of credit who say “we are finished, no none of the borrowers are paying,” to the less pessimistic who are deeply worried, the specter of a vicious cycle is real.

According to them, the state may reduce the budget deficit but this comes at the expense of the private sector. By overtaxing on one hand and refusing to pay for the money owed on the other, the state strangles the private sector, they claim, prompting some hot-heads to demand that 200,000 public sector employees be laid off to save 400,000 productive jobs in the private sector, as one of them put it in an e-mail.
Bankers and businesspeople are concerned economic conditions are bound to deteriorate in the months ahead, necessitating more austerity measures, which in turn put more pressure on the real economy and so on, finally eroding social support for the economic policy program.

Especially, senior credit managers at medium-size and large banks describe a bleak situation on a daily basis, as they find out more and more of their clients are either closing down or say they are unable to pay their installments which, in many cases, had already being rescheduled before.
This environment contrasts with the more optimistic one painted by aggregate numbers, even for employment, and makes many wonder whether this deterioration will catch up with fiscal developments and if so, when.
Undoubtedly, it is not easy to reconcile this bleak picture of the real economy with the projected path of the budget deficit. If they are right in their outlook and something does not happen to change the dented psychology, one will have to expect a dramatic drop in the so-called “flow” tax revenues in the months and quarters ahead.

This will definitely put the implementation of the budget at risk and will likely lead to the imposition of new austerity measures.
What can change all this? A sharp pick-up in exports may help but it is not enough when jobs are lost and incomes are hurt in the private sector. A jump in investment spending does not look likely either. So, the next hope is a pick-up in tourism – but this will have to wait until next May-June.
All-in-all, it looks probable that the two opposite sides in this equation will have to meet at some point late this year or in the first quarter of 2011. It is then we will know which side erred and how major the error was.


(Kathimerini.gr)