Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (2 lettori)

[tommy271]

Protesting truck owner arrested for attack on foreign driver


(ANA-MPA) -- A 41-year-old truck owner was led before a prosecutor in the northern city of Kavala on Tuesday accused of slightly injuring a 55-year-old Bulgarian truck driver and damaging the latter's vehicle.
The incident was reported as truck owners in Greece continue various protests against now ratified legislation finally liberalising the road freight transport sector in the country.
The 41-year-old, who is accused of obstructing traffic, damaging private property and assault, was identified by the victim as one of the truck owners whose vehicles were parked along the Nea Karvali section of the Egnatia motorway which stretches across the breadth of northern Greece.
The suspect and other four suspects, as yet unidentified, allegedly used private cars at dawn on Monday to block the highway and force the 55-year-old Bulgarian national to stop his truck at the Stavros Amigdaleonas section of the Egnatia motorway.

 

[tommy271]

Sofia sends protest note to Athens over attacks on Truckers


Tuesday, 28 September 2010
After Greek truckers took out their anger on Macedonian truckers, more than a dozen Bulgarian truckers have filed police reports of being attacked and their trucks being damaged and in some cases set on fire.
Sofia, just like Skopje has also sent a protest note to Athens.

According to Sofia's protest note, their truckers are being forcefully stopped on the highways, trucks have been set on fire, merchandise has been damaged and set on fire, highways are blocked, and are asking the Greek Government to manage the situation and involve the police as they should have done in the first place.
The Association of Bulgarian truckers have also sent an open letter describing the problems they encounter while transiting through Greece saying if nothing is being done to remedy the situation they will block every single entry point between Bulgaria and Greece.
"We are extremely upset that Greece's protesting truck drivers are showcasing their euphoria by attacking and damaging Bulgarian trucks by breaking windshields, slashing tires, setting trucks on fire and physically attacking truck drivers," says in the letter.
Meanwhile Greek truck drivers continue their protest, with Solun and Kavala already being blocked by 270 trucks.



(Macedonian International News Agency)

 

[tommy271]

EU to look at penalties for rating agencies - minister


By John O'Donnell and Huw Jones


BRUSSELS | Tue Sep 28, 2010 9:01pm IST

BRUSSELS (Reuters) - EU finance ministers will discuss this week how to penalise rating agencies for passing judgement on countries based on "wrong analysis", a senior EU politician said on Tuesday.
Didier Reynders, the finance minister of acting EU president Belgium, said the bloc's economy chiefs would discuss such a regime when they gather this week to examine controls for the agencies, whose downgrades of countries at key moments in Europe's debt crisis have angered some politicians.

Building on remarks that he wants a new EU markets watchdog to be able to fine rating agencies, Reynders said: "It must be possible to penalise. If after some weeks or months it is possible to say it (a downgrade) was a wrong signal, what is the responsibility of the rating agency?"
"It is quite difficult to say that there is no responsibility if it is possible to prove it was a wrong analysis, a wrong signal. The penalties is the capacity to impose some responsibility on the rating agencies."
Reynders' comments illustrate growing frustration with the agencies but leave many questions unanswered about how such a penalty scheme would work or whether it would win the backing of European countries and the parliament to be introduced.

It is not clear who would decide that an agency's analysis or a particular rating change was "wrong".
Sharon Bowles, the chairwoman of the influential economic affairs committee in the European Parliament, which must give its blessing to new laws, was critical of the idea. "You cannot penalise rating agencies for getting their predictions wrong," she told Reuters.
The EU's finance ministers are acutely sensitive to the danger of further downgrades, such as one threatened on Tuesday by Standard & Poor's for Ireland as the cost of supporting Anglo Irish Bank rises.
Representatives of the three big agencies -- Standard & Poor's(MHP.N), Moody's and Fitch -- have been summoned to a meeting of finance ministers this Friday in Brussels to defend the way they take rating decisions.

Some in this group, including Germany's Wolfgang Schaeuble and France's Christine Lagarde, have also found it hard to forgive an S&P decision to demote Greece to junk status, as they struggled to mount a rescue, the cost of which was pushed up by the downgrade.
Policymakers also have a longstanding aim of seeking more "home grown" competition in a sector dominated by the big three mainly U.S. agencies.


BANK TAX MENU


Reynders also signalled that he did not expect European finance ministers to agree a single approach to taxing banks and that it was possible the bloc's 27 countries would instead be given a choice of approaches.
"Maybe with a menu, it's possible to have some different tools," he said.
Leaders of the world's Group of 20 top economies (G20) abandoned attempts earlier this year to reach a common approach on taxing banks. While Europe still aspires to lead with its own model, widespread disagreement remain about how levies should be imposed and how the money should be spent.


At a meeting of industry and policy makers hosted by think tank Eurofi, European Commission President Jose Manuel Barroso, who has also criticised rating agencies for letting the dark mood on markets cloud their judgement, hailed the recent creation of pan-European watchdogs as a "gold standard".
The head of the EU executive, which writes the first draft of all European laws, promised more reforms by the start of next year. A blueprint to shake up rating agencies will be among them.


The EU efforts are part of a wider, global push to dilute the role of credit rating agencies in the financial system, particularly in how their ratings have been used to determine how much capital a bank must set aside.
The Financial Stability Board of global regulators and central bankers will make recommendations next month to the Group of 20 leading finance ministers to reduce reliance on ratings and reduce the "cliff effects" of a downgrade on investor confidence.

 

[Jessica.]

'25 TV

Siamo sulla vetta del mondo...
Sperem!

 

[tommy271]

Diplomats: Wen's Europe Visit to Deepen China-EU Ties

2010-09-28 23:43:36 Xinhua Web Editor: Jiang Aitao

​

Chinese Vice Foreign Minister Fu Ying attends a press briefing on Premier Wen Jiabao's upcoming visit to Europe on Tuesday, September 28, 2010.

Chinese Vice Foreign Minister Fu Ying said Tuesday Premier Wen Jiabao's Europe trip aims to promote the two sides' comprehensive strategic relationship.
Fu made the remarks at a press briefing at which she and Vice Foreign Minister Zhai Jun briefed the press about Wen's upcoming visit to Europe.

Wen will pay an official visit to Greece, Belgium, Italy and Turkey from Oct. 2 to 9 at the invitations of Greek Prime Minister George Papandreou, Belgian Prime Minister Yves Leterme, Italian Prime Minister Silvio Berlusconi and Turkish Prime Minister Recep Tayyip Erdogan.
Wen will attend the eighth Asia-Europe Meeting (ASEM) and the 13th China-European Union (EU) summit from Oct. 4 to 6 as guest of European Council President Herman Van Rompuy, Belgian Prime Minister Yves Leterme and European Commission President Jose Manuel Barroso.

The Greece visit is the first by a Chinese premier in 24 years. During his stay, Wen will meet George Papandreou and discuss China-Greece relations. The two leaders will also witness the signing of several cooperation agreements. Wen will also deliver a speech in the Greek parliament on China-Greece relations and China-EU relations.
"Coping with the financial crisis will be an important topic for talks between Wen and Greek leaders. We have a positive attitude about the measures taken by the European Union and the International Monetary Fund. We have noticed that the Greek government has adopted measures which have been effective. We hope Greece will recover soon from the difficulties," Fu said.

Speaking highly of the role Belgium has played in promoting China-EU relations during its rotating presidency, Fu said China-EU relations will be on the top agenda of Wen's meeting with Belgian leaders.
Wen will hold talks with Yves Leterme and meet King Albert II. The two countries will also sign deals on nuclear energy.

During Wen's visit to Italy, he will have talks with Silvio Berlusconi and meet President of the Italian Senate Renato Schifani, and President of the Chamber of Deputies Gianfranco Fini. Premier Wen will also attend the opening ceremony of the Chinese Culture Year.
"There are lots of cooperation programs between China and Italy, especially in technology, environmental protection and trade. The two countries will sign some new deals during Wen's visit and some documents to map out future cooperation," Fu said.

According to Zhai, Wen will hold talks with Recep Tayyip Erdogan and meet Turkish President Abdullah Gul during his visit to Turkey from Oct. 7 to 9.
He will also meet people from business circles and hold seminars with people from cultural circles.
"China-Turkey relations have witnessed smooth development, and the two countries cooperate fruitfully in many areas. Cooperation in such areas as investment, transportation and energy are progressing steadily. The two countries also carry out frequent exchange between governments, parliaments, local governments and non-governmental organizations," Zhai said.

He said China and Turkey are two important developing countries, which share a broad common interest in maintaining world peace and promoting common development.
China hopes Wen's visit will help the two countries map out a blueprint for the future development of bilateral relations.
As for the eighth ASEM, Fu said it is an informal, trans-regional platform for dialogue and cooperation.

The ASEM summit, under the theme "Quality of Life: Achieving Greater Well-being and More Dignity for all Citizens," will focus on global finance and economic governance, sustainable development, and social and cultural exchange between Asia and Europe.
The upcoming ASEM Summit will also admit three new members - Russia, Australia and New Zealand.
Fu said Wen will propose a series of initiatives during the ASEM summit.

She said China expects the ASEM summit to promote a balanced and sustainable recovery in the world economy.
China also hopes the meeting will step up climate change efforts and safeguard the peace and stability of Asia and Europe, she said.
As for the 13th China-EU summit, the first one between Chinese and EU leaders since the Lisbon Treaty took effect, Fu said China hopes the summit will be a new starting point for China-EU relations.
The focus of the meeting is the future direction of China-EU relations from the strategic perspective, the vice foreign minister said.

Besides the 13th China-EU summit, Wen will also attend the opening ceremony of the China-EU Business Summit and a high-level China-EU culture forum.
During his stay in Brussels, Wen will have several meetings with EU leaders. He will hold talks with Barroso and Van Rompuy. He will also meet with Eurogroup Chairman Jean-Claude Juncker, European Central Bank President Jean-Claude Trichet and Olli Rehn, European Union (EU) Commissioner for Economic and Financial Affairs.

China-EU relations have enjoyed smooth development in recent times with frequent exchanges.
Last year, Premier Wen paid two visits to Europe, which "strengthened the confidence of both sides to jointly cope with the financial crisis," Fu said.

This year, a string of senior EU leaders also visited China, including Barroso, European Parliament President Jerzy Buzek and the EU's High Representative for Foreign Affairs and Security Policy, Catherine Ashton.
China-EU trade has witnessed remarkable growth this year.
Bilateral trade volume for the first eight months exceeded 300 billion U.S. dollars, up 36.2 percent compared with the same period last year.

"The main aim of the summit is to exchange views on major issues. It is not surprising China and the European Union have some disputes given their different situations, culture and history. The two sides should have candid discussions about these disputes and not impose one's own opinion on the other," Fu said.

She said Wen's visit will promote the political relationship between China and the European Union, as well as relations between China and the four European countries.
Fu stressed "there is no change in China's support for the EU making strong policy to overcome its sovereign debt crisis."
"The EU and the whole of Europe are important partners for China, so it is important for China that they maintain a stable economic recovery. We will continue to do what we can to support the EU and European countries and provide assistance," she said.
The vice foreign minister also reiterated that China will not reduce its euro holdings, adding that it will take effective measures to maintain the stability of international financial markets.

(Radio Cina Internazionale)

 

[tommy271]

INTERVIEW: Greece Pursuing Radical EUR3B Privatization Plan



By Nick Skrekas Of DOW JONES NEWSWIRES

ATHENS (Dow Jones)-Greece has promised to pursue an ambitious of privatizing everything from gambling to infrastructure to raise EUR3 billion for state coffers over the next three years, but the government insists the radical and widespread program won't include fire sales, said the official in charge of selling off state assets.

The debt-laden Mediterranean country has agreed not only to impose austerity measures and fiscal restructuring, but also a transformational program to attract private capital into state-owned assets under the terms of the EUR110 billion bailout provided by the International Monetary Fund and the European Union to stave off certain bankruptcy.

"We will meet the EUR3 billion targets by 2013 but there won't be any front-loading even if we may raise some revenues this year," George Christodoulakis, special secretary for asset privatization at the Finance Ministry, told Dow Jones Newswires in an exclusive interview. The privatization program is also about "restructuring the local economy and not just money," he added.

"We are encouraging viable private investment but want to secure the public interest in modern ways so there won't be any fire sales," Christodoulakis said.
A top priority for the government is the Hellenic Railways, which have amassed a EUR10.7 billion debt and cost the local taxpayer EUR1 billion per year to keep afloat.

The government plans to pass a law regarding its privatization in the next few weeks. It will slash the number of jobs from the current 6,000 to a streamlined 3,700 employees, cut loss-making activities and routes and put in place a framework for exploiting real estate assets worth several billions.

"We already have some serious international interest for the railways and we expect to deliver the revamped operator next year which will be marginally profitable. While its substantial debts will have to be serviced by the Greek state, we hope its real estate portfolio will offset some of those costs," Christodoulakis said.

But unions are determined to resist such efforts. "We are on an accelerated path of strikes and industrial action because there has been no dialogue and because the government is trying to impose an industrial Dark Age upon us," said Nikolaos Kioutsoukis, the president of the Panhellenic Federation of Railway Workers.

Speaking to Dow Jones Newswires on the second day of rolling work stoppages, the union leader added: "We cannot accept our numbers being thinned to 3,700 workers, the transfers of personnel, the reduction in wages and the cuts to pension entitlements are completely unacceptable."

However, Christodoulakis said he believes a rational agreement with unions can be reached because the country is at a turning point "and we can't keep going like this as mismanagement would prevent fast resolution of the current problems."
Second on the priority list for Greece is the exploitation of its massive portfolio of real estate assets. Prime Minister George Papandreou in a speech last week said the value could be more than EUR200 billion, while the country's national debt tops EUR300 billion.

"There are very numerous and large pieces of land that are commercially interesting and what we intend to do is to sell or offer concessions for many years to make exploitation viable. We are working very hard to present a robust and compelling investment case to the international markets," Christodoulakis added.

While Greece doesn't intend to "unbalance the equilibrium" in the telecommunications market--Christodoulakis said the state won't sell down its 20% stake of Hellenic Telecommunications Organization to add to Deutsche Telekom's (DTEGY) 30% stake--it will be liberalizing the betting market. The country hopes to raise EUR500 million from newly issued licenses for new games and another EUR200 million in royalties by the end of 2011.

The special secretary underlined that the state intends to sell very quickly its 49% holding of Monte Parnes casino, outside Athens, possibly as soon as by the end of the year. It also wants to reduce its 90% holding in the Hellenic Postal Service but that is likely to take longer.

Christodoulakis said healthy progress was also being made on the privatization of local gas monopoly DEPA, in which the state controls 65%. However, he underlined that there would be a separation between the network of pipelines and the gas-trading business.

"Our privatization advisors will be announced soon but the state will have a pronounced interest in the monopoly of the gas pipelines."
The government will be looking closely at Athens and Thessalonica water and waste utilities after local government elections in November, even though both are already partly privatized because they are listed on the Athens Stock Exchange.

"There are a large number of high-quality companies that are interested but water has little to do with raising revenues. Having private hands in there is to improve efficiency and add technology," Christodoulakis said.

And airports also won't be spared in this radical transformation and restructuring effort. Athens International Airport--in which the state controls a 40% stake and German engineering company Hochtief AG (HOT.XE) has 55%--will see its concession extended since it is set to expire in 15 years. The government had been considering floating some of its stake on the Athens exchange but only after agreement with the other stakeholder.

"Listing on the stock exchange is one option but at the moment the performance of the bourse is not encouraging but that may change. Other options are possible since there is interest from long term passive investors," Christodoulakis said.
And the near-40 regional airports will follow the Athens model where they will be converted into corporations and portfolios will be formed and concessions granted. "The process will start this year so by early 2012 we should be able to deliver them to the market."

With the longest coastline in Europe, Greece has about 815 ports that are also slated for concessions. The Finance Ministry plans to proceed with a "flexible concession arrangement" for large commercial ports and turn smaller ports at the prefecture level into marinas to help boost tourism.

The extensive, economy-wide program has drawn flack not only from unions but there is some resistance within the ruling Socialist government because they say it conflicts with their ideology.

However, Christodoulakis said: "The alternative is allowing the assets to generate negative returns which don't benefit the public. In any case we won't privatize monopolies but you need regulated agreements to incorporate the private sectors' capital and expertise while protecting long-term public interests."

***
Il piano di privatizzazioni porterà un pò di liquido nelle casse dello stato e modernizzerà la struttura economica.

 

[g.ln]

entrate ai minimi?

Comunque anche oggi buona tenuta dei nostri greci, con uno spread/bund sul decennale in calo a 877 pb. rispetto alla chiusura di ieri di 885 pb.
E' poca cosa, ma è positiva la controtendenza rispetto agli altri periferici.
Anche nel nostro "pollaio" tanti segnali verdi.

Si Tommy, è certamente positiva; bene, bene, sembra proprio che gli acquisti del 7 - 8 settembre siano stati fatti intorno ai minimi di periodo, vero Ferdo ? (anche tu mi sembra sei entrato in discesa in quel periodo).
Ciao, Giuseppe

 

[tommy271]

Si Tommy, è certamente positiva; bene, bene, sembra proprio che gli acquisti del 7 - 8 settembre siano stati fatti intorno ai minimi di periodo, vero Ferdo ? (anche tu mi sembra sei entrato in discesa in quel periodo).
Ciao, Giuseppe

Da quando ho postato lo spread è ulteriormente sceso a 868 pb., con puntatine anche più sotto.
Sicuramente c'è qualcuno che compra .... e probabilmente neanche BCE, visto che è impegnata su altri lidi.

 

[ferdo]

Si Tommy, è certamente positiva; bene, bene, sembra proprio che gli acquisti del 7 - 8 settembre siano stati fatti intorno ai minimi di periodo, vero Ferdo ? (anche tu mi sembra sei entrato in discesa in quel periodo).
Ciao, Giuseppe

già, compricchiando compricchiando intanto sono arrivato a circa 150k di nominale in tds ... mi è un po' sfuggito il dito

Rispetto all'8 settembre:
la 2014 si è alzata di circa 3 punti
idem la 2019;
la 2025 di 2 punti;
fino a 90-100 il cammino è ancora lungo!

Tra l'altro c'erano anche un paio di macchinette in denaro stamattina.

 

[StockExchange]

Riflettevo su quale conseguenza potrebbe avere questo trend verso la "convergenza" tra Grecia che sta tenendo bene e anzi migliorando quotazioni e CDS e Irlanda, Portogallo,Spagna verso le quali il sentiment del mercato sta peggiorando.
Credo sia una situazione tutto sommato positiva per i nostri bond, anche se può sembrare controintuitivo...
Se il problema fosse solo la Grecia alla fine il suo debito si potrebbe ristrutturare con danni globali limitati, ovviamente in forma soft, tanto da non farlo passare neanche come un default vero e proprio (stabilizzare la situazione pro tempore con prestiti ponte ha già dimostrato in passato la sua efficacia nello scongiurare crisi di panico generalizzate dei mercati finanziari stile Lehman B., si pensi a GM, Alitalia o Anglo Irish Bank). Quindi di per se i 110 B. non garantiscono la non ristrutturazione del debito Greco e questo il mercato lo sa, infatti le quotazioni sono rimaste in animazione sospesa per mesi dopo i primi facili entusiasmi e ricadute nel panico.
Ora però i dubbi sulla solvibilità dell'area Euro si estendono anche a Irlanda e Portogallo con ombre pure sulla Spagna e poi ci siamo noi che sebbene siamo ancora considerati il vero "affare" sulla piazza europea, con ottimo rapporto rischio (molto basso) /rendimento (molto meglio del bund), deteniamo pur sempre il record assoluto di indebitamento Europeo.
Secondo me con un simile quadro la CEE non potrà assolutamente permettersi un melt down dell'area Euro dichiarando "ognuno per se e Dio per tutti", riguardo al debito pubblico dei singoli paesi. A questo punto devono essere sostenuti o tutti o nessuno. Poi i panni sporchi ce li laveremo in casa, con sanzioni e inasprimento dei controlli per far rientrare i bilanci dei singoli paesi entro i livelli di guardia, magari a botte di austerity e privatizzazioni a manetta. Ma di fronte alla più ampia comunità finanziaria internazionale la situazione dovrà per forza essere stabilizzata. Ovviamente non potrà farsi carico di tutte queste spese la Germania e pochi altri paesi più virtuosi dell'area Euro e credo sia questo che ci tiene a sottolineare la Merkel.
E quale miglior modo allora, se non finanziare un fondo di garanzia per coprire tutti i debiti dei singoli PIIGS alla bisogna, tramite emissioni di bond targati CEE
(o BCE o BEI fate voi...) sovranazionali, tripla A, nuovi di zecca e tirati a lucido ?. I paesi CEE che fruiranno di tali fondi resteranno poi "indebitati" internamente, rispetto al resto dei paesi membri, ma a tassi modesti, quento basta per ripagare il costo degli interessi tripla A dei bond sovranazionali.
E così il cash lo tireranno fuori i Cinesi ansiosi di diversificare i loro portafogli (ormai stracolmi d'oro e di Treasury di cui si fidano sempre meno, soprattutto per la tenace volontà degli americani a svalutare il dollaro).
Così potranno comprarsi titoli tripla A nella valuta più forte del mondo (visto che noi siamo gli unici idioti che di fronte alla svalutazione competitiva delle altre divise principali, continuiamo a salire).
Capisco che la Germania vedrebbe un titolo clone del bund fare concorrenza al suo stesso titolo di stato. Ma non mi sembra ci sia rischio di carenza di domanda vista la congiuntura epocale che stiamo vivendo con il conseguente perdurante Fly to Quality.