tommy271
Forumer storico
Oggi Papaconstantinou dovrebbe rendere noto ufficialmente qualche dato per il bilancio preventivo 2011. Nonchè l'andamento attuale.
Mi aspetto buone notizie, come del resto Reuters ha anticipato.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
Oggi Papaconstantinou dovrebbe rendere noto ufficialmente qualche dato per il bilancio preventivo 2011. Nonchè l'andamento attuale.
Mi aspetto buone notizie, come del resto Reuters ha anticipato.
tommy271
Forumer storico
Chinese support for return of Marbles
(ANA-MPA) -- Chinese Premier Wen Jiabao, accompanied by Greek Prime Minister George Papandreou, toured the Acropolis in central Athens on Sunday morning, where the return of stolen antiquities and cultural treasures to their country of origin was discussed, amongst others. (ANA-MPA.gr)
Wen Jiabao pledged to support Greece's standing demand for the repatriation of the Parthenon Marbles, currently displayed at the British Museum in London, to the new Acropolis Museum.
The Chinese premier also recounted the looting and destruction in 1860 of the old summer palace Yuan Ming Yuan, outside Beijing, by British troops. The soldiers were acting on the orders of then British High Commissioner to China Lord Elgin, the son of the notorious Lord Elgin, the diplomat who connived of the operation to slice off and remove the sculptures from the Ottoman-occupied Parthenon less than two decades before the Greek War of Independence.
(ANA-MPA) -- Chinese Premier Wen Jiabao, accompanied by Greek Prime Minister George Papandreou, toured the Acropolis in central Athens on Sunday morning, where the return of stolen antiquities and cultural treasures to their country of origin was discussed, amongst others. (ANA-MPA.gr)
Wen Jiabao pledged to support Greece's standing demand for the repatriation of the Parthenon Marbles, currently displayed at the British Museum in London, to the new Acropolis Museum.
The Chinese premier also recounted the looting and destruction in 1860 of the old summer palace Yuan Ming Yuan, outside Beijing, by British troops. The soldiers were acting on the orders of then British High Commissioner to China Lord Elgin, the son of the notorious Lord Elgin, the diplomat who connived of the operation to slice off and remove the sculptures from the Ottoman-occupied Parthenon less than two decades before the Greek War of Independence.
tommy271
Forumer storico
Athens Newspaper Headlines
The Monday edition of Athens' dailies at a glance
Chinese Prime Minister Wen Jiabao's visit to Greece and the agreement on the boosting Chinese investments in Piraeus port as well as the purchase of Greek State bonds and the 2011 State Budget, mostly dominated the headlines on Monday in Athens' newspapers.
ADESMEFTOS TYPOS: "China backs Greece - Thirteen agreements on commerce and development brought by the Chinese premier".
APOGEVMATINI: "Return to the 'road of silk' - Papandreou's government, albeit late, makes overture to China".
AVRIANI: "The real estate 'gang' ordered death contracts".
CHORA: "Papandreou was awarded for his support to the German economy".
ELEFTHEROS: "PASOK government: One year of disaster for the country".
ELEFTHEROS TYPOS: "The secrets and traps of the new income tax statement".
ELEFTHEROTYPIA: "Beijing puts up the money and Greece puts up the works".
ESTIA: "Papandreou's first year of governance: Twelve-month nightmare ".
ETHNOS: "Chinese landing operation - Strategic support in words and actions".
IMERISSIA: "Tax inquisition".
NAFTEMPORIKI: "China makes investments and buys Greek State bonds".
TA NEA: "Labour agreements a la carte!".
VRADYNI: "Austerity kills the development - Additional taxes, and salary and pensions' freeze foreseen in 2011 State Budget".
(ana.gr)
The Monday edition of Athens' dailies at a glance
Chinese Prime Minister Wen Jiabao's visit to Greece and the agreement on the boosting Chinese investments in Piraeus port as well as the purchase of Greek State bonds and the 2011 State Budget, mostly dominated the headlines on Monday in Athens' newspapers.
ADESMEFTOS TYPOS: "China backs Greece - Thirteen agreements on commerce and development brought by the Chinese premier".
APOGEVMATINI: "Return to the 'road of silk' - Papandreou's government, albeit late, makes overture to China".
AVRIANI: "The real estate 'gang' ordered death contracts".
CHORA: "Papandreou was awarded for his support to the German economy".
ELEFTHEROS: "PASOK government: One year of disaster for the country".
ELEFTHEROS TYPOS: "The secrets and traps of the new income tax statement".
ELEFTHEROTYPIA: "Beijing puts up the money and Greece puts up the works".
ESTIA: "Papandreou's first year of governance: Twelve-month nightmare ".
ETHNOS: "Chinese landing operation - Strategic support in words and actions".
IMERISSIA: "Tax inquisition".
NAFTEMPORIKI: "China makes investments and buys Greek State bonds".
TA NEA: "Labour agreements a la carte!".
VRADYNI: "Austerity kills the development - Additional taxes, and salary and pensions' freeze foreseen in 2011 State Budget".
(ana.gr)
tommy271
Forumer storico
Greece΄s Draft Budget Targets A 7.3% Gap
Greece is set to unveil today its 2011 draft budget, targeting a 7.3% gap on new measures that are supposed to yield EUR 5 bil.
Under the terms of the 110 billion euro bailout agreed with the IMF and the eurozone members in May, Greece was to cut its budget gap by 50 basis points to 7.6 percent of GDP in 2011. In 2010, it had to slash its budget deficit by 5.5 percentage points.
New measures may include property taxes, amnesty on building violations, new gambling licenses and a one-off tax on profitable businesses.
It is not clear whether the government will raise the reduced VAT rate to 13 percent from 11 percent for some categories so as to address weak revenue growth.
Still, the budget framework may need to change in November, when the troika auditors are due in Athens and the government will have a better view on the course of the revenues.
(Capital.gr)
Greece is set to unveil today its 2011 draft budget, targeting a 7.3% gap on new measures that are supposed to yield EUR 5 bil.
Under the terms of the 110 billion euro bailout agreed with the IMF and the eurozone members in May, Greece was to cut its budget gap by 50 basis points to 7.6 percent of GDP in 2011. In 2010, it had to slash its budget deficit by 5.5 percentage points.
New measures may include property taxes, amnesty on building violations, new gambling licenses and a one-off tax on profitable businesses.
It is not clear whether the government will raise the reduced VAT rate to 13 percent from 11 percent for some categories so as to address weak revenue growth.
Still, the budget framework may need to change in November, when the troika auditors are due in Athens and the government will have a better view on the course of the revenues.
(Capital.gr)
tommy271
Forumer storico
Greece Could Demand Compensation From Siemens On Alleged Bribery
Greece may ask Siemens to pay EUR2 billion in compensation linked to an alleged bribery case, Sueddeutsche Zeitung reported in its Saturday edition according to Dow Jones Newswires.
Sifis Valyrakis, chairman of an investigation committee on the case of the Greece parliament, urged the Greek government and the legal authorities to claim compensation payment from the Siemens, the paper reported citing a document it has seen.
Valyrakis argued that Siemens was granted profitable contracts for projects linked to the Olympic Games 2004 and from the incumbent telecom provider Hellenic Telecommunications Organization after making alleged bribery payments.
A Siemens spokesman told Dow Jones Newswires that the company has done everything to elucidate the case and will fully cooperate in the future as well.
(Capital.gr)
Greece may ask Siemens to pay EUR2 billion in compensation linked to an alleged bribery case, Sueddeutsche Zeitung reported in its Saturday edition according to Dow Jones Newswires.
Sifis Valyrakis, chairman of an investigation committee on the case of the Greece parliament, urged the Greek government and the legal authorities to claim compensation payment from the Siemens, the paper reported citing a document it has seen.
Valyrakis argued that Siemens was granted profitable contracts for projects linked to the Olympic Games 2004 and from the incumbent telecom provider Hellenic Telecommunications Organization after making alleged bribery payments.
A Siemens spokesman told Dow Jones Newswires that the company has done everything to elucidate the case and will fully cooperate in the future as well.
(Capital.gr)
tommy271
Forumer storico
Bene, prosegue il calo dei CDS.
Qualche settimana fa erano oltre 900 punti. Con percentuale di default superiore al 50%.
In apertura gli spread/bund sono poco mossi, vedremo nel corso della giornata.
Intanto sul MOT sui nostri GGB prosegue il verde.
Ad Atene l'indice Ase segna 1474 punti, + 0,40. Volumi a 35 milioni.
ferdo
Utente Senior
CDS
sbaglio o sono calati tutti, anche Argentina e Venenzuela ... come mai?
avrei preferito che fosse calato solo quello greco
tommy271
Forumer storico
Respirano un pò tutti i periferici, sulla spinta Greca.
Per quanto riguarda l'America Latina, possono essere motivazioni locali. In Venezuela le elezioni ... ma, sinceramente, non saprei.
tommy271
Forumer storico
No public sector reform would mean no fiscal sustainability, for quite a long time
Restructuring of the state mechanism is essential for Greece to boost its competitiveness
By Dimitris Kontogiannis - Kathimerini English Edition
Greece may manage to attain the budget deficit target it has been set in the economic policy program it agreed to with the European Commission, European Central Bank and International Monetary Fund, for the year 2010 and even 2011 but risks going nowhere if it fails to reform the public sector. And the signs toward this end are not good, at least so far.
The government is today to unveil its 2011 draft budget, aiming at a budget deficit well below the 7.6 percent of gross domestic product (GDP) target initially set in the memorandum with the troika of international lenders mentioned above.
If the rumors turn out to be true, the deficit target will be set at 7.1-7.2 percent of GDP compared to a deficit equal to 7.8-7.9 percent of GDP in 2010. Again, this is better than the initial goal set at 8.1 percent of GDP despite lagging tax revenues but thanks to a higher nominal GDP on the back of surging inflation and some unorthodox spending cuts.
Assuming there is no unpleasant surprise from the European statistics agency Eurostat, such as an upward revision of the 2009 budget deficit figure, estimated at 13.6 percent of GDP, one must admit that the fiscal consolidation has been largely impressive.
However, as it is usually the case, numbers often mask reality. Tidying up the central government’s runaway spending in recent years with an average 15 percent pay cut and other cuts in the ministries’ operational expenses is nothing but a facelift for the true wound to Greek economy, that is, the public sector.
No wonder a recent poll conducted by one of Greece’s largest and most well-known poll companies two weeks ago showed that the percentage of content employees was roughly equal to those who were unhappy among civil servants. The percentage of discontent exceeded 85 percent among employees in the private sector.
It is not difficult to understand why the results of the poll reveal the truth if one speaks to the average worker at a private company. The latter worker supports with his taxes the jobs of many in the civil service who would have been redundant otherwise, while he himself facing uncertainty about his own job, including a sizable wage cut or even unemployment.
“It makes a hell of a difference to go from 100 euros to 85 or 80 and know you will have your job for life than going from 100 euros to 0,” a manager in a chemical company put it.
With many private companies preparing for more layoffs, this kind of argument, along with more anger, will be heard more often, stoking a conflict of interests between the public sector and private-sector employees.
The fact that some of the growing unemployed will be the victims of the state’s policy not to pay its domestic suppliers, such as construction, pharmaceutical companies and others on time, to cut spending artificially in order to meet the official budget deficit target is likely to make them even more upset.
This has already been the cause of a lot of headaches for the heads of said companies, who, in turn, fire back in what seems to be a never-ending vicious cycle. Companies are withholding paying value-added tax (VAT) to the state even if they have liquidity because they know the state will not repay what it owes them in VAT refunds, subsidies etc.
Of course, the state is not showing any intention of netting these amounts and life goes on with the recession hurting more and more as viable companies seek protection from their creditors under bankruptcy law and others call it quits.
At the same time, more and more citizens are discovering that services at public hospitals remain as poor as they once were while the education children receive at public schools does not improve despite an expected increase in registration this year.
After fainting and resorting to the health service at night for the first time in his life, a retiree who spent most of his life working in the mining and metals industry found out what many middle-class Greeks already know: The conditions at a major Athenian hospital were so abhorrent that his health would have been in danger if he waited for the busy doctors to look after him. His family decided to take him to a private hospital and pay whatever amount for him to get better care.
“You pay your social security contributions and taxes for life and when the moment comes you realize public healthcare is not there. I would have been better off had I evaded taxes or found a way not to pay my social security contributions and used the money instead to buy a good private health insurance policy,” he said.
The lesson is clear. If the public sector is not reformed so the average guy is able to see an improvement in his daily life, any effort to restore fiscal sustainability will not last for long.
The troika and the government want Greece to achieve fiscal consolidation, boost its competitiveness and economic growth in the years ahead. They may have put all their eggs in the wrong basket as long as the big sick man in the Greek economy, that is, the public sector, is left intact or they introduce the kind of reforms that have been seen for the Hellenic Railways Company (OSE).
(Kathimerini.gr)
By Dimitris Kontogiannis - Kathimerini English Edition
Greece may manage to attain the budget deficit target it has been set in the economic policy program it agreed to with the European Commission, European Central Bank and International Monetary Fund, for the year 2010 and even 2011 but risks going nowhere if it fails to reform the public sector. And the signs toward this end are not good, at least so far.
The government is today to unveil its 2011 draft budget, aiming at a budget deficit well below the 7.6 percent of gross domestic product (GDP) target initially set in the memorandum with the troika of international lenders mentioned above.
If the rumors turn out to be true, the deficit target will be set at 7.1-7.2 percent of GDP compared to a deficit equal to 7.8-7.9 percent of GDP in 2010. Again, this is better than the initial goal set at 8.1 percent of GDP despite lagging tax revenues but thanks to a higher nominal GDP on the back of surging inflation and some unorthodox spending cuts.
Assuming there is no unpleasant surprise from the European statistics agency Eurostat, such as an upward revision of the 2009 budget deficit figure, estimated at 13.6 percent of GDP, one must admit that the fiscal consolidation has been largely impressive.
However, as it is usually the case, numbers often mask reality. Tidying up the central government’s runaway spending in recent years with an average 15 percent pay cut and other cuts in the ministries’ operational expenses is nothing but a facelift for the true wound to Greek economy, that is, the public sector.
No wonder a recent poll conducted by one of Greece’s largest and most well-known poll companies two weeks ago showed that the percentage of content employees was roughly equal to those who were unhappy among civil servants. The percentage of discontent exceeded 85 percent among employees in the private sector.
It is not difficult to understand why the results of the poll reveal the truth if one speaks to the average worker at a private company. The latter worker supports with his taxes the jobs of many in the civil service who would have been redundant otherwise, while he himself facing uncertainty about his own job, including a sizable wage cut or even unemployment.
“It makes a hell of a difference to go from 100 euros to 85 or 80 and know you will have your job for life than going from 100 euros to 0,” a manager in a chemical company put it.
With many private companies preparing for more layoffs, this kind of argument, along with more anger, will be heard more often, stoking a conflict of interests between the public sector and private-sector employees.
The fact that some of the growing unemployed will be the victims of the state’s policy not to pay its domestic suppliers, such as construction, pharmaceutical companies and others on time, to cut spending artificially in order to meet the official budget deficit target is likely to make them even more upset.
This has already been the cause of a lot of headaches for the heads of said companies, who, in turn, fire back in what seems to be a never-ending vicious cycle. Companies are withholding paying value-added tax (VAT) to the state even if they have liquidity because they know the state will not repay what it owes them in VAT refunds, subsidies etc.
Of course, the state is not showing any intention of netting these amounts and life goes on with the recession hurting more and more as viable companies seek protection from their creditors under bankruptcy law and others call it quits.
At the same time, more and more citizens are discovering that services at public hospitals remain as poor as they once were while the education children receive at public schools does not improve despite an expected increase in registration this year.
After fainting and resorting to the health service at night for the first time in his life, a retiree who spent most of his life working in the mining and metals industry found out what many middle-class Greeks already know: The conditions at a major Athenian hospital were so abhorrent that his health would have been in danger if he waited for the busy doctors to look after him. His family decided to take him to a private hospital and pay whatever amount for him to get better care.
“You pay your social security contributions and taxes for life and when the moment comes you realize public healthcare is not there. I would have been better off had I evaded taxes or found a way not to pay my social security contributions and used the money instead to buy a good private health insurance policy,” he said.
The lesson is clear. If the public sector is not reformed so the average guy is able to see an improvement in his daily life, any effort to restore fiscal sustainability will not last for long.
The troika and the government want Greece to achieve fiscal consolidation, boost its competitiveness and economic growth in the years ahead. They may have put all their eggs in the wrong basket as long as the big sick man in the Greek economy, that is, the public sector, is left intact or they introduce the kind of reforms that have been seen for the Hellenic Railways Company (OSE).
(Kathimerini.gr)
- Stato
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