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

[tommy271]

Fitch: Affirms Piraeus Ratings Following Withdrawal Of Bids



Fitch Ratings said Friday it has affirmed Athens-based Piraeus Bank΄s Individual rating at ΄D΄ and removed it from Rating Watch Negative (RWN) following yesterday΄s announcement that it has withdrawn its bids for stakes in Agricultural Bank of Greece (ATEbank) and TT Hellenic Postbank (Postbank) currently owned by the Greek government. Fitch has affirmed Piraeus΄ other ratings at Long-term Issuer Default Rating (IDR) ΄BBB-΄ with Negative Outlook, Short-term IDR ΄F3΄, Support rating ΄2΄ and Support Rating Floor (SRF) ΄BBB-΄. The bank΄s senior debt and government-guaranteed debt was affirmed at ΄BBB-΄.

At the same time, the agency has changed the Rating Watch on ATEbank΄s Individual rating of ΄D/E΄ to Negative from Evolving. Fitch has affirmed ATEbank΄s other ratings at Long-term IDR ΄BBB-΄ with Negative Outlook, Short-term IDR ΄F3΄, Support rating ΄2΄ and Support Rating Floor (SRF) ΄BBB-΄. The bank΄s government-guaranteed debt was affirmed at ΄BBB-΄.

The affirmation of Piraeus΄ Individual rating reflects its sound domestic lending and deposit franchises, some business diversification and better-than-average asset quality. However, the Individual rating also factors in deteriorating asset quality and profitability amid a recessionary environment in Greece, the bank΄s heavy reliance on funding from the European Central Bank (28% of non-equity funding at end-H110) and exposure to the Greek government (rated ΄BBB-΄/Negative) via its considerable portfolio of Greek government debt (EUR8.6bn at end-H110) and below peer average capital ratios, although these remain adequate.

The withdrawal of Piraeus΄ bids eliminates potential integration and execution risks that would have been exacerbated by the difficult operating environment in Greece. Although Fitch believes that the bids - if successful - would have created potential longer-term gains regarding performance and market share, in the short-to-medium term Piraeus΄ performance and risk profile would have suffered from integrating a bank with weaker asset quality and profitability, concentration risk and restructuring costs.

The RWN on ATEbank΄s Individual rating reflects Fitch΄s view that the bank is likely to require additional capital in the short- to medium-term, largely as a result of its poor asset quality (impaired loans ratio of 9.6% at end-H110) and subsequent weak financial performance (operating loss of EUR133.4m in H110). ATEbank failed the CEBS stress test published in July 2010 and announced that it intends to improve its capitalisation through a capital increase, disposal of certain financial assets and a cost containment programme. Fitch will resolve the RWN once it has obtained more specific information on ATEbank΄s capital strengthening plans. The resolution of the RWN is likely to be driven by the nature and extent of capital support ATEbank will require.

Both Piraeus΄ and ATEbank΄s Long-term IDRs are support-driven and at their SRFs, reflecting Fitch΄s assessment of available support to the Greek banking system following the implementation of EU/IMF support framework, as well as liquidity support from the ECB. The Negative Outlooks on the Long-term IDRs of both entities mirrors the Negative Outlook on Greece΄s sovereign rating. Consequently, any downgrade of Greece΄s sovereign rating is likely to lead to a downgrade of the banks΄ Long-term IDRs, Support ratings and SRFs.

(Capital.gr)

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Speriamo che Fitch sia altrettanto benevolo sul debito pubblico, magari passando da negativo a neutro. Potrebbe essere un punto di ripartenza per il ritorno dei fondi d'investimento.
Ricordo che è l'unica agenzia di rating ad aver tenuto la tripla BBB. Se non altro, tanto per distinguersi dalle altre ...

 

[Imark]

Vi segnalo ieri la buona tenuta OTC dei titoli greci: stornano solo le scadenze brevi post piano di salvataggio (2013-2014) fermo il 2015, in buon gain gli altri titoli, soprattutto sulla parte decennale ed ultradecennale della curva (dove si vedono gain sopra il punto pct sui 2019, 2022 e 2026), mentre sulla parte lunghissima il segno blu si attenua, e sul 2037 e 2040 il gain è nell'ordine dei 35-40 pb.

 

[tommy271]

Papandreou in Belgrade on Tues

Prime Minister George Papandreou, at the end of his programme in Brussels in the framework of the Europe-Asia summit, will be visiting Belgrade on Tuesday afternoon, where he will be addressing the Annual Conference on Serbia's European Prospect.


Οn Monday, moreover, he lashed out at the previous and the current leadership of the main opposition New Democracy (ND) party, blaming ND for the current economic and debt crisis Greece is facing.
He underlined that the country is going to make it despite predictions to the contrary, pointing out, however, that the "fight is not over yet and that the road ahead remains tough."


Papandreou stressed that if things go well in 2011, which he described as a "decisive second halftime", then "we can hope that the course of the economy will change and 2012 will be a year of economic growth that will take place on solid foundations for the first time."


(Ana.gr)

 

[tommy271]

Railway company plan is approved


ANA.gr


The government decided at yesterday’s Cabinet meeting its next moves toward streamlining the loss-making Hellenic Railways Organization (OSE). The draft law, to be submitted next week, provides for the voluntary transfer of 1,350 OSE employees to other state positions and for a 20-percent decline in salary costs, which now amount to 387 million euros. In addition to reducing staff, costs will also be cut by restricting benefits and overtime pay. This also paves the way for the entry of a strategic investor for TRAINOSE, the operational arm of OSE, with a 49-percent stake and the acquisition of its management, while fares are to be liberalized.

 

[tommy271]

PM warns of another tough year

After 12 months in office, Papandreou says there will be growth in 2012 but more hardship in 2011



As the draft budget for 2011 was presented yesterday, Prime Minister George Papadandreou warned his ministerial team and the Greek people that they are only nearing the end of the “first half” of their fight to get the country’s public finances back on track.

Papandreou said that next year would be crucial to Greece’s effort to slash its public deficit further and get the economy on the road to growth. “If we succeed in 2011, and we will succeed, we will have real cause to believe that the economy will change direction and that 2012 will be a year of growth,” he told the Cabinet, which approved the draft budget. “Our success in 2011 will be the crucial second half,” said Papandreou. “After 2011, the deficit will mainly be connected to the needs of servicing our large debt and not to the creation of further deficits. Then, 2012 will be a year of growth, supported by a sound basis, not borrowed money.”

The government aims to reduce Greece’s deficit by 7 percent this year but this will be accompanied by a hike in VAT on some products and services, and a projected rise in unemployment to 15 percent by the end of 2011.
Yesterday marked one year since PASOK came to power and Papandreou used this as an opportunity to remind people of the poor state in which New Democracy had left public finances. “Nobody could have expected such irresponsibility and self-destructiveness,” said Papandreou.

ND leader Antonis Samaras has suggested that a conservative government would wipe out Greece’s deficit by the end of next year. Papandreou laughed off this idea. “Today they talk about zeroing the deficit but they are the ones who in five-and-a-half years in power managed to get it so high,” he said. “They criticize us about the pension funds having no money but they are the ones that emptied them. The money was there but the question is what they did with it.” New Democracy’s response was to produce a 33-page document listing what the conservatives see as PASOK’s failures in handling the economic crisis during its year in power.

Samaras is expected to deliver a speech on the same subject today. “Citizens realize that Mr Papandreou misled them and that the people who in the election campaign promised that the money would be found are the same ones who have dragged Greece toward the [EU-IMF] memorandum,” said ND deputy Maximos Harakopoulos.

(Kathimerini.gr)

***
Il dibattito all'interno della politica greca.

 

[mago gambamerlo]

L' altro giorno leggevo sul WSJ Asia ( sto' in asia ... e questo mi tocca ) che e dal 2008 (post crisi Ungara ) che in Europa esiste una Task Force Segreta atta a studiare la possibilita' di un default in area Euro .
(Quindi non cascavano dal "Pero" ed erano preparati.)
Cio' nonostante , stesso articolo descriveva data x data lo scempio politico da te menzionato .
Purtroppo , sotto questo aspetto , siamo deboli in Europa e la strada alla Federazione e' lunga ... ma forza Europa che ieri , grazie anche ai Molinari abbiamo vinto la Ryder.
Speriamo persita la ragione e l' interesse comune e non prevalga qualche occasionale regionalismo....

Hai ragione ma se leggi le dichiarazioni di tremonti e i rumors sugli attriti franco-tedeschi si è andati ad un filo dalla tragedia lo scorso aprile.

In quel caso non avrei mai pensato che la politica portasse così vicino al baratro l'economia dell'area euro ma l'hanno effettivamente fatto.

La mia perplessità non è tanto sulle capacità dell'economia greca di rialzarsi (già descrissi in passato come in Grecia la crisi non era stata vissuta interamente come nel resto dell'area euro perchè si era invece pensato che con un paio di giochetti contabili e grazie agli amici di goldman si potevano ripulire bilanci e relativo deficit).

Come affermavo ci sono molte sacche di inefficienza sui bilanci statali e ne sono la prova i tagli impressionanti sui bilanci pubblici del 2010.

La cura FMI può però essere letale per l'economia e come ripeto da tempo l'anno centrale per decidere il destino della Grecia sarà il prossimo.

In ogni caso come suscitava in me ilarità chi diceva che la Grecia fosse spacciata, altrettanto risibili sono le affermazioni di chi pensa che ora bund e ggb siano sullo stesso piano. Attenzione quindi a non ricadere in quello che è un difetto di auto persuasione, l'equilibrio è la dote più preziosa per un investitore almeno nel lungo periodo.

 

[tommy271]

Rehn on Chinese investments


BRUSSELS (ANA-MPA/M. Aroni) - Amadeu Altafaj, the spokesman of EU Economic and Financial Affairs Commissioner Olli Rehn, called on to comment during a regular press briefing on Sunday's statements by Chinese Prime Minister Wen Jiabao on the Greek economy, said in Brussels on Monday that "every kind of move that promotes investments in Greece, can help the recovery of the Greek economy."


Rehn's spokesman stressed that the European Commission shares the view of the Chinese authorities that Greece can emerge from the crisis, since the country is implementing its economy adjustment programme correctly.
"Whatever helps the increase in demand is welcome," Altafaj said, adding that the programme that Greece is implementing is "strict but necessary".

 

[tommy271]

Medvedev visit business boom

By Elias Hazou Published on October 5, 2010



RUSSIAN President Dmitry Medvedev’s visit his week will be the most important visit to Cyprus of any head of state in terms of sheer economic impact, business leaders said yesterday.
Medvedev is due on the island tomorrow on a two-day visit, during which it is possible that the two governments will be putting their signatures on a treaty for the avoidance of double taxation.

Russia is among the largest foreign investors in Cyprus, with an investment volume of €2 billion in 2008, according to official figures. In 2008, $34 billion were invested in Russia via Cyprus, while Cypriot investment in the country was €1.5 billion.

“There is no longer any doubt that the Russian Federation is Cyprus’ single most important economic partner,” said Manthos Mavrommatis, chairman of the Cyprus Chamber of Commerce and Industry (KEVE).

Mavrommatis was speaking at a news conference, organised by KEVE, giving the heads-up on a Cyprus-Russia Business Forum to be held in Nicosia on Thursday.

The forum is being co-organised by KEVE and the Russian Chamber of Commerce, the Cyprus-Russia Business Association and the Cyprus-Russia Friendship Association. The venue is Nicosia’s Hilton Hotel. The event, which starts at 9am, will host some 300 businessmen from Cyprus and 160 from Russia. Both President Demetris Christofias and Medvedev will attend
According to Mavrommatis, the forum would cover all areas of economic cooperation, including financial services, investments, land development, shipping, commerce and industry.

Calling the forum “one of the highlight events of the year,” Mavrommatis said it would give Cypriot and Russian entrepreneurs the opportunity to develop relations on a personal level.

Of Medvedev’s visit in general, Mavrommatis said: “It is particularly important, and it would be a great achievement if, as it is expected, an agreement for the avoidance of double taxation were signed, as it would give a new boost to economic ties between the two countries.”
Andreas Eliades, CEO of Bank of Cyprus Group, one of the forum’s co-sponsors, announced that the bank would fund the accommodation in Cyprus of some 100 Russian families that have suffered from the devastating fires that raged in the country this summer.


“We know that this cannot solve these families’ financial problems, but it is a gesture of care which we feel can help ease the pain and give hope,” Eliades said.
For his part, Christos Stylianides deputy CEO of Marfin Popular Bank, said he was confident the forum would strengthen the ‘historic and cultural ties’ between the two nations.


Stylianides noted that Marfin was the first bank from Cyprus or Greece to develop a network of branches in Russia after acquiring a majority stake in Rosprombank.


(Cyprus Mail)


***
Russi a Cipro ...

 

[tommy271]

NBG΄s Sgare Capital Increase Attracts Interest.



NBG’s share capital increase is registering hefty interest both from domestic and international investors.

The sentiment improved dramatically after China’s vote of "confidence" in Greece and the drop of GGB/bund spreads.

Today is the deadline for trading rights for both the capital increase and for the convertible bond, while the deadline for the exercise of rights is 11 October.

According to sources from the National Bank, transactions made during the negotiation of rights in recent days show that funds from Europe and the US with long-term investment strategy create positions in the bank. These funds tend to set the trend in the markets, which is very positive for the recapitalization of the bank.

At the same time, NBG’s individual investors also show strong interest, and one out of three and subscribe to purchase more shares.

(Capital.gr)

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Questa mattina va bene la Borsa di Atene, attualmente l'indice è risato sopra quota 1510 mettendo a segno un +1,56 con volumi a 54 milioni.

 

[tommy271]

Athens Stocks Firmer On Tuesday



Greek market Tuesday crosses the 1,500 level gaining as much as 1.59% while NBG, whose trading of rights ends today, remains in the spotlight.

“The conclusion of NBG’s rights trading today and yesterday’s last hour upbeat tone, as a result of banking speculation and Greek Chinese agreements for direct investments, could retain the positive sign,” Marfin Analysis says in its morning report.

“The market΄s very promising yesterday΄s close render us positive as to a possible continuation of the GI΄s upward reaction during today΄s session, anticipating, however, that the negative course of markets abroad may weigh heavily during the start of the trading. In this context, we would expect the GI to open on the same levels today, with the conclusion of the trading of NBG΄s rights to decrease the pressure asserted on the banking equities, providing some room for an ascending course thereinafter. Technically, we expect the Athens market to open towards the 1,480 units (pivot point), possibly moving towards the 1,500 units (1st resistance level) later during the day,” Pegasus says.

Kyprou Securities notes it would not be surprised with any Greek banking M&A development in 2010Q4 “but at the same time we would not expect that alone to be a good enough reason for a sustainable price increase in the local stock exchange.”

Across the board, the General Index gains 1.35% at 1,508.75 on a total turnover of 60.17 mil. euro.

(Capital.gr)