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

[tommy271]

Greek 2009 Budget Deficit Likely To Be Revised Up - Source


ATHENS (Dow Jones)--Greece's 2009 budget deficit is likely to be revised even higher than the current estimate of 13.6% of gross domestic product, but this won't derail deficit slashing efforts, a senior person familiar with the matter said Tuesday.
"There may well be an upward revision by Eurostat because state controlled organizations could have made larger accounting losses than previously thought," the senior person told Dow Jones.
Greece promised to slash its deficit to 8.6% in 2010 under the EUR110 billion memorandum with the International Monetary Fund and the European Union. It has repeatedly been warned by the European Commission about providing inaccurate statistics.
On announcing the draft 2011 budget on Monday, the Finance Ministry said it expects the budget shortfall to fall to 7.8% by year end, ahead of set targets. For 2011, Greece has ambitious plans to cut the deficit beyond international lender expectations to 7%.
"The revision is not expected to jeopardize the budget deficit targets for 2010 by any significant amount, nor the goals set for 2011," the person added.
Eurostat is expected to announce its official statement of 2009 deficits on October 22.

 

[tommy271]

EBRD (BERS) Εxtends Financing To Piraeus Bank Units In The Balkans



The EBRD has signed today three credit lines worth a total of EUR200 million with subsidiaries of Piraeus Bank in Romania, Bulgaria, and Albania for on-lending to businesses in their respective countries, an announcement said.

Under the project Piraeus Bank Romania will receive EUR90 million, Piraeus Bank Bulgaria will receive EUR70 million, and Tirana Bank will get EUR40 million of new funding from the EBRD.

The EBRD financing will provide the three banks with medium term senior funding to support their funding base, diversify and extend the maturity of their liabilities and enhance their lending to the economy as well as strengthen further their presence in these markets.

”The EBRD is pleased to expand its cooperation with the subsidiaries of the Piraeus group in the region, as support for the banks and the real economy is particularly important given the relative fragility of the economic recovery in much of south-eastern Europe. The project will help to ensure a continued flow of credit to private companies operating in Romania, Bulgaria, and Albania at a time when businesses are still facing difficulties in obtaining funding for their operation and development’, said Nick Tesseyman, EBRD Managing Director for Financial Institutions.

“Piraeus Bank Group assigns great significance to the agreement with the EBRD. The Group fully supports all sectors of economic activity in these three countries and has now enhanced its funding capabilities. The new credit lines will be dedicated to both SMEs and larger private companies and will increase the financing available to our clients and to the local businesses”, said Mr. Ilias Milis, Deputy Managing Director, Piraeus Bank Group.

This package of loans, to be provided in two equal tranches, is part of the Joint International Financial Institutions Action Plan and follows other similar facilities offered to the subsidiaries of the major Western European strategic banking groups engaged in the region over the past 18 months.

Under the Joint IFI Action Plan, unveiled in February 2009, the EBRD, the World Bank Group and the European Investment Bank (EIB) pledged to provide EUR24.5 billion over two years to support the economies of eastern Europe via the banking sectors.

(Capital.gr)

 

[Vet]

Grecia: Moody's, bene riforme



Rating potrebbe migliorare

(ANSA) - ROMA, 5 OTT - La determinazione della Grecia nel riformare le finanze pubbliche ha impressionato Moody's e i rischi sul rating ellenico 'sono al rialzo'. Questo se Atene continua su questa strada. Lo ha detto oggi a Varsavia Anthony Thomas, un analista dell'agenzia di rating che ha tagliato il rating greco al livello 'junk' (spazzatura) lo scorso 14 giugno.

05 Ott 15:00


Dai ragazzi che fra un po gli rimettono un'altra B affianco alla doppia bb e si ritorna a 100

 

[LUP1051]

Gr0133002155

sul GR0133002155 ottobre 37,,,,,scambi sostenuti rispetto ai decennali.

 

[tommy271]

Greece seeks Indian''s cooperation in shipping sector


Sagar Kulkarni


Brussels, Oct 5 (PTI) Tackling a debt-ridden economy at home, Greece Prime Minister George Papandreou today met Vice President Hamid Ansari and sought India''s cooperation in the shipping sector that is a key revenue earner for the southeastern European nation.

Papandreou made the offer during a meeting with Ansari on the sidelines of the Asia-Europe Meeting underway here.

"Papandreou briefed Ansari about the internal situation in his country," Latha Reddy, Secretary (East) in the Ministry of External Affairs told reporters here.

The Greek Prime Minister told Ansari that the Greek shipping lines can handle a lot of India''s exports to the European Union markets.

"Greece is interested in cooperation on shipping matters," she said here on Ansari''s meetings.

The two leaders also discussed the increasing incidents of pirate attacks between the Guld of Aden and Seychelles which pose a threat to the Greek shipping lines.

Shipping and tourism are the two sectors that contribute most to the Greek economy and its shipping lines are considered as the most important in the world.

Chinese Premier Wen Jiabao, who visited Greece while enroute for the ASEM summit, announced a five bilion dollar fund to help Greek shipping companies buy Chinese ships.

Greece is desperate for investment as the country claws its way out of a deep recession and a debt crisis that drove it to the brink of bankruptcy in May.

Ansari also had a meeting with Malaysian Prime Minister Najib bin Tun Haji Abdul Razak who offered the services of Malaysian companies in various infrastructure projects in India.

Najib told Ansari that he was looking forward to Prime Minister Manmohan Singh''s visit to Malaysia later this month.

The Vice President held discussions with Belgian Prime Minister Yves Leterme who thanked India for its active participation in the ASEM preparations.

Leterme told Ansari that he was looking forward to Singh''s visit here in December for the India-EU summit and the bilateral talks that would be held alongside the visit.

***
Ogni occasione è buona per Papandreou ...

 

[tommy271]

Borsa Atene: Ase chiude a +0,9% grazie a investitori esteri


MILANO (MF-DJ)--L'indice Ase della Borsa di Atene ha chiuso la seduta in rialzo dello 0,9% a quota 1.503,14 punti con un volume di scambi pari a 216,3 mln euro in scia alla propensione all'acquisto degli investitori esteri.
In territorio positivo Hellenic Postbank, che sale del 5,9%, Eurobank a +5,5%, Hellenic Telecoms a +5,2%, Alpha a +3,9%, Titan a +3,3% e Piraeus a +2,6%.
Guadagna lo 0,1% National Bank in seguito alla vendita di 13 milioni di azioni.

 

[IlPorcospino]

Da db

 

[tommy271]

FOCUS: Tightening Of Greek Bond Spreads Forecast To Continue

By Nick Skrekas Of DOW JONES NEWSWIRES

ATHENS (Dow Jones)--Greek bond yields have fallen substantially over the last month suggesting a new trend may be establishing itself, but they still have a long way to go to make borrowing viable for the cash-strapped country.
Over the last four weeks, spreads on Greek 10-year bonds over benchmark German bunds have fallen to 770 basis points from 955 basis points. That means that yields on Greek debt have dropped roughly to 9.7% from 11.5%.
Volumes on the local HDAT and European trading platform have also improved by about 20% in these few weeks, even if they haven't normalized.

"These days the focus has moved to Ireland and Portugal and many investors are scrambling to cover their short Greek positions as real-money accounts swooped on the market for juicy yields," said a senior bond analyst working for a blue-chip bank in Athens.
These are the first encouraging signs after Finance Minister George Papaconstantinou's European tour in mid-September aimed at wooing back skeptical institutional investors.

Greece plans to return to borrowing on international bond markets next year, but is currently engaging only in monthly auctions of Treasury bills. Longer-term borrowing through bonds will be viable only when spreads fall to about 400 basis points or a yield of about 6%, and they have a long way to go before then.
The cash from the EUR110 billion bailout inked in May with the International Monetary Fund and the European Union runs out in early 2012, so Greece has no other option than to return to markets by then. The austerity and reform package Athens constructed to ensure the bailout was front-loaded and designed to buy Greece enough time to remake its fiscal credibility so it can borrow again.

"We will continue to see spreads tightening and yields falling on Greek paper because there has been a shift in the investor base, a changed perception about the euro-zone periphery and because it has made strides to deal with its financial problems," said Jens Peter Sorerensen, chief bond analyst at Danske Bank

The investor base for Greek bonds has changed from the days when sovereign investors--ultra-conservative creditors such as pension funds who bought government bonds because of their perceived safety--were regular purchasers. That class of investor now can't touch Greek debt since it was downgraded to junk and isn't on certain indexes anymore.
Replacing them are credit investors who are willing to buy risky instruments if the potential returns are right.

Entering the picture of late have been sovereign wealth funds from Norway to China, which have publicly added their weighty support for Greece and by implication are discouraging short positions.
Beijing in particular--with its $2.45 trillion in foreign currencies--will be a key ally as Greece looks to start issuing bonds again. "With its foreign-exchange reserves, China has already bought and intends to buy new Greek bonds, especially when Greece returns to the market," Premier Wen Jiabao said on Saturday on his first visit to Athens.

There has also been a shift in the way bond investors are trading fixed-income securities from peripheral euro-zone countries. Investors used to sell or buy the whole periphery on a certain view, but are now more sophisticated and far more selective in their selling or buying based on the specifics of various nations.
"Moreover, the country is ahead of its commitment to the IMF and the EU, which shows they are able to manage the situation, significantly reducing default risk," Sorensen added.

The draft 2011 budget announced Monday was also tailored to please markets. The Finance Ministry aims to cut the budget deficit to 7% of gross domestic product by the end of 2011, ahead of the promised 7.6% target requested by its international lenders.
But while the primary budget deficit will come close to being erased next year, should revenues hold up as planned, there are valid market concerns that the ratio of Greece's general government debt to GDP will increase to 145% in 2011.
That is quite a staggering amount of debt for the Mediterranean country to deal with, so while the issue of a potential default or restructuring has eased, there are still clouds on the horizon no matter how often Prime Minister George Papandreou denies it.

Still, sentiment has improved in the beleaguered local market.
"The Greek bond market is far less fragile these days than a few months ago and this trend of falling yields is likely to continue. Something that would really seal and accelerate that trend would be a rating agency upgrade," the local bond analyst added.

 

[Noloss]

Grecia: Moody's, bene riforme Rating potrebbe migliorare

(ANSA) - ROMA, 5 OTT - La determinazione della Grecia nel riformare le finanze pubbliche ha impressionato Moody's e i rischi sul rating ellenico 'sono al rialzo'. Questo se Atene continua su questa strada. Lo ha detto oggi a Varsavia Anthony Thomas, un analista dell'agenzia di rating che ha tagliato il rating greco al livello 'junk' (spazzatura) lo scorso 14 giugno.

05 Ott 15:00


Dai ragazzi che fra un po gli rimettono un'altra B affianco alla doppia bb e si ritorna a 100

Ma questa notizia se non la leggevo qui passava inosservata! E non è da poco... oltre alla Cina, cominiciano a muoversi tante cose positive, devo dire che non siamo ancora abituati.


Aggiungo una domanda, che rating bisogna avere perché i Fondi comincino ad acquistare questi titoli?

 

[tommy271]

Ma questa notizia se non la leggevo qui passava inosservata! E non è da poco... oltre alla Cina, cominiciano a muoversi tante cose positive, devo dire che non siamo ancora abituati.


Aggiungo una domanda, che rating bisogna avere perché i Fondi comincino ad acquistare questi titoli?

I Fondi non speculativi richiedono almeno la tripla BBB.