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

[tommy271]

Papandreou turns fire on New Democracy

PM dismisses Samaras plan for recovery Prime Minister George Papandreou yesterday accused New Democracy conservatives of being “arsonists” who destroyed Greece’s public finances, dismissing party leader Antonis Samaras’s recipe for dealing with the economic crisis as nothing more than a “cunning trick.”

Speaking to PASOK MPs exactly a month before local elections are due to be held, Papandreou launched a stinging attack on Samaras and ND in what commentators saw as an attempt to rouse his party ahead of the November 7 poll.
The premier blamed the previous conservative government for the ballooning deficit and debt that PASOK inherited and dismissed Samaras’s claims that he could reduce the deficit to zero within a year.

“If he had this magic solution when he was the culture minister in the previous government, why didn’t he call Prime Minister Costas Karamanlis and tell him about it,” said Papandreou.

Samaras has raised the political stakes ahead of next month’s poll by making a national issue – the economic situation – the defining matter. ND is staking a great deal on its opposition to the EU-IMF memorandum PASOK signed to prevent Greece from going bankrupt. The conservatives are hoping the November elections will give voters the ideal opportunity to express their opposition to the agreement and the austerity measures that it has brought and that ND will be the party to profit from their unhappiness. Papandreou dismissed ND’s stance as “just a big show.”

The prime minister called on all PASOK deputies to support the party’s local government candidates in the first elections to take place since the administration passed reforms that have led to municipal and regional administrative boundaries being redrawn.

Papandreou spoke as thousands of civil servants gathered in central Athens to protest plans to overhaul the pay structure in the public sector. Their union, ADEDY, said that three in four civil servants took part in the strike. Papandreou stressed that his government does not plan to adopt anymore austerity measures beyond those that it has already agreed to with the EU and the IMF.


(Kathimerini.gr)


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Questioni elettorali ...

 

[tommy271]

IMF says Greece ‘clearly on track’
Lender says revision of country’s budget data ‘unfortunate’ ahead of meeting with Papaconstantinou


International Monetary Fund Managing Director Dominique Strauss-Kahn said Greece’s economic efforts were clearly on track and that a revision of deficit and debt figures from previous years was unfortunate.
“Today Greece is clearly on track and that’s the most important thing that has to be underlined,” Strauss-Kahn said at a news conference in Washington.

“It is very unfortunate that the figures are going to be revised.” He said the IMF was waiting to see the details of how large the revision is.
Earlier this week, the European Union confirmed that estimates of Greece’s budget deficit and government debt will be revised higher for the years 2006-09 in data expected to be released by October 22.

Finance Minister Giorgos Papaconstantinou has said that he doesn’t know how high last year’s budget shortfall may reach due to the revision as EU statistics agency Eurostat is to include in general government debt money owed by state enterprises and currency swaps.
However, a senior government source indicated that the 2009 budget deficit is likely to be revised higher to just over 15 percent of gross domestic product from 13.8 percent previously. The changes will also mean that Greek debt will rise to 127 percent of GDP from 115.4 percent of GDP previously.

Papaconstantinou is scheduled to meet with Strauss-Kahn in Washington on Sunday where they will look at the general health of the Greek economy, including galloping inflation weakening consumer spending power.
Data released by the Hellenic Statistical Authority (ELSTAT) yesterday showed that Greek consumer inflation hit a 13-year high of 5.6 percent year-on-year in September following rises in value-added tax imposed by the government under the terms of the European Union-IMF bailout.

Month-on-month, consumer prices rose 1.9 percent, statistics agency ELSTAT said.
Greece has raised the value-added tax rate to 23 percent from 21 percent along with increases in excise duties to boost budget revenues as it scrambles to slash deficits.
The EU and the IMF have revised this year’s inflation forecast for Greece to 4.75 percent from a previous 1.9 percent.

(Kathimerini.gr)

 

[tommy271]

Solid interest in NBG’s capital hike


Investor interest in National Bank of Greece’s share capital boost is strong, according to a senior source at the country’s largest lender.
NBG is seeking 2.8 billion euros via a rights issue, convertible bond and the sale of a stake in its Turkish unit, Finansbank, in a bid to strengthen its capital position in view of Greece’s deteriorating economic conditions. The subscription period ends on Monday.
Foreign investors, who control some 35 percent of the bank, have taken part in the share and bond sale despite uncertainties in the global economic environment, the source said.
Foreign players are expected to contribute between 500 million and 700 million euros.
Greek government pension funds and the Church of Greece, which own stakes in NBG, are also believed to be interested in taking part in the share sale.
Investment firm Goldman Sachs said yesterday it has kept a neutral rating on shares in NBG, which added 1.39 percent to 8 euros yesterday after Wednesday’s jump of more than 6 percent.
Turning toward the broader sector in Greece, Goldman Sachs said that Greek bank stocks may be hurt should European Central Bank liquidity dependence increase.
“Top-down concerns regarding Greek sovereign debt remain the dominant concern for medium-term share price performance,” a group of analysts, including Heiner Luz, said.
“Greek banks still heavily rely on the lender of last resort and continue to see restricted access to commercial funding sources.”
Goldman Sachs said the current environment “still looks challenging, however, recent data showed slight improvements.”


(Kathimerini.gr)

 

[tommy271]

Athens Newspaper Headlines
The Friday edition of Athens' dailies at a glance

(ana-mpa.gr)


The planned hikes in Public Power Corporation (PPC) electricity rates, taxes and the economy were the main front-page items in Athens' newspapers on Friday.

ADESMEFTOS TYPOS: "Electric shock from Public Power Corporation (PPC) - 13.7 percent increase in rates for lower and medium income households!".

APOGEVMATINI: "They built legally (with licences), but risk facing fines - Insecurity for thousands of residents of residential communities".

AVGHI: "Electrified rates".

AVRIANI: "New package of harsh measures intimated at by Strauss-Kahn (IMF managing director) after the revision of the deficit..."

ELEFTHERI ORA: "According to new Turkish map, Thrace, Eastern Macedonia, the islands of Samos, Rhodes and Crete, and Cyprus belong to...the neighbors".

ELEFTHEROS: "A prime minister who does not know what's going on, and plays the part of fireman when he is permanently the fire-starter".

ELEFTHEROS TYPOS: "Strauss-Kahn belies Papandreou (prime minister) - Mr. INF leaves open the prospect of new measures".

ELEFTHEROTYPIA: "It was run over by the train -- Hellenic Rail Organisation (OSE) being shrunk, itineraries and jobs being abolished".

ESTIA: "Taxes increasing, (state) revenues declining - Petrol (state revenues from VAT and fuel taxes) saved the 2010 Budget".

ETHNOS: " 'Burning' rate increases from PPC for millions of consumers".

IMERISSIA: "Flexible settlement for overdue debts".

KATHIMERINI: "Clear message from Troika for new measures - Strauss-Kahn: Greece is on the right path".

LOGOS: "'Burning' increases in PPC rates - GENOP-DEH (PPC employees' union): More increases to come".

NAFTEMPORIKI: "Facilitation for settlement of overdue debts".

NIKI: "PPC rates 'on fire' once again".

RIZOSPASTIS: "PASOK-ND must lose (in November's local government elections), and the KKE (Communist Party of Greece) backed candidates must be backed".

TA NEA: "Public sector: 25 years of work (by the end of 2010) the 'key' to retirement with a pension not greatly affected by the new social security provisions".

TO VIMA: "50,000 civil servants 'lost in the...transfers' - Kallikratis local government reform plan, mergers and abolition of services".

VRADYNI: "Electric shock from new, harsh measures - Burning increases in PPC rates, and looting of 'those who don't have'."

 

[tommy271]

ECB: Major Decisions To Be Taken In November



The European Central Bank will wait until November to decide whether it will change its tactics concerning extraordinary liquidity measures and to determine whether it will need to revise the package it has launched for Greece.

During Thursday’s Board meeting, it became clear that there are still "two lines" that do not allow for a unanimous decision on whether to return directly to the exit strategy path outlined a year ago or to follow the trend set by other central banks, that is to strengthen emergency measures.

This means that the euro will continue to rise versus the dollar.

ECB officials estimate that by the end of the year, regardless of the internal contradictions, the Frankfurt based bankwill be forced to take a stand against the other central banks making it clear whether it will continue in 2011 to support banks and indebted eurozone economies with extraordinary measures and mainly with the government bond purchase programmes.

(Capital.gr)

 

[tommy271]

Greece's cash deficit down 28% y/y in Jan-Sept- cenbank

ATHENS | Fri Oct 8, 2010 5:14am EDT

ATHENS Oct 8 (Reuters) - Greece's cash deficit shrank 28 percent year-on-year in the first nine months of 2010, meaning a lower net borrowing need, the country's central bank said on Friday.
The Bank of Greece said the central government's cash deficit fell to 18.5 billion euros ($25.7 billion) from 25.6 billion in the same period a year earlier.
It said the budget's primary deficit, which excludes debt servicing costs, also narrowed to 5.93 billion euros from 14.33 billion in Jan-Sept 2009, based on provisional data.


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Buone nuove ...

 

[tommy271]

China Says It May Extend Forex Largesse to Italy



By OWEN FLETCHER

BEIJING—China sees Italy as an important investment market for its foreign-exchange reserves and will monitor and assess opportunities in the country's financial markets, the Xinhua News Agency reported Friday, citing a cooperation plan issued by two nations that shows China's increasing willingness to use its economic clout to gain wider influence abroad.

China Premier Wen Jiabao, who is touring Europe, said earlier in the week that China will continue to buy Greek bonds, signaling support for the euro zone despite its debt troubles.

China's use of its massive foreign-exchange reserves can have a big effect on asset prices, and on China's relations with countries where it invests—something it hasn't played up much in the past.


In Greece, Mr. Wen announced the creation of a $5-billion fund to help shipping companies in the debt-ridden country buy Chinese ships. He said China firmly supports Greece's efforts to tackle the sovereign debt crisis and won't cut its holdings of European bonds.

The moves in Greece are "an important strategic initiative by Wen to attract support for China's interests amongst Euroland's weaker economies," High Frequency Economics Chief Economist Carl Weinberg said in a research note. "Wen... offered the government what EU nations cannot: Money."

Europe's sovereign debt crisis this year raised concerns China could scale back the investment of its foreign-exchange reserves in euro-denominated assets.
Jesse Wang, an executive vice president of $300 billion sovereign wealth fund China Investment Corp., said in March the onus of bailouts for countries such as Greece should fall on the European Union, not institutions like the CIC. "If the EU is unwilling to help, how can you expect others to act as a white knight and save Greece," he said.

But Mr. Wen said in July that Europe is still a key market for the investment of China's foreign-exchange reserves and reiterated China's commitment to diversifying its foreign-exchange holdings, the world's largest at $2.45 trillion.

(The Wall Street Journal)

 

[tommy271]

Greek Market Drops



Athens stocks are weaker on Friday in choppy trading, following a positive streak of four sessions.

Though recent trading, existing fundamentals and recent macro-related news flow seem to fully justify this week’s bounce, “we should gradually expect the market to lose momentum,” Eurobank Securities says, adding that it does not expect trading volumes to increase in the very near term.

“Yesterday΄s ascending intraday reaction kept the Athens market upward momentum intact, with the GI gradually moving towards the strong resistance level of the 1,565 units, the latter marking the course of the slide-descending trend line that passes from the peaks of the 1,790 (August the 4ht) and the 1,690 (September the 6th) units. The Athens market seems to currently be in an upward channel that is slightly affected by the announcement of significant EU and US macroeconomic data. In this context, we expect the GI to open on slightly higher levels today, moving in the region of the 1,565 (1st resistance level) - 1,550 units (pivot point) during most of the session, with the announcement of US non-farm payrolls (15.30) possibly determining the market΄s course thereinafter,” Pegasus Securities notes in its morning report.

Across the board, the General Index drops 1.15% at 1,536.2, on a total turnover of 20.98 mil. euro.

Financials drop as much as 1.73%.

(Capital.gr)

 

[tommy271]

Samaras: Tax storm ahead


Main opposition New Democracy (ND) leader Antonis Samaras predicted that a new "tax storm" was on the horizon in the new year, that will cause low salary earners and pensioners to hurt even more, during a visit to Tripolis on Friday.

Throughout Greece, he said, "I see people who seek hope, who are being bombarded by new taxes" and that is the crux of the political showdown in next month's local government elections.

The Kallikratis plan for the reform of local administration was being carried out without resources and was a "partisan piecemeal" concoction, he said, and spoke of a "mutant" PASOK.

The problem, in ND's view, is the Memorandum, whereas "I am thinking of the everyday people, the businessmen", Samaras said, stressing that "the people need hope, not fear".

(ana-mpa.gr)

 

[tommy271]

Inflation up in Sept.


Greek annnual inflation rate rose to 5.6 pct in September from 5.5 pct in August, the independent Hellenic Statistical Authority (EL.STAT.) said on Thursday.

The statistics agency attributed the increase in the consumer price index to higher prices in almost all goods and services markets, reflecting higher VAT and special fuel consumption tax. The September figure was the highest since August 1997.

The consumer price index was up 0.7 pct in September 2009 compared with the same month in 2008, while the September figure was 1.9 pct higher from August 2010.

The statistics agency attributed the 5.6 pct annual increase in the inflation rate to: a 2.1 pct increase in food and beverage prices, a 17.7 pct jump in alcohol and tobacco, a 2.4 pct rise in clothing and footwear, an 8.0 pct increase in housing prices and 1.6 pct rise in durable goods, a 0.8 pct increase in healthcare prices, a 17.7 pct jump in transport, a 3.0 pct rise in communications, an 1.1 pct rise in entertainment, a 0.2 pct rise in education and a 3.2 pct increase in hotel-coffee-restaurant prices.

Greece’s harmonized inflation rate rose to 5.7 pct in September, from 5.6 pct in August, while it was up 1.9 pct in September from August 2010.

(ana-mpa.gr)