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

[tommy271]

EIB provides Greece a further 150 million EUR for metro's expansion


Balkan Business News Correspondent - 18.10.2010



In 2004, during the summer Olympic Games in Athens, hundreds of thousands of people travelled on the brand new metro system co-financed by the EIB. More recently the EIB provided a further EUR 150 million for the metro's extension. Alltogether, the EIB will have co financed this true success story for a total of EUR 1.5 billion.

Athens is home to about four million people (40 per cent of the Greek population) and two million cars. Before the metro was built, the city was as famous for its traffic congestion and pollution as for its Parthenon.

Today, the Athens metro network is one of the most up-to-date in Europe and has been described as a monumental achievement. The metro currently carries 650 000 passengers a day, effectively taking 200 000 cars out of circulation. All in all, the 30 kilometre-long metro network facilitated the everyday life of 200 million passengers, while reducing traffic jams on the main roads and slashing commuting times from 40 minutes to 10.

It has also given a new life to the neighbourhoods located near the metro stations, which have been significantly upgraded. Most businesses in the vicinity of metro stations have benefited and real estate value has gone up. In addition, easier accessibility has made attractive some previously difficult to reach areas. In terms of employment, the extension of the Athens metro and the construction of another metro, in Thessaloniki in the north east of Greece planned by 2015 will create 1450 jobs.

Last but not least in a city full of archeological wonders, the building of the metro has led to new finds. A 4th century BC necropolis, the ruins of a 6th century BC aqueduct, and parts of an ancient Roman wall are just some of the 30 000 precious items that engineers, in collaboration with Ministry of Culture officials, had to contend with. The most significant archaeological excavations were performed during the first phase of the project's construction on the sites of four metro stations located in the historic heart of the city (Syntagma, Keramikos, Monastiraki and Akropoli). Some of the finds that were made, as well as artwork by contemporary Greek artists, can be admired in the metro stations today.

The new EIB loan concerns the design, construction and commissioning of the extensions of Lines 2 and 3, as well as the acquisition of trains. The 4.3 km-long Line 3 continues to be expanded, with the construction and commissioning of three new stations extending from Monastiraki to Egaleo. The next 1.4 kilometres of the above line towards Haidari, with one new station, is already at an advanced stage of construction.

Source; EIB

***
Gli investimenti BEI rappresentano un notevole motore di sviluppo per la Grecia.

 

[tommy271]

Crisi economica: Trichet, fondo emergenza Ue si potrebbe rinnovare

Rimini, 17 ott (Adnkronos) - ''L'idea di rinnovare il Fondo di stabilita' finanziaria varato dall'Ue alla sua scadenza triennale 'puo' essere immaginata. In quel caso pero' occorrerebbe rispettare un numero molto alto di criteri: non dovrebbe incentivare il rischio morale, e dovrebbe essere basato su una condizionalita' molto, molto forte''. Lo afferma il presidente della Bce, Jean Claude Trichet, a Rimini ospite del Pio Manzu'

 

[tommy271]

BCE: Trichet si smarca da Weber


In un'intervista concessa a "La Stampa" Jean Claude Trichet ha preso le distanze da Axel Weber, il Presidente della Bundesbank, che la scorsa settimana ha chiesto di ritirare il programma d'acquisto di bonds della Banca Centrale Europea perchè non avrebbe funzionato.
Trichet ha indicato che questa non è la posizione della maggioranza del consiglio direttivo.
Trichet ha osservato che si tratta di una misura non convenzionale che come le altre misure di questo tipo è stata presa per ripristinare un funzionamento normale del meccanismo di trasmissione della politica monetaria.
La BCE starebbe inoltre ritirando dal mercato tutta la liquidità fornita attraverso questo programma.
Trichet ha preso le distanze da Weber anche per quanto riguarda le sue dichiarazioni sui tassi d'interesse.
Weber, che è uno dei favoriti alla successione di Trichet il cui mandato scade il prossimo anno, ha affermato che un aumento dei tassi potrebbe essere più vicino di quanto suppongano i mercati e che una stretta monetaria potrebbe essere in teoria avviata prima che sia terminato il progressivo ritiro delle misure non convenzionali.
Prima di rispondere alla domanda relativa all'ipotesi lanciata da Weber Trichet ha rammentato che non commenta mai le dichiarazioni degli altri membri del consiglio direttivo della BCE.
Secondo Trichet l'importante sarebbe che esiste una sola moneta unica, un solo consiglio direttivo, una sola decisione di politica monetaria, e un solo presidente della BCE, che è anche il portavoce del consiglio.
Trichet ha quindi ricordato che nell'ultima conferenza stampa ha ribadito chiaramente che gli attuali tassi d'interesse sono appropriati.

(borsainside.com)


***
Una lezione di stile da parte di Trichet ...

 

[tommy271]

ECB Nowotny: Difficult To Assess Economic Impact Of Euro Rise


BERLIN (MNI) - ECB Governing Council member Ewald Nowotny said in a newspaper interview published Monday that it is difficult at present to assess the economic impact of the euro's rise against the dollar and the yuan.
The euro is currently carrying "the main burden from the devaluation of the US dollar and the Chinese currency," Nowotny told Austrian business daily WirtschaftsBlatt.

The euro rise makes exports from the Eurozone more expensive on one hand, but on the other hand it makes energy imports cheaper, the Austrian central bank governor noted. It is not easy to balance of these two contrary developments, he acknowledged.
Nowotny said it was "remarkable" how swiftly the currency movements had taken place. Yet, he reminded that the ECB has no euro foreign exchange rate goal and thus also no intention to intervene in currency markets.

The euro rise has different economic impacts in the individual Eurozone member states, the Governing Council member said. "For Greece I do not see any immediate negative consequences," he said. "For Ireland, however, it will become more difficult because [the Irish economy] depends more strongly on US investments," he cautioned.

Commenting on fiscal policy, Nowotny urged Eurozone governments to reduce public deficits without hurting the economy. Elevated budget deficits due to the crisis "must not became a permanent situation," he stressed. "They have to be reduced to create leeway again, yet without hurting the economy."

 

[tommy271]

Eurogroup Meeting May Point To New Measures For Greece



Economic diplomacy is underway in Luxembourg on the way EU countries will politically accept the revision of the Greek deficit and debt that threatens to subvert the goals of the 2011 budget, but also on the question of extending the loan, and - possibly - the Memorandum.

On the sidelines of a two-day meeting of finance ministers, Greece’s George Papaconstantinou will attempt to understand the intentions of his colleagues on the impact of the announcement by Eurostat on 22 October and - if possible - to form a favorable trend for Greece. Officials do not exclude a debate on the extension of the repayment of the Greek loan, depending on the weight of developments.

The problem is that the Greek government now has to manage another unknown factor, the revision of its 2009 deficit. It is expected to know the exact figures on Thursday and thus try to figure out the "weight" in this year΄s budget and the additional costs that will incur the following years.

Executives of the economic team in recent days say that they are unaware of the final outcome.

(Capital.gr)

***
Rammento anche l'importantissimo vertice a tre che inizia stasera tra Francia, Germania e Russia.
Si parlerà di tutt'altro, ma credo la "questione Grecia" verrà affrontata indirettamente.

 

[Imark]

Magari non è neanche importante vedere "chi ha ragione". La ragione era di chi invitava a valutare i rischi su Lehman, ed anche di chi invece ha creduto nell'impossibilità di fallire per Goldman, o Merril.

Basterebbe semplicemente pensare che è dall'alternanza di posizioni diverse (e dalle motivazioni addotte...) che si crea valore su un forum. Altrimenti torniamo al tifo da stadio, ed ai forum per soli pro o contro, senza possibilità di pareri contrari...

Quoto: i cori da stadio, le ole, i gruppi dei fan e dei detrattori li lascerei ad altri luoghi. Rispetto dunque per tutte le opinioni, altrimenti - almeno per me - passa anche la voglia di starci dietro.

Qui cerchiamo di seguire il newsflow, i dati macro, l'andamento dei bond.

Credo che nessuno possa dire con onestà quale sarà l'epilogo della vicenda greca, oggettivamente si può dire che i bond greci sono titoli rischiosi, adatti a chi il rischio è abituato a gestirlo.

Poi, come sempre, ognuno con la propria testa ed il proprio portafoglio...

 

[Vet]

Per sostanziare, il mio pensiero è più o meno in linea con quanto espresso da Bini in questo suo intervento.

"Senza portare un giudizio di valore, ma considerando solo l’efficacia e la tempestività delle azioni che sono state messe in atto per contrastare la crisi e ridurre gli effetti negativi sulle nostre società, non si può negare che nella maggior parte dei casi la reazione è stata lenta. Una lentezza che ha contribuito ad aumentare il costo della crisi stessa e la dimensione dell’aggiustamento richiesto. Faccio un paio di esempi. Se si fosse stato evitato il fallimento di Lehman Brothers, nel settembre 2008, con un intervento efficace e tempestivo, non ci sarebbe probabilmente stato il crollo di fiducia che nei mesi successivi ha determinato la crisi dell’economia globale. Il pacchetto di salvataggio – cosiddetto TARP – sarebbe con molta probabilità stato inferiore ai 700 miliardi di dollari poi resi necessari per riportare la calma sui mercati. In Europa - per citare un altro esempio - se il governo greco avesse deciso di intervenire con una manovra correttiva già nell’autunno 2009, appena scoperto il buco di bilancio lasciato dalla precedente amministrazione, avrebbe potuto evitare la crisi del debito sovrano e il ricorso al drastico programma di aggiustamento che ha poi dovuto mettere in atto sotto la pressione dei mercati. Se i paesi europei si fossero messi d’accordo sin dai primi di febbraio a sostenere finanziariamente il programma di risanamento della Grecia, avrebbero probabilmente evitato l’ escalation delle tensioni sui mercati nella primavera di quest’anno e la connessa crisi di fiducia. Avrebbero evitato di erogare finanziamenti di proporzioni enormi, che sono divenuti necessari quando la Grecia ha perso l’accesso ai mercati finanziari."

BCE: Western Democracy and its Discontents: Economic and Political Challenges

L'inedeguatezza e lentezza con cui si è intervenuti prima con LB e poi con la Grecia..non è assolutamente causuale......grazie a questa inadeguatezza.....la speculazione (vedi sopratutto Banche) ha potuto fare nel marzo.- aprile 2009 dei profitti PAUROSI.....per ripianare i disastri e le appropriazioni fatti negli anni precedenti......il tutto con i denari dei cittadini (i meno ambienti) e dei contribuenti......lo stesso scherzetto lo hanno riproposto con la Grecia.......per fortuna per il momento.... fermandosi per tempo.....ripetere il tutto con..Irlanda Spagna Portogallo e non ultima Italia sarebbe una vera apocalisse per l'economia Europea.....e non è detto che a qualcuno l'idea non dispiacia più di tanto.......IMHO.......lE GRANDI GUERRE oramai si fanno solo sul fronte ECONOMICO

 

[tommy271]

New banking model called for

With slower economic growth projected, lenders need to lower operating costs, tighten rules


By Dimitris Kontogiannis - Kathimerini English Edition


Mergers and acquisitions (M&A) in the banking sector have been the talk of the town for months, interrupted briefly by the recent successful share capital increase of the National Bank of Greece, the country’s largest commercial bank. However, much less attention has been paid to the need for a new banking model, which converges the interests of the shareholders and the top management on one hand, and is compatible with the country’s new norm of slower economic growth ahead, on the other.


M&A action, especially in the country’s most important sector, has always caught everybody’s attention, from the government to equity analysts, their borrowers and others. But many efforts have ended up in vain, because the banks could not agree on the terms of the corporate marriage.


Although it is not discussed openly, insiders agree that, on a number of occasions, prospective deals did not flourish because the top management of the banks involved did its best to undermine the talks by dragging its feet in various ways, such as raising demands which the other side could not accept.


Their main motive, on a number of occasions but not all, was to protect their positions and the privileges going along with them. This was easier to be done during the good times, when the Greek economy was cruising at high speed and banks made a lot of money by providing loans at home and abroad, because they kept their shareholders happy.


However, it is more difficult to do so in the new environment of economic recession, compressed net interest margin, sluggish loan volume growth, large provisions for bad loans and Greek state bonds at depressed values.


Faced with declining profits, or even losses, for consecutive quarters and the need to boost the banks’ equity capital and liquidity, their shareholders cannot be happy and so they may be more open-minded to other proposals than they would have been in the past. Still, they would not like to be diluted either by having their bank forced to tap the 10-billion-euro-strong Financial Stability Fund set up by Greece and the European Union and International Monetary Fund or consent to a large share capital increase, in which they cannot participate to a satisfactory degree.


At this point, the interests of the main shareholders of any bank, who would not like to put more money to shore up its capital, would be either to merge with another complementary bank to boost its capital and liquidity and maintain a major stake in the new larger scheme; sell some of the assets to beef up the bank’s capital; or sell to a large foreign bank.


Other large Greek banks with no major shareholders will have to rely more on their top management to cut a bank deal, giving them leverage over the process.
All analysts, though, agree it is not easy to find large Greek banks with complementary branch networks at home. Moreover, no foreign bank, except those with a presence in the country, would be interested in acquiring or merging with a domestic credit institution. In addition, only Hellenic Postbank (TT), among potential candidates in the local market, has enough liquidity to complement another in need.


But even TT’s potential liquidity is mostly in the form of Greek government bonds, which can be put up as a collateral at the European Central Bank to get cheap cash, and TT is a state-controled bank, so no one knows what the government exactly wants to do with it.


So, the choices of the main shareholders and the top management of Greece’s large banks are not as many as they used to be in the good-old times, having narrowed down to just a few.
Under these circumstances and given the new norm of slower economic and credit growth rates in Greece in the next 10 years or so, it looks imperative that local banks change their banking model.


This model should be based on much lower costs – operational and others – and stricter rules on the quality of loan and bond portfolios.
Some private banks have tried to reign in costs and succeeded in containing them. Nevertheless, this is clearly not enough when revenues fall and the markets question their ratio of nonperforming to total loans, suspecting they underestimate the true level of bad loans in their official figures. Whether this, along with the Greek state’s poor public finances, are to be blamed for the Greek banks’ inability to borrow large sums in the interbank market, remains to be seen but something has to be done.


Of course, they could address this issue by raising new capital to boost their capital adequacy ratio. This is something any current top management would like to see but with which all banks’ shareholders might not be happy, as we explained before.


By changing the old banking model, which was based on growth, to a new one based on low cost, would have the interests of both shareholders and top management converge, experts say. This would be the case because the new model would maximize shareholders’ value and preserve the autonomy of the top managers. Moreover, it would be compatible with the new norm of expected slower economic growth in Greece in the years ahead.


(Kathimerini.gr)

 

[Hedger]

scusa quotami un post di pompaggio qui che non sia obiettivo per favore
grazie

Se fai qualche rapida ricerca troverai "bannature" oltre che richiami di vario genere rivolti a diversi utenti del forum che pompavano titoli che avevano in portafoglio. Non mi sembra una operazione particolarmente complessa

 

[tommy271]

Likely delay in share capital gains tax



The Finance Ministry is looking into delaying the introduction of a capital gains tax on stock gains due to technical difficulties, according to sources. The introduction of the levy, scheduled to take effect on January 2, 2011, may be pushed back to March as the ministry takes steps to iron out problems arising from the imposition and collection of the tax. Up to then, stocks sell trades will continue to be subject to the existing 0.15 percent tax.


(Kathimerini.gr)