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

[tommy271]

Greece Jan-Sept State Budget Deficit Shrinks 30.9 Percent

October 21, 2010, 1:31 AM EDT

By Maria Petrakis


Oct. 20 (Bloomberg) -- Greece said its state budget deficit shrank 30.9 percent to 16.3 billion euros in the first nine months of the year from 23.6 billion euros a year earlier, according to an e-mailed statement today from the Athens-based Ministry of Finance.
Net ordinary budget revenue rose 3.6 percent compared with a revised annual target of 8.7 percent, according to the email. Ordinary budget spending fell 7 percent, according to the statement.
The figures are broadly in line with preliminary data released on Oct. 10.

 

[tommy271]

Erdoğan proposes Turkish-Greek oil exploration in Aegean


Prime Minister Recep Tayyip Erdoğan has said there is no obstacle to cooperation between Turkey and Greece in the Aegean Sea, which has long been a matter of heated debate between the two countries.

In an interview on Monday with the Greek Skai TV before his planned trip to Athens on Friday, Erdoğan argued that oil and natural gas exploration conducted by Turkey in the Aegean Sea is not “provocative” as alleged by Greece and that Turkey can cooperate with Greece in such efforts to make the region a “basin of peace.” Turkey and Greece should engage in joint investments at both the national and international levels, Erdoğan also said.

On the issue of Turkish military flights over the Aegean, the prime minister also gave positive messages and said Turkey is in principle of the opinion that these flights should be ceased. “The flights of Turkish military jets have decreased in number compared to the past. In fact, we support the idea that these flights should end completely,” he noted. Acknowledging the difficulty of making it real in the short-term, Erdoğan said “all flights from both sides should be under NATO oversight” as long as they continue to be made. For Erdoğan, mutual understanding in military affairs will tame both countries’ military expenditures and contribute significantly to the relations between them.

Also answering a question over the designation of Greece’s attempts to extend its territorial waters to 12 miles as a “casus belli” – a reason to go to war -- Erdoğan said Turkey and Greece are taking steps in the direction of reconciliation. “It is necessary to leave old obsessions aside and not listen to circles seeking tension; the media should not fall prey to such traps,” he said.



(Today's Zaman - Istanbul)

 

[tommy271]

Bce, Trichet scontento di nuove regole di bilancio Ue - FT

giovedì 21 ottobre 2010 08:45




LONDRA, 21 ottobre (Reuters) - Il presidente della Banca centrale europea, Jean-Claude Trichet, ha chiesto che venga ritirato una bozza con le nuove regole di bilancio europee perché non include in maniera esplicite le sue obiezioni.
Lo scrive il Financial Times citando una nota in cui l'ufficio di Trichet insiste affinché il documente messo a punto dai ministri delle Finanze europei nell'incontro di Lussemburgo questa settimana - e che i leader dei 27 paesi Ue dovranno approvare la prossima - contenga un inciso che esprime le preoccupazioni della Banca centrale europea.
"Il presidente della Bce non sottoscrive tutti gli elementi di questo documento", dovrebbe recitare la postilla.
L'Ft scrive che un portavoce di Herman Van Rompuy, presidente del Consiglio Europeo, ha confermato che una nota sulle preoccupazioni di Trichet sarà inclusa nel documento ma non ha voluto fornire altri dettagli.
Questa settimana i ministri delle Finanze Ue si sono accordati sul rafforzamento delle regole di bilancio europee approvando però una versione ammorbidita rispetto alle proposte dell'esecutivo europeo.
Ieri il vicepresidente della Bce Vitor Constancio ha affermato che la disciplina di bilancio avrebbe dovuto essere più severa.

 

[tommy271]

Greece Worried On The Impact Of Its Figures Revision



The upcoming upwards revision of Greece’s public debt by Eurostat has led to new "headaches" for the government as this may cause a reversal of the downward trend in spreads observed in recent weeks.

This concern was registered among Ministry of Finance officials as Eurostat is expected to add at least 7 to 9 points in the 2009 debt to GDP ratio, so this may exceed 124% of GDP in 2009 and, therefore, will probably exceed 140% of GDP in 2010.

The increase is very large, as pointed by the Finance Ministry, and may affect the behavior of the markets that so far has been very positive and has dropped the spreads below 670 basis points.

Former ECB Vice president Lucas Papademos was earlier this week called in Athens to assume his duties as an official adviser to the Prime Minister. He will take initiatives as an official representative to reassure institutional investors that have started to show interest in Greek Government bonds.

Nevertheless, and despite the European Commission statements that try to prepare the markets for the revision of the debt and the deficit, noting that it is a book review of the data, it appears that the markets will find themselves negatively surprised by the magnitude of the revision.

(Capital.gr)

***
Previsioni molto negative.

 

[tommy271]

Corporate, Omega Navigation:

BYM Product and Industry News

 

[tommy271]

Budget and debt plans on target

Deficit cut in line with expectations despite lagging revenues; IMF says to return to bond market is on track


Nine-month budget data indicate that the Greek government is on target to meet its deficit reduction plans for 2010 despite the shrinking economy weighing heavily on revenue growth.
The Finance Ministry said yesterday that the budget deficit for the January-September period this year had been cut by 31 percent to 16.2 billion euros, slightly ahead of the 29 percent target.

The result is mainly due to a reduction in expenses, the ministry said in a statement, adding that a corresponding increase in revenues had not been achieved, as the additional measures have yet to fully bear fruit.
With the economy moving deeper into recession, efforts to improve Greece’s fiscal health have focused on cost-cutting, due to revenues trailing well behind targets.


Primary expenses in the nine-month period were cut by 11.6 percent on an annual basis to 36.7 billion euros, beating the 9.2 percent target. On the revenue side, income increased 3.6 percent to 36.5 billion euros, missing the annual target of 8.7 percent.
After reaching the brink of bankruptcy earlier this year, the government is aiming to reduce its budget shortfall for 2010 to 7.8 percent of gross domestic product, from 15.8 percent last year.


An expected revision of 2006-09 budget figures by Eurostat, the European Union’s statistics service, next month may hold some unpleasant surprises for the Greek government, but Finance Minister Giorgos Papaconstantinou insists that the changes will not result in any additional austerity measures for 2010.
The revised figures are scheduled to be released on November 15, the EU said yesterday.


Progress made so far on the fiscal front has helped to improve investor sentiment regarding Greek debt.
Rates demanded by investors to hold Greek 10-year bonds remain very high, as the spread – or interest rate difference – compared to benchmark German 10-year-bonds has narrowed significantly recently.


In comments to journalists in Vienna yesterday, Ajai Chopra, acting director of the International Monetary Fund’s European Department, said that Greece is “very much on track” to return to international bond markets in the next 12 to 18 months. He also said that the IMF agrees with Greece’s government that the costs of restructuring Athens’s public debt load would outweigh any benefits.


(Kathimerini.gr)

 

[tommy271]

Shipping income jumps 15 percent


Demand from abroad for Greek goods and services is providing some relief for the country’s serious economic woes, according to figures released yesterday.
Data on shipping showed that the sector is continuing to expand on the back of improved demand for global transport services, stemming mainly from China.

The Bank of Greece, the country’s central bank, said that income from transport activities, which are almost exclusively shipping-related, in the first nine months of the year rose 15 percent to 10.4 billion euros, after dipping by an annual rate of 30 percent in the previous period.
Income from the sale of goods, including petroleum products, abroad also rose between January to August, gaining 6.8 percent to 10.6 billion euros, data showed.


On the tourism front, however, the figures were less positive.
Income raised from the tourism sector, which accounts for 18 percent of the economy, fell at an annual pace of 7.2 percent to 7.05 billion euros.
Visitor numbers this year are expected to remain roughly in line with last year’s levels but industry sources expect tourism-related income to drop by 7 to 8 percent year-on-year.


An unusual bright spot appeared from the data regarding industrial orders.
The Hellenic Statistical Authority (ELSTAT) said yesterday that new industrial orders rose 13.6 percent year-on-year in August, after dipping 25 percent in the same period a year earlier.
A breakdown of the figures showed that an 11 percent drop in domestic demand for new industrial orders was easily offset by a 63 percent jump in demand from abroad.
Provisional ELSTAT data indicated that the largest increases related to orders for metals, computers and machinery.


(Kathimerini.gr)

 

[tommy271]

Olive oil, feta are best-known Greek products in US


Olive oil and feta cheese are the two most recognizable Greek exports to the US, enjoying the trust of most consumers due to their nutritional value, a pilot survey in the American market by the Chicago-based Kairos Consumers research company for the Panhellenic Exporters Association (PSE) revealed yesterday.
When asked which products consumers think of as made in Greece, 60 percent mentioned feta and 52 percent noted olive oil, with olives being third (39 percent) and wine fourth (23 percent).

Asked what Greek products they would buy if they could, US consumers said olive oil (45 percent), olives (40 percent) and feta (38 percent).

They also have a positive view of Greek cuisine, while 31 percent agreed that Greek feta is of superior quality.
PSE head Christina Sakellaridi stated, 'We need a strategy for attracting consumers through group promotions in order to access alternative supply networks for Greek products to have a lasting presence there.'


(Kathimerini.gr)


***
Consoliamoci con formaggi e olive ...

 

[tommy271]

Why the Qataris did a U-turn


The offhand manner in which certain government officials have handled the matter of securing a 10-million-euro investment agreement with two companies from Qatar for the western Greek port of Astakos should be of great concern to the prime minister.
The obsession that some members of government have with their image and with continuously thrusting themselves into the limelight is what led to this fiasco and the withdrawal by the two Qatari companies from what would have been a golden opportunity for Greece. Of course, this kind of situation can only be expected when such delicate matters are left in the hands of groups whose interests are not necessarily in line with the national interest despite what they may claim.
For Greece to begin attracting serious investment, it first has to get serious. The government needs to ensure that the country’s institutions are protected, that the state is seen as a reliable partner and that shady transactions through nefarious intermediaries finally become a thing of the past.


***
Un commento editoriale di Kathimerini sulla vicenda del Qatar.

 

[tommy271]

JP Morgan Says “Hold 2-year Greek Government Bonds”



JP Morgan says its long position in 2-year Greek government bonds has gained 325bp (including carry) since early August, bolstered by suggestions that EU/IMF support for Greece will be extended, and by further austerity measures and structural reforms.

“We stay long, as we think that EU/IMF backing makes a Greek restructuring within the next two years highly unlikely. But we note that the strong rally of the past few months makes the position less attractive.”

(Capital.gr)