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

[tommy271]

Declining 1yr CDS Show Increased Appetite For Risk



Insuring against Greece defaulting within a year is cheaper than buying cover for longer for the first time since January, Bloomberg reports, a sign of declining risk in the nation that sparked Europe’s sovereign debt crisis.

Credit-default swaps protecting Greek government bonds for a year cost 565 basis points, 61 basis points less than 10-year protection, according to CMA in London.

Before the landmark EUR110 billion rescue package in early May, investors paid 665 basis points more for one-year swaps than for 10-year insurance.

“The momentum toward Greece has gone much, much more positive in the last few weeks,” Anke Richter, a credit strategist at London-based brokerage Conduit Capital Markets Ltd, told the news agency.

“They’ve shown the market they’re bringing their house in order and they’re making good progress.”

“Markets have improved but sovereign concerns are still there,” said Giada Giani, an economist at Citigroup Inc. in London, the largest U.S. bank.

“Sentiment has turned round a little regarding Greece,” said Rob Dekker, who helps manage $32 billion of European government debt at F&C Asset Management Plc in Amsterdam. “More people looking at it from a fundamental point of view.”

(Capital.gr)

 

[tommy271]

Goldman: Greece Made Encouraging Progress, But Recession Will Weigh



Greece may need further spending cuts to meet its 2011 deficit target, as revenues lag during the ongoing recession, Goldman Sachs says according to Dow Jones Newswires.

The firm notes the government has made "encouraging progress" in its austerity and reform plan, but "with the recession set to continue at least through 2011, we think the burden of underperforming revenues will still be with the government at the time of its planned return to private market borrowing in early 2012."

It notes the country may need an extension of IMF/EU support or else may go to voluntary debt restructuring next year.

(Capital.gr)

 

[tommy271]

IMF Says Impact Of Greece’s “Data Revision” Will Not Be Substantial



The implications of the upwards revision of Greece’s budget data by Eurostat will not be substantial, an IMF spokesperson told Capital.gr.

Still, the Fund points out that there is no question of changing the target of reducing the fiscal deficit to below 3 percent of GDP by 2014.

“The program has long anticipated that some revisions would be made,” the spokesperson noted.

The IMF “needs to see exactly what the revisions will be for 2009 and what the carry-over will be for 2010. Only at that moment we will be able to see if it will have an impact on the program. But any impact will not be substantial and there is no question of changing the target of reducing the fiscal deficit to below 3 percent of GDP by 2014,” she added.

Moreover, she pointed out that this could also be a positive development in the sense that entities that were not counted in the public sector now are moved into the public sector allowing greater public and parliamentary scrutiny, and more encompassing fiscal control.

(Capital.gr)

 

[Brisico]

Cedolona 5,9% 2022 incassata "loss virtuale rateo reale"

 

[tommy271]

Eurostat Delays Publication Of Greek Debt Figures For 2009



By Paul Hannon
Of DOW JONES NEWSWIRES LONDON -


(Dow Jones)- The European Union's statistics agency Friday said it is not yet in a position to publish an accurate figure for the Greek government's budget deficit in 2009.
The announcement came as Eurostat published its second estimate of budget deficits and overall debt levels for the governments of the EU's other 26 members. It said it will only be able to publish Greek figures in mid-November.

The Greek government has acknowledged that the revised estimate will be higher than the figure of 13.6% of gross domestic product Eurostat published in April.
A Greek newspaper reported that it will be as high as 15.5% of GDP, placing Greece above Ireland as the EU member with the highest deficit.
The delay in publishing the figures will deal a fresh blow to the nation's credibility with bond investors.

"Eurostat has completed its inquiries on statistical compilation of the Greek fiscal data and is now undertaking a process of quality assessment of statistical source data from public accounts, in cooperation with the Greek Statistical Office and the Greek Court of Auditors," the statistics agency said.
"Following this process, and the release of the annual report of the Greek Court of Auditors at the beginning of November 2010, Greek fiscal data will be published by Eurostat by mid November 2010," it said.

Greece's debt crisis began in October last year when the incoming government and Eurostat revealed that the public sector deficit was much higher than had previously been estimated.
Investors were alarmed at the prospect of not having a reliable measure of how much the government was borrowing. Despite the introduction of measures to cut the budget deficit, the new government was locked out of the international bond markets, and now depends on funding from other members of the euro zone and the International Monetary Fund.

In its publication Friday, Eurostat raised its estimates for the budget deficits of a number of EU members, but not dramatically.
It upped its estimate of Ireland's budget deficit to 14.4% of GDP from 14.3%, but cut its estimates of Spain's budget deficit to 11.1% of GDP from 11.2%, and its estimate of Portugal's budget deficit to 9.3% of GDP from 9.4%.

 

[tommy271]

Cedolona 5,9% 2022 incassata "loss virtuale rateo reale"

Ciao Brisico, una bella cedolona ...
Ricordiamoci che siamo sempre in prima linea.

 

[tommy271]

Minister announces changes to draft 'fast track' bill




ANa-MPa/Minister of State Haris Pamboukis on Thursday announced a number of significant changes to the draft bill for 'fast track' strategic investments in Greece.
Speaking to Parliament's Production and Trade Committee, Pamboukis said he intended to remove article 4 of the bill that allowed the Ministerial Committee for Strategic Investments to include investment proposals in the 'fast track' process even when these had not been submitted to the regular procedure for approval as strategic investments via the company 'Invest in Greece'.
In article 5, meanwhile, Invest in Greece is given the powers to check on how implementation of strategic investments is progressing after the ministerial committee makes a decision to that effect.
Another modification allows the immediate staffing needs of Invest in Greece to be covered through transfers of personnel already employed in other bodies within the broader public sector.
A modification to article 1, paragraph 3 allows permanent seasonal jobs that serve steadily repeated seasonal needs to be taken account in order to reach the desired number of jobs that an investment must create in order to qualify for the fast track process.
It also allows project contracts for a strategic investment to be awarded without an open tender following international agreements between states, provided this does not contravene Community legislation.


(ana.gr)

 

[tommy271]

Greece general govt deficit at 14.2 bln eur for Jan-Aug





ATHENS | Fri Oct 22, 2010 5:33am EDT



ATHENS Oct 22 (Reuters) - Greece's general government budget deficit for the period January-August stood at 14.2 billion euros ($19.77 billion), the finance ministry said on Friday.
"The general government deficit on a cash-basis for the period January-August 2010 was 14,172.5 million euros," the statement said.
The statement said the data was not adjusted according to the EU's ESA 95 system of accounts, which meant it was not completely comparable with annual fiscal targets of the EU/IMF ajustment programme.

 

[tommy271]

Greeκ Market Crosses 1,600 Mark



Athens stocks advance on Friday, crossing 1,600 points.

“Despite foreign markets’ denial to correct, NBG’s announcement will more likely bring forward the pressure asserted on its equity, probably spreading the force on the rest of the banking equities. With the domestic GI’s short-term ascending momentum not having been distorted, however, we would consider increasing our positions should today’s correction develop into a sell off. In this context, we expect volatility to be the market’s main characteristic, anticipating that the GI will most probably start on lower levels, possibly towards the 1,570 units (2nd support level), with a possible intraday reaction to being the Index towards yesterday’s close,” Pegasus Securities says in its morning report.

In the absence of market-moving news, the ASE is likely to keep moving within a close trading range in the next few sessions, Eurobank Securities says.

Across the board, the General Index adds 1.08% at 1,603.21 on a total turnover of 28.40 mil. euro.

(Capital.gr)

 

[tommy271]

Turchia/ Erdogan in Grecia per seconda volta in cinque mesi

Premier turco partecipa a conferenza clima e incontra Papandreou


Vouliagmeni, 22 ott. (Ap-Nuova Europa) - Il premier turco Recep Tayyip Erdogan è oggi in Grecia, seconda visita in soli cinque mesi nel Paese tradizionalmente 'rivale' della Turchia, ma con relazioni in costante via di miglioramento negli ultimi anni.
Erdogan parteciperà ad una conferenza sui cambiamenti climatici nel Mediterraneo (Mediterranean Climate Change Initiative) e in giornata incontrerà il collega George Papandreou.
Sull'agenda dei colloqui informali, anticipata dalla stampa turca, figurano dossier all'insegna delle difficoltà da appianare e dei progetti di collaborazione da mettere in campo, dal problema della delimitazione dei confini marittimi nell'Egeo ai progetti per lo sviluppo del turismo e anche piani di esplorazione congiunta delle riserve di idrocarburi nascoste sotto i fondali contesi.




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