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

[tommy271]

Greece Must Spur Building to Escape `Bermuda Triangle,' Ex-Minister Says


By Scott Hamilton - Oct 23, 2010 1:01 AM GMT+0200 Fri Oct 22 23:01:00 GMT 2010


Greece’s government should consider reducing the tax on house purchases to spur real-estate development and bolster economic growth, former finance minister Nikos Christodoulakis said.
“Large parts of Greece depend almost exclusively on the construction of housing,” Christodoulakis said in an interview in London yesterday. “The construction of housing is the locomotive of quick growth.”

The Greek economy is in its first recession since 1993 and Prime Minister George Papandreou has raised taxes, cut wages and reduced spending as part of conditions imposed by the European Union and International Monetary Fund for 110 billion euros ($153 billion) in loans. The economy is expected to shrink about 4 percent this year and 2.6 percent next year, according to estimates from the Greek Finance Ministry.

“Greece is facing quite a few problems,” Christodoulakis said in a speech at an event at the London School of Economics organized by the college’s Hellenic Observatory. “Actually, it has sunk in a Bermuda triangle.” He also said that Greece faces “a mild recession next year.”

The former minister of economy and finance said the deficit and debt levels the government now faces were due to “a one-off fiscal catastrophe, not a systemic problem in Greece.” As a result, authorities should target boosting growth just as much as they’re targeting lowering debt levels and increasing tax- collection efficiency, he said.


Growth Policies


The three ways authorities should spur growth in the short term would be to increase public investment, privatize and sell state enterprises, and provide incentives for real-estate development, he said. The latter “is the quickest way for Greece to recover,” Christodoulakis said.

“If such measures, to some extent, are successful and they change the pattern of recession, then you may see a very dramatic improvement in Greek indebtedness,” he said. “The crisis in Greece can be faced, but in order to have viable solutions we need not to only concentrate on reducing debt and collecting revenues, but at the same time, with similar priority, we have to think how growth can return to Greece.”

State revenue next year will be aided by a planned increase in the so-called objective values for real estate, Finance Minister George Papaconstantinou said on July 5. Taxes on real- estate transactions in Greece are based on the government’s assessment of the property’s value, which considers the area and the amenities, rather than the actual market value, which is generally higher.

(Bloomberg)

 

[tommy271]

GRECIA: PAPANDREOU, SVILUPPO VERDE CONTRO CRISI. PROGETTI PER 45 MLD

(ASCA-AFP) - Atene, 23 ott - Per superare la crisi la Grecia punta sullo sviluppo verde e sull'energia rinnovabile prevedendo investimenti di 45 miliardi di euro entro il 2015.

Lo ha annunciato oggi il primo ministro, George Papandreou.

''Il nostro paese ha enormi fonti di energia rinnovabile che non sono sfruttate - ha detto il premier durante il Forum sullo sviluppo verde, organizzato ad Atene nel quadro della Conferenza sui cambiamenti climatici che si e' tenuta ieri - Ci stiamo aprendo al mercato dell'energia dove il partnariato tra pubblico e privato svolgera' un ruolo fondamentale''. Noi, ha proseguito, ''non diventeremo competitivi attraverso i metodi convenzionali di tagli dei salari, ma investendendo in un modello di sviluppo diverso che dia valore ai prodotti e ai servizi''.

Per esempio, gli investimenti sull'energia rinnovabile che nel 2009 ammontavano a 400 milioni, nel 2011 raggiungeranno quota 1,2 miliardi di euro.


***
45 MLD entro il 2015 mi sembra un investimento piuttosto consistente, visto che nel 2011 ne sono previsti solo 1 MLD e 200 MLN.

 

[tommy271]

NATO: DIFFICILE SOLUZIONE MACEDONIA-GRECIA PER LISBONA




10:58 23 OTT 2010

(AGI) Atene - E' difficile che la disputa ventennale sul nome fra Grecia e Macedonia sia risolta prima del vertice Nato di Lisbona. Lo afferma il segretario generale della Nato Anders Fogh Rasmussen: "non ho indicazioni per una soluzione possibile prima del vertice di Lisbona" cui partecipera' anche Skopje, essendo la Macedonia l'ultima entrata nell'alleanza.
.

 

[tommy271]

Intervista a Klaus Regling:

http://www.lastampa.it/redazione/cmsSezioni/economia/201010articoli/59736girata.asp

 

[tommy271]

RUE WIERTZ: PITTELLA, ORA SERVE UN ''POLITICAL DEAL''

(ASCA) - Roma, 23 ott - L'Ue discute di come curvare il vecchio patto di stabilita' adattandolo alle nuove necessita' di tenuta della finanza pubblica, dopo il terremoto che ha investito e cambiato i connotati dei mercati e ancora una volta una proposta di riforma di importanza strategica e' stata letta con i soli occhiali della ''convenienza nazionale''. Cosi' il ministro Tremonti ha sventolato il successo italiano perche' nel computo del debito pubblico sara' considerato anche quello privato. Ben magra soddisfazione per un governo che invece dovrebbe avere gli ''attributi'' che dimostrarono Prodi e Ciampi nell'affrontare con determinazione e risultati la sfida della riduzione del debito. Cosi' Gianni Pittella, vicepresidente vicario del Parlamento europeo.

E' mancata finora una riflessione su cio' che significa il nuovo Patto di stabilita' e la piu' generale riforma della governance economica per l'Europa. Da questo punto di vista ci sono alcune luci ma persistano molte ombre.

Le luci: quella piu' intensa e' sicuramente rappresentata dal cosiddetto ''semestre europeo'', un patto vincolante tra i governi e le istituzioni comunitarie in materia di leggi di bilancio nazionali sui primi 6 mesi dell'anno. Una maniera per coordinare realmente le politiche di bilancio dei singoli governi ad obiettivi comuni e soprattutto per limare gli squilibri macroeconomici dei 27 che tanto hanno danneggiato i nostri ritmi di crescita ed il livello di occupazione.

Bene anche le sanzioni piu' rigorose, il rafforzamento dei poteri di Eurostat e la creazione di Autorita' nazionali indipendenti per la verifica dei bilanci pubblici. Non mi convince invece la nuova procedura degli 'excessive imbalances', che dovrebbe rappresentare lo strumento in grado di garantire la stabilita' sul lungo periodo attraverso un monitoraggio dei disavanzi esterni. Uno strumento che a mio avviso andrebbe ancorato anche ad altri indicatori, per garantire una maggiore simmetria nelle operazioni di aggiustamento. Perche' anche comportamenti come quello della Germania, che consuma poco e risparmia troppo, causano squilibri che richiedono una correzione.

Se abbiamo chiesto alla Grecia di tagliare i salari pubblici, allora dobbiamo coerentemente chiedere alla Germania di aprire alla concorrenza il suo settore bancario super-protetto e super-inefficiente.

Nel complesso le proposte europee di riforma, nonostante alcune problematiche, appaiono andare nella giusta direzione, ma la questione piu' generale della crescita resta irrisolta.

Serve un 'political deal' tra la Germania e gli altri Paesi che andrebbe basato su azioni comuni per rilanciare il mercato interno ed evitare ulteriori protezionismi. Ma il governo di Berlino deve fare la sua parte.

Quali devo essere allora i passi da fare?.

1. aumentare la spesa produttiva; 2. prevedere strumenti addizionali per le entrate.

L'aumento della spesa pubblica deve avvenire, non spendendo soldi per progetti inutili ma, selezionando gli obiettivi - reti transeuropee (materiali ed immateriali) ed energie rinnovabili - che possano garantire un valore aggiunto comune e delle importanti ricadute sull'occupazione e sull'economia.

Le risorse per operare questi interventi non possono certo venire dalle casse dei governi, considerata la situazione di generale fragilita' delle finanze pubbliche. Per questo vanno lanciati gli Eurobond. Si tratterebbe di un prestito garantito europeo capace di recuperare sui mercati circa 1000 miliardi. Va poi introdotta una tassa sulle transazioni finanziarie. Un'efficace azione fiscale sulle transazioni finanziarie consentirebbe di recuperare ulteriori risorse.

Sarebbe un primo passo verso una reale democratizzazione dei mercati finanziari ed una maniera per mettere davvero, e non solo a parole, la finanza al servizio della crescita economica, dell'impresa e del lavoro.

 

[tommy271]

Greece plans green projects worth 45 bln euros


(AFP)



ATHENS — Greece aims to attract renewable energy investments worth 45 billion euros over the next five years amid efforts to turn around its ailing economy, the prime minister said on Saturday.
"Our country has enormous renewable energy sources that remain untapped," George Papandreou told a green investment forum on the heels of a conference on Mediterranean climate change in the Athens suburb of Vouliagmeni.


"We are opening up the energy market where public and private sector partnerships will play a crucial role," he said.
Investments on renewable energy projects in Greece are already expected to reach 1.2 billion euros (1.68 billion dollars) next year compared to just 400 million in 2009, he said.

On coming to power in October, Papandreou wanted to completely overhaul the Greek development model that has relied for decades on construction and services, with a shift to sustainable growth.
But the plan was sidetracked by a national debt crisis that pushed the country to the brink of default earlier this year before the European Union and the International Monetary Fund rode to the rescue with a massive bailout loan.


A wave of austerity measures monitored by Greece's creditors has pushed the country deeper into recession and the government is now desperately trying to revive demand. It has sought Israeli expertise on sustainable growth projects and has made overtures to potential investors in the Arab world.
"We will not become competitive through classic wage cut methods but through investment in a different development model that adds value to our products and services," Papandreou said on Saturday.


The first major investment in the field was a 3.5-billion-euro Qatari project for a liquefied natural gas and power plant at the western port of Astakos.
But the plan foundered this week owing to disputes within the private consortium working on the project.
The Mediterranean climate change conference was called at Papandreou's invitation ahead of a Cancun meeting on the issue next month.
Participants including Israel and the Palestinian Authority agreed to work together to combat the effects of global warming that threaten the region.

 

[tommy271]

Greece central bank points to progress, no room to relax: report


ATHENS | Sat Oct 23, 2010 8:05am EDT



ATHENS (Reuters) - Greece is making progress in its fiscal consolidation efforts but it still has a long way to go, the Bank of Greece says in a new report, the Kathimerini newspaper said on Saturday.
In the report to be published on Tuesday, the central bank will say that the debt-choked country should continue cutting spending to meet its budget deficit goals and boost growth by attracting investments, the paper said.
The central bank will reiterate its May estimate for a contraction of around 4 percent in the Greek economy this year, in line with the government's forecast, it added.

The central bank was not immediately available for comment.
Greece's 2010-2013 fiscal plan expects the economy to continue shrinking this year due to tough austerity and tax hikes the country took in turn for a 110 billion euro ($153.5 billion) bailout it agreed wit the EU and the IMF to exit a debt crisis.
The paper said the Bank of Greece will also ask Greek banks to pursue alliances to become stronger vis-a-vis the challenging macroeconomic and fiscal environment.

Greek banks, hit by the country's debt crisis, have been shut out from wholesale funding for most of this year after their bond portfolios were damaged by successive sovereign credit rating downgrades, forcing them to rely on funding from the European Central Bank.
But there have been indications that interbank markets may gradually open for Greek lenders as the country regains investor confidence.

 

[tommy271]

Qatar on investments in Greece




ANA-MPa/Greece and Qatar held their first meeting in Athens of an inter-ministerial commission, set-up following the signing of a memorandum of understanding last month in New York.
In a joint communiqué released after the meeting, the Qatari delegation expressed its strong will to implement its intention to invest up to 5.0 billion US dollars in Greece. The meeting was chaired by Greek State Minister Haris Pampoukis and the head of Investments Authority of Qatar, Ahmed Al-Sayed.



The meeting focused on organizing contacts between the two sides, along with investment plans on sectors envisaged by the memorandum. Sources said the meeting did not discuss a decision to cancel an energy investment in Astakos, western Greece.


Speaking to reporters, the Greek minister said "relations are impeccable" and dismissed negative reports made in the last few days. The Qatari official said he was happy to visit Athens for the first time, adding "and not the last".
"We reaffirmed our interest for investments and we are examining several proposals on how to proceed with them. The Greek government was very helpful and the climate positive. Our next meeting will be held in Doha at the end of November," Al-Sayed told reporters. He declined to say anything about an alleged interest to invest in the site of the former Athens airport at Hellinikon.
Theodore Pantalakis, governor of ATEbank also attended the meeting.


(ana.gr)

 

[tommy271]

Shipowners scrap 91 ships worldwide, says broker



Greek shipowners scrapped 91 ships, or 12.5 percent of all vessels sent for demolition worldwide, in the first nine months of 2010, shipbroker Golden Destiny said.
The vessels, including 36 tankers, 16 container ships and 15 commodity carriers, had a total carrying capacity of 3.4 million tons, Piraeus-based Golden Destiny said in an e-mailed report yesterday. Last month alone, Greeks scrapped six ships.

The rate of scrappage by Greek owners, who have the world’s second-biggest merchant fleet after China, has been “subdued” in 2010, with a concentration on tankers, the broker said.

The freight environment in bulk-carrier and container shipping “doesn’t encourage either foreign or Greek owners to scrap their overaged units,” it added.
Crude oil tanker markets face a two-year trough as the fleet of vessels is expanding at a record pace, causing ship prices to decline, Morgan Stanley analysts said in a report published on October 14.
The analysts were upbeat on dry-bulk and container shipping due to Chinese economic growth and expansion in long-distance cargo shipments.


(Bloomberg)

 

[tommy271]

Greece still not out of the woods

Central bank report calls on government to continue with fiscal reforms and increase effort on growth

By Sotiris Nikas - Kathimerini


There is no room to slacken the country's economic policy, as the road ahead is long and difficult.
This is one of the conclusions in the Bank of Greece's interim report on monetary policy scheduled for release in the coming week and which describes the memorandum Greece signed with the International Monetary Fund and the European Union as a useful tool for helping the country to get through the crisis.


According to sources, the central bank report notes the steps that Greece has made so far but also sends a clear message that more still needs to be accomplished, placing great emphasis on growth and attracting investment.
At the same time, the central bank calls on lenders to boost their capital by working together or merging.
As regards Greece's budgetary course, Bank of Greece Governor Giorgos Provopoulos points out that most of the hard work needed to reduce the deficit must be done by cutting costs and, to a lesser extent, by boosting revenues.


He added that further tax hikes should be avoided, stressing that the focus should be on catching tax cheats and in spreading the tax burden fairly among taxpayers.
Regarding the continuing recession, the central bank estimated that gross domestic product will contract by about 4 percent this year.
The country's growth can no longer be supported by domestic funds, as savings are being whittled away and the financial system no longer has the required liquidity, the report says. Therefore, the country's recovery needs to be supported by an economy that is more exposed to the international trade environment.


The government needs to draw up and implement a policy in this direction by either by attracting more foreign investment or boosting exports, the report says.
Larger inflows of capital and rebounding growth rates could help to contain rising unemployment, which is seen as exceeding the 12 percent mark this year.
It is also noteworthy that the report will include a chapter dedicated to how the government can make use of its real estate assets, as this is considered an important means to returning the country to growth and reducing public debt.


(Kathimerini.gr)