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

[Brisico]

E' allucinante cosa riesce a fare la speculazione....
E' strano che le notizie assumano prima univocamente una coloritura, poi quella opposta.
Si da risalto a ciò che conviene sul momento.

Certo che finchè si tratta di seguire i corsi del bund sulla base del sentiment di mercato sui tassi, l'inflazione attesa, la ripresa che parte o non parte, l'intermarket che valuta se parte o meno il rally azionario con il QE.... mi sta bene tutto...

Tuttavia qui si gioca con notizie sui fondamentali che ci sono dietro il caso Grecia.
Per carità, i rischi li sappiamo. Però un giorno tutto sembra in via di risoluzione, FMI che vuole prestare soldi alla Grecia, cinesi che si impegnano a comprare i bond e a partnership commerciali. Un altro giorno e i crucchi si lamentano degli aiuti, dei tassi bassi e ci si mette pure il Doctor Doom Roubini con le sue profezie ......

Poco intelligente chi sta vendendo sulle basi di queste notizie!

 

[tommy271]

Poco intelligente chi sta vendendo sulle basi di queste notizie!

Chi vende può aver acquistato qualche mese fa, adesso passa alla cassa: gain pieni ...
Comunque, sino a ieri, volumi dimezzati di contrattazione (sul MOT) rispetto al periodo di crescita delle scorse settimane.

 

[tommy271]

Worst of European Debt Crisis Over, Financial Stability Facility CEO Says

By Jonathan Stearns - Oct 26, 2010 1:51 PM GMT+0200 Tue Oct 26 11:51:06 GMT 2010


The head of the euro area’s financial backstop declared the worst of Europe’s debt crisis over, saying budget-austerity policies are “in place” across the region.

“Europe has taken decisive action to tackle sovereign-debt issues,” Klaus Regling, chief executive officer of the European Financial Stability Facility, told a conference today in Brussels. “The worst of the crisis in Europe is behind us.”

The EFSF would sell bonds backed by 440 billion euros ($613 billion) in national guarantees and use the money it raises to make loans to euro-area countries in need. The entity would sell debt only after an aid request is made by a country.

The EFSF, created for three years, is the main part of a 750 billion-euro aid package that European Union finance ministers hammered out in May to combat the sovereign debt crisis. Another 60 billion euros came from the European Commission -- the EU’s executive arm -- and 250 billion euros from the International Monetary Fund.

“European governments have done a great deal in recent months to put structures and policies in place to address the problems,” said Regling, a German national who once ran the commission’s economic and financial affairs department. “Fiscal-consolidation strategies are in place now in all the member states.”


‘Significant Divergences’


While citing “significant divergences” between European countries, he also said the EU is on course to tighten the enforcement of fiscal rules. He called the planned crackdown on high-deficit states “encouraging.”

Echoing his stance over recent weeks, Regling said the “central expectation” is that no country will seek EFSF assistance. EFSF aid would bring with it the kinds of budget- austerity conditions on recipients that Greece faces under its separate 110 billion-euro bailout from the EU and IMF.

Regling said the interest rate on any EFSF loans to countries would be “comparable” to the 5 percent rate that Greece pays for its emergency funding from fellow euro-area nations.

“There is a general understanding that borrowing costs would be comparable to the Greek case,” he said. “This is around the 5 percent.”

When putting together the backstop six months ago, euro- area governments ruled out any EFSF debt sales before an aid request because “ministers did not want to give a wrong signal,” Regling said.


‘Political Decision’


“There was a clear political decision on this point,” he said. “We will not pre-fund.”
Governments also ruled out that any EFSF loans would have the same preferred status as IMF aid so as not to “overburden” the borrowing country, said Regling. Seniority would give the Luxembourg-based EFSF priority in any payout after a default.

“It was a deliberate decision not to suggest that for the EFSF,” he said. “If there are too many senior claims on a country, then the private sector may be reluctant to go back to that country.”

(Bloomberg)

***
Sentiamo cosa dice il possibile candidato che potrebbe prendere il posto di Trichet...

 

[tommy271]

Commissione Ue vorrebbe meccanismo crisi senza modifica trattati

martedì 26 ottobre 2010 13:39

BRUXELLES, 26 ottobre (Reuters) - La Commissione Ue preferirebbe creare un meccanismo permanente di risoluzione delle crisi senza modificare i trattati Ue. A dirlo è il commissario Ue agli Affari economici e monetari, Olli Rehn.
Germania e Francia hanno chiesto modifiche del trattato Ue per definire un meccanismo di risoluzione che sostituisca l'attuale sistema di fondi di emergenza predisposti per la Grecia e il resto della zona euro, sistema destinato a terminare nel 2013.
"Preferiremmo farlo senza cambiare i trattati", ha detto Rehn ai giornalisti.
Una modifica dei trattati richiederebbe l'approvazione di tutti e 27 gli stati membri e potrebbe presentare degli scogli insormontabili.
"Stiamo esplorando le possiblità e i vincoli legali, ma non vogliamo escludere una modifica dei trattati in merito al meccanismo di risoluzione delle crisi".
Secondo Rehn la cosa chiave è che un meccanismo di questo tipo sia efficace nel fornire stabilità finanziaria e minimizzare i rischi di azzardo morale per i governi.
Rehn ha poi indicato la sua riluttanza verso un'altra proposta tedesca, quella di privare dei diritti di voto i paesi che violano le regole di bilancio Ue.
"Il mio personale punto di vista sulla sospensione dei diritti di voto è che non sia necessariamente in linea con l'idea di un'Unione sempre più stretta, idea che è invece nel trattato dell'Unione europea", ha detto il Commissario.
Secondo Rehn i leader del G20 che si incontreranno in novembre dovrebbero definire di comune accordo delle raccomandazione indirizzate ai paesi in surplus o disavanzo su come affrontare i propri squilibri macroeconomici.
In precedenza Rehn aveva affermato che i mercati finanziari sono inclini a eccessi di volatilità e che gli squilibri globali ostacolano la ripresa e frenano la creazione di posti di lavoro.
Rehn ha ribadito la propria convinzione che i problemi del debito della zona euro verranno risolti senza alcuna ristrutturazione.

 

[tommy271]

Greek bonds hit by election jitters



Bonds issued by Greece fell on Tuesday as a strong hint from the prime minister that early elections could be held unsettled investors after recent calm on the debt-stricken country's outlook.
Around midday, the yield -- the rate of return -- on the Greek benchmark 10-year bond rose to 9.598 percent from 9.348 percent on Monday, reflecting a fresh bout of nerves over efforts by Greece to restore its public finances to health.

"The possibility of early elections hit Greek bonds," said Cyril Regnat, bond strategist at Natixis.
"There is not too much concern that the public deficit will come down but if there is a change of leadership, that would not be taken well on markets which have only recently become more confident in the Greek outlook," Regnat added.
On Monday, Greece's Socialist Prime Minister George Papandreou did not rule out possible early general elections if his party lost ground in upcoming local polls and has trouble enacting debt reform plans.

"I have no reason and no intention to go to national elections," Papandreou said in a nationally televised interview.
"(But) if I see that there is deadlock in the country, there is no deadlock in democracy, the people have the power to decide," he said.
"Everything will be taken into consideration."

Greece came close to default earlier this year as the markets demanded ever higher returns to provide fresh funds to cover debt and spending obligations.
Papandreou agreed a 110-billion-euro (140-billion-dollar) rescue package with the European Union and International Monetary Fund in May in exchange for draconian reforms aimed at restoring Greece's precarious public finances.
The measures have been very unpopular but the prime minister insists they are essential if Greece is to get back on its feet.

The governing Socialist party looks unlikely to wrest the main cities of Athens and Thessaloniki from the opposition conservatives, and polls show it could also lose the greater Athens region to a Socialist rebel.
The EU has indicated that more sacrifices may have to be made after the elections when EU data agency Eurostat is scheduled to release a revised estimate of the Greek deficit that takes indebted state companies into account.

Papandreou insisted on Monday that the deficit targets would be met with taxes on the rich and better state management, not by new cuts on wages and pensions.
"There will be no new measures compromising salaries and pensions ... I tell you where our red line lies."
Papandreou came to power in October last year and his Socialist party currently has a seven-seat majority in the 300-member parliament.

Meanwhile, the central bank warned on Tuesday against any relaxation of the austerity measures, saying that any let up now would undercut progress made since the May accord.


(France Press)


***
Se il motivo è quello delle elezioni, possiamo andare tranquilli ...

 

[tommy271]

hina Helps Take Uncertainty Out of the Shipping Industry

The Bedford Report Provides Analyst Research on DryShips & Diana Shipping





NEW YORK, NY, Oct 26, 2010 (MARKETWIRE via COMTEX) -- Shipping Stocks have begun somewhat of a rally in the second half of 2010. With the economy still strong in China, the country is increasing its demand for coal as the winter season approaches, and is also importing iron ore and grains.

A week ago, Xu Xu, the chairman of the China Chamber of Commerce of Metals, announced that China's iron ore imports are expected to rise for the rest of the year as steel mills embark on a period of restocking -- in September we saw an 18 percent sequential rise in China's iron ore imports.

China also gave a vote of confidence to Greek shipping this year, which could mean big things for shipping heavyweights DryShips and Diana Shipping, both of whom have headquarters in Athens.

The Bedford Report examines the outlook for companies in the Shipping Industry and provides research reports on DryShips, Inc. /quotes/comstock/15*!drys/quotes/nls/drys (DRYS 4.23, -0.03, -0.70%) and Diana Shipping, Inc. /quotes/comstock/13*!dsx/quotes/nls/dsx (DSX 13.51, -0.12, -0.88%) . Access to the full company reports can be found at:
www.bedfordreport.com/2010-10-DRYS
www.bedfordreport.com/2010-10-DSX


In early October, Chinese Premier Wen Jiabao initiated a weeklong tour of Europe with a three-day stint in Athens.

During his stay, Wen announced that China will assist the Greek economy via a five billion Euro fund to enable Greek maritime activities and to help Greek tycoons purchase Chinese vessels.

Wen emphasised China's belief that Greece would overcome present shortcomings and is committed to doubling Sino Hellenic trade activities over the next five years.

The Bedford Report releases regular market updates on the Shipping Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns.

Take a few minutes to register with us for free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.

A mere one day after Wen's Greek visit, Diana Shipping announced that it signed an agreement with the Export-Import Bank of China for an $82.6 million loan to fund the company's two Newcastlemax carriers.
Diana's CEO Simeon Palios called the loan "a breakthrough for the future of Diana Shipping," and noted that Wen Jiabao himself was present at the signing.

The Bedford Report provides Analyst Research focused on equities that offer growth opportunities, value, and strong potential return.
We strive to provide the most up-to-date market activities.
We constantly create research reports and newsletters for our members.

The Bedford Report has not been compensated by any of the above mentioned publicly traded companies.

The Bedford Report is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks.

Please view the full disclaimer at Disclaimer | The Bedford Report

 

[tommy271]

Borsa Atene: Ase -1,7% su calo bancari


MILABNO (MF-DJ)--L'indice Ase di Atene registra un calo dell'1,7% a 1.608 punti, con un volume di scambi sostenuto di 133,3 mln euro.
Anche se la propensione a vendere rende nulli i guadagni di ieri, l'indice raggiunge comunque la soglia psicologica di 1.600 punti. L'aumento degli spread sui bond dovuto alle speculazioni sul rischio di un futuro default della Grecia pesa sui titoli bancari.
Alpha perde il 4,9%, Eurobank il 4,4%, Piraeus il 3,2%, Ppc il 2%, Opap l'1,8% e National l'1,7%.

 

[tommy271]

Greece Likely to Default By 2013 as Debts Remain, El-Erian Says

By Susanne Walker - Oct 26, 2010 6:00 PM GMT+0200 Tue Oct 26 16:00:52 GMT 2010




Greece is likely to default over the next three years because budget-cutting won’t be enough to reduce the nation’s debt burden, Pacific Investment Management Co. Chief Executive Officer Mohamed A. El-Erian said.

It’s in Greece’s interest to default “as long as you can contain the contagion to other countries and it is done through orderly restructuring and repricing to retain competitiveness,” El-Erian said at a conference sponsored by the Economist magazine in New York yesterday. Like Latin America’s “lost decade” in the 1980s, “the alternative doesn’t promise growth and employment generation,” he said.


The extra yield, or spread, investors demand to hold Greek debt instead of similar-maturity German bonds jumped to a two- week high today. The European Union and International Monetary Fund approved a 110 billion-euro ($153 billion) aid package on May 2 in exchange for Greece agreeing to cut public-sector wages and pensions and raise taxes on fuel, alcohol and cigarettes.


“Greek bonds have been under pressure since El-Erian’s comments,” said Orlando Green, assistant director of capital- markets strategy at Credit Agricole Corporate & Investment Bank in London. “The near-term picture doesn’t look so bad for Greece, but it’s a long journey ahead.”

Greek bonds slid today, pushing the 10-year yield up 31 basis points to 9.66 percent at 5 p.m. in London, the highest since Oct. 8.
Investors demand 716 basis points, or 7.2 percent, more yield to hold 10-year Greek bonds than they do to hold benchmark German bunds. That’s also the widest spread since Oct. 8.


Election ‘Nervousness’


Prime Minister George Papandreou urged Greeks to vote for his ruling party and its reforms in local elections next month, saying that while he didn’t plan to call early national elections, “a decision by the Greek people” would be needed if the government found itself unable to push through changes.

“There may be some nervousness ahead of the elections” weighing on Greek debt today, Green said.
Europe’s sovereign-debt crisis erupted at the end of 2009 after Greece’s newly elected socialist government said the budget deficit was twice as big as the previous administration disclosed. Irish, Portuguese and Spanish bonds subsequently slumped on concern that Greece’s crisis would be followed by other fiscal problems on Europe’s periphery.

The Bank of Greece today said the nation must push ahead with its deficit-reduction plan. “Fiscal consolidation must now move at a much faster pace, with drastic limitation in public- sector waste,” the central bank said in an e-mailed report.


‘Heroic’ Target


Papandreou has promised austerity measures amounting to 11 percent of gross domestic product, according to IMF data.
“I have never seen an 11 percent adjustment on the fiscal side being delivered” under the current program’s assumptions, said El-Erian, who worked at the IMF for 15 years. “Eleven percent is heroic.”

Credit-default swaps protecting Greek government bonds for five years cost 668.5 basis points, according to CMA in London today. Swap prices surged before the May rescue plan and had eased since then, suggesting Papandreou’s austerity measures had bought the country time to reduce a budget deficit that’s more than four times the European Union’s limit.

The EU estimated Greece’s 2009 deficit at 13.6 percent of gross domestic product, the bloc’s highest after Ireland, and projects a shortfall this year of 7.8 percent of GDP.

“The fiscal adjustment that Greece needs to do is unprecedented,” Giada Giani, senior European economist at Citigroup Inc., said at a conference in Brussels today. “There is a limit to the amount of fiscal tightening a country can bear and support without the tightening becoming self-defeating, so detrimental for economic growth that it doesn’t really deliver an improvement.”

(Bloomberg)

 

[tommy271]

RINVII IN GRECIA DA SOSPENDERE



BERNA - La situazione dei richiedenti l'asilo in Grecia è catastrofica, sostiene l'Organizzazione svizzera aiuto ai rifugiati (OSAR). Per questo l'Ufficio federale della migrazione (UFM) deve sospendere i rinvii di migranti verso questo Paese fino a quando la situazione non sarà chiarita a livello legale, come già fanno Gran Bretagna, Norvegia e Belgio.

La Grecia «non garantisce né una procedura equa né una protezione adeguata per le persone perseguitate», scrive l'OSAR in una nota odierna aggiungendo che le pratiche elleniche violano diversi trattati internazionali in materia di diritti umani.


Attualmente la Corte europea dei diritti dell'uomo e la Corte di giustizia dell'Unione europea stanno esaminando la legalità dei rinvii verso la Grecia di richiedenti l'asilo che hanno inoltrato la loro prima domanda in questo Paese.

In base alla procedura di Dublino è possibile rinviare un richiedente nel primo Stato aderente alla Convenzione in cui ha presentato la domanda.
La portavoce dell'UFM Marie Avet ha indicato all'ATS che il suo ufficio sta seguendo da vicino l'evoluzione della situazione in Grecia.

Inoltre ha ricordato che la Svizzera ha già sospeso nel febbraio 2009 i rinvii di persone vulnerabili come minori non accompagnati, famiglie con bambini piccoli e persone anziane o malate.
Da inizio anno sono state rinviate nel paese 40 persone in base alla procedura di Dublino.


(Corriere del Ticino.ch)

 

[tommy271]

Greece's CCH Q3 net up 3 pct, below forecast


ATHENS | Wed Oct 27, 2010 1:42am EDT



ATHENS Oct 27 (Reuters) - Greece-based bottling company Coca-Cola Hellenic (CCH) (HLBr.AT) said on Wednesday third-quarter net profit rose 3 percent year-on-year, thanks to improved volume in Russia and cost-saving benefits.
CCH, the world's second-largest bottler of Coca-Cola (KO.N) soft drinks, posted comparable net profit of 216 million euros ($301.4 million) from 210.2 million in the same period last year, versus an average forecast of 219.6 million in a Reuters poll.
Estimates for net profit ranged between 211 and 229 million euros.

***
Corporate.