Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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tommy271
Forumer storico
Ti ringrazio.
tommy271
Forumer storico
RISTRUTTURAZIONE DEBITI
Alcuni rumors che mi fanno fischiare le orecchie, sono molto pesanti rispetto alle proposte di Frau Merkel sulla ristrutturazione dei debiti sovrani.
E l'arrabbiatura di Trichet, ora la capisco, ampiamente giustificata.
Tutto il lavoro passerà in questi giorni agli Sherpa che dovranno presentare le varie proposte, ma pare che la Merkel voglia fare pagare ai bondisti il conto della crisi.
Secondo la Frau si dovrebbe puntare verso un meccanismo automatico di ristrutturazione del debito pubblico che si avvierebbe nel momento in cui un paese dell'area Euro dovesse ricorrere al Fondo Europeo di Emergenza.
In questo modo, prima di ottenere un prestito il paese dovrebbe innanzitutto ristrutturare il debito verso i "privati" e poi, successivamente, poter accedere ai prestiti di emergenza.
Mi capite che, se la proposta dovesse passare, Spread e CDS non ci metterebbero un secondo a risalire verso livelli vertiginosi. Un meccanismo gravemente punitivo che vanificherebbe qualsiasi tentativo di riportare tranquillità sui Periferici.
In questo caso nessun bondista arrischierà più ad investire sul Club Med per timore che venga preventivamente coinvolto in un processo di ristrutturazione.
Come ripeto questa è la proposta originaria di Frau Merkel, bisogna capire quale sarà il percorso da qui a metà dicembre quando si riunirà di nuovo il Vertice UE.
Alcuni rumors che mi fanno fischiare le orecchie, sono molto pesanti rispetto alle proposte di Frau Merkel sulla ristrutturazione dei debiti sovrani.
E l'arrabbiatura di Trichet, ora la capisco, ampiamente giustificata.
Tutto il lavoro passerà in questi giorni agli Sherpa che dovranno presentare le varie proposte, ma pare che la Merkel voglia fare pagare ai bondisti il conto della crisi.
Secondo la Frau si dovrebbe puntare verso un meccanismo automatico di ristrutturazione del debito pubblico che si avvierebbe nel momento in cui un paese dell'area Euro dovesse ricorrere al Fondo Europeo di Emergenza.
In questo modo, prima di ottenere un prestito il paese dovrebbe innanzitutto ristrutturare il debito verso i "privati" e poi, successivamente, poter accedere ai prestiti di emergenza.
Mi capite che, se la proposta dovesse passare, Spread e CDS non ci metterebbero un secondo a risalire verso livelli vertiginosi. Un meccanismo gravemente punitivo che vanificherebbe qualsiasi tentativo di riportare tranquillità sui Periferici.
In questo caso nessun bondista arrischierà più ad investire sul Club Med per timore che venga preventivamente coinvolto in un processo di ristrutturazione.
Come ripeto questa è la proposta originaria di Frau Merkel, bisogna capire quale sarà il percorso da qui a metà dicembre quando si riunirà di nuovo il Vertice UE.
tommy271
Forumer storico
OAED launches 60 million euros program in support of employment
ANA-MPa/Greece's Workforce Employment Organisation (OAED) on Monday launched a new program aimed at supporting employment and putting a break to rising unemployment in the country.
The program "Structural adjustment of workers and enterprises within the economic crisis", with a budget of 60 million euros, focuses at offering financial support to enterprises with a workforce of more than 50 workers, benefiting around 14,000 workers.ANA-MPA
Under the program, enterprises will be offered financial support to help them adjust to new conditions prevailing because of the economic crisis, by integrating new technologies in the production and services process.
The new program is part of a total of 19 programs currently implemented by OAED.
(ana.gr)
ANA-MPa/Greece's Workforce Employment Organisation (OAED) on Monday launched a new program aimed at supporting employment and putting a break to rising unemployment in the country.
The program "Structural adjustment of workers and enterprises within the economic crisis", with a budget of 60 million euros, focuses at offering financial support to enterprises with a workforce of more than 50 workers, benefiting around 14,000 workers.ANA-MPA
Under the program, enterprises will be offered financial support to help them adjust to new conditions prevailing because of the economic crisis, by integrating new technologies in the production and services process.
The new program is part of a total of 19 programs currently implemented by OAED.
(ana.gr)
tommy271
Forumer storico
Germany: Trichet's Concern On EU Crisis Mech Taken Seriously
First Published Monday, 1 November 2010 01:04 pm - © 2010 Need to Know News
BERLIN (MNI) - The German government takes the worries of European Central Bank President Jean-Claude Trichet regarding the EU's plans for a new permanent crisis mechanism seriously but believes that the plans will not unsettle financial markets, a government spokesman said Monday.
EU heads of state and government in Brussels agreed last week to establish a permanent mechanism to aid Eurozone states that fall in to financial difficulty. Chancellor Angela Merkel made clear that Germany insists on having private creditors shoulder part of the financial burden in future crises.
ECB President Trichet reportedly warned that having private creditors suffer part of the losses could create new uncertainties on financial markets.
"ECB President Trichet has quite frankly said which worries he has and the [German] federal government takes this seriously," government spokesman Steffen Seibert said at a regular press conference here. "It is known that financial markets do not like uncertainties," he acknowledged.
However, there is still time until mid-2013 for financial market participants to get used to the concept of the new crisis mechanism, Seibert said. EU leaders plan to have the new structure implemented by then.
"Naturally, one will try to create a mechanism which is so thorough...that it will create more security than uncertainties," the spokesman reasoned.
Seibert suggested that the German government did not fear renewed uncertainties on financial markets from possible early elections in Greece.
***
Qui è tutto velato tra le righe ...
First Published Monday, 1 November 2010 01:04 pm - © 2010 Need to Know News
BERLIN (MNI) - The German government takes the worries of European Central Bank President Jean-Claude Trichet regarding the EU's plans for a new permanent crisis mechanism seriously but believes that the plans will not unsettle financial markets, a government spokesman said Monday.
EU heads of state and government in Brussels agreed last week to establish a permanent mechanism to aid Eurozone states that fall in to financial difficulty. Chancellor Angela Merkel made clear that Germany insists on having private creditors shoulder part of the financial burden in future crises.
ECB President Trichet reportedly warned that having private creditors suffer part of the losses could create new uncertainties on financial markets.
"ECB President Trichet has quite frankly said which worries he has and the [German] federal government takes this seriously," government spokesman Steffen Seibert said at a regular press conference here. "It is known that financial markets do not like uncertainties," he acknowledged.
However, there is still time until mid-2013 for financial market participants to get used to the concept of the new crisis mechanism, Seibert said. EU leaders plan to have the new structure implemented by then.
"Naturally, one will try to create a mechanism which is so thorough...that it will create more security than uncertainties," the spokesman reasoned.
Seibert suggested that the German government did not fear renewed uncertainties on financial markets from possible early elections in Greece.
***
Qui è tutto velato tra le righe ...
tommy271
Forumer storico
....ecco forse coniamo nuovi termini....
io direi ristrutturazione selettiva... che spettacolo!!!
ma che se ne vada a riempirsi di wurstel..!! lei e quel debosciato del marito della Bruni!!
In sostanza vorrebbe inchiappettare i detentori dei bond per riprendersi i soldi prestati alla Grecia (con gli interessi).
Un alto senso di responsabilità.
tommy271
Forumer storico
Greek Statistics Chief
'Fully Independent for the First Time'
The new president of Greece's national statistical authority, Andreas Georgiou, talks to SPIEGEL about false figures and his strategy for revamping the agency to create a "culture of excellence" in the wake of the debt crisis that led to an unprecedented multibillion euro bailout for the country.
Last year, the new government in Greece revealed that the federal deficit was actually four times the official estimate of 3.7 percent of gross domestic product -- and four times the amount allowed by the European Union under the Growth and Stability Pact in the euro zone. What followed was the European debt crisis and a shaken confidence in the common currency, and the new government was left having to explain the serious errors in federal statistics.
As a result, the creation of an independent statistics agency, now called the Hellenic Statistics Authority, was crucial to Greece's rescue loan package. In July, former International Monetary Fund (IMF) official Andreas Georgiou, 49, who holds a PhD in economics from the University of Michigan, was tasked with heading the new agency. He recently sat down with SPIEGEL to talk about what he found when he got there and his new "culture of excellence."
SPIEGEL: Your last position was as deputy division chief in the statistics department of the IMF, and in August you returned to Athens after 21 years in Washington. Why?
Georgiou: My home country currently has large problems and a shortage of good people who can help in the fight against the crisis and its causes. I want to make a contribution.
SPIEGEL: The reputation of Greek statistics is awful. What was the first impression of your agency?
Georgiou: I found an established institution with well-functioning divisions and a lot of good will among the employees. One can build on that.
SPIEGEL: Then how do you explain that the European Commission, the EU executive, found "serious shortcomings" and financial statistics that were marred by "political influence?"
Georgiou: There are, in fact, problems with Greek statistics, the extent of which I also could not have imagined. And it is right that the EU reprimanded (the agency) for serious irregularities, flaws in method and technique and poor collaboration. It hurts. We will do everything we can to clarify the causes. My goal is for a new culture of excellence.
SPIEGEL: Where should that come from?
Georgiou: For example, from a new law that doesn't place us under the Finance Ministry anymore, but would make us only answer to Parliament. We are, for the first time, altogether fully politically independent and the central coordinator for all of the country's facts and figures. That is new. That gives us the muscles that we need for believable statistics.
SPIEGEL: How long will that last?
Georgiou: We need time, and it will be hard. But we have the necessary energy and motivation. We are not satisfied with minimum standards.
(Der Spiegel)
'Fully Independent for the First Time'
The new president of Greece's national statistical authority, Andreas Georgiou, talks to SPIEGEL about false figures and his strategy for revamping the agency to create a "culture of excellence" in the wake of the debt crisis that led to an unprecedented multibillion euro bailout for the country.
Last year, the new government in Greece revealed that the federal deficit was actually four times the official estimate of 3.7 percent of gross domestic product -- and four times the amount allowed by the European Union under the Growth and Stability Pact in the euro zone. What followed was the European debt crisis and a shaken confidence in the common currency, and the new government was left having to explain the serious errors in federal statistics.
As a result, the creation of an independent statistics agency, now called the Hellenic Statistics Authority, was crucial to Greece's rescue loan package. In July, former International Monetary Fund (IMF) official Andreas Georgiou, 49, who holds a PhD in economics from the University of Michigan, was tasked with heading the new agency. He recently sat down with SPIEGEL to talk about what he found when he got there and his new "culture of excellence."
SPIEGEL: Your last position was as deputy division chief in the statistics department of the IMF, and in August you returned to Athens after 21 years in Washington. Why?
Georgiou: My home country currently has large problems and a shortage of good people who can help in the fight against the crisis and its causes. I want to make a contribution.
SPIEGEL: The reputation of Greek statistics is awful. What was the first impression of your agency?
Georgiou: I found an established institution with well-functioning divisions and a lot of good will among the employees. One can build on that.
SPIEGEL: Then how do you explain that the European Commission, the EU executive, found "serious shortcomings" and financial statistics that were marred by "political influence?"
Georgiou: There are, in fact, problems with Greek statistics, the extent of which I also could not have imagined. And it is right that the EU reprimanded (the agency) for serious irregularities, flaws in method and technique and poor collaboration. It hurts. We will do everything we can to clarify the causes. My goal is for a new culture of excellence.
SPIEGEL: Where should that come from?
Georgiou: For example, from a new law that doesn't place us under the Finance Ministry anymore, but would make us only answer to Parliament. We are, for the first time, altogether fully politically independent and the central coordinator for all of the country's facts and figures. That is new. That gives us the muscles that we need for believable statistics.
SPIEGEL: How long will that last?
Georgiou: We need time, and it will be hard. But we have the necessary energy and motivation. We are not satisfied with minimum standards.
(Der Spiegel)
Grisù
Forumer attivo
Secondo me state parlando del nulla e quando si parla del nulla si cita propriamente un tedesco a caso, che sia di volta in volta la contadina nana o il wurstel economista.
Più in generale la discesa è stata concordata anche questa volta dall'imbeccata di pimco, con letture iettatorie di una serie di dati macro dall'altra parte dell'oceano (che poi erano sempre gli stessi di una settimana prima
).
Euro troppo forte e paura che l'export tedesco possa diminuire oppure qualche soldino facile per gli shortisti?
Ai posteri l'ardua sentenza, continuo a pensare che assisteremo ad una fase laterale con movimenti +-10%.
Personalmente avevo già limitato l'esposizione con l'ultimo rialzo, come dissi alcune settimane fa, non vedo comunque nella mia analisi grosse variazioni nel rischio allo stato attuale.
Più in generale la discesa è stata concordata anche questa volta dall'imbeccata di pimco, con letture iettatorie di una serie di dati macro dall'altra parte dell'oceano (che poi erano sempre gli stessi di una settimana prima
).Euro troppo forte e paura che l'export tedesco possa diminuire oppure qualche soldino facile per gli shortisti?
Ai posteri l'ardua sentenza, continuo a pensare che assisteremo ad una fase laterale con movimenti +-10%.
Personalmente avevo già limitato l'esposizione con l'ultimo rialzo, come dissi alcune settimane fa, non vedo comunque nella mia analisi grosse variazioni nel rischio allo stato attuale.
tommy271
Forumer storico
Secondo me state parlando del nulla e quando si parla del nulla si cita propriamente un tedesco a caso, che sia di volta in volta la contadina nana o il wurstel economista.
Più in generale la discesa è stata concordata anche questa volta dall'imbeccata di pimco, con letture iettatorie di una serie di dati macro dall'altra parte dell'oceano (che poi erano sempre gli stessi di una settimana prima
Euro troppo forte e paura che l'export tedesco possa diminuire oppure qualche soldino facile per gli shortisti?
Ai posteri l'ardua sentenza, continuo a pensare che assisteremo ad una fase laterale con movimenti +-10%.
Personalmente avevo già limitato l'esposizione con l'ultimo rialzo, come dissi alcune settimane fa, non vedo comunque nella mia analisi grosse variazioni nel rischio allo stato attuale.
Beh, le proposte della Frau non sono nulla ... potrebbero far ripartire il Bund ed allargare di nuovo il divario sul Club Med.
Se poi anche Trichet ha alzato la voce, cosa accaduta pochissime volte, qualcosa sotto c'è.
D'altra parte, ripensandoci, non significa nulla il voler coinvolgere i "privati" nella ristrutturazione dei debiti. Cambia il discorso se questo è prioritario prima di accedere ai prestiti.
Il FMI, da questo punto di vista, è un benefattore ...
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