Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (8 lettori)

[tommy271]

More austerity measures set to be announced

Gov’t needs extra 13 bln euros in 2011

P. HATZINIKOLAOU


The government is about to announce new austerity measures totaling about 13 billion euros for next year, following the meeting that Greece’s creditors had with Finance Minister Giorgos Papaconstantinou yesterday in Athens.
The measures will become public on Thursday, when the government tables the 2011 budget in Parliament, but their format has not yet been completed, according to sources.

There already exists a provision in the memorandum Athens signed with the European Commission, the European Central Bank (ECB) and the International Monetary Fund for new measures up to 9 billion euros but, after yesterday’s meeting, the government is seeking ways to muster another 4 billion, as its lenders have refused to spread the additional budget deficit out over more than a year.

New data from Eurostat showing that this year’s deficit is likely to come in at 9.4 percent of gross domestic product will create a hole of 3.5 billion euros, or 1.5 percent of GDP, which will have to be covered entirely within 2011. “The shrinking of the deficit will not happen with further cuts in salaries and pensions or tax hikes above those that we have already committed ourselves to. It will take place via the rationalization of state expenditure so that taxpayers’ money does not go to waste,” said ministry sources.

ECB Vice President Vitor Constancio told a press conference in Vienna yesterday that it is vital for the country to maintain its focus on the 2011 targets for its fiscal streamlining. “What is important and we really expect Greece to comply with is to keep the same target for next year too, which will require taking additional measures that may have not been foreseen,” he stated.

The target for an additional 13 billion euros for 2011 is based on Athens attaining the 9.4 percent budget deficit that Eurostat expects for 2010, though with a 2-billion-euro lag in state revenues in the first 10 months of the year this appears rather unlikely. The deficit at the end of the year may well exceed 10 percent, calling for even more additional revenues in 2011. Papaconstantinou will update his European counterparts today and tomorrow at the Eurogroup and Ecofin meetings.


(Kathimerini.gr)

 

[tommy271]

Deficit revision confirms Greeks’ fears


By Sotiris Nikas - Kathimerini


The final figure for the 2009 deficit stands at 15.4 percent of gross domestic product, Eurostat announced yesterday, confirming reports about last year’s budget shortfall exceeding 15 percent in the updated calculations.

The previous estimate had been for a deficit of 13.6 percent of GDP, and it was on that basis that the 2011 budget had been drafted. What is more, the state debt has grown from 116.3 percent of GDP to 126.8 percent.

The incorporation of the finances of 17 state companies into the fiscal deficit and state debt as well as the most accurate reflection of the financial figures of social security funds and the local authorities have led to a significant adjustment in the numbers for the previous fiscal year.

At the same time, this revision has led to a major adjustment in the 2010 deficit and debt. According to the data issued yesterday by Eurostat, the European Union statistics agency, this year’s budget deficit is now expected to soar to 9.4 percent of GDP (or as much as 0.1 percent more), from an original estimate of 7.8 percent, while the state debt is seen as rising to 144.2 percent of GDP from 132.7 percent.

The new data mean that public debt will soar to 160 percent of GDP in 2012 before starting to drop in 2013.
As far as last year’s deficit is concerned, it reached 36.2 billion euros and its rise by 3.9 billion, or 1.8 percent of GDP came from the incorporation of the finances of public companies into the state budget (1.8 billion euros), the inclusion of the results of social security funds and local authorities (1.9 billion euros) as well as the decline in GDP for 2009 by 200 million euros.

The adjustment of last year’s budget debt with an additional 26.7 billion euros is mostly attributed to the inclusion of state companies (18.2 billion euros of debt, or 7.75 percent of GDP) and the acknowledgment and incorporation in the public debt of the off-market swap agreements. The biggest one of these was concealed in 2008 and concerned a swap conducted when Giorgos Alogoskoufis was finance minister. In total, the state debt grew by 5.33 billion euros or 2.3 percent of GDP due to the off-market swaps.

Another problem is that the so-called surplus of the social security funds that was to have offset some of the deficit has become an additional deficit in 2009 and 2010.

The numbers for the social security funds in 2009 were negative by 682 million euros and those of the local authorities by 65 million euros. In total they had a deficit of 747 million euros against a surplus of some 2 billion estimated for 2009 according to this year’s budget.

The revisions for the 2010 budget are attributed to the same factors. The finances of the public companies have affected the government deficit by 0.3 percent of GDP and the revision of the finances of local authorities, social security funds and other bodies by 1.2 percent. This year the deficit of the funds is estimated at about 440 million euros.

(Kathimerini.gr)

***
Dopo quelle di Gaudente ... qui invece sostengono le mie tesi.

 

[tommy271]

Economy outweighs polls fillip

Deficit revision overshadows local election wins; PM floats idea of Greece getting longer to repay loans


Following relative success in the second round of local elections, which saw PASOK win the most regions and municipalities of all the parties, the government came back down to earth with a bump yesterday as the upward revision of Greece’s 2009 deficit was confirmed and Prime Minister George Papandreou argued it might be a good idea for Athens to be given longer to repay its emergency loans.

An encouraging night for PASOK was capped off early yesterday when it was confirmed that Yiannis Boutaris, the independent candidate it had backed in Thessaloniki, edged out New Democracy’s Costas Gioulekas. This meant that both Athens and Thessaloniki, cities that had been controlled by the conservatives since the mid-1980s, had passed over to the control of independents that PASOK supported.

PASOK also won eight of 13 regions, narrowly missing a ninth in the Ionian Islands. Significantly, its candidate for Attica governor, Yiannis Sgouros, beat ND’s Vassilis Kikilias to take control of the region where a quarter of Greek voters live. For the conservatives, there was consolation in taking control of the Municipality of Piraeus and in seeing their candidate, Panayiotis Psomiadis, dominate in the election for governor in Central Macedonia, Greece’s second-largest region in terms of voters.

PASOK also won 92 of the 325 municipalities. ND took control of 52. The remainder were won by independent candidates or hopefuls backed by other parties or a combination of groupings. However, the fact that the turnout was no greater than 47 percent overall and as low as 33 percent in some municipalities meant that no single party could claim true victory in these elections.

Papandreou dwelt on the poll results only briefly, saying that “social alliances” like those that led to Kaminis and Boutaris being elected could be something that is applied to government as well. “I am always open to these ideas,” he told journalists.

The premier then had to switch his attention to economic issues as Eurostat, the European Union statistics agency, confirmed Greece’s deficit for 2009 was being revised upward to 15.4 percent of gross domestic product. This means Greece will not achieve its target of reducing debt to 8.1 percent of GDP by the end of the year. This figure is now expected to be 9.4 percent of GDP, meaning that further cuts are likely to be made next year.

Eurostat’s announcement came as Papandreou traveled to Paris, where he chaired a meeting of Socialist International and met with French President Nicolas Sarkozy. The Greek leader used his meeting with Sarkozy as an opportunity to again air the idea of Athens being given an extension to its repayment schedule for the 110 billion euros it is borrowing from the EU and the International Monetary Fund.

“A repayment extension lightens the debt burden but also gives markets some security [about loans being repaid],” Papandreou said. Papandreou was also critical of German proposals to create a mechanism that would let governments default on part of their debt, forcing bond holders to take what is known as a “haircut.” “It created a spiral of higher interest rates for the countries that seemed to be in a vulnerable position, such as Ireland and Portugal,” he said. “But this could break backs. It could force people into bankruptcy.”


(Kathinerini.gr)

 

[tommy271]

Van Rompuy: EU Fighting For Survival



The European Union won’t survive if it doesn’t overcome the debt crisis shadowing over the single currency area, EU President Herman Van Rompuy said Tuesday, Dow Jones Newswires reports.

"We’re in a survival crisis," Van Rompuy said in a speech in Brussels hours from an assembly of euro finance ministers with Ireland and Portugal each teetering on the brink.

"We all have to work together in order to survive with the euro zone, because if we don’t survive with the euro zone we will not survive with the European Union. But I’m very confident we will overcome this."

(Capital.gr)

 

[g.ln]

ma i ns. soldi non li abbiamo rubati!

ma di quali regole del gioco parli ? alla Grecia certe bancacce hanno mollato swap-sole (nomi mitici tipo Arianna ed Eolo) http://www.nytimes.com/2010/02/14/business/global/14debt.html?_r=1&pagewanted=all ... ci sono oltre 7 miliardi di dollari che qualcuno (in primis banche yankee, solo JPM ha più o meno 1/6 dell'intero mercato cds) oggi perde se la Grecia fa default, risparmiatori in questo thread non ne vedo, sapete benissimo che la Grecia non ha alcuna possibilità di ripagare in toto i propri debiti senza regali esterni, la Merkel dice che chi ha magnato fino ad oggi deve partecipare alla sofferenza, parla di default selettivo
poi si sa che io sono favorevole ai default selettivi, i risparmiatori e i cittadini vanno tutelati, l'economia va tutelata, non chi compra a 50 e vuole 100, al massimo si ridà 50

Scusa Stockuccio, la parte dei nostri soldi frutto di sudati risparmi ns. o dei ns. genitori o di liquidazione dopo una vita lavorativa che alcuni di noi ritengono di investire in Grecia (a proprio rischio) non sono stati rubati!
Sono soldi risparmiati!
E se noi, aiutandoci a vicenda, cerchiamo di inserirci nei grandi flussi speculativi per trarne un piccolo vantaggio e incrementare il nostro capitale, che male vedi?
Io sono e mi sento risparmiatore e cittadino, e quindi, come dici tu, vado tutelato. E se compro a prezzi bassi titoli di Stato di Paesi europei e li vendo a prezzi più alti, e cerco di aiutare altri a fare lo stesso, perchè vuoi punire me ed altri? Non essere ingiusto nei tuoi giudizi.
Con amicizia, ciao, Giuseppe

 

[tommy271]

Greece sells 390 mln eur T-bills, 13-week yield 4.1%

ATHENS | Tue Nov 16, 2010 5:16am EST



ATHENS Nov 16 (Reuters) - Greece's Public Debt Management Agency (PDMA) sold 390 million euros ($544.8 million) of 3-month T-bills on Tuesday, with the yield rising by 35 basis points compared to a previous October auction.
The sale was well covered and Greece paid a yield of 4.1 percent, up from 3.75 prcent in the Oct.19 auction, the debt agency said.
The bid-cover ratio was 4.98 versus 5.19 in the previous auction.



***
Molto bene.
Ma Reuters è imprecisa, dovrebbe fare riferimento all'asta della scorsa settimana che era sempre trimestrale...

 

[stockuccio]

Scusa Stockuccio, la parte dei nostri soldi frutto di sudati risparmi ns. o dei ns. genitori o di liquidazione dopo una vita lavorativa che alcuni di noi ritengono di investire in Grecia (a proprio rischio) non sono stati rubati!
Sono soldi risparmiati!
E se noi, aiutandoci a vicenda, cerchiamo di inserirci nei grandi flussi speculativi per trarne un piccolo vantaggio e incrementare il nostro capitale, che male vedi?
Io sono e mi sento risparmiatore e cittadino, e quindi, come dici tu, vado tutelato. E se compro a prezzi bassi titoli di Stato di Paesi europei e li vendo a prezzi più alti, e cerco di aiutare altri a fare lo stesso, perchè vuoi punire me ed altri? Non essere ingiusto nei tuoi giudizi.
Con amicizia, ciao, Giuseppe

Giuseppe, con amicizia anch'io figurati, scusa ma tu non sei un risparmiatore
come dici ti 'inserisci nei flussi speculativi', ai miei occhi sei uno speculatore
nulla in contrario, liberissimo di gestire il tuo denaro onestamente guadagnato come meglio credi, solo non mi piace poi leggere la Merkel deve salvare la Grecia o anche io con le mie tasse devo partecipare come Italia insieme ad altri a salvare la Grecia
tu lo sai benissimo che la Grecia non ha la minima possibilià di uscirne da sola e sai benissimo che io e i tedeschi non vogliamo vederci aumentare le tasse per dare a te e colleghi il doppio di quello che hai investito in titoli la cui quotazione rappresenta più o meno adeguatamente il valore
io tutelerei solo il pensionato che ha comprato al nominale o quotazione limitrofa
mi pare posizioni normali e contrapposte

 

[tommy271]

Giuseppe, con amicizia anch'io figurati, scusa ma tu non sei un risparmiatore
come dici ti 'inserisci nei flussi speculativi', ai miei occhi sei uno speculatore
nulla in contrario, liberissimo di gestire il tuo denaro onestamente guadagnato come meglio credi, solo non mi piace poi leggere la Merkel deve salvare la Grecia o anche io con le mie tasse devo partecipare come Italia insieme ad altri a salvare la Grecia
tu lo sai benissimo che la Grecia non ha la minima possibilià di uscirne da sola e sai benissimo che io e i tedeschi non vogliamo vederci aumentare le tasse per dare a te e colleghi il doppio di quello che hai investito in titoli la cui quotazione rappresenta più o meno adeguatamente il valore
io tutelerei solo il pensionato che ha comprato al nominale o quotazione limitrofa
mi pare posizioni normali e contrapposte

Stock, dimentichi il concetto solidaristico.
Base fondante dell'Unione Europea .

 

[frmaoro]

comunque le 2037 -40 reggono molto bene

 

[g.ln]

posizioni chiarite

Giuseppe, con amicizia anch'io figurati, scusa ma tu non sei un risparmiatore
come dici ti 'inserisci nei flussi speculativi', ai miei occhi sei uno speculatore
nulla in contrario, ...........
mi pare posizioni normali e contrapposte

Ciao Stockuccio, ok, abbiamo ben chiarito i ns. reciproci pensieri. Ti posso solo aggiungere che sono un risparmiatore come altri in questo sito che per anni ha affidato i propri soldi alle banche nei cosiddetti Fondi di investimento, e che dopo aver aperto gli occhi ha deciso di far da se, investendo anche in titoli di Paesi dell'Euro, cosiddetti più a rischio.
Perchè ho investito anche in Grecia? perchè non credo che il Paese fondatore della civiltà e della democrazia occidentale possa essere lasciato andare alla deriva senza compromettere l'Idea di Europa, quell'Idea che i politici debbono comunicare ai popoli di questo vecchio continente, se vogliono che non venga stritolato dalle economie dei Paesi orientali. L'identità europea non può prescindere dalla Grecia! Concetti simili sono stati espressi adesso, incredibilmente, anche dalla Merkel!!
Convinto da tempo di questa mia asserzione, ho agito di conseguenza.
Il mio è un pensiero da speculatore, nel senso un po' dispregiativo del termine, in cui mi sembra lo abbia espresso tu? Non lo so, sinceramente non lo so. Chiediamo anche agli altri? Tommy, cosa ne dici??
Ciao, Giuseppe