Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (1 Viewer)
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tommy271
Forumer storico
UBS On Greek Banks: Business Unusual
Sentiment on Greece and the Greek banks has deteriorated substantially over the last few weeks, as a result of the Greek debt final restatement by Eurostat and the debate around peripheral Eurozone debt, USB says in a report dated Novemver 22nd.
“Nevertheless, we expect Q3 10 results and guidance by banks to be decent, given the circumstances,” it notes.
Following a tough H1 10, the firm expects a slight improvement in deposit balances of c1% q/q and a small contraction of domestic loan books as banks are turning more protective of asset quality and liquidity and demand for loans was notably subdued during Q3. This should bring the sector average LDR ratio down to c117%.
NII will be lower in Q3 as a result of time deposit margin pressure. In addition, it expects accelerated NPL formation relative to prior quarters, from c50 bp to c60-80 bp. As a result, impairment losses will be higher than prior quarters at most banks.
Banks will therefore again be close to breakeven, with very low profitability which the firm estimates at €162m in aggregate, compared with €185m in Q2.
“In Q3 we will again be focusing on liquidity, asset quality, and margins. Capital enhancement initiatives will also be in the spotlight, especially for Piraeus (Neutral, €4.50) and Marfin Popular (Neutral, €1.80) that have announced rights issues. The macro outlook remains highly uncertain so we turn more cautious on the sector until we regain some visibility. Our relative preference stays with NBG (Buy, €10.40) and Alpha Bank (Buy, €6.20),” it says.
(Capital.gr)
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Corporate.
Sentiment on Greece and the Greek banks has deteriorated substantially over the last few weeks, as a result of the Greek debt final restatement by Eurostat and the debate around peripheral Eurozone debt, USB says in a report dated Novemver 22nd.
“Nevertheless, we expect Q3 10 results and guidance by banks to be decent, given the circumstances,” it notes.
Following a tough H1 10, the firm expects a slight improvement in deposit balances of c1% q/q and a small contraction of domestic loan books as banks are turning more protective of asset quality and liquidity and demand for loans was notably subdued during Q3. This should bring the sector average LDR ratio down to c117%.
NII will be lower in Q3 as a result of time deposit margin pressure. In addition, it expects accelerated NPL formation relative to prior quarters, from c50 bp to c60-80 bp. As a result, impairment losses will be higher than prior quarters at most banks.
Banks will therefore again be close to breakeven, with very low profitability which the firm estimates at €162m in aggregate, compared with €185m in Q2.
“In Q3 we will again be focusing on liquidity, asset quality, and margins. Capital enhancement initiatives will also be in the spotlight, especially for Piraeus (Neutral, €4.50) and Marfin Popular (Neutral, €1.80) that have announced rights issues. The macro outlook remains highly uncertain so we turn more cautious on the sector until we regain some visibility. Our relative preference stays with NBG (Buy, €10.40) and Alpha Bank (Buy, €6.20),” it says.
(Capital.gr)
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Corporate.
tommy271
Forumer storico
GRECIA: RINVIATE DECISIONI UE-FMI SU NUOVI AIUTI
14:42 22 NOV 2010
(AGI) Atene - La delegazione dell'Unione europea e del Fmi in Grecia ha prolungato di 24 ore il negoziato col governo di Atene, rinviando cosi' la decisione sui nuovi aiuti. La conferenza stampa della delegazione e' stata rinviata a domani mattina, mentre proseguono i colloqui col ministro delle Finanze George Papacostantinou. Lo stesso ministro riconosce che sono cresciute le pressioni su Atene affinche' adotti nuove misure di austerita' per far fronte al deficit.
Papaconstantinou riconosce poi che la trattativa "e' difficile", anche se non sono previste scadenze precise. Il braccio di ferro riguarda soprattutto i tagli da varare nel pubblico impiego e nelle societa' di proprieta' dello stato. In particolare, secondo quanto rivela la stampa, si sta discutendo del taglio dei salari dei dipendenti pubblici e di licenziamenti nelle aziende di stato. La concessione della nuova tranche di prestiti Ue-Fmi alla Grecia di 9 miliardi di euro, e' legata al rapporto della missione ad Atene. Il ministro delle Finanze esclude tuttavia il rischio che il pagamento verra' impedito all'inizio di gennaio.
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14:42 22 NOV 2010
(AGI) Atene - La delegazione dell'Unione europea e del Fmi in Grecia ha prolungato di 24 ore il negoziato col governo di Atene, rinviando cosi' la decisione sui nuovi aiuti. La conferenza stampa della delegazione e' stata rinviata a domani mattina, mentre proseguono i colloqui col ministro delle Finanze George Papacostantinou. Lo stesso ministro riconosce che sono cresciute le pressioni su Atene affinche' adotti nuove misure di austerita' per far fronte al deficit.
Papaconstantinou riconosce poi che la trattativa "e' difficile", anche se non sono previste scadenze precise. Il braccio di ferro riguarda soprattutto i tagli da varare nel pubblico impiego e nelle societa' di proprieta' dello stato. In particolare, secondo quanto rivela la stampa, si sta discutendo del taglio dei salari dei dipendenti pubblici e di licenziamenti nelle aziende di stato. La concessione della nuova tranche di prestiti Ue-Fmi alla Grecia di 9 miliardi di euro, e' legata al rapporto della missione ad Atene. Il ministro delle Finanze esclude tuttavia il rischio che il pagamento verra' impedito all'inizio di gennaio.
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tommy271
Forumer storico
Scambi sospesi, in caso discostamento elevato di prezzo.
tommy271
Forumer storico
Greece to conclude EU/IMF talks on Monday - finmin
ATHENS | Mon Nov 22, 2010 8:50am EST
ATHENS Nov 22 (Reuters) - Greece will conclude on Monday difficult talks with its international lenders on the reforms it must undertake to meet fiscal targets, the finance minister said.
EU, IMF and ECB inspectors will say in a press conference on Tuesday whether they consider Greece has made enough progress to receive a third, 9 billion euro tranche of aid.
This was one day later than initially planned on what officials said were ongoing discussions to flesh out some of the reforms agreed under a 110 billion euro ($151 billion) bailout that saved Greece from bankruptcy in May.
"Today we are concluding the negotiations with the troika," George Papaconstantinou told President Karolos Papoulias. "They did not stall, we are discussing a series of difficult issues, which need to be negotiated. Like every time, we are trying to safeguard the country's interests."
Papaconstantinou said the talks were focusing on structural reforms including streamlining the public sector and state enterprises, and changing labour market rules to help boost the country's lagging competitiveness.
Greece is set to miss a key target to slash its deficit to 8.1 percent of gross domestic product (GDP) this year. It has pledged more spending cuts to catch up in 2011.
In a letter sent to the European Union, International Monetary Fund and European Central Bank officials, the Greek confederation of small businesses (GSEVEE) said the austerity policies were hurting the economy and warned against any further belt-tightening.
"The restrictive policies ... are leading the real economy to a disastrous downward course," the group said in the letter.
"Before it's too late, the policy choices will have to be reconsidered, like the ones imposing further wage cuts, new taxes and especially a further increase of indirect taxes," it said, urging for a cut in VAT rates.
Ireland became the euro zone's second country after Greece to request an international bailout on Sunday to tackle its banking and budget crisis, as Brussels moves to protect Europe's wider financial stability.
ATHENS | Mon Nov 22, 2010 8:50am EST
ATHENS Nov 22 (Reuters) - Greece will conclude on Monday difficult talks with its international lenders on the reforms it must undertake to meet fiscal targets, the finance minister said.
EU, IMF and ECB inspectors will say in a press conference on Tuesday whether they consider Greece has made enough progress to receive a third, 9 billion euro tranche of aid.
This was one day later than initially planned on what officials said were ongoing discussions to flesh out some of the reforms agreed under a 110 billion euro ($151 billion) bailout that saved Greece from bankruptcy in May.
"Today we are concluding the negotiations with the troika," George Papaconstantinou told President Karolos Papoulias. "They did not stall, we are discussing a series of difficult issues, which need to be negotiated. Like every time, we are trying to safeguard the country's interests."
Papaconstantinou said the talks were focusing on structural reforms including streamlining the public sector and state enterprises, and changing labour market rules to help boost the country's lagging competitiveness.
Greece is set to miss a key target to slash its deficit to 8.1 percent of gross domestic product (GDP) this year. It has pledged more spending cuts to catch up in 2011.
In a letter sent to the European Union, International Monetary Fund and European Central Bank officials, the Greek confederation of small businesses (GSEVEE) said the austerity policies were hurting the economy and warned against any further belt-tightening.
"The restrictive policies ... are leading the real economy to a disastrous downward course," the group said in the letter.
"Before it's too late, the policy choices will have to be reconsidered, like the ones imposing further wage cuts, new taxes and especially a further increase of indirect taxes," it said, urging for a cut in VAT rates.
Ireland became the euro zone's second country after Greece to request an international bailout on Sunday to tackle its banking and budget crisis, as Brussels moves to protect Europe's wider financial stability.
tommy271
Forumer storico
LE PRIME PAGINE DEI QUOTIDIANI DI OGGI
The troika's recommendations for a freeze in public sector hiring and for lay-offs and salary cuts, speculation on cutbacks in private sector salaries and the foundation of the 'Democratic Alliance' party, mostly dominated the headlines on Monday in Athens' newspapers.
ADESMEFTOS TYPOS: "Independent MP and former New Democracy (ND) Foreign Minister Dora Bakoyannis founded the new 'Democratic Alliance' party".
AVRIANI: "Send away the troika loansharks immediately and proceed with a restructure of the state's debt".
ELEFTHEROS: "Bakoyannis' party sounds red alert in ND".
ELEFTHEROTYPIA: "16-40 percent cuts in salaries in private sector".
ELEFTHEROS TYPOS: "Troika's bomb on employees' transfers in public sector".
ESTIA: "Severe danger of bankruptcy".
ETHNOS: "Troika's 90 days 'directive'."
IMERISSIA: "Thriller with the Memorandum - Troika is adamant and calls for immediate measures".
NAFTEMPORIKI: "Bargaining with the troika for new painful changes".
TA NEA: "Battle for salaries in private sector".
VRADYNI: "Consent or complicity?".
(ana.gr)
The troika's recommendations for a freeze in public sector hiring and for lay-offs and salary cuts, speculation on cutbacks in private sector salaries and the foundation of the 'Democratic Alliance' party, mostly dominated the headlines on Monday in Athens' newspapers.
ADESMEFTOS TYPOS: "Independent MP and former New Democracy (ND) Foreign Minister Dora Bakoyannis founded the new 'Democratic Alliance' party".
AVRIANI: "Send away the troika loansharks immediately and proceed with a restructure of the state's debt".
ELEFTHEROS: "Bakoyannis' party sounds red alert in ND".
ELEFTHEROTYPIA: "16-40 percent cuts in salaries in private sector".
ELEFTHEROS TYPOS: "Troika's bomb on employees' transfers in public sector".
ESTIA: "Severe danger of bankruptcy".
ETHNOS: "Troika's 90 days 'directive'."
IMERISSIA: "Thriller with the Memorandum - Troika is adamant and calls for immediate measures".
NAFTEMPORIKI: "Bargaining with the troika for new painful changes".
TA NEA: "Battle for salaries in private sector".
VRADYNI: "Consent or complicity?".
(ana.gr)
StockExchange
Forumer storico
Solo che non capisco che differenza ci sia tra ristrutturaure il debito, ipotesi a cui sembrava fortemente contrario il governo greco e questa ipotesi di eludere i creditori aggirando l'ostacolo ad esempio modificando la tassazione per i vecchi bond.
A parte un discorso meramente formale, cosa cambia?
Il messaggio che si da ai mercati è il medesimo. E le controindicazioni che il governo greco temeva, anche....
Non capisco....
A parte un discorso meramente formale, cosa cambia?
Il messaggio che si da ai mercati è il medesimo. E le controindicazioni che il governo greco temeva, anche....
Non capisco....
Noloss
Forumer attivo
No, la reazione è diversa. Ma per la maggior parte di chi paga, come noi, tutte le tasse è la peggiore. Ai mercati il messaggio è chiaro. Qualcosa ha dovuto fare l'Irlanda, nonostante non volesse. E qualcosa dovrà fare ulteriormente la Grecia, nonostante non voglia. Quindi i responsabili non saranno loro bensì ciò che vuole il mercato. Che reazione temere: direi a questo punto nessuna! Se la strada è questa, adesso vedremo quanti Stati la adotteranno... mal comune mezzo gaudio, si dice.
Dimenticavo, oltre alla facile ma dovuta mia retorica: le contro-indicazioni ci saranno comunque ma a quanto pare l'Europa non vale niente in quanto a gestire una crisi. E qualcuno paventa ancora una guerra tra valute... ma per favore!
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