Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (16 lettori)
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ferdo
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Zuzzurellone
Forumer attivo
Che, notoriamente, arriverà nel 2012, lo sapevano già i Maya
Quindi a noi che ce frega dell'haircut nel 2013? Non ci saremo più per vederlo...
g.ln
Triplo Panico: comprare
tommy271
Forumer storico
IMF And EMU Willing To Lengthen Greece Aid Program: Official
By Market News International || November 24, 2010 at 10:55 GMT
By Angelika Papamiltiadou
ATHENS (MNI) – The International Monetary Fund and Eurozone leaders
are prepared to lengthen repayment terms on their joint loans to Greece
or grant additional loans if needed, a senior IMF official told Market
News International.
“Surely we expect Greece to return to the markets at the end of
2011 or the beginning of 2012. This has not changed,” Poul Thomsen, the
IMF’s deputy director for Europe, said in an interview on Tuesday.
“However, some quite accurately point out that it is not just the issue
of Greece being able to normally finance its deficit, but also whether
it can repay the 110 billion euros” being loaned by Greece’s fellow
Eurozone members and the IMF, he added.
“We hope it can be done,” Thomsen said. “However, if during the
course of 2011 we realize it cannot, then we have a number of options.”
Those options could include a “follow-up loan…Or we could say
that for the rest of the credit, from 2011 up to the end of the lending
agreement [in mid-2013], we can give the credit over a longer term
period,” he said. “We do have that option — to give credit in a period
of eleven years instead of five to six years. If we are convinced that
it is needed, we will have one of these options.”
IMF Managing Director Dominique Strauss-Kahn has already said
publicly that he would be willing to extend the repayment period on the
IMF’s portion of the Greece loans, but the Eurozone — led by opposition
from Germany and Austria — has so far resisted the idea.
Thomsen’s remarks are the first indication that the Europeans might
now be on board, though it must be noted that Austria only recently
threatened to withhold its contribution to the next tranche of the loan
until Greece provided proof that it was complying with its deficit-
cutting promises.
Thomsen stated explicitly that his comments about extending
repayment terms or providing a new loan to Greece referred not only to
the IMF but also to “the [European] Commission, our EU partners and the
European countries.”
Pressed on the question of German and Austrian recalcitrance,
Thomsen replied: “My clear understanding is that it will not be an
issue. How we will handle it exactly, as I said, we have several
options. For me it is almost a technical issue.”
He said the Greek government was also on board with the idea and
would agree to one of the options Thomsen outlined should it become
clear by next year that Greece will not be able to reimburse the EU-IMF
loans on schedule.
Thomsen also reiterated that a restructuring of Greek debt is not
being considered for now. “At this point the Greek government has made
it clear that restructuring is not on the table, and we agree,” he said.
“Despite what’s been said, there is an increasing number of analysts
who understand that a restructuring is not the issue [for Greece].
The issue is how to be competitive within the EU.”
That, he said, will require a diligent application of the kind of
structural reforms “that will bring growth,” including opening up closed
professions, reforming the market, overhauling the taxation system and
tax collection, cutting waste in the health care sector, and eliminating
“restrictions that hassle investments.” These changes are already
happening he said, but they will take time.
He noted that Greece has already embarked on pension reform, which
means that “Greeks will work more, there will be more labor and higher
output prospects.” And changes in the labor market will make it more
flexible, he said.
However, “there is no country in the world that can do all these
things at once,” Thomsen cautioned. “Greece is changing the way
it does business and the business environment is improving.
By the time we leave, a lot of reforms will still be ahead of us,
but along with the deficit reduction I believe that investors will return.”
Thomsen downplayed the danger of inflation, which has been rising
in response to austerity-related tax increases even as Greece remains
mired in a recession that is shrinking GDP by 4%. “Who’s worried about
inflation in a contracting economy?” he retorted. In any event, “the
rise of inflation is almost reaching its end,” he asserted.
“I admit we have not calculated correctly the impact of tax
increases on inflation,” Thomsen conceded. “But we have a [deficit]
reduction of 15.5% to 9.5% in a recession of -4%. Additional measures
will be taken so the deficit will drop further to 7.5% in 2011. I have
never seen such an adjustment.”
Thomsen acknowledged that with less than zero growth it would be
hard to meet revenue targets. But with time, as the reforms are
implemented and a new economic culture gains traction, investment will
return to the economy, he predicted.
“I can only judge from what I see. The Greek program had a very
ambitious start. How can I question that?” he said.
He added: “There is a lot of tension, it is not an easy program. It
is socially tough and will need time. That is why [the IMF and EMU] are
here. If we were not here, all these reforms would have had to be done
overnight. Now we have several years’ time to do them gradually.”
–Angelika Papamiltiadou, [email protected]
***
La questione "ristrutturazione" non è all'ordine del giorno: nè in Grecia nè sul tavolo degli ispettori.
Questo è quanto ci dicono.
By Market News International || November 24, 2010 at 10:55 GMT
By Angelika Papamiltiadou
ATHENS (MNI) – The International Monetary Fund and Eurozone leaders
are prepared to lengthen repayment terms on their joint loans to Greece
or grant additional loans if needed, a senior IMF official told Market
News International.
“Surely we expect Greece to return to the markets at the end of
2011 or the beginning of 2012. This has not changed,” Poul Thomsen, the
IMF’s deputy director for Europe, said in an interview on Tuesday.
“However, some quite accurately point out that it is not just the issue
of Greece being able to normally finance its deficit, but also whether
it can repay the 110 billion euros” being loaned by Greece’s fellow
Eurozone members and the IMF, he added.
“We hope it can be done,” Thomsen said. “However, if during the
course of 2011 we realize it cannot, then we have a number of options.”
Those options could include a “follow-up loan…Or we could say
that for the rest of the credit, from 2011 up to the end of the lending
agreement [in mid-2013], we can give the credit over a longer term
period,” he said. “We do have that option — to give credit in a period
of eleven years instead of five to six years. If we are convinced that
it is needed, we will have one of these options.”
IMF Managing Director Dominique Strauss-Kahn has already said
publicly that he would be willing to extend the repayment period on the
IMF’s portion of the Greece loans, but the Eurozone — led by opposition
from Germany and Austria — has so far resisted the idea.
Thomsen’s remarks are the first indication that the Europeans might
now be on board, though it must be noted that Austria only recently
threatened to withhold its contribution to the next tranche of the loan
until Greece provided proof that it was complying with its deficit-
cutting promises.
Thomsen stated explicitly that his comments about extending
repayment terms or providing a new loan to Greece referred not only to
the IMF but also to “the [European] Commission, our EU partners and the
European countries.”
Pressed on the question of German and Austrian recalcitrance,
Thomsen replied: “My clear understanding is that it will not be an
issue. How we will handle it exactly, as I said, we have several
options. For me it is almost a technical issue.”
He said the Greek government was also on board with the idea and
would agree to one of the options Thomsen outlined should it become
clear by next year that Greece will not be able to reimburse the EU-IMF
loans on schedule.
Thomsen also reiterated that a restructuring of Greek debt is not
being considered for now. “At this point the Greek government has made
it clear that restructuring is not on the table, and we agree,” he said.
“Despite what’s been said, there is an increasing number of analysts
who understand that a restructuring is not the issue [for Greece].
The issue is how to be competitive within the EU.”
That, he said, will require a diligent application of the kind of
structural reforms “that will bring growth,” including opening up closed
professions, reforming the market, overhauling the taxation system and
tax collection, cutting waste in the health care sector, and eliminating
“restrictions that hassle investments.” These changes are already
happening he said, but they will take time.
He noted that Greece has already embarked on pension reform, which
means that “Greeks will work more, there will be more labor and higher
output prospects.” And changes in the labor market will make it more
flexible, he said.
However, “there is no country in the world that can do all these
things at once,” Thomsen cautioned. “Greece is changing the way
it does business and the business environment is improving.
By the time we leave, a lot of reforms will still be ahead of us,
but along with the deficit reduction I believe that investors will return.”
Thomsen downplayed the danger of inflation, which has been rising
in response to austerity-related tax increases even as Greece remains
mired in a recession that is shrinking GDP by 4%. “Who’s worried about
inflation in a contracting economy?” he retorted. In any event, “the
rise of inflation is almost reaching its end,” he asserted.
“I admit we have not calculated correctly the impact of tax
increases on inflation,” Thomsen conceded. “But we have a [deficit]
reduction of 15.5% to 9.5% in a recession of -4%. Additional measures
will be taken so the deficit will drop further to 7.5% in 2011. I have
never seen such an adjustment.”
Thomsen acknowledged that with less than zero growth it would be
hard to meet revenue targets. But with time, as the reforms are
implemented and a new economic culture gains traction, investment will
return to the economy, he predicted.
“I can only judge from what I see. The Greek program had a very
ambitious start. How can I question that?” he said.
He added: “There is a lot of tension, it is not an easy program. It
is socially tough and will need time. That is why [the IMF and EMU] are
here. If we were not here, all these reforms would have had to be done
overnight. Now we have several years’ time to do them gradually.”
–Angelika Papamiltiadou, [email protected]
***
La questione "ristrutturazione" non è all'ordine del giorno: nè in Grecia nè sul tavolo degli ispettori.
Questo è quanto ci dicono.
mago gambamerlo
Xx Phuket xX
fai conto che Gus Hansen e' un ragazzo nei loro confronti 
mi sa' che la tirino per le lunghe ..... e speriamo che sappiano quello che stanno facendo !
mi sa' che la tirino per le lunghe ..... e speriamo che sappiano quello che stanno facendo !
tommy271
Forumer storico
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