Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (28 lettori)

[frmaoro]

EU Comm: Greece To Emerge From Recession In 2H 2011




BRUSSELS (MNI) - Greece will emerge from its deep recession in the second half of next year, and the economic recovery will gain momentum in 2012, the European Commission said on Monday in its Autumn economic forecasts.

The Commission projects that Greece's GDP will contract by 4.2% this year and 3.0% next year. In 2012 it predicts GDP growth of 1.1%.

"Growth is expected to turn around positively in the second half of [2011], with the recovery gaining further momentum in 2012," the Commission document said.

It said the recovery will be "entirely driven by the external sector" because of a contraction in domestic demand and shrinking imports.

"Market pressures and high spreads have been keeping up the cost of and limiting private sector access to financing," the Commission said in its report. "Credit expansion has been decelerating on the back of tighter credit conditions and high household indebtedness," it said.

The Commission forecast that Greece's annual inflation rate will be 4.6% this year, 2.2% next year and 0.5% in 2012.

It's budget deficit, the Commission said, will be 9.6% of its GDP this year, 7.4% next year and 7.6% in 2012. The EU limit on budget deficits is 3% of GDP.

Greece will have total government debt of 140.2% of its GDP this year, 150.2% next year and 156.0% in 2012, the Commission forecast.

Earlier this year, Greece accepted a E110 billion bail out package from its Eurozone partners and the International Monetary Fund in exchange for implementing a package of austerity measures.

previsioni terribili meglio così il mercato li può già scontare e scaricarli sui prezzi

 

[tommy271]

previsioni terribili meglio così il mercato li può già scontare e scaricarli sui prezzi

Direi che le previsioni sono ampiamente scontate, ma sono "correggibili".

Io mi attendo una ripresa degli investimenti dall'estero che potrebbero migliorare i dati preventivi.
Papandreou sta facendo del suo meglio per disporre un ordinamento legislativo che possa accogliere gli investitori.
La partita si giocherà il prossimo anno anche sulle privatizzazioni.

 

[frmaoro]

importante è che si veda la luce in fondo al tunnel

 

[tommy271]

Greece gets repayment extension to 2021 - finmin-UPDATE 1



* Greece gets 6-year extension on paying back loans
* Fixed interest rate rises in return
* Euro zone parliaments must approve extension
(adds quotes, analyst, details)


ATHENS, Nov 29 (Reuters) - Greece will have until 2021 to repay its 110 billion euro ($145.7 billion) EU/IMF bailout loan, the country's finance minister said on Monday.

In return, Greece will have to pay a higher fixed interest rate of about 5.8 percent from 5.5 percent, George Papaconstantinou told reporters.

"The repayment, which was now until 2015, will go to 2021 ... we have a grace period of four years and a repayment period of seven years," Papaconstantinou said. "The decision is very important, it opens the way to return to markets earlier than expected."

EU sources said an informal deal to extend the repayment was reached at a meeting of euro zone finance ministers on Ireland on Sunday and that this will be detailed and formally agreed at the next Eurogroup and Ecofin councils on Dec 6-7.

Parliaments of euro zone countries must approve the decision. "The decision has been taken to have an equal treatment with Ireland and send a message to markets," Papaconstantinou said.

He said this would not affect Greece's fiscal consolidation plan, which analysts warned must be rigorously adhered to.

"The repayment extension will give Greece more breathing space, it may facilitate its return to markets -- it's easier to go out and borrow 50 billion instead of 80 billion euros," said Alpha Bank economist Michael Massourakis.


***
Buone notizie, il tasso verrebbe però allineato a quello irlandese.

 

[tommy271]

importante è che si veda la luce in fondo al tunnel

I dati, non entusiasmanti, dicono però che entro la seconda metà del 2011 la Grecia uscirà dalla recessione.

 

[frmaoro]

si infatti quindi il peggio è passato ora ci aspetta una lenta risalita dei prezzi
e intanto maturiamo le cedole non mi sembra male

 

[tommy271]

Greece Finmin: EMU/IMF Loan Repayments To Be Extended To 2024

First Published Monday, 29 November 2010 12:57 pm


ATHENS (MNI) - A decision by Eurozone finance ministers to extend maturities on Greek repayments of EMU-IMF loans in line with the Irish aid deal agreed on Sunday means Greece would now have until 2024 to repay those loans, the country's Finance Minister George Papaconstantinou said Monday.

Papaconstantinou, in a press briefing, specified that the current loan terms, which call for a repayment period of two years plus a grace period of three years -- starting from the end of Greece rescue facility in 2013 -- will be changed to repayment period of seven years and a grace period of four, which totals eleven years beyond 2013.

He said the change, subject to approval by the European Parliament, could take place in January or February.
"The Eurogroup's decision yesterday, according to which the Council will rapidly examine the necessity to harmonize Greece's repayment timeframe with that of Ireland, is a very important addition and paves the way for the extension of Greek debt -- and therefore paves the way for the markets to be open sooner for Greece," Papaconstantinou said.

He acknowledged that the extension on repayment would come with a higher interest rate. Right now, he said, Greece is borrowing from the EMU and IMF at a fluctuating rate that averages around 4% and a fixed rate of 5.5%. The new terms would raise the fixed rate to 5.8%, similar to the Irish deal, he said.

However, there are still a number of issues to be ironed out, including the size of payments and whether the extension on maturities concerns all loans made under the program, or only the remaining tranches not yet transferred to Greece.
Papaconstantinou said that although the formal agreement ends in 2013, Greece will still be obliged to reduce the deficit to under the EU's limit of 3%-of-GDP if it has not done so by then.

"It is clear that after the lending agreement expires, the country with the biggest public debt in the EU (ie, Greece) will have no luxury to say it's over," the finance minister said, putting the nation on notice that tough times will be around for awhile. "If we want to control the fiscal time bomb for the next generation, we will have to achieve primary surpluses," he said.

However, Papaconstantinou added that by 2013 "the situation will be clearly better and will allow for distribution of social dividends."

 

[ferdo]

Greece Finmin: EMU/IMF Loan Repayments To Be Extended To 2024

First Published Monday, 29 November 2010 12:57 pm

...

da 2018 a 2021 ora 2024 ... in ogni caso bene!!!

 

[bosmeld]

da 2018 a 2021 ora 2024 ... in ogni caso bene!!!

molto bene, non ho capito peró il cosí detto periodo di grazia, fino a quando é: 2017?

 

[tommy271]

EU ministers discuss bondholders 'haircuts'

Published: 29 November 2010



As part of plans to create a permanent EU loan facility for indebted eurozone countries, investors in sovereign debt may need to take a hit, according to an unofficial proposal from Berlin.

Background

At October's European Council, some EU leaders expressed wishes that investors should share the losses in the event of a debt restructuring.
Opponents fear this will cause further economic strife accross the euro zone as investors shun Irish, Portuguese and Spanish bonds, pushing their yields to record highs.
France and Germany have proposed setting up a permanent system to handle crises in the euro zone, admitting it would mean changing the EU treaty.

Ministers are currently discussing whether bondholder haircuts should form part of a permanent loan facility.
Many analysts believe Portugal will follow Ireland in seeking financial assistance from the European rescue fund, and there are fears that Spain might be forced to follow suit
Separately, European Central Bank Governing Council member Axel Weber said that he believed eurozone states could come up with more money if the existing 750-billion-euro EU-IMF safety net ever were to prove insufficient.


****

German Finance Minister Wolfgang Schäuble has prepared a non-paper on the conditions attached to future EU loans for indebted EU countries.

The paper, which outlines the conditions for a permanent EU loan facility, was discussed by EU finance ministers at an emergency meeting to agree an Irish bailout loan yesterday (28 November).

The news about a potential "haircut" on bondholders sent financial markets into a tailspin last week.
But EU finance ministers last night insisted that the agreed package for Ireland will not include bondholders haircuts though some banks may be forced to take that route.

EU Economic and Financial Affairs Commissioner Olli Rehn said the future EU framework will provide for "case-by-case participation" of the private sector but that in any case, this will not happen before mid-2013, when the EU's permanent crisis resolution system is in place.

"In view of market developments, it was important to clarify rapidly the role of the private sector in the mechanism," said Herman Van Rompuy, president of the European Council of EU heads of state and government.
Ministers are gathering in Brussels next week to further discuss the shape of a permanent loan facility, which is foreseen for 2013.

Germany and France back future role of private sector

"This is not purely a German paper, the French are involved too," a Commission source said of the plan.
On 29 October, leaders of the European Union agreed that they would re-open the treaties "to establish a permanent crisis mechanism" that would include "the role of the private sector".

Recent rhetoric on bondholder haircuts began in Berlin as Angela Merkel, the country's chancellor, decried Irish reluctance to restructure investors' debt as part of its austerity package.

Market speculators responded quickly to the news of Schäuble's confidential non-paper as credit default swaps on Spanish bonds hit all-time highs late last week.

An EU source refused to comment whether work on the permanent crisis mechanism at the European Commission would include bondholder haircuts.

Amadeo Altafaj Tardio, spokesperson for Economic Affairs Commissioner Olli Rehn, confirmed that the executive's plan for a loan facility would include some conditions but refused to "prejudge" which those would be.

"Bondholder haircuts facilitate market discipline, encourage responsible lending, enable a fairer burden sharing between debtors and creditors and can help enhance financial stability," said a former Lehman Brothers banker turned EU policy analyst, Sony Kapoor.

"A crisis resolution mechanism without the possibility of bondholder haircuts is impotent," Kapoor continued.
Last week, the chairman of the group of eurozone finance ministers denied suggestions that private bondholders would have to share the pain of a possible Irish sovereign debt default.

Jean-Claude Juncker said Merkel had been "misunderstood". "In no way will there be a private sector involvement" for Greece, Ireland or Portugal, Juncker stressed.

The non-paper on the loan facility includes details on debt maturity extensions, debt waivers and the possibility of a mediator that would negotiate terms between investors and the indebted country.

This task would fall to an inter-governmental institution that could also provide funds, according to a report in Germany's Der Spiegel magazine.


(euroactive.com)