Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (31 lettori)

[tommy271]

Greece - MFA - Deputy FM Kouvelis’s speech at a Eurobank event on “Externalization and innovation: the road to growth”



Following are the main points of Deputy Foreign Minister Spyros Kouvelis’ speech on “Externalization and innovation: the road to growth”, at an event hosted by Eurobank:

· “In today’s critical state of affairs, externalization and innovation are two extremely important sectors that, if used correctly, can impart new vitality to the Greek economy, and essentially the vitality that the Greek economy needs to emerge from the crisis and have a long-term future following its emergence from the crisis.”

· “The Greek economy’s period of growth based on the domestic market has come to a definitive end.”

· “Today, we need to see new long-term, sustainable sources of growth, an these are primarily exports and, of course, attraction of foreign investment.”

· Externalization is a one-way street, and it needs to consist in a shift – as we have very often said – towards a new development model.



(isria.com)

 

[tommy271]

Greece - MFA - Interview: FM Droutsas on NET TV’s “Weekend on NET”

Main points from Foreign Minister Dimitris Droutsas’s interview on NET TV’s “Weekend on NET”:

· [on the financial situation] “Greece has regained its credibility, and I say this with great satisfaction, as well as with pride. All of the reactions we are now seeing from our partners, all of our collocutors, is that Greece has done a good job and dealt with a serious crisis, a serious challenge, with great maturity and seriousness, and has now become something of a model for other countries. I think that the visits from Mr. Stross-Kan and Mr. Rehn will show precisely this yet again: that Greece is following through on what it has said; following through with great seriousness and effectiveness.”

· [on Euro-Turkish relations] “We need to create once again in the European Union another perception of Turkey’s accession course. This course needs to be more convincing so that Turkey understands that its interests lie in becoming a member of the European Union, but that to become a member it will have to change some things. And the things Turkey has to change bear directly on Greece.”

· [on the international finance assessments] “This is one of the root problems, and that is why the debate taking place is broader. What do these international financers do. Who can impact things – what are the so-called international markets we are always talking about? That is why we are talking about the need for global economic governance. For clear rules to be laid down. We have to lay these rules down within the framework of the European Union and globally. That is why the G-20 talks are of such great importance.”


(isria.com)

 

[mago gambamerlo]

Francia / London Stk Exchange Executive Mr. Rolet.

News Headlines
No Comment . ( Sembra quasi un discorso sparato per sollecitare EU a prendere iniziative....).

 

[ferdo]

By Jan Strupczewski
BRUSSELS | Tue Dec 7, 2010 12:47am EST

BRUSSELS (Reuters) - European Union finance ministers meet on Tuesday to discuss the EU economy with markets expected to react nervously to Monday's decision by euro zone ministers to take no new steps to quell the debt crisis.
After a five-hour meeting, the 16 euro zone ministers said they would be taking no new measures to tackle the contagion, saying the existing emergency fund was sufficiently big and that the proposal for euro-zone bonds had not even been broached.
"We don't have any new decision to announce to you," Jean-Claude Juncker, the chairman of the Eurogroup, told reporters.
Ministers had focused their discussions on Spain and Portugal and spoke to the managing director of the International Monetary Fund, Dominique Strauss-Kahn, on the general economic situation in Europe.
Talks on Tuesday will be among all 27 EU finance ministers, with the debt crisis again expected to play a part in discussions, but other issues, such as the EU budget, closer economic coordination and Value Added Tax, on the agenda.
Financial markets remain on edge about the risk of the debt crisis spreading from Greece and Ireland, which are already receiving EU bailouts, to Portugal and possibly Spain.
There had been widespread expectation in financial markets in the past week that the euro zone might decide to take more radical steps to combat the crisis, possibly including an enlargement of the 750 billion euro European Financial Stability Facility, or the European Central Bank buying sovereign debt.
But German Chancellor Angela Merkel came out strongly against a bigger EFSF or the idea of issuing euro zone bonds on Monday, and other EU officials also dismissed the proposals.
"I see no need at this time to increase the fund," Merkel told a news conference in Berlin. "Only a very small percentage of it has been used."
She was supported by Dutch Finance Minister Jan Kees de Jager, who said it was premature to discuss what would happen if the fund, set up in May after Greece received a 110 billion euro bailout, ran out of money.
YIELD PRESSURE
Financial markets pushed the yields on the bonds of troubled euro zone countries to near record highs on Monday, and that degree of uncertainty is expected to persist on Tuesday, with no clear further steps by the EU to contain the problem.
"The latest comments suggest (euro zone finance ministers) are far away from a compromise so we have to wait for the EU summit next week to get a flavor," said Nick Stamenkovic, an interest rate strategist at RIA Capital Markets.
EU leaders hold an end-of-year summit on December 16-17.
Before Monday's meeting, Strauss-Kahn had urged the ministers to increase the size of a 750 billion euro ($1 trillion) bailout mechanism for debt-stricken states and suggested the European Central Bank step up purchases of government bonds, an IMF report obtained by Reuters showed.
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il nulla da Bruxelles

Spread su Bund stamattina 920 (salito, ieri sera era a 887 se ricordo bene, cmq sotto i 900)
Future Euro a 1,3317 (salito un po')

 

[tommy271]

Commenti:

A chi fa comodo salvare i paesi in crisi di solvibilità - rivista italiana di geopolitica - Limes

 

[tommy271]

Greece seeks longer to repay €110bn IMF bailout loan as austerity bites

IMF team flies in to Athens amid fears over economic recovery and reforms as EU predicts public debt at 160% of GDP by 2013


Like some visiting potentate, the head of the International Monetary Fund, Dominique Strauss-Kahn, will be given a red carpet welcome when he visits Greece tomorrow but the pomp and circumstance will not be able to hide lingering fears over the debt-choked country's economic future.

• Nearly a year after Athens emerged on the frontline of Europe's worst-ever fiscal crisis, George Papandreou, the prime minister, faces one of the biggest tests of his political leadership as he uses the visit to negotiate an extension of the repayment period Greece has been given for the €110bn (£95bn) EU and IMF-sponsored rescue package it received in May.
• 
  Giorgos Papaconstantinou, the finance minister, said ahead of the long-awaited talks: "The decision to extend the loan is very important. It opens the way to a return to the markets earlier than expected."
• 
  The socialist government hopes an extension will dilute fears that Greece will have to restructure its debt when the bailout expires in 2013. In line with Ireland, Athens is expected to be given until 2024 to pay back the emergency aid without which it would not have averted bankruptcy after its borrowing costs soared earlier in the year.
• 
  But concerns are also mounting over the depth and pace of Greece's economic recovery. This month Eurostat, the EU statistics agency – upwardly revising the country's deficit from 13.6% to 15.4% in 2009 – projected that its public debt would reach 160% of gross domestic product in 2013.
• 
  Although the loan rescheduling will ease the debt burden, fears in Brussels are growing over the lack of progress, with reforms now seen as crucial if growth and competitiveness are also to be restored. Anxiety has been compounded by the deepening recession following spending cuts, tax increases and other unprecedented austerity measures that Athens has been obliged to take in return for the financial support.
• 
  Unemployment is set to hit a record high of 15% next year, with the labour ministry estimating that 2 million Greeks already live below the poverty line. More than 25,000 businesses have been forced to close since May and there are reports that seven out of 10 shops can barely pay bills. Amid resurgent fears of social unrest, the middle classes, society's great stabiliser, face plummeting living standards.
• 
  Highlighting the bleak outlook, the former Italian finance minister Tommaso Padoa-Schioppa, one of Papandreou's senior advisers, let slip last week that it would be "several generations" before Greece's parlous public finances recovered.
• 
  "It is impossible to say when growth will return," he told an economic conference in Athens. "We're still in the honeymoon of the [fiscal consolidation] programme and risks remain high. The biggest risk is exhaustion. Reshaping an economy which has faced serious structural difficulties for a long period of time is something that will take years, not months – maybe a decade – so patience is needed."
• 
  Within days, the credit-rating agency Standard & Poor's warned that Greece's sovereign debt rating could be further downgraded because of concerns over its ability to implement reforms. The coming months are critical for a government told that it must enact "corrective measures" to restructure the wider public sector if it is to receive the next €15bn instalment of the bailout agreement in March.
• 
  The changes, which include streamlining loss-making public utilities and liberalising a plethora of "closed-shop" professions that have kept competition at bay, entail the socialists confronting entrenched vested interests and, in many cases, their own trade unions and supporters.
• 
  Clamping down on tax evasion – a national sport that loses the Greek state €16bn a year – has also been cited by international creditors. "It will be a revolution, a combination of Thatcherism and shock therapy that no other government has attempted," an insider said. "Around 100 bills have been lined up. We will have to take on everybody."
• 
  Greeks know that if they fail, the consequences will be dire – not only for themselves but the entire eurozone. "Greece is the great experiment, the laboratory of Europe," said Theodore Pelagidis, professor of economic analysis at Pireaus University. "What happens here will determine what happens in Europe. and if the euro breaks up, survives and on what terms it survives."
  
  
  (guardian.co.uk)
  

 

[tommy271]

German FinMin defends need for euro



BERLIN


Finance Minister Wolfgang Schaeuble says even though some Germans are grumbling about European Union bailouts for Greece and Ireland there is no reason to think of abandoning the euro currency.

Schaeuble told Bild newspaper in comments printed Monday that "without the euro, every German would be poorer. Without the euro the labor market would look much worse. The euro brought us through the crisis well."

The euro lost about 10 percent in value through November as Irish economic woes weighed heavy -- actually a benefit for Germany's export-driven economy, making its goods cheaper abroad.

Schaeuble also flatly rejected a two-tiered eurozone of more-stable and less-stable nations, saying "that would be infinitely more expensive than everything we're now doing for the euro."


(Associated Presse)

 

[tommy271]

EU Says CDS Trades Didn’t Raise Euro Yields, Dagblad Reports

By Jurjen van de Pol - Dec 6, 2010 12:32 PM GMT+0100 Mon Dec 06 11:32:20 GMT 2010


Borrowing costs for euro-region countries like Greece haven’t risen as a result of trading of credit-default swaps, the European Commission said, according to a report in Dutch newspaper Het Financieele Dagblad.

“The CDS spreads for the more troubled countries seem to be low relative to the corresponding bond yield spreads, which implies that CDS spreads can hardly be considered to cause the high bond yields for these countries,” the commission was quoted as saying today after the newspaper requested public access to the document. Commission officials weren’t available to comment on the report.

French President Nicolas Sarkozy and German Chancellor Angela Merkel called on the commission in June to speed up curbs on financial speculation, saying some bets against government bonds should be banned amid a resurgence of “strong volatility.”

In March, European finance ministers asked the commission to investigate the functioning of the “CDS market in general and the Greek market in particular,” according to the document written by the EU’s legislative arm.
“The results show there’s no obvious mispricing in the sovereign bond and CDS markets,” the commission wrote in the report, which was completed at the end of May.

Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a borrower fail to adhere to its debt agreements. A basis point on a contract protecting $10 million of debt from default for five years is equivalent to $1,000 a year.

(Bloomberg)

 

[tommy271]

Iran, Greece vow to work closely on energy

​

TEHRAN (ISNA)-Iran and Greece stressed expansion of cooperation particularly in energy section.


"Relations between Iran and Greece are deep, friendly and historical and no element can overshadow them," said Greek Foreign Minister Dimitris Droutsas in a meeting with Iranian counterpart Manouchehr Mottaki in Athens on Monday.
"Today, Greece is willing to work with Iran in every domain and you can trust Greece," Dimitris Droutsas said.

He also called bilateral energy, culture, construction and agriculture cooperation fairly important.
Greek Foreign Minister also voiced support for Tehran trilateral declaration [signed on May 17 in Tehran by Iran, Brazil and turkey] and called his country's position on the issue transparent and clear.

He then welcomed his Iranian counterpart's invitation to visit Iran and expressed hope to fly into the Middle Eastern country soon.
Mottaki on his part highlighted Greece's transit potential in energy transfer to Europe.

Iranian Foreign Minister met Greek President Karolos Papoulias where the Geek leader stressed peaceful solution on Iran's nuclear issue and said his country as a member of the European Union has always backed peaceful solution for the issue and that any other choice will be pretty dangerous and catastrophic.

Mottaki on his part expressed hope talks between Iran and P5+1 in Geneva would continue in a constructive way.
Representatives of the five permanent members of the UN Security Council plus Germany have come together on Monday and Tuesday to discuss Iran's nuclear issue.



(isna.ir)

 

[tommy271]

Lunedì relativamente tranquillo per gli spread sul bund.

Dopo l'Eurogruppo oggi è atteso l'Ecofin che dovrebbe preparare i primi punti di convergenza, in vista del prossimo di metà dicembre.
Ci aspettiamo tutti un pò di luce sul "Fondo di Emergenza".

Oggi appuntamento cruciale a Dublino dove il Parlamento dovrà votare i provvedimenti anti-deficit del Governo.
Il voto è particolarmente atteso.

Volatilità sempre alta su tutta la Periferia.

Grecia 891 pb. (901)
Irlanda 555 pb. (560)
Portogallo 322 pb. (322)
Spagna 236 pb. (227)
Italia 169 pb. (162)
Belgio 116 pb. (104)