Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (35 lettori)

[tommy271]

Papandreou to opt for tougher line with critics

PM may even consider snap elections


Despite considerable disquiet within the ruling party, PASOK was expected to survive last night's vote on the 2011 national budget but the ballot is likely to signal the start of a period when the government is going to get much tougher on dissenting voices, with sources close to Prime Minister George Papandreou suggesting that even snap elections are not out of the question.

The government had to endure another day of public criticism yesterday as opposition deputies and some its own lawmakers took potshots at the budget and the economic policy being followed by PASOK during the final hours of the Parliamentary debate.

PASOK has seen its majority in the House decrease from 10 to six this year after four MPs were ejected from the party for voting against government bills. None of the Socialist deputies had declared they would vote against the budget yesterday but a number of MPs have been blunt in their criticism of the government.

PASOK lawmaker Thomas Rompopoulos said that he would quit the party if he felt that the government was not allowing Parliament to debate reforms properly. «I was a businessman for 32 years, I have only been an MP for one but you cannot present the budget and simply say, «That's it, vote for it,» or submit bills designated as emergency legislation so they are voted on without discussion,» he said. «We need discussion, we need productive discussion.»

The mood among the prime minister's team, however, seems to indicate that Papandreou and his aides have had enough of the rebellious tendencies within PASOK as well as criticism from opposition parties and are determined to stick to their course. «The prime minister, the government and the parliamentary group choose to clash head-on with those that are irresponsible and display unbearable tendencies for populism,» said Interior Minister Yiannis Ragousis, one of Papandreou's closest aides. In what appears to be a comment that singles out PASOK rebels and unionists, Ragousis went on to tell journalists that the prime minister is ready to take on «PASOK's deep past.»

Sources close to Papandreou told Kathimerini that the premier would rather call early elections than have to give up the process of carrying out structural reforms and sticking to the agreement Greece has made with the International Monetary Fund and the European Union.

New Democracy leader Antonis Samaras is expected to reshuffle his frontline team over the next few days in order to be prepared for a possible snap poll, which some commentators believe may be called in the spring.

(Kathimerini.gr)

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Nonostante il voto granitico del Pasok al Parlamento, il dibattito interno rimane molto vivo.

 

[tommy271]

Loan growth set to deteriorate

Bank sources predict credit expansion of minus 2 percent next year, say it depends on extent of recession

By Yiannis Papadoyiannis - Kathimerini


Credit growth in Greece is in for a rough ride at the end of 2010 as the recession enters its second year.
The new year also looks set to start off with poor signs due to warnings of ratings downgrades from agencies Fitch and Moody’s that further weigh on liquidity.

Additionally, worsening economic conditions, the expected contraction of the Greek economy for a third straight year and the widespread feeling that the worst has yet to come have pulled the brake on investment activity and consumer spending plans.

Taking all the above factors into account, banking industry officials expect credit growth to dip into negative territory next year.

Forecasts predict that loan growth will decrease by close to 2 percent, with the exact drop to be determined by the extent of the recession.

Despite credit growth being in positive territory at the start of the year, conditions have worsened considerably since the beginning of autumn.

For the month of October, total loans being paid off outpaced new credit issued considerably, according to Bank of Greece data.

Businesses paid back 387 million euros more than they borrowed while loan growth to households was a negative 123 million euros.

Bank officials believe that a slight dip into negative territory for household lending is an achievement for an economy contracting at an annual pace of 4 percent after shrinking by 2 percent in 2009.

In response to criticism that the banking sector has turned off the lending tap, industry sources say that lending to businesses is expanding at a pace of 2.2 percent and blame the drop in lending to households on slumping demand arising from poor economic conditions.

Sources also pointed out that there was a drop in deposits during the year due to concerns about the health of the banking system and households dipping into savings in order to get through the tough times.

(Kathimerini.gr)

 

[tommy271]

FESTIVITA'

Kathimerini English Edition and the International Herald Tribune will not be published tomorrow, Christmas Day and Boxing Day. We will be back on Monday, December 27. Merry Christmas.

***
Auguri anche da parte nostra, per questa importante fonte di notizie.

 

[tommy271]

I TITOLI DEI GIORNALI:

Ratification, by the government majority in Parliament, of the 2011 state budget and decreases in listed state-controlled enterprises' payrolls, as ordered by the finance minister, mostly dominated the headlines on Thursday in Athens' newspapers.


ADESMEFTOS TYPOS: "Main opposition New Democracy (ND) leader Antonis Samaras in Parliament: Take measures now".
AVGHI: "Government in social, political isolation".
AVRIANI: "Mr. PM Papandreou, send Nikos Sifounakis (the deputy transports, infrastructures and networks minister) home".
ELEFTHEROS: "Papandreou is unbelievable! He doesn't understand that he's the prime minister".
ELEFTHEROTYPIA: "Two letters set political scene on fire".
ELEFTHEROS TYPOS: "Traps in power utility's new rates".
ESTIA: "Society deregulated".
ETHNOS: "4,000 the highest salary in public utilities and agencies".
IMERISSIA: "Objective property values for 4,458 communities".
KATHIMERINI: "Cuts in listed state-run enterprises".
LOGOS: "State budget untrustworthy".
NAFTEMPORIKI: "Opposition parties against new state budget".
RIZOSPASTIS: "State budget a tool for anti-popular exit from crisis".
TA NEA: "Government in a minefield".
VRADYNI: "Christmas present ... with new cuts in salaries".


(ana.gr)

 

[tommy271]

Flattish Session for Greek Shares



Athens General Index moves around 1,450 units in a narrow fluctuation range while volumes remains low, aligned with today’s European markets’ trading pattern.

Marfin Analysis expects “one more quite session with the focus being on banks, on thin, once again volumes” while Eurobank Securities expects a consolidating session on low volumes as well.

Piraeus Securities does not rule out a market’s attempt to try to move higher after yesterday’s Parliament voting of 2011 fiscal budget.

Across the board, the General Index is at 1445. 2 points, down 0.27%, on turnover of 19.34 million euro, while an amount of 59 shares move higher, 67 decline and 64 remain unchanged.

Banks move stabilizing, currently at 1298.39 points, posting marginal losses of 0.04%. Banks have been moving so far between 0.90% and -0.37%. Attica Bank rises by 3.09%, while Alpha Bank, Bank, Eurobank and Hellenic Postban post gains of 0.99% to 0.65%.

Marfin Popular Bank moves into negative territory, declining 2.59%, while Bank of Cyprus and Piraeus post losses of 0.75% and 0.54% respectively.

(capital.gr)

***
Ormai è aria di festività ...

 

[tommy271]

Greece Eyes Post-2013 Debt Restructuring Plan-Report



ATHENS (Dow Jones)--The Greek government has put forward a plan to restructure its debt with international creditors after 2013 when its current loan agreement with the European Union and International Monetary Fund expires, Greek daily Ta Nea reports Thursday.

Without citing sources, the pro-government newspaper says that the restructuring plan calls for both an extension of the EU and IMF loan--an idea that has already been floated publicly--as well as a reduction in the interest payment on Greek government debt held by private creditors.

The newspaper adds that the government would not seek a discount on the face value of existing bonds nor any kind of restructuring before 2013.

In May, Greece narrowly avoided default with the help of a EUR110 billion bailout from the EU and IMF, in exchange for tough economic reforms while also cutting its budget deficit to below 3% of gross domestic product by 2014.

But Greece continues to face high borrowing costs on international markets amid investor concerns about the country's ability to pay off its massive government debt which is expected reach 150% of gross domestic product by 2013.

To assuage those concerns, European finance ministers last month said they would consider prolonging the repayment period on their portion of the EUR110 billion loan until 2024 from 2018, with a decision expected early next year. The IMF has also supported the idea.

However, the newspaper report suggests that a renegotiation of the interest payments on existing Greek government bonds held by private investors is now being considered for the first time.


***
Le notizie pre-festive ...

 

[tommy271]

Greece Decides on Post-2013 Restructuring Plan, Ta Nea Says

By Natalie Weeks - Dec 23, 2010 1:08 PM GMT+0100


Greek officials and bankers have decided on a debt-restructuring plan for after 2013 and have unofficially informed European Union officials and the European Central Bank, Ta Nea newspaper reported, without citing anyone.

Greece will ask for an extension on all outstanding debt and a cut in interest paid, the Athens-based daily said.

No cut in the principal value of the bonds is planned and the initial reaction from Brussels was positive, Ta Nea said.

Spokesmen for the Greek Finance Ministry, Bank of Greece and ECB declined to comment on the report.

The Greek central bank chief, George Provopoulos, Lucas Papademos, former ECB vice president and a government adviser, and bankers have met on the plan in recent weeks, the newspaper said. Greece received a 110 billion-euro ($144 billion) bailout from the EU and International Monetary Fund in May.

(Bloomberg)

***
Attenzione, please ...

 

[tommy271]

Greece examines prospect of debt restructuring after 2013: report​

English.news.cn 2010-12-23 21:03:32



ATHENS, Dec. 23 (Xinhua) -- Greece is examining the possibility of restructuring its debt after 2013 without a "haircut" on the value of the Greek bonds, a Greek newspaper said Thursday.

Quoting government sources, "Ta Nea" daily said a governmental financial team has already unofficially submitted a plan to the European Commission, the European Central Bank and Berlin for deliberations.

The plan rejects any form of restructuring the Greek debt before 2014. Greece will be financially supported by the safety mechanism activated by the European Union (EU) and the International Monetary Fund (IMF) in May with 110 billion euros (144.4 billion U.S. dollars) over the next three years.

The newspaper said the Greek government proposes the extension of the repayment period for its loans from the IMF and its European partners, as well as loans from other lenders.

Furthermore, the plan seems to include a decrease on the interest rates of these loans.
Officials in Brussels appear positive to the idea, but the fundamental perquisite for such a plan is the Greek economy will be able to register positive figures in 2013.

Greek and foreign experts warn this will be achieved only through the full and fast implementation of a stability and growth program by Greek to fix the decades-long problems of the Greek economy and drastically slash the budget deficit.

Currently, the deficit stands at 9.4 percent of the gross domestic product (GDP). The target is to lower it below 3 percent, within the EU threshold, in 2014.

Early Thursday, the Greek parliament approved the 2011 national austerity budget to tackle the country's serious debt crisis.
The 2011 budget is one more step towards that direction, Greek Prime Minister George Papandreou said.

The budget, which introduces further austerity policies, passed with 156 votes in favor and 142 against in the 300-member strong parliament.

All deputies of the ruling socialist PASOK party supported the bill, despite criticism from some deputies on some policies. The opposition parties rejected the bill.

Addressing the parliament, Papandreou expressed once more the determination of the government to achieve the goal of leading Greece out of the debt crisis, stressing "eventually doomsayers who predict a Greek default will be proved wrong."

Noting the painful measures are now behind, the Greek prime minister said the priority in 2011 is structural reforms to restart economic development.

Local analysts say that under the pressure of unionists with their continued strikes and protests over the austerity policies, the government will delay until early 2011 the implementation of the restructuring of loss-making state companies, such as those in the railway sector, and the liberalization of "closed" professions, such as pharmacists and architects.

The government tries to avoid further social unrest and negative impacts on Greek economy, analysts say, adding Papandreou and his finance advisors reject the idea of restructuring the Greek debt in 2011 or 2012 for this same reason.

According "Ta Nea" daily, Greek officials believe imminent restructuring would deteriorate the standing of Greek banks and debt-ridden social security funds.

Amidst negative atmosphere, funds would not be able to pay pensioners and in that case the Greek government would have to step in and release funds, creating a new budget deficit.

Greek officials opt for delaying the restructuring to 2014 for one more reason, the report said.
On Jan. 1, 2011, the newly-created permanent support mechanism of the EU will be in force.

Since the new mechanism includes a framework of European rules for restructuring, Greece or any other country in need won't be alone in negotiations with lenders in the future, but will be supported in a way by the rest of its European partners.

(Xinxua.com)

 

[tommy271]

Che ne dite di questa ipotesi rivelata da "Ta Nea"?

In questo caso meglio andare sui "brevi/medi" ... nel caso di un taglio sul rendimento cedolare.

Per noi bondisti potrebbe anche andare bene, però non credo che il risparmio cedolare sia così importante in valori assoluti.

Del resto gli ellenici, se vogliamo ben vedere bene, pagano un interesse sul debito al pari dell'Italia e di tanti altri...
Quindi l'ipotesi non è risolutiva.

 

[tommy271]

Greece Leads Increase in Sovereign Debt on Restructuring Bets

By Abigail Moses - Dec 23, 2010 1:52 PM GMT+0100



Greece led an increase in the cost of insuring sovereign debt on speculation the government will restructure its debt.
Credit-default swaps on Greece jumped 33.5 basis points to 1,014.5, the highest in a month, according to CMA. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments rose 4 basis points to a record 206.

Greece unofficially informed European Union officials and the European Central Bank that after 2013 it will seek an extension on all outstanding debt and a reduction in interest, Ta Nea newspaper reported, without citing anyone. No cut in the face value of the debt is planned, the Athens-based daily said.

“If Greece can extend the loan and lower coupon payments, that’s probably positive,” said Greg Venizelos, a credit strategist at BNP Paribas SA in London. “If it escalates to a discussion about haircutting debt, that’s another thing.”
Spokesmen for the Greek Finance Ministry, the Bank of Greece and the ECB declined to comment on the report.

Greek central bank chief George Provopoulos, government adviser Lucas Papademos and bankers have met on the restructuring plan in recent weeks, Ta Nea said. Greece received a 110 billion-euro ($144 billion) bailout from the EU and International Monetary Fund in May.

Swaps on Portugal increased 6 basis points to 493, Italy rose 5 to 231 and Ireland was 3.5 higher at 597.5, CMA prices show.
“Spreads are marked wider, but there’s hardly any trading,” Venizelos said.

The Markit iTraxx Crossover Index of 50 companies with mostly high-yield credit ratings rose 3 basis points to 439.5 and the Markit iTraxx Europe Index of 125 investment-grade companies was up 1 at 105.5, according to JPMorgan Chase & Co.
A basis point on a credit-default swap contract protecting 10 million euros of debt from default for five years is equivalent to 1,000 euros a year.

Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company fail to adhere to its debt agreements.

(Bloomberg)

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Babbo Natale ...