Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (7 lettori)
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tommy271
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I TITOLI DEI GIORNALI:
The increase of the 11 percent VAT to 13 percent, the economy and the bomb attack at a Coptic church in Alexandria were the main front-page items in Monday's dailies.
ADESMEFTOS TYPOS: "350 million euros 'bribe' to Goldman Sachs".
AVRIANI: "Hundreds of thousands small and medium size enterprise (SME) businessmen and self-employed professionals being sent to jail".
ELEFTHEROS TYPOS: "New Year with unbearable price and rate increases".
ELEFTHEROTYPIA: "What we will be paying with the new 13 percent VAT".
ESTIA: "2011 a turning point".
ETHNOS: "Sweeping changes in real estate market in 2011".
NAFTEMPORIKI: "Countdown for return to the markets".
TA NEA: "Burglary at Athens City Hall".
VRADYNI: "New bomb for households due to higher VAT on foods, utility prices and fuel".
(ana.gr)
The increase of the 11 percent VAT to 13 percent, the economy and the bomb attack at a Coptic church in Alexandria were the main front-page items in Monday's dailies.
ADESMEFTOS TYPOS: "350 million euros 'bribe' to Goldman Sachs".
AVRIANI: "Hundreds of thousands small and medium size enterprise (SME) businessmen and self-employed professionals being sent to jail".
ELEFTHEROS TYPOS: "New Year with unbearable price and rate increases".
ELEFTHEROTYPIA: "What we will be paying with the new 13 percent VAT".
ESTIA: "2011 a turning point".
ETHNOS: "Sweeping changes in real estate market in 2011".
NAFTEMPORIKI: "Countdown for return to the markets".
TA NEA: "Burglary at Athens City Hall".
VRADYNI: "New bomb for households due to higher VAT on foods, utility prices and fuel".
(ana.gr)
tommy271
Forumer storico
Gov’t returns to the grindstone
Reform vote looms ahead of scheduled disbursement in March of fourth tranche of rescue funding
Prime Minister George Papandreou and his Cabinet return to work today to continue with their Herculean task of pushing through unpopular structural reforms and securing much-needed international aid to get the beleaguered economy back on track.
In a speech on New Year’s Eve, Papandreou indicated that his administration was prepared for this challenge, heralding 2011 as a “year of change.”
“The participation of us all is the prerequisite for success,” said Papandreou, adding that “by participation I do not mean new burdens.”
Speculation about new austerity measures aside, the next few weeks are believed to be critical as the next visit by Greece’s creditors is due in February ahead of the scheduled disbursement in March of 15 billion euros – the fourth and biggest tranche of rescue funding. Meanwhile, Greece’s European Union partners are expected to decide on whether to grant an extension to the government to repay the 110 billion euros it has been pledged by the EU and the International Monetary Fund. The IMF has already backed the idea of an extension. It is now down to Greece’s EU partners to give their verdict.
Of the structural reforms Greece promised the EU and IMF it would push through in exchange for the multi-billion-euro rescue package, the opening up of dozens of so-called closed professions – covering a range of occupations from pharmacists to taxi drivers – is currently topping the agenda. The final draft of a multifaceted bill introducing the changes is to be debated by the Cabinet later this month and is due to be voted through Parliament next month.
The government, meanwhile, must also push through a deep restructuring of public transport companies and other state enterprises with the aim of raising some 800 million euros.
Authorities must not only get the economy back on track but also restore social justice, President Karolos Papoulias told reporters on New Year’s Day. “Social cohesion is gained by stamping out injustice being committed against the Greek people,” he said. “Those who evade tax and then visit state hospitals for treatment must not be tolerated.”
(Kathimerini.gr)
Prime Minister George Papandreou and his Cabinet return to work today to continue with their Herculean task of pushing through unpopular structural reforms and securing much-needed international aid to get the beleaguered economy back on track.
In a speech on New Year’s Eve, Papandreou indicated that his administration was prepared for this challenge, heralding 2011 as a “year of change.”
“The participation of us all is the prerequisite for success,” said Papandreou, adding that “by participation I do not mean new burdens.”
Speculation about new austerity measures aside, the next few weeks are believed to be critical as the next visit by Greece’s creditors is due in February ahead of the scheduled disbursement in March of 15 billion euros – the fourth and biggest tranche of rescue funding. Meanwhile, Greece’s European Union partners are expected to decide on whether to grant an extension to the government to repay the 110 billion euros it has been pledged by the EU and the International Monetary Fund. The IMF has already backed the idea of an extension. It is now down to Greece’s EU partners to give their verdict.
Of the structural reforms Greece promised the EU and IMF it would push through in exchange for the multi-billion-euro rescue package, the opening up of dozens of so-called closed professions – covering a range of occupations from pharmacists to taxi drivers – is currently topping the agenda. The final draft of a multifaceted bill introducing the changes is to be debated by the Cabinet later this month and is due to be voted through Parliament next month.
The government, meanwhile, must also push through a deep restructuring of public transport companies and other state enterprises with the aim of raising some 800 million euros.
Authorities must not only get the economy back on track but also restore social justice, President Karolos Papoulias told reporters on New Year’s Day. “Social cohesion is gained by stamping out injustice being committed against the Greek people,” he said. “Those who evade tax and then visit state hospitals for treatment must not be tolerated.”
(Kathimerini.gr)
tommy271
Forumer storico
Absorption of EU funds picks up, meets goal
STELIOS BOURAS
The government said yesterday it has met its 2010 goal in absorbing European Union funding crucial to boosting sagging investment activity and plans to further accelerate the rate at which it uses the money this year.
The Regional, Development and Competitiveness Ministry said that it boosted absorption of the 2007-2012 EU package to 18 percent, beating the 17.5 percent target set for the year.
“The 17.5 percent target reflects an inflow of 2.75 billion euros and a total amount of co-funded public spending reaching 3.71 billion euros for the year,” the ministry said in a statement
The EU’s 2007-2013 funding program for Greece, referred to as ESPA, has a 26.2 billion euros budget and aims at financing major infrastructure projects. The funds, however, have remained largely untapped due to red tape and a requirement that the goverment funds an average of 25 to 30 percent of each project.
For 2011, the ministry has doubled the absorption rate target to 35 percent, added the statement. Greece’s public investment program, budgeted at 8.5 billion euros for 2011, representing 3.7 percent of annual economic output, is heavily supported by EU funding.
(Kathimerini.gr)
***
Fondi strutturali UE ...
STELIOS BOURAS
The government said yesterday it has met its 2010 goal in absorbing European Union funding crucial to boosting sagging investment activity and plans to further accelerate the rate at which it uses the money this year.
The Regional, Development and Competitiveness Ministry said that it boosted absorption of the 2007-2012 EU package to 18 percent, beating the 17.5 percent target set for the year.
“The 17.5 percent target reflects an inflow of 2.75 billion euros and a total amount of co-funded public spending reaching 3.71 billion euros for the year,” the ministry said in a statement
The EU’s 2007-2013 funding program for Greece, referred to as ESPA, has a 26.2 billion euros budget and aims at financing major infrastructure projects. The funds, however, have remained largely untapped due to red tape and a requirement that the goverment funds an average of 25 to 30 percent of each project.
For 2011, the ministry has doubled the absorption rate target to 35 percent, added the statement. Greece’s public investment program, budgeted at 8.5 billion euros for 2011, representing 3.7 percent of annual economic output, is heavily supported by EU funding.
(Kathimerini.gr)
***
Fondi strutturali UE ...
tommy271
Forumer storico
January will be a busy time for lenders as they seek to boost capital right away
Piraeus Bank, Marfin seen completing rights issue after delays; news on Emporiki expected soon
By Giorgos Mantelas - Kathimerini
January will be a crucial month for Greece’s financial system as a whole and developments are expected as soon as the first week of the new year.
Bank of Piraeus will make the start to be followed by Marfin as they are expected to complete in January their share capital increases, which had suffered from bad timing.
As those that monitor banking developments will remember, both lenders announced in October their intention to move ahead with a capital boost a few days before Prime Minister George Papandreou threatened to hold snap general election if his PASOK party performed poorly at the local polls.
This announcement resulted in the widening of Greek bond spreads to the 1,000 basis point (bps) mark, from around 650 bps previously, and the sinking of the Athens bourse’s benchmark general index as sentiment generally deteriorated.
However, the boards of the two lenders are now sending out positive messages, indicating that the cash will be raised without any problems, though whether this will be the case remains to be seen.
Time is ticking away for the two lenders and for the banking system as a whole, as it is poised to face a second pan-European stress test.
January, meanwhile, is also expected to be an important month for Emporiki Bank. According to sources, news of a new share capital injection for Emporiki Bank will be announced by February by its basic shareholders, Credit Agricole. The cash call will amount to about 1.2 billion euros and will represent the latest boost to the bank, which its major shareholder hopes will be the last.
Additionally in January, EFG Eurobank will complete the sale of its Polish subsidiary’s branch network in a move aimed at boosting its capital position.
Poland is considered a dynamic developing market and under other circumstances EFG Eurobank’s management would not consider reducing its exposure in the eastern European market.
(Kathimerini.gr)
***
Le banche e gli aumenti di capitale ...
By Giorgos Mantelas - Kathimerini
January will be a crucial month for Greece’s financial system as a whole and developments are expected as soon as the first week of the new year.
Bank of Piraeus will make the start to be followed by Marfin as they are expected to complete in January their share capital increases, which had suffered from bad timing.
As those that monitor banking developments will remember, both lenders announced in October their intention to move ahead with a capital boost a few days before Prime Minister George Papandreou threatened to hold snap general election if his PASOK party performed poorly at the local polls.
This announcement resulted in the widening of Greek bond spreads to the 1,000 basis point (bps) mark, from around 650 bps previously, and the sinking of the Athens bourse’s benchmark general index as sentiment generally deteriorated.
However, the boards of the two lenders are now sending out positive messages, indicating that the cash will be raised without any problems, though whether this will be the case remains to be seen.
Time is ticking away for the two lenders and for the banking system as a whole, as it is poised to face a second pan-European stress test.
January, meanwhile, is also expected to be an important month for Emporiki Bank. According to sources, news of a new share capital injection for Emporiki Bank will be announced by February by its basic shareholders, Credit Agricole. The cash call will amount to about 1.2 billion euros and will represent the latest boost to the bank, which its major shareholder hopes will be the last.
Additionally in January, EFG Eurobank will complete the sale of its Polish subsidiary’s branch network in a move aimed at boosting its capital position.
Poland is considered a dynamic developing market and under other circumstances EFG Eurobank’s management would not consider reducing its exposure in the eastern European market.
(Kathimerini.gr)
***
Le banche e gli aumenti di capitale ...
tommy271
Forumer storico
Assumptions for 2011
By Costas Iordanidis
Exercises in optimism can sometimes be lifesavers. In this vein, let’s assume that the Greek economy will bounce back, as so many governing officials like to argue, however flimsily. Let us push aside our profound concerns and allow room for hope that things will get better in the new year.
Let us hope that Prime Minister George Papandreou is working tirelessly to save the country, as he assures us that he is, and that Finance Minister George Papaconstantinou’s main objective is to help Greece recover from the crisis rather than to safeguard the interests of its lenders.
Feeling introspective and optimistic, we could also argue that if anything else, 2010 was a year of absurdities: 65 years after the end of World War II, 65 years without military conflicts (except for NATO’s 1999 war against Serbia) and the citizens of the world’s most advanced continent found themselves plunged in a crisis like no other because of a miscalculation.
Here in Greece, Papandreou was also off the mark. Following half a decade of opposing the efforts of the New Democracy government under Costas Karamanlis to modernize the Greek economy, the prime minister imposed a string of austerity measures of the most Neoliberal kind, in the name of the principles he claims to represent as president of PASOK and Socialist International. His election may have been hailed as a victory over the Conservatives, but the battle is not about political sides anymore. It has moved to different fields and the government’s greatest enemy right now is the product of its own creation: strong labor groups in state-owned corporations that are being scheduled for privatization. In this light, we can expect the battle within the ranks of PASOK between the hard core and the modernists to continue raging well into 2011.
PASOK used to be admired for its ability to adapt to new conditions, but this process usually served only the interests of the hard core. But, no party can adapt without the support of its core and this is a problem that Papandreou will have to face within the next few months. Therefore, should Papandreou push on with his reforms, he will more likely completely undermine his own party than save Greece from financial ruin.
(Kathimerini.gr)
By Costas Iordanidis
Exercises in optimism can sometimes be lifesavers. In this vein, let’s assume that the Greek economy will bounce back, as so many governing officials like to argue, however flimsily. Let us push aside our profound concerns and allow room for hope that things will get better in the new year.
Let us hope that Prime Minister George Papandreou is working tirelessly to save the country, as he assures us that he is, and that Finance Minister George Papaconstantinou’s main objective is to help Greece recover from the crisis rather than to safeguard the interests of its lenders.
Feeling introspective and optimistic, we could also argue that if anything else, 2010 was a year of absurdities: 65 years after the end of World War II, 65 years without military conflicts (except for NATO’s 1999 war against Serbia) and the citizens of the world’s most advanced continent found themselves plunged in a crisis like no other because of a miscalculation.
Here in Greece, Papandreou was also off the mark. Following half a decade of opposing the efforts of the New Democracy government under Costas Karamanlis to modernize the Greek economy, the prime minister imposed a string of austerity measures of the most Neoliberal kind, in the name of the principles he claims to represent as president of PASOK and Socialist International. His election may have been hailed as a victory over the Conservatives, but the battle is not about political sides anymore. It has moved to different fields and the government’s greatest enemy right now is the product of its own creation: strong labor groups in state-owned corporations that are being scheduled for privatization. In this light, we can expect the battle within the ranks of PASOK between the hard core and the modernists to continue raging well into 2011.
PASOK used to be admired for its ability to adapt to new conditions, but this process usually served only the interests of the hard core. But, no party can adapt without the support of its core and this is a problem that Papandreou will have to face within the next few months. Therefore, should Papandreou push on with his reforms, he will more likely completely undermine his own party than save Greece from financial ruin.
(Kathimerini.gr)
tommy271
Forumer storico
Greek PMI shows manufacturing slump continues in Dec
ATHENS, Jan 3 (Reuters) - Greece's manufacturing sector shrank at an accelerating pace in December, hurt by domestic weakness and a marked decline in new export orders, a purchasing managers' survey showed on Monday.
Incoming new business to the sector fell at its fastest pace since March 2009, reflecting a deterioration in demand at home and abroad.
The Markit Manufacturing Purchasing Managers' Index (PMI) fell to 43.1 points from 43.9 in November, dropping further below the 50 mark that separates growth from contraction.
Austerity measures and plummeting consumer confidence stemming from Greece's efforts to tackle its massive debt burden look set to keep the economy in recession for at least three years running. Gross domestic product is seen slumping 4.2 percent this year and 3.0 percent next.
After stabilising in November, new export orders fell sharply last month, with firms linking the drop to poor business and weather conditions across parts of Europe.
Survey data showed that weak domestic demand was a bigger drag on total new orders than the decline in incoming foreign business.
"Alongside poor weather, unfavourable business conditions across Greece and parts of Europe hit new order levels in December," said Markit economist Gemma Wallace.
"While the domestic market continued to weigh most on total new work, data pointed to a renewed deterioration in exports which had broadly stabilised in November," the economist said.
Tough business conditions and strong competition did not allow Greek manufacturers to raise prices in December. Output prices fell for the 27th consecutive month despite a steeper rise in input costs, driven by higher raw materials prices.
Declining revenues and rising input costs led manufacturers to seek cost savings, reducing buying activity, stocks and employment. Staffing and purchasing fell at faster rates in December.
ATHENS, Jan 3 (Reuters) - Greece's manufacturing sector shrank at an accelerating pace in December, hurt by domestic weakness and a marked decline in new export orders, a purchasing managers' survey showed on Monday.
Incoming new business to the sector fell at its fastest pace since March 2009, reflecting a deterioration in demand at home and abroad.
The Markit Manufacturing Purchasing Managers' Index (PMI) fell to 43.1 points from 43.9 in November, dropping further below the 50 mark that separates growth from contraction.
Austerity measures and plummeting consumer confidence stemming from Greece's efforts to tackle its massive debt burden look set to keep the economy in recession for at least three years running. Gross domestic product is seen slumping 4.2 percent this year and 3.0 percent next.
After stabilising in November, new export orders fell sharply last month, with firms linking the drop to poor business and weather conditions across parts of Europe.
Survey data showed that weak domestic demand was a bigger drag on total new orders than the decline in incoming foreign business.
"Alongside poor weather, unfavourable business conditions across Greece and parts of Europe hit new order levels in December," said Markit economist Gemma Wallace.
"While the domestic market continued to weigh most on total new work, data pointed to a renewed deterioration in exports which had broadly stabilised in November," the economist said.
Tough business conditions and strong competition did not allow Greek manufacturers to raise prices in December. Output prices fell for the 27th consecutive month despite a steeper rise in input costs, driven by higher raw materials prices.
Declining revenues and rising input costs led manufacturers to seek cost savings, reducing buying activity, stocks and employment. Staffing and purchasing fell at faster rates in December.
tommy271
Forumer storico
2011 Budget At Monthly Monitor
Ministry of Finance has set monthly targets in 2011 budget in order to prevent deviations of revenues and expenditures by the implementation of immediate measures.
Although the method of monthly monitoring of financial aggregates is common in most European countries, it is the first time Greece proceeds with that, according to memorandum. The government aims to ensure early on that this year’s deficit will not exceed 17bn euro, or approximately 7.4% of gross domestic product.
This means that it should be reduced by 5bn euro, which seems an easier task than the 14bn euro adjustment in 2010. Actually, this is rather unrealistic, as both revenues and expenditures have become quite rigid. Expenditure is not expected to decrease as officials forecast an increase of 4.3% at 71.84bn euro. Revenues are expected to increase by 8%, reaching 55.56bn euro.
The Ministry of Finance will monitor the state revenue and expenditure at the end of each month, proceeding with immediate measures if necessary.
(Capital.gr)
Ministry of Finance has set monthly targets in 2011 budget in order to prevent deviations of revenues and expenditures by the implementation of immediate measures.
Although the method of monthly monitoring of financial aggregates is common in most European countries, it is the first time Greece proceeds with that, according to memorandum. The government aims to ensure early on that this year’s deficit will not exceed 17bn euro, or approximately 7.4% of gross domestic product.
This means that it should be reduced by 5bn euro, which seems an easier task than the 14bn euro adjustment in 2010. Actually, this is rather unrealistic, as both revenues and expenditures have become quite rigid. Expenditure is not expected to decrease as officials forecast an increase of 4.3% at 71.84bn euro. Revenues are expected to increase by 8%, reaching 55.56bn euro.
The Ministry of Finance will monitor the state revenue and expenditure at the end of each month, proceeding with immediate measures if necessary.
(Capital.gr)
tommy271
Forumer storico
Greece Will Build Fence Along Border With Turkey, Minister Says
By Natalie Weeks - Jan 3, 2011 11:01 AM GMT+0100
Mon Jan 03 10:01:29 GMT 2011
Greece plans to build a fence along its border with Turkey to stop the entry of illegal immigrants, Citizen Protection Minister Christos Papoutsis told state-run Athens New Agency on Dec. 31.
Arrests of people arriving illegally from Turkey increased almost five-fold, to 31,219, in the first nine months of 2010, from 6,615 in the year-earlier period, according to Greek police data. The border with Turkey was the only land border that saw a rise, the figures show.
Greece can’t cope with more illegal immigrants and plans to impose stricter controls at port cities such as Patras, a transit point for smuggling immigrants to Italy and elsewhere in Europe, Papoutsis said, according to a transcript of his comments.
About 90 percent of illegal immigrants of all nationalities arriving in the European Union came through Greece, according to Warsaw-based Frontex, the bloc’s agency for border security.
A total of 96,398 illegal immigrants were arrested by Greek police in the nine months, compared with 96,085 in the same period a year earlier.
(Bloomberg)
***
Se c'è da costruire un muro ... c'è lavoro per almeno un paio d'anni.
Magari con i soldi dei Fondi Strutturali UE.
D'altra parte il problema del pattugliamento dei confini estremi alla UE non può essere a carico della singola nazione.
By Natalie Weeks - Jan 3, 2011 11:01 AM GMT+0100
Mon Jan 03 10:01:29 GMT 2011
Greece plans to build a fence along its border with Turkey to stop the entry of illegal immigrants, Citizen Protection Minister Christos Papoutsis told state-run Athens New Agency on Dec. 31.
Arrests of people arriving illegally from Turkey increased almost five-fold, to 31,219, in the first nine months of 2010, from 6,615 in the year-earlier period, according to Greek police data. The border with Turkey was the only land border that saw a rise, the figures show.
Greece can’t cope with more illegal immigrants and plans to impose stricter controls at port cities such as Patras, a transit point for smuggling immigrants to Italy and elsewhere in Europe, Papoutsis said, according to a transcript of his comments.
About 90 percent of illegal immigrants of all nationalities arriving in the European Union came through Greece, according to Warsaw-based Frontex, the bloc’s agency for border security.
A total of 96,398 illegal immigrants were arrested by Greek police in the nine months, compared with 96,085 in the same period a year earlier.
(Bloomberg)
***
Se c'è da costruire un muro ... c'è lavoro per almeno un paio d'anni.
Magari con i soldi dei Fondi Strutturali UE.
D'altra parte il problema del pattugliamento dei confini estremi alla UE non può essere a carico della singola nazione.
tommy271
Forumer storico
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