Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Spread/bund altalenanti sui nostri ellenici, tutto sommato direi stazionari attorno ad un range di oscillazione che vede il punto centrale attorno agli 830 pb.
Dunque, nessuna novità, mentre ormai ci troviamo in vista del 4 febbraio, quando ci sarà un secondo incontro a livello europeo per definire la tabella di marcia per trovare una prima intesa verso la "soluzione" del debito pubblico.

Nel frattempo lievi allargamenti su tutti i periferici: in Italia si è svolta un'asta con un buon bid/cover e con rendimenti in calo. La prova sarà oggi e domani con BTPei e BTP con importi pesanti da collocare.
In Irlanda ieri si è votato in Parlamento per l'approvazione dei "collegati" alla Legge Finanziaria necessari per ottenere gli aiuti da UE/FMI/BCE. Il voto è stato favorevole (80 voti contro 78) ma ciò non impedirà al governo di presentarsi dimissionario ed indire nuove elezioni. Entro sabato è atteso l'ultimo voto definitivo alla manovra.
Anche il Belgio vive una drammatica crisi politica, gli spread rimangono sempre su livelli "sensibili".

Prosegue la discussione a livello europeo sul EFSF: da più parti si insiste sul ruolo che questo organismo potrebbe svolgere nel sostenere le economie del Club Med mediante l'acquisto di TdS sul secondario.
Ieri anche Trichet ha dato "parole di incoraggiamento".
Insomma le aspettative sono tante, la speranza è che non vengano deluse.

I dati degli spread si riferiscono ai titoli decennali su elaborazione dati, in chiusura di giornata, forniti da Thomson-Reuters:

Grecia 823 pb. (817)
Irlanda 591 pb. (572)
Portogallo 380 pb. (377)
Spagna 225 pb. (220)
Italia 160 pb. (161)
Blgio 110 pb. (107)

 

[tommy271]

PM chairs crisis meeting on hunger strike

The presence of 230 hunger strikers in the grounds of Athens University’s Law School became a top priority on Monday, as Prime Minister George Papandreou convened a meeting of a crisis team to decide how the undocumented immigrants could be removed from the building.

In a clear sign that PASOK is growing increasingly concerned about the presence of the migrants, who want residence permits, Papandreou met with a small team of ministers to discuss the issue before leaving for the World Economic Forum in Davos, Switzerland.

Sources said Papandreou instructed Interior Minister Yiannis Ragousis, Citizens’ Protection Minister Christos Papoutsis, Education Minister Anna Diamantopoulou and Deputy Labor Minister Anna Dalara to find a way to remove the immigrants without creating further tension. The premier, sources said, was adamant that the government should stick to the letter of the law and avoid being accused of heavy-handedness.

This position is in keeping with an apparent fear within PASOK circles that leftist and student groups have stage-managed the migrants’ protest to create a flash point with the government. Papoutsis indicated as much after the meeting. “We are not going to be fooled into getting involved in conflicts or the spilling of blood,” he told journalists.

Greece’s asylum law means the police cannot enter a university’s grounds without permission from the rector, and only in the case of a serious crime being committed. Papandreou accused the migrants’ supporters of abusing this rule.

“Asylum does not mean that everyone does what they want, nor is it meant to favor the reactionary forces in society,” he told PASOK MPs yesterday morning. “Leftist politics does not involve the exploitation of desperate people or the promotion of impunity.”

The government put pressure on Athens University rector Theodosis Pelegrinis to do more to end the migrants’ protest but he suggested that Ragousis should go to the Law School to speak directly to the immigrants. The standoff has led to a reopening of the debate about the asylum law, with New Democracy leader Antonis Samaras leading calls for it to be scrapped.

ekathimerini.com , Wednesday Jan 26, 2011 (20:41)

***
Politica interna.

 

[tommy271]

New ships may hit freight rates



New ships on order amount to nearly a third of global shipping capacity, threatening to put downward pressure on dry-cargo freight rates this year due to high supply levels, according to data presented by a leading broker on Wednesday.

Figures presented by Cotzias Shipping Group showed that 7,142 new ships are on order, amounting to 421.5 million deadweight tons. The world fleet’s total deadweight tonnage stands at 1.430 billion.

John Cotzias, CEO of Cotzias Shipping Group, said the pace at which new ships set sale will determine fluctuations in freight rates as global trade conditions improve.

“We could see dry-cargo rates kept at 2010 levels this year. This is a best-case scenario,” he told Kathimerini English Edition on the sidelines of a press conference.

Average daily dry-cargo rates in 2010 rose to $16,035 (11,723 euros) from $13,679 in 2009, according to the broker. Τhe figure stood at an average of $34,998 in 2008.

Shipping is a key source of income for Greece’s recession-hit economy, earning the country 14.1 billion euros in the first 11 months of last year, up from 12.2 billion in the same period a year earlier.


(ekathimerini.com)

 

[tommy271]

Pharmacies continue strike


Pharmacists throughout Greece will continue strike action, remaining closed on Thursday and Friday in protest against government plans to liberalise their profession and accumulated social insurance fund debts to pharmacies amounting to 400 million euro.

Also on strike on Wednesday and Thursday are the Greek railways OSE and the Proastiako railway line to the airport, though all other public transport will be running normally.

Meanwhile, the civil servants' union federation ADEDY on Wednesday announced its decision to join a 24-hour general strike planned on February 23 by the private-sector umbrella trade union group, the General Confederation of Employees of Greece (GSEE).

This will make the February 23 strike a nationwide general strike involving both the public and private sectors. ADEDY has converted a 24-hour public-sector strike originally planned for February 10 to a three-hour work stoppage on that day.

(ana.gr)

***
Liberalizzazione delle professioni.

 

[tommy271]

Arriva oggi ad Atene la delegazione della "Troika" che dovrà dare il proprio assenso al rilascio della quarta tranche.

Al centro delle discussioni i provvedimenti in merito alla liberalizzazione del lavoro, dei servizi pubblici, le assicurazioni e gli ordini professionali.

Si prenderanno poi in considerazione le nuove misure per il periodo 2012-2014, finalizzate al risparmio di ulteriori 12 MLD.

 

[tommy271]

Apertura positiva, questa mattina, per la Borsa di Atene che si porta intorno a 1575 punti con un + 0,51.
Maggiori spinte, invece, verso l'allargamento degli spread sui nostri GGB:intorno a 840 punti base, sulla scia di una pressione che coinvolge i Periferici.

 

[tommy271]

DAVOS: Soros: Euro Crisis Could Lead To Disintegration Of EU



By Paul Hannon
Of DOW JONES NEWSWIRES



LONDON (Dow Jones)--The euro zone's fiscal crisis could eventually lead to the disintegration of the European Union, billionaire investor and philanthropist George Soros said Thursday in an interview with BBC Radio from Davos, Switzerland.

Soros said that while "the euro crisis is on the way to being solved" through closer cooperation on fiscal policy and the establishment of a permanent emergency support fund, the political consequences of the crisis could be more long-lasting.

In particular, countries such as Greece and Ireland that must repay huge debts are likely to grow much more slowly than other parts of the currency area.

"You now have two Europes, the haves and the have-nots," Soros said. "You will have a two-speed Europe and that isn't politically sustainable. There is a real danger that the common currency could lead to the political disturbance of the EU. The crisis could inflict such hardship on slow-speed Europe that it may lead to disintegration."

Soros said the agreements to provide help to Greece and Ireland are "flawed" because they do nothing to reduce the size of their debts. Irish voters want to see the debts of the nation's banks rescheduled, but Soros said that would damage banks in France and Germany, which own those bonds.

"The existing debt will be left as a burden on the debtor countries," Soros said. "You already have Ireland wanting to renege on that agreement because it is very unjust."

***
Chissà quale sarà il posizionamento di Soros ... long?

 

[tommy271]

Spread e cds periferia allargano su Belgio e rating Giappone

giovedì 27 gennaio 2011 10:22



LONDRA, 27 gennaio (Reuters) - Spread e credit default swap in allargamento sul debito periferico questa mattina, a causa dell'effetto combinato del taglio del rating giapponese e della persistente crisi politica in Belgio.
Lo spread Belgio-Germania, su piattaforma Tradeweb BE10YT=TWEB DE10YT=TWEB passa a 106 punti base dai 100 di ieri in chiusura; il differenziale italiano IT10YT=TWEB DE10YT=TWEB si è spinto fino a 166 punti base dai 161 di ieri, quello irlandese IE10YT=TWEB DE10YT=TWEB a 592 pb (+15 pb su ieri).
S&P ha ridotto stamane il rating del Giappone ad AA- da AA, pur con un outlook stabile.
"Il Giappone è la terza economia mondiale e la notizia avrà un effetto sugli spread per tutta la giornata" commenta Gavan Nolan di Markit.
In rialzo anche i cds: +9 pb a 198 per l'Italia, +8 pb per l'Irlanda, +5 pb per la Spagna, +11 pb per il Belgio. Sale anche il cds francese (+3 pb a quota 99), nonostante la tripla A del paese. Sul fronte belga, nuovo stop alle trattative per la formazione del nuovo governo, a ormai sette mesi dalle elezioni politiche.


***
Un'occhiata in giro ...

 

[tommy271]

DB: New Taxation Positive For ASE



Deutsche Bank said that development from the new tax regime has been positive. The new tax bill takes the tax on non distributed profits to 20% in 2011 from 24% under the previous regime, according to a statement.

The dividend tax of 40% on distributed profits, now replaced with a withholding tax of 25%, is of greater importance. “We deem this positive for Greek corporates since under the new status the dividend tax will not be ΄paid΄ by the corporate ‐ it will not create a tax liability”, says the Bank’s report.

The Bank estimates that there will be an expansion of earnings and cash flows. The impact will be more profound for companies paying a larger proportion of earnings as dividends (including OPAP, PPC, Motor Oil, OTE and CocaCola Hellenic), as well as corporates with lucrative assets paying dividends to the parent company.

Despite the fact that some foreign institutional investors appear indifferent in the wake of the new tax changes and actual dividend received, “it is definitely a positive for the market”, says Deutsche Bank.

It also looks positive for the real economy in light of the recessionary environment, says the Bank.

Based on its calculations, this would imply an earnings uplift of 14%. Higher dividend payout companies (80% of earnings) would see their PE reduce by 3.0x, implying an earnings uplift of 27%.

“The market is up 10.5% ytd and should head higher on the back of such news flow”.

The names that should benefit most from the new tax bill include OPAP and Motor Oil, according to Deutsche Bank.

(capital.gr)

 

[tommy271]

Support for eurobond issue


Main opposition New Democracy (ND) leader Antonis Samaras on Wednesday expressed his clear support over the issuing of a eurobond, saying it would offer stability and would allow a country to repay its debt.

Addressing an extraordinary board meeting of the Athens Chamber of Commerce and Industry (EBEA), the main opposition leader stressed that long-term austerity solutions do not yield results and said he would soon meet with European Central Bank’s president Jean-Claude Trichet to request higher liquidity “or else the risks will be huge”.

Samaras also criticized the government for its economic policy saying 2011 would be a year of harsh austerity, unemployment and business closures and reiterated his view that the memorandum, signed with the EU and the IMF, was not “an one-way road” and it was not offering solutions, “something they have accepted also”.

(ana.gr)