Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (4 lettori)

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tommy271

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Παπανδρέου: «Οδικός χάρτης" για έξοδο από το πρόβλημα του χρέους


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Ο πρωθυπουργός τόνισε σε παρέμβασή του σε συζήτηση στο Νταβός, ότι η χώρα θα επιστρέψει την ανάπτυξη το 2012 και θα βγει στις αγορές το 2011.

Δεν κινούμαστε προς την κατεύθυνση της αναδιάρθρωσης του χρέους, τόνισε ο πρωθυπουργός Γιώργος Παπανδρέου, απαντώντας σε ερώτηση του Βρετανού συντονιστή της συζήτησης στο Νταβός, δημοσιογράφου των «Financial Times» Λάιονελ Μπάρμπερ.
Ο κ. Παπανδρέου αναγνώρισε πάντως ότι πολλοί συζητούν για το θέμα αυτό, ωστόσο απέκλεισε ένα τέτοιο ενδεχόμενο. «Έχουμε οδικό χάρτη για να βγούμε από το πρόβλημα του χρέους», τόνισε ο κ. Παπανδρέου, προσθέτοντας ότι κάνουμε ό,τι είναι απαραίτητο όπως για παράδειγμα πολύ δύσκολες και επώδυνες αλλαγές. Και ανέφερε χαρακτηριστικά την προσπάθεια μείωσης του ελλείμματος το οποίο μειώθηκε περισσότερο από ότι είχε αρχικά υπολογιστεί, ενώ το επόμενο έτος θα μειωθεί άλλες δύο μονάδες.
Είμαστε στο δρόμο της ανάπτυξης, ανέφερε επίσης ο πρωθυπουργός για το 2012 όπως και για την ανάκτηση της εμπιστοσύνης στις αγορές, στις οποίες δεν απέκλεισε η Ελλάδα να απευθυνθεί στο τέλος του 2011. Είμαστε σε έναν πολύ σημαντικό δρόμο αλλαγών, συμπλήρωσε, και ο μηχανισμός στήριξης μας βοήθησε αλλά δεν αρκεί, για να τονίσει ακολούθως ότι χρειαζόμαστε ένα δυνατό και ευέλικτο μηχανισμό.
Ο κ. Παπανδρέου επεσήμανε ότι υπάρχουν πολλά εργαλεία, όπως τα ευρωομόλογα για τα οποία γίνεται συζήτηση ή η επιμήκυνση αποπληρωμής του δανείου των 110 δισ. για να μετριαστούν οι φόβοι των αγορών. Έχουμε πάρει την απόφαση για να πετύχουμε, τόνισε συμπληρώνοντας ότι η συζήτηση για την επιμήκυνση αφορά στους πόρους με βάση τους οποίους θα γίνει και εκφράζοντας τη βεβαιότητα ότι όλα αυτά θα αποβούν θετικά.
Ο πρωθυπουργός σημείωσε ότι πρέπει να δούμε και γενικότερα την ανάπτυξη στην Ευρώπη αλλά και μεθόδους για να επιφέρουμε την πράσινη ανάπτυξη. Αναφέρθηκε και στο μοντέλο ανάπτυξης που υπάρχει σήμερα στο οποίο, όπως τόνισε, κυριαρχούν οι χαμηλές αμοιβές και παράλληλα ενώ βλέπουμε την εργατική τάξη να συμπιέζεται, όσοι βρίσκονται στα πιο ψηλά στρώματα γίνονται ακόμα πλουσιότεροι. Γι΄ αυτό, πρόσθεσε ότι είναι σημαντικό να συζητήσουμε για την ισότητα αλλά και γιατί το κοινωνικό αυτό μοντέλο παράγει πολύ λαϊκισμό και αυξάνει τα φαινόμενα λαϊκισμού και φονταμενταλισμού. Η Ευρώπη, κατέληξε ο κ. Παπανδρέου, πρέπει να επενδύσει σημαντικά στην πράσινη ανάπτυξη και τις υποδομές.
Λίγο πριν αρχίσει η συζήτηση ο κ. Παπανδρέου είχε κατ΄ ιδίαν συνάντηση και συζήτηση με τον αντιπρόεδρο της βρετανικής κυβέρνησης Νικ Κλεγκ με τον οποίο συζήτησαν και την κατάσταση στην ευρωζώνη, την οικονομική κρίση, την ελληνική και τη βρετανική οικονομία αλλά και τις σχέσεις της Μ. Βρετανίας με την ευρωζώνη.
«Ευρωπαϊκό Περιφερειακό Φόρουμ» πρότεινε ο Παπανδρέου
Συνάντηση με τον πρόεδρο και ιδρυτή του Παγκόσμιου Οικονομικού Φόρουμ, Κλάους Σβάμπ, είχε σήμερα το απόγευμα στο Νταβός ο Πρωθυπουργός Γιώργος Παπανδρέου. Ο κ. Σβάμπ εξέφρασε τον θαυμασμό του στον Έλληνα Πρωθυπουργό, για τις προσπάθειες του ίδιου, της κυβέρνησης και του ελληνικού λαού.
Τα θέματα της συζήτησης αφορούσαν στο Φόρουμ και στην ελληνική οικονομία. Ο κ. Παπανδρέου διατύπωσε την ιδέα της διοργάνωσης ενός Ευρωπαϊκού Περιφερειακού Φόρουμ, το οποίο θα μπορούσε να διεξαχθεί στην Ελλάδα.
Η ανταπόκριση του κ. Σβάμπ ήταν κατ΄ αρχήν θετική, αλλά θα γίνει διερεύνηση για το αν και πότε μπορεί να διοργανωθεί το Φόρουμ που πρότεινε ο κ. Παπανδρέου.


kathimerini.gr με πληροφορίες από ΑΠΕ-ΜΠΕ


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La posizione di Papandreou esposta a Davos, secondo i media ellenici.
 

tommy271

Forumer storico
Eurozone CDSs widen, but no loss of market confidence, says Fitch

Published online only
Author: Ned Molloy
Source: Risk magazine | 27 Jan 2011


Credit default swap (CDS) spreads on Ireland narrowed one basis point today to 631bp, while spreads on Greece narrowed from 938bp to 880bp, according to data provider Markit.

However, CDS spreads on Portugal, Italy, Spain and Belgium all rose today. Spreads on Portugal increased from 453bp at close of play yesterday to 462bp at 1.00 pm today. CDS spreads on Italy were up at 193bp at 1.00 pm, from 188bp yesterday.

Spain's CDS spreads rose from 269bp to 277bp over the same period, after the economy minister's announcement on January 24 that the government would assist banks that failed to reach an 8% core Tier I capital ratio by September.
CDS spreads on Belgium jumped from 174bp to 183bp, but remained well below their all-time high of 253bp reached on January 10.

"There's still a healthy amount of scepticism in the markets over the ability of individual European monetary union countries to provide support to their financial systems," says Diana Allmendinger, a Fitch Solutions analyst.

Meanwhile, the cost of insuring against an Egyptian default continued to rise, as protestors took to the streets for another day. CDS spreads on the sovereign increased from 356bp at close of play yesterday to 384bp as of 1.00 pm. :)lol:)

In a research note released today, Fitch said the volatility in spreads on European Monetary Union countries did not imply a lack of confidence in the eurozone itself.

"The relative stability of EMU corporate spreads and liquidity suggests that, at the macro level, the CDS market continues to have faith in EMU countries," wrote Jonathan Di Giambattista, the managing director for risk and performance analytics at Fitch Solutions in New York. "If this were not the case, corporate spreads and liquidity would be affected to a much larger extent."

Instead, the report highlighted a lack of certainty over future debt market conditions and inter-sovereign support in Europe as the likely cause.

"This uncertainty is likely to persist until the European Monetary Union solidifies its position on financial bail-outs and regulatory reform for its weaker members," wrote Allmendinger.

Although CDS spreads on eurozone peripheral sovereigns remain high, they have all narrowed since their highs around the new year.

"We definitely started to see some tightening since the start of the year, across the whole eurozone," says Allmendinger. "The markets might be renewing some confidence based on the talks that have been going on, further bail-out conversations. The oversubscribed European Financial Stability Fund bond that went out earlier this week probably renewed some confidence as well for the EMU countries.


Read more: Eurozone CDSs widen, but no loss of market confidence, says Fitch - Risk.net
 

tommy271

Forumer storico
Sul mercato tedesco è apparso in quotazione il primo bond emesso dall'EFSF la scorsa settimana.
La cedola è del 2,75, scadenza 18.07.2016, ISIN EU000A1G0AA6.
Lettera a 99,21/ denaro a 99,26.

Un'alternativa a BEI.
 

tommy271

Forumer storico
Qui trovate un bel grafico con le esposizioni dei principali prestatori verso la Grecia (aggiornato a settembre 2010). Trovate anche la situazione su tutti i paesi UE, basta che vi posizionate sopra la nazione:

EZ_XPBNK0111.swf
 

tommy271

Forumer storico
Altra giornata interlocutoria sugli spread, in assenza di news i nostri ellenici tendono ad allargare. La situazione rimane però stabile mentre la Borsa di Atene consolida importanti risultati.
Analogamente si muove il resto dei Periferici più a "rischio", l'attesa è rivolta verso il ruolo che potrà avere il EFSF.
Oggi in Italia è attesa un'importante tornata di aste.

Grecia 825 pb. (823)
Irlanda 590 pb. (591)
Portogallo 387 pb. (380)
Spagna 228 pb. (225)
Italia 160 pb. (160)
Belgio 111 pb. (110)
 

tommy271

Forumer storico
DAVOS-Greek finmin: discussing buying back bonds below par



DAVOS, Switzerland | Fri Jan 28, 2011 2:19am EST



DAVOS, Switzerland Jan 28 (Reuters) - Greek Finance Minister George Papaconstantinou said on Friday that the idea of buying back the country's government bonds below par deserves some discussion.

Asked about buying back Greece's bonds below par, Papaconstantinou said: "To do that you need money and so it is one of the ideas that is being discussed, not officially... It's an idea that that deserves some discussion, like others."

He said Greece's comprehensive debt reduction package in the next couple of months will help improve market sentiment.
"This will allow us during the course of the year, perhaps towards the end of the year, to come back with a longer issuance," Papaconstantinou told told Reuters Insider television at the World Economic Forum in Davos.

He added the European rescue fund should have more firing power and flexibility.
Greece became the first euro zone country to receive an EU/IMF bailout last May, receiving 110 billion euros in loans after it was forced out of capital markets due to its massive government debt and budget deficit.

Athens reduced its public deficit from 15.4 percent to 9.4 percent of gross domestic product last year under a closely supervised austerity programme intended to reduce budget gap to below the EU limit of 3 percent of GDP in 2014.
Euro zone ministers are discussing ways of boosting their rescue fund for member states in difficulty and making it more flexible to draw a line under a rolling debt crisis.

Greece's public debt stands at 145 percent of GDP and is projected to peak at 158 percent in 2013, according to EU and IMF forecasts, a level which many in the financial markets say is unsustainable.

Athens is seeking an extension of the three-year maturity of its bailout loans and reduction in the interest rate. Ministers are also considering a possible buy-back scheme to enable Greece to purchase its own bonds at the heavily discounted secondary market price and retire them to reduce its debt pile.

European Union leaders are expected to reach a package deal in late March on reforming the rescue fund, conducting new, tougher bank stress tests, tightening fiscal discipline and improving economic policy coordination in the euro zone.
For full coverage, blogs and TV from Davos go to World Economic Forum Annual Meeting in Davos-Klosters, Switzerland | Reuters.com
 

tommy271

Forumer storico
G. Papandreou: We are one of the most transparent countries in the world

28. January 2011. | 09:22


The Greek problem is more a problem of governance and a lack of transparency, Prime Minister George Papandreou said on Thursday.
In his opening address during a discussion on economic reforms in the European Union, the Greek premier said a year ago people asked if Greece would default.

"We took all measures with responsibility, we did our duty. We emphasised full transparency and already we are one of the most transparent countries in the world. We cut the deficit by 6.0 pct, resolved the pension problem and are opening up closed professions. But markets have not reacted yet," Papandreou said.

He noted that financial system should be more transparent and added that the necessary tools are needed to calm markets.

Commenting on the European Financial Support Fund (EFSF), Papandreou said it should be robust and flexible. Europe is currently debating financial governance, equality and common values, he said, adding that Europe was a large and peaceful project. "We want Europe to be a model of governance and green growth," he added.

Meanwhile, on the sidelines of the eponymous World Economic Forum in the Swiss resort of Davos, Papandreou met with the forum's president and founder, Klaus Schwab. The latter reportedly praised the Greek PM and people's efforts over the recent period.


(ana.gr)
 

tommy271

Forumer storico
Troika experts begin latest inspection



(ANA-MPA) -- Α "troika" group of experts on Thursday began their regular inspection of the Greek economy, ahead of a decision to approve payment of the fourth tranche of a loan, worth 15 billion euros, to the country next month.


The troika experts visited the finance ministry and will visit the Hellenic Statistical Authority, the Bank of Greece and government ministries related with the memorandum.


The troika heads are expected to arrive in Athens next Monday. The inspection will focus on ratifying a revised memorandum and specifying measures, worth 12.77 billion euros, needed for the period 2012-2014. These measures will be published in the next few weeks, as part of a Stability Programme to be submitted with the European Commission and to become a law of the state by the end of April.

(ana.gr)
 

AAAA47

Forumer storico
Grecia può discutere buyback titoli Stato sotto la pari - minFin

Reuters - 28/01/2011 09:33:52



DAVOS, 28 gennaio (Reuters) - Il responsabile alle Finanze greco George Papaconstantinou ritiene vada la pena per lo meno di discutere dell'ipotesi di riacquistare titoli di Stato al di sotto della pari.

"Per farlo servono soldi, dunque è una delle idee di cui si discute, non ufficialmente... è un'ipotesi che merita di essere dicussa, come le altre" risponde alla domada specifica sulla possibilità di buyback sotto la pari.

Secondo il ministro, il piano onnicompensivo di riduzione del debito contribuirà a migliorare il clima di fiducia dei mercati nel corso dei prossimi mesi.

"Questo ci consentirà nel corso dell'anno, forse verso la fine, di tornare a offrire emissioni a lunga scadenza" spiega in un'intervista a 'Reuters Insider' a margione del World Economic Forum di Davos.

Secondo Papaconstantinou, che ribadisce come Atene non stia pensando a una ristrutturazione del debito, il fondo europeo di stabilità dovrebbe comunque avere maggiori possibilità di intervento e più flessibilità.

A maggio dell'anno scorso la Grecia è stato il primo paese della zona euro a ricevere aiuti finanziari da Ue e Fondo monetario internazionale, ottenendo 110 miliardi di euro in considerazione dei costi eccessivamente elevati raggiunti dalla raccolta sul mercato dei capitali.

Seguendo un rigido programma di austerità mirato a riportare il disavanzo entro il paletto Ue del 3% del Pil nel 2014, Atene è riuscita l'anno scorso a ridurre il deficit a 9,4% del prodotto interno lordo rispetto al 15,4% del 2009.
 
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