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

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Lipsky: Loans To Greece And Ireland Had No Guarantee Of Success



International Monetary Fund’s John Lipsky said that the loans to Greece and Ireland had “no guarantee of success” and that restructuring of debt would not be without cost, according to Financial Times.

“There is no getting around that. That is why the measures were implemented”, said the first deputy managing director of the Fund.

His words of caution on the likely resolution of the eurozone sovereign debt crisis contrasted with displays of confidence from European leaders and bankers at the World Economic Forum.

Christine Lagarde, French finance minister, said: “I think the eurozone has turned the corner . . . Let’s not short Europe and let’s not short the eurozone.”

Lipsky agreed with most leaders that the world economy was most likely to have a good 2011, but added that the good news was tempered by strains in both advanced and emerging economies, according to Financial Times.

“Advanced economy growth is not fast enough to meet goals of a reduction in spare capacity and rapidly falling unemployment, and major emerging economies that are growing rapidly are starting to show incipient signs of overheating.”

“In any case, there had been little alternative to the lending programmes at the time, because the crisis was so great. “Those voices calling for debt restructuring often make it sound as if it was a costless option,” Lipsky added.

Regarding EU and IMF loans’ efficiency, he said it was difficult to say because “there are so many variables. The emphasis is on the authorities’ efforts to put their economic and financial houses in order in a difficult situation.”

(capital.gr)
 
First Entrance In The Labour Market At 22



Hellenic Statistical Authority said on Monday that the first entrance in the labour market takes place relatively late and most of young people found a first job as employees.

Moreover, till the age of 22, the percentage of persons who had a work experience does not exceed 50%. Even at the age of 25, 20% of the respondents had no work experience, according to the statistics agency.

According to the survey on the entrance of young people into the labour market, most of young people found a first job as employees. For the majority, the first job was a temporary, full time job (40.5%), while a considerable percentage of them (11.4%) found a part time job – either permanent or temporary.

27.9% of the respondents found a job one year after the completion of their studies. A significant part of the respondents (30.7%) reported that they found a job four or more years after they had stopped formal education.

27.4% of persons reported that they had been working during their studies (either interrupting them or working and studying at the same time)

The mean duration of the first job is 46.5 months. It is longer for males (49.35 months) and for persons having completed secondary education (47.71 months).

The comparison of respondent’s educational level with parental educational level shows that when both parents are born in Greece, almost half of the respondents have higher educational level than their parents (49.9%). In the contrary, when one or both parents are born abroad, the percentage of persons with higher educational level than their parents is considerably lower (29.4% and 20.8%, respectively).

Note that the percentage of persons with lower educational level than their parents is rather significant for persons with one or both parents born abroad (20.4% and 12.4% respectively), while this percentage is only 6.4% for persons with both parents born in Greece.

(capital.gr)
 
Euro zone must focus on budget discipline -Austria-UPDATE 1


* Finance minister against discussion of Greek rescheduling
* Enough room in rescue fund as it is - Proell
* Sends wrong signal to make it too easy on debt-laden lands

(Adds quotes and background)


VIENNA, Jan 31 (Reuters) - Europe's safety net for member states with fiscal problems has worked well but the focus now should be on budget discipline, Austria's finance minister Josef Proell said on Monday.

"The question of stabilising these economies and countries is not to be done by organising detour rules but rather via maximum budget and fiscal discipline in these economies," he told a news conference on Austria's budget figures. Proell's governing coalition partner Chancellor Werner Faymann said on Friday that euro zone countries must agree as soon as possible on boosting the capacity of the European Financial Stability Fund.

But Proell took a harder line, saying it would send the wrong signal to make funding available too easily to countries struggling with their debt.

His comments came as support grew in the euro zone for giving Greece more time to pay back its EU bailout to avoid default and ease the worst-indebted EU state's debt burden.

"The rescue fund has gained traction. We have enough room in the rescue fund to help. It has worked. As far as the question of Greece goes I am absolutely ready to discuss various models but I don't share the view of all that has been put out there about discussing a premature debt restructuring."

Greece has made great strides towards improving state finances with politically unpopular measures, he said, adding: "We shouldn't play what-if games".

Proell sent jitters around European markets in November when he suggested Austria could hold back its contribution to the EU's aid package for Greece unless it fulfilled its promises to get its finances in order.
 
Non ho il coraggio di guardare il book oggi sui nostri TdS ma la notizia che i tedeschi appoggerebbero un allungamento delle scadenze di ben 30 anni (era sul 24ore) mi ha ulteriormente intimorito. Oramai sembra che una soluzione sia prossima a trovarsi; oramai molti si espongono per una decisione conclusiva a marzo. Questo stillicidio ha i giorni contati... in un modo o nell'altro siamo alla svolta finale, credo.

Nel frattempo, per chi ha un quadro d'insieme più imparziale, qual'è lo scenario più probabile?

fatti il coraggio a 2 mani che per ora non è successo nulla - almeno alle mie
 
EURO GOVT-Greek spreads tighter on loan extension talk



LONDON | Mon Jan 31, 2011 8:44am EST



LONDON Jan 31 (Reuters) - The premium investors demand to hold 10-year Greek bonds over German benchmarks fell on Monday on talk of growing support in the euro zone for giving Greece more time to pay back its European Union bailout to avoid default.

The 10-year Greek/German government bond yield spread tightened seven basis points on the day to 826 bps. Equivalent Portuguese, Spanish and Italian spreads were also tighter.

"It's all this talk of extending bailout loans to Greece, it's massively supportive even though it's only a rumour at the moment," a trader said. "People think there's no smoke without fire."

German Finance Minister Wolfgang Schaeuble did not rule out a radical reprofiling of Greek debt in a television interview broadcast on Sunday evening.

This followed a Reuters report on Friday that German central bank chief Axel Weber, frontrunner to be the next president of the European Central Bank, has suggested transforming international rescue lending to Greece and Ireland into 30-year loans in a bid to draw a line under the euro area's debt crisis.
 
Non ho il coraggio di guardare il book oggi sui nostri TdS ma la notizia che i tedeschi appoggerebbero un allungamento delle scadenze di ben 30 anni (era sul 24ore) mi ha ulteriormente intimorito. Oramai sembra che una soluzione sia prossima a trovarsi; oramai molti si espongono per una decisione conclusiva a marzo. Questo stillicidio ha i giorni contati... in un modo o nell'altro siamo alla svolta finale, credo.

Nel frattempo, per chi ha un quadro d'insieme più imparziale, qual'è lo scenario più probabile?

E' solo sui prestiti della troika ... non sui bond ;).
 
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