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

[tommy271]

Germany Asmussen: Might Review EFSF Size And Scope



FRANKFURT (MNI) - The size and scope of the European Financial Stability Facility may be reviewed as part of a comprehensive anti-crisis package Eurozone governments are currently fleshing out, German Deputy Finance Minister Joerg Asmussen said on Wednesday.

"No decision on the size of the European Financial Stability Facility has been made as yet," Asmussen said in an interview with CNBC. Germany had been seen resisting an enlargement of the fund.

"We always said that we will do whatever necessary to defend the stability of the Eurozone as a whole. This might include reviewing the scope and size of the EFSF," Asmussen noted.

However, he said that "solidarity is not a one way street" and that Germany would require something from its European partners as well. "We need concrete measures from countries concerned to have more fiscal solidity," he said.

In a speech at a capital market forum in Frankfurt, Asmussen said that the package, to be decided on in March, must include a strengthening of the Stability and Growth Pact and improvement in surveillance mechanisms.

Asmussen reminded that less than 10% of the EFSF's funds have been used up so far and recent market developments do not necessarily suggest that more may be needed.
Germany maintains "a clear no" on the topic of a common Eurozone bond, Asmussen reiterated.

He noted that the comprehensive package leaders are working on "improves our short-term crisis management instruments, gives a clear design to the European Stability Mechanism that will come into place in 2013 and [will provide] improved, enhanced policy coordination."

As a result of recent political progress, "the market sentiment at least towards the euro has shifted in the last week" and the sentiment on Eurozone government debt has also improved, Asmussen told CNBC.

Still, in his speech he warned that the recent calm in financial markets will only be sustained if Eurozone governments push ahead with reform and consolidation efforts. Greece and Ireland must strictly enforce programs, Asmussen stressed.

Asked about the upcoming round of bank stress tests, Asmussen said they must be improved and should include government bond holdings. He also said that market pressure will ensure that the test results will be published.
Asmussen cited three key risks to financial markets, including a negative feedback loop between public debt, weak banks and the real economy; a persistent period low interest rates; and excessive capital flows to emerging economies.


(imarketnews.com)

 

[tommy271]

aste odierne del portogallo andate molto bene

Portogallo. Ha avuto ottima accoglienza l'asta di titoli a breve termine. Collocati 455 milioni di euro con scadenza a 6 mesi al 2,984% dal precedente 3,686%, le richieste sono state pari a 4,8 volte l'offerta. Collocati anche 800 milioni di euro con scadenza a 12 mesi al 3,71% dal precedente 4,029%, le richieste sono state pari a 2,6 volte l'offerta.

Sono andate molto bene.
Ora aspettiamo le nostre sui GGB per il prossimo martedì...

 

[tommy271]

Grecia: settimana calda causa scioperi

Paralisi dei trasporti pubblici, i medici incrociano le braccia

02 febbraio, 10:49




(ANSA) - ATENE, 2 FEB - Nuovo black out nel traffico di Atene a causa della decisione dei lavoratori del settore trasporti pubblici di intensificare le loro mobilitazioni contro il piano di risanamento del settore che deve essere approvato dal Parlamento. Le agitazioni coordinate di oggi riguardano tutti i mezzi, salvo il tram. Protestano anche i passeggeri contro l'aumento del prezzo dei biglietti. Bloccate le macchine di vidimazione in alcune stazioni. Continua, infine, lo sciopero dei medici.

 

[tommy271]

Greek 'haircut' may be unavoidable, experts say



L'articolo completo:Greek 'haircut' may be unavoidable, experts say | Business | Deutsche Welle | 02.02.2011


Buy-back plans also on the table

More often, however, talk is of a plan to give Greece funds from the EFSF, the financial safety net put together by the eurozone, to buy back its own debt with the aid of a low-interest loan. The German business daily Handelsblatt has reported that Chancellor Angela Merkel's government is not opposed to such a move, as it would decrease Greece's overall debt.

Figge added that such a prospect would also be interesting for investors. "It would give market participants who feel they can no longer afford the risk of holding onto their bonds the chance to sell them," she said.

But she added that there are also risks associated with this strategy. The moment that market participants know that a big player – either the Greek state or the bailout fund – is buying bonds, their value would go up. It's exactly for this reason that Commerzbank Euorpe expert Christoph Weil is skeptical that a voluntary haircut will work.

"You could assume that market value would increase by 10 percent, and then further assume that not everyone will sell, because some investors will of course continue to expect a 100 percent return," Weil told Deutsche Welle.

The result would be a smaller percentage of actual debt relief, although Weil added that whether Greece's deficit is 150 percent or 142 percent is of little consequence. And what of a forced debt restructuring in lieu of a voluntary haircut? That could take the form of either an extended payback period, or a value decrease. But Commmerzbank Europe expert Weil says such a move is to be avoided, as it would have so many negative effects.

"You couldn't rule out a loss of trust, as was the case after the collapse of Lehman Brothers," he said. "It would be a global shock that would once again affect the whole world and probably put us all back in recession."

Instead, Weil proposes another solution.

"Give Greece unlimited credit via the EFSF. The loans would currently cost 6 percent, and the program that Greece has embarked on until 2013 could be extended indefinitely."

 

[tommy271]

Traffic chaos, problems as strikes continue


Traffic chaos descended on Athens on Wednesday as public transport workers in buses, metro and electric railway continued strike action for the second consecutive day. Despite court orders declaring the strikes illegal, trade unionists said they were determined to escalate strike action until a draft bill reorganising the public transport sector comes to Parliament in 15 days time.

Workers in the Athens metro defied a court order to end their strike, which had been declared illegal in a ruling on Monday, picketing key stations to ensure the strike was not broken.

The only public transport running on Wednesday were the tram and Proastiakos railway line, producing gridlock on all major Athens roads.

Public transport staff accuse the transport ministry of not conducting true dialogue on the proposed reforms and stressed that they were also fighting against an excessive increase in fares, which jumped from 28 to 80 percent as of February 1. The breakdown in talks ensued when the ministry went ahead and tabled the draft bill in Parliament, virtually unchanged, while talks with the unions were still continuing.

The government has so far proved reluctant to resort to civil mobilisation measures used to break strikes by lorry drivers and dock workers in the summer.

Apart from public transport staff, doctors in state hospitals and social insurance fund health centres are also escalating protest and strike action. Doctors were continuing an occupation of the health ministry on Wednesday in protest against proposed health sector reforms, while hospital doctors announced a last-minute 24-hour strike.

Social Insurance Foundation (IKA) doctors are also on strike until Friday, causing major disruption for IKA insured, while pharmacists intend to shut their pharmacies once again on Friday and next Monday.

(ana.gr)

 

[frmaoro]

(ASCA) - Roma, 2 feb - La Germania e' pronta a ridiscutere le risorse e gli scopi assegnati al fondo europeo salva-stati (EFSF). Lo ha detto oggi il vice ministro delle finanze tedesco Joerg Asmussen in una intervista alla rete televisiva Cnbc. Parlando della riforma del fondo salva-stati, Asmussen ha detto che verra' fatto ''tutto cio' che sara' necessario per difendere la stabilita' dell'Eurozona. Questo processo potrebbe includere la revisione degli scopi e delle risorse assegnate all'Efsf''. Attualmente il fondo dispone di 440 miliardi di euro di fidejuissioni statali con cui procede all'emissione di obbligazioni, con rating tripla AAA. I fondi raccolti servono per aiutare i paesi dell'Eurozona che, a causa della sfiducia degli investitori privati, non hanno piu' la possibilita' di finanziare il loro debito pubblico con l'emissione di titoli di stato a medio e lungo termine. Il collocamento del primo bond Efsf da cinque miliardi con scadenza quinquennale si e' chiuso con pieno successo. Diversi paesi dell'Eurozona hanno chiesto di aumentare le risorse del fondo scontrandosi, almeno finora, con la decisa opposizione di Berlino. Poi sono arrivate anche le prese di posizione del presidente della Bce, Jean-Cluade Trichet, e del ministro delle finanze della Francia, Christine Lagarde. Il primo ha chiesto che il fondo salva-stati compri i titoli di stato dei paesi in crisi sostituendosi alla Bce. Uno shopping costato alla Bce 76,5 miliardi di euro. Anche il ministro Lagarde ha aperto a questa possibilita'. La svolta di Berlino sul fondo salva-stati viene interpretata da alcuni osservatori come il prezzo richiesto alla Germania per avere via libera alla candidatura di Axel Weber, presidente della Bundesbank, alla successione di Jean-Claude Trichet sullo scranno piu' alto dell'Eurotower. Il mandato di Trichet scade a fine ottobre, il suo successore dovrebbe pero' essere designato dal Consiglio Europeo entro l'inizio dell'estate. La candidatura dovra' poi ricevere il placet del Parlamento europeo e del Consigli direttivo della Bce

 

[tommy271]

Plan to preserve jobs


(ANA-MPA) -- Establishment of a social economy fund was the focus of a meeting on Tuesday at the Maximos Mansion, chaired by PM George Papandreou.

Labour & Social Insurances Minister Louka Katseli presented the proposal,which primarily aims to combat unemployment by subsidising entrepreneurship. Another goal is to extend the tourism season in the country, thereby boosting tourism sector-related businesses.

Additionally, the initiative envisions greater incentives to preserve existing jobs spots in areas with high unemployment.

In later statements, Papandreou appeared optimistic over the economic prospects of both Greece and Europe, adding that Athens reversed the perception of "Greece being the only problem of Europe to now being an active part of the solution".

(ana.gr)

 

[tommy271]

Nel primo pomeriggio la Borsa di Atene ritraccia un poco dopo la notevole risalita di questi giorni: attualmente a 1660 punti -0,17%.

Spread/bund intorno a 770 punti base.

 

[tommy271]

Efsf, decisione europea a marzo - portavoce Parigi

mercoledì 2 febbraio 2011 12:54



PARIGI, 2 febbraio (Reuters) - Verrà presa il mese prossimo in sede europea la decisione definitiva di eventuali modifiche da apportare al Fondo europeo per la stabilità finanziaria Efsf. Lo annuncia il portavoce dell'esecutivo francese.
François Baroin precisa così che sul tema non si vedrà alcuna accelerazione dei tempi, aggiungendo che delle proposte tedesche di modifica del fondo discuterà il consiglio Ue di venerdì prossimo a Bruxelles.

 

[tommy271]

Germania, acquisto bond da Efsf non è buona idea - funzionario

mercoledì 2 febbraio 2011 13:34



BERLINO, 2 febbraio (Reuters) - Permettere al meccanismo di salvataggio dell'Europa di acquistare debito sovrano dei membri della zona euro non è nell'interesse della Germania e neanche un'opzione pratica, ha detto un funzionario tedesco.
"Non è nel nostro interesse che l'Efsf possa acquistare bond" ha detto durante un briefing a Berlino il funzionario che ha chiesto di restare anonimo.
Il funzionario ha detto che un summit Ue venerdì manderà segnali su un più forte coordinamento economico ma che non prenderà alcuna decisione sul rafforzamento del meccanismo di salvataggio noto come Efsf.
La fonte ha inoltre precisato che ad oggi non c'è consenso fra i membri sulla capacità e l'utilizzo del meccanismo di salvataggio.