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

[METHOS]

CRISI: TRICHET, BCE CONTRARIA A RISTRUTTURAZIONE DEBITI PUBBLICI


(ASCA) - Roma, 7 feb - La Bce rimane contraria a qualsiasi ipotesi di ristrutturazione del debito pubblico dei paesi che hanno richiesto l'aiuto finanziario dell'Unione Europea e del Fondo Monetario Internazionale, cioe' Grecia e Irlanda.

Nella sua audizione al parlamento europeo, il presidente della Bce, Jean Cluade Trichet, ha spiegato che ''un taglio (haircut)'' al valore di rimborso dei titoli di Stato di Grecia e Portogallo, che peserebbe sui possessori di queste obbligazioni, ''sarebbe un messaggio sbagliato inviato ai mercati''.

''I mercati sono formati da investitori che comprano e vendono. Quelli che comprano, generalmente risparmiatori privati, perderebbero soldi se venisse tagliato il valore di rimborso dei titoli di stato che possiedono. Quelli che vendono (generalmente investitori professionali, ndr) lo fanno invece proprio per raggiungere questo obiettivo. E' qualcosa che dobbiamo tenere in mente quando riflettiamo su un problema cosi importante'', ha proseguito Trichet.

Irlanda e Grecia ''devono solo applicare i loro programmi'' di risanamento dei conti pubblici, ''il messaggio e' molto semplice'' ha proseguito Trichet.

Trichet ha poi sottolineato come la nuova istituzione europea, quale il Comitato Europeo per i Rischi Sistemici, la cui presidenza spetta allo stesso Trichet in qualita' di numero della banca centrale euroepa, non debba essere confusa con la Bce, ''sono strettamente separate''.


****
In Italiano.

Mi sembra un discorso molto ragionevole, tradotto in parole povere con l'haircut vengono colpiti i piccoli risparmiatori che investono i propri risparmi ( e che alimentano e sostengono i debiti pubblici) e premiati i grossi speculatori (che guadagnano distruggendo i risparmi degli altri).

 

[tommy271]

Athens Airport Says 2010 Passenger Traffic Declines 5 Percent

By Natalie Weeks - Feb 8, 2011 9:17 AM GMT+0100


Athens International Airport SA said passenger traffic declined 5 percent last year as the Greek and international economic crises hurt travel budgets.

The number of people passing through Greece’s biggest airport fell to 15.4 million from 16.2 million in 2009, according to a statement posted on the company’s website. International traffic dropped 2.4 percent, while domestic arrivals and departures fell 9.4 percent.

In December, 15 percent fewer passengers passed through the airport compared with the same month in 2009 as heavy snowfall disrupted travel across Europe. The number of international travelers fell 8.1 percent to 630,095, while the number of domestic passengers was down for the ninth straight to 342,583, a 24 percent drop, the statement showed.

Athens airport is majority-owned by the Greek state and managed by German construction company Hochtief AG.
Tourism accounts for 16 percent of Greece’s gross domestic product and about one in five jobs, according to the World Travel and Tourism Council, an industry group.


(Bloomberg)

 

[tommy271]

Ticket machines disabled




Members of the 'I won't pay' movement struck in several places throughout Athens on Sunday, disabling machines used to stamp tickets in buses, trolley buses and stations throughout the metro, electric railway and tram systems.

Several ticket machines were damaged after members of the grassroots movement visited the majority of stations and poured glue into the slots so that tickets could not longer be inserted. In some cases they succeeded in removing the entire ticket machine and getting away before they could be stopped by the private security guards at the stations.

The management of public transport companies estimates that the damage is extremely extensive, since apart from the cost of replacing and repairing the machines they are also losing revenue because commuters are unable to stamp their tickets, which can then be reused.

The same movement took similar action at toll posts on highways, raising the bars so that cars could pass freely.

Members of the movement were strongly criticised by Infrastructure, Transport and Networks Minister Dimitris Reppas in an interview with the Sunday Kathimerini newspaper, who stressed that Greece would not acquire a "lawless identity" and again referred to those refusing to pay as "freeloaders".

"The reactions of those losing privileges confirm the depth of the changes we are making and presage the degree of their effectiveness," he stressed, saying the ministry was asking the citizens to act according to rules in a framework that contained both rights and obligations.

Concerning public transport strikes, Reppas said these would be an 'interval' and repeated his reluctance to resort to a civil conscription to force drivers back to work.

In the ticket system on Greek public transport, tickets are bought in advance and are inserted into a ticket machine when passengers enter the means of public transport they intend to use. The machine stamps a date and time on the ticket, thus making them valid for travel for a period of 1.5 hours.

(ana.gr)

 

[tommy271]

In attesa dell'asta i nostri GGB sono in lento allargamento, in fase negativa da ieri mattina. Ora siamo intorno a 798 pb.

L'indice ASE alla Borsa di Atene segna 1659 punti con un + 0,38.

 

[tommy271]

Bruegel: Greece Has Become Insolvent



Belgian think tank Bruegel said that a comprehensive approach to the euro debt crisis includes the reduction of sovereign debt, the restructuring of banking sector and the strengthening of growth and competitiveness.

In a policy brief, economist Zsolt Darvas, Bruegel director André Sapir and professor Jean Pisani-Ferry, propose a comprehensive solution to the current European crisis.

They state that the measures taken by the European Union and the financial assistance provided to Greece and Ireland failed to restore calm in markets as ,in early February 2011, spreads on 10-year government bonds issued by Greece, Ireland, Portugal and Spain are all higher than they were in April 2010, before rescue measures started to be implemented.

However, the Greek crisis stands apart from the crises in the other peripheral countries.

First, the Greek public debt predicament originates mainly in the mismanagement of public finances.

Second, Greece “is clearly on the verge of insolvency” as the debt-to-GDP ratio is expected to reach 150%.

Furthermore, public debt levels in the other peripheral countries are more manageable (with levels in 2011 remaining below 70, 90 and 110 % of GDP, respectively, in Spain, Portugal and Ireland) than in Greece.

Bruegel commented that it is not only the size of the adjustment effort that matters. The key indicator for assessing solvency is the size of the primary budget surplus that needs to be maintained over a period of years to achieve, in the medium term, a gradual return of the public debt to safe levels.

The numbers for Greece stand apart from those for other countries as even under the optimistic scenario, the primary surplus required to reduce the debt ratio to 60% of GDP in twenty years would be 8.4% of GDP.

It would reach 14.5 per cent of GDP under the cautious scenario. This would imply devoting between one-fifth and one-third of tax revenues to interest payments on the public debt.

The think tank concludes that Greece has become insolvent and that further lending without a significant enough debt reduction is not a viable strategy, while this conclusion does not apply to Ireland which also needs to carry out a major budgetary adjustment but could keep the debt ratio at sustainable level.

Bruegel said that EU’s “wait and see” approach is a dubious strategy. Although clearly desirable, reforms and growth acceleration are hard and time-consuming processes. And the lingering threat of restructuring is likely to be economically and financially damaging for the economy.

Moreover, as official creditors - EU partners and the International Monetary Fund (IMF) - are gradually substituting private creditors to Greece, postponing the restructuring would imply, to keep the debt ratio at sustainable levels, either a restructuring of official loans, or a significantly higher eventual haircut on private claims.

The think tank proposes a comprehensive solution consisting in three planks: a method to reduce the Greek public debt, a plan to restore banking sector soundness and a strategy to foster growth and competitiveness.

Regarding the reducing of the Greek debt, Bruegel stressed that it would be preferable to implement sooner, rather than later, a significant reduction of the Greek debt.

The reduction could be achieved through voluntary exchanges. This justifies giving the European Financial Stability Facility the mission and the financial means to carry out such operations on a significant scale.

The second component consists in the cleaning up of banks, wherever needed and simultaneously throughout the euro area, based on the results of a rigorous stress test given added credibility by the involvement of the IMF.

The third component involves fostering adjustment and growth in peripheral countries not only through budgetary consolidation and competitiveness-enhancing measures in these countries but also through the mobilization and better implementation of EU structural funds.

(capital.gr)

***
Il parere del "pensatoio" di Bruegel.

 

[tommy271]

Troika scours Greek finances

Inspectors generally satisfied but pushing for laws to be implemented

Officials representing Greece's three creditors - the European Commission, the European Central Bank and International Monetary Fund - known collectively as the troika - indicated on Monday that the country was on the right track with reforms aimed at reviving the beleaguered economy but needs to push through new laws without delay.

The officials, who are in Athens for an in-depth assessment of the country’s finances that will determine whether or not Greece receives the fourth 15-billion-euro tranche of a rescue support package, have launched inspections on several key ministries and sifted through data.

According to sources, the inspectors are generally satisfied with the measures taken by the various ministries. Fears of calls by the troika for cuts to the so-called 13th and 14th salaries - the two additional annual salaries received by most employees in the public and private sector - were not realized as the topic was reportedly not discussed in detail on Monday.

After a meeting with Regional Development and Competitiveness Minister Michalis Chrysochoidis, European Commission representative Servaas Deroose reportedly expressed his conviction that ministry officials had taken the necessary measures to improve Greece’s business climate. But Deroose called for a simplification of the procedures prospective entrepreneurs face when seeking to obtain an operating license.

Deroose and his colleagues also visited the Labor and Social Insurance Ministry. According to sources, the inspectors pressed ministry officials to implement through the creation of inhouse labor contracts.

Reacting later on Monday, the General Confederation of Greek Labor (GSEE) issued a statement urging the government and the troika to “abandon any thoughts of new austerity measures that would further burden workers and send unemployment to record highs.”

The Troika also Treportedly expressed concern about the Economy Ministry’s failure to meet targets aimed at collecting outstanding taxes, chiefly through a tougher crackdown on tax evasion.


ekathimerini.com , Monday February 7, 2011 (22:48)

 

[tommy271]

ECB head is against debt haircut

Trichet calls for the strict implementtion of measures by Athens and Dublin to streamline their economies

By Costas Karkayiannis


BRUSSELS - European Central Bank Chairman Jean-Claude Trichet reduced Greece’s hopes for a debt cut on Monday when he spoke in the European Parliament against a reduction to the Greek and the Irish debt, urging Athens and Dublin to press ahead with their streamlining programs instead.

“The message is very simple: apply the program,” Trichet said at European Parliament in Brussels. “That program does not comprehend” the notion of haircuts, or debt reductions, as these would reward short-term investors at the expense of the long-term ones. “They are losing money when you practice this haircut,” Trichet said. “Those investors that are short are making money. So this is also something that one must have in mind when reflecting on this very, very important issue.”

Axel Weber, head of the Bundesbank - Germany’s central bank - seconded Trichet’s views, stating that national governments in the eurozone must streamline their economies and apply the structural changes that will render them competitive.

On the other hand, Pimco, the world’s biggest investment firm, stressed that Greek debt can only become solvent if Europe cuts it by 50 percent of the gross domestic product (GDP).

Also on Monday, Bruegel, the Brussels-based European think tank suggested in a report that it is impossible for the Greek debt to become viable even if the memorandum signed by the government and its creditors is successfully implemented, and even if there are some measures of “mild restructuring” such as cutting the interest rate, buying back Greek bonds and extending the repayment period.

The report’s conclusion is that the Greek debt will be solvent only if there is a 30 percent haircut to its private holders. It is preferable to restructure the debt soon through exchanging bonds, which will be conducted by the European Financial Stability Facility after a decision to this direction by the European Council in spring.

ekathimerini.com , Monday February 7, 2011 (22:50)

 

[AAAA47]

In attesa dell'asta i nostri GGB sono in lento allargamento, in fase negativa da ieri mattina. Ora siamo intorno a 798 pb.

L'indice ASE alla Borsa di Atene segna 1659 punti con un + 0,38.

sinceramente, se si allargano gli spread grecia e contemporaneamente quelli degli altri paesi periferici, io non mi preoccupo proprio...

BOND - Il bund future rimbalza, si riaprono gli spread con i periferici

Il bund future tedesco (123 punti) rimbalza dai minimi di aprile, dopo una prolungata flessione avviata dai massimi di agosto a 135 punti base. Il movimento di oggi contribuisce a riallargare gli spread contro i periferici, ma per ora non si notano stress particolari. Il differenziale tra Bund decennale tedesco e il nostro Btp risale a 148 punti base dai minimi di febbraio a 129 pb. Tra i bond, le tensioni maggiori si notano sul Portogallo con il rendimento del titolo decennale che sale sopra il 7%, ma lo spread con il bund tedesco (380 punti base) resta lontano dai picchi a quota 450. RENDIMENTO BOND DECENNALE PORTOGALLO Giornata tranquilla per quanto riguarda le aste dei governativi dell'Eurozone. E' in agenda un'emissione dell'Olanda da 2 miliardi di euro scadenza 2042, con rating Tripla A, che dovrebbe registrare un'ampia domanda.Intanto, il presidente della Bce, Jean Claude Trichet, ha ribadito ieri all'europarlamento che i debiti pubblici di Irlanda e Grecia vanno risanati, ma senza passare per un piano di ristrutturazione che "darebbe al mercato un segnale sbagliato". La tabella seguente illustra la griglia aggiornata dei rendimenti dei titoli di Stato decennali dei singoli Paesi: nelle ultime due colonne sono indicati: 1) il rendimento lordo; 2) la variazione odierna del rendimento in termini di punti base. TITOLI DI STATO DECENNALI A CONFRONTO Websim S.p.A.


11:07-08/02

 

[tommy271]

sinceramente, se si allargano gli spread grecia e contemporaneamente quelli degli altri paesi periferici, io non mi preoccupo proprio...

BOND - Il bund future rimbalza, si riaprono gli spread con i periferici

Il bund future tedesco (123 punti) rimbalza dai minimi di aprile, dopo una prolungata flessione avviata dai massimi di agosto a 135 punti base. Il movimento di oggi contribuisce a riallargare gli spread contro i periferici, ma per ora non si notano stress particolari. Il differenziale tra Bund decennale tedesco e il nostro Btp risale a 148 punti base dai minimi di febbraio a 129 pb. Tra i bond, le tensioni maggiori si notano sul Portogallo con il rendimento del titolo decennale che sale sopra il 7%, ma lo spread con il bund tedesco (380 punti base) resta lontano dai picchi a quota 450. RENDIMENTO BOND DECENNALE PORTOGALLO Giornata tranquilla per quanto riguarda le aste dei governativi dell'Eurozone. E' in agenda un'emissione dell'Olanda da 2 miliardi di euro scadenza 2042, con rating Tripla A, che dovrebbe registrare un'ampia domanda.Intanto, il presidente della Bce, Jean Claude Trichet, ha ribadito ieri all'europarlamento che i debiti pubblici di Irlanda e Grecia vanno risanati, ma senza passare per un piano di ristrutturazione che "darebbe al mercato un segnale sbagliato". La tabella seguente illustra la griglia aggiornata dei rendimenti dei titoli di Stato decennali dei singoli Paesi: nelle ultime due colonne sono indicati: 1) il rendimento lordo; 2) la variazione odierna del rendimento in termini di punti base. TITOLI DI STATO DECENNALI A CONFRONTO Websim S.p.A.


11:07-08/02

Si, in linea di massima - in questi giorni - hanno seguito l'andamento di tutto il Club Med.
Però sarei stato più contento se fossero andati in controtendenza...

 

[tommy271]

• ΟΔΔΗΧ: ΑΝΤΛΗΘΗΚΑΝ 390 ΕΚΑΤ. ΑΠΟ ΤΑ ΕΞΑΜΗΝΑ ΕΝΤΟΚΑ - ΣΤΟ 4,64% ΤΟ ΕΠΙΤΟΚΙΟ

Rendimenti in discesa.
Bene.

Secondo PDMA ha attirato 390 milioni di buoni del tesoro semestrali al tasso del 4,64%.