Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (27 lettori)

[tommy271]

EURO GOVT-Peripheral yields up as EFSF deal confidence ebbs


Wed Feb 9, 2011 12:37pm EST



* Confidence on EFSF reform wanes, peripheral debt pressured
* Portuguese yields rise to near-record levels at 7.36 pct
* Bund yields continue to climb on rising inflation backdrop


By William James


LONDON, Feb 9 (Reuters) - Bonds issued by the countries at the heart of the euro zone's debt crisis underperformed on Wednesday as some of the recent conviction that a deal would be reached to reform the currency bloc's rescue fund ebbed. Ten-year Portuguese bond yields pressed higher for the fifth session in a row to 7.36 percent, approaching the euro-era record levels set in November when sovereign tensions flared. Irish and Greek debt also came under pressure.

Peripheral euro zone debt rallied around the turn of the month as markets grew increasingly confident that European Union leaders were making progress on a deal to strengthen the European Financial Stability Facility (EFSF).

However, signs of divisions over a wider package of reforms have stalled the tightening momentum in peripheral bond yield spreads against German Bunds.

"Once again we're back into this lull where they've promised something and they haven't given details. I think the market will become increasingly concerned about this -- exactly as they did about packages for Greece and Ireland," said Richard McGuire, rates strategist at Rabobank.

There was no sign that the unease in peripheral markets was supporting core German debt with Bund yields continuing their recent upward trend against a backdrop of rising prices and eventual interest rate hikes.

"We would certainly expect yields to be trending higher in all the major markets. As the year goes on we get closer and closer to the point when the ECB tightens policy," said Chris Scicluna, deputy head of economic research at Daiwa Capital Markets.

Bund futures FGBLc1 settled at 122.33, down 49 ticks on the day to briefly break to their lowest since mid-April, driven by late price action in U.S. Treasury markets which dipped ahead of a 10-year T-Note auction.

The 10-year German bond yield DE10YT=TWEB was up 5.5 bps at 3.308 percent while the two-year Schatz yield DE2YT=TWEB was 2.2 bps higher at 1.457 percent.



CORE TRENDING HIGHER


The trend for higher yields was highlighted at Germany's 5-year bonds auction which found solid demand from investors drawn in by yields almost half a percentage point higher than those seen at the launch of the bond less than a month ago.

"The yield being at 2.5 percent for the first time since December 2009 means there are new demand pools to be tapped into," said Peter Chatwell, Credit Agricole rate strategist.

"However, there is no getting away from the fact that this is expensive core paper, and as such the trend is against it."

The decision to launch the bond -- the third such new euro zone issue this year -- reflects increasing market demand for paper protected from inflation as rising costs globally push prices higher.

"From a market perspective it's simple mathematics; inflation is going up so inflation-protected securities are a good buy," said Rabobank's McGuire.

 

[giub]

No.
Sia le scadenze, come gli importi, vengono stabiliti mese per mese.

no, io mi riferivo a rimborsi e/o cedole in pagamento dei "nostri" GGB. Chiaramente quelli "nuovi" vengo decisi come tu tu dici.

 

[tommy271]

no, io mi riferivo a rimborsi e/o cedole in pagamento dei "nostri" GGB. Chiaramente quelli "nuovi" vengo decisi come tu tu dici.

Avevo la tabella con gli importi in scadenza, ma l'ho persa in mezzo a tutta la carta che ho in giro ... comunque l'avevo postata più volte. Magari qualcun'altro l'ha sottomano.

Andando a memoria: abbiamo un fabbisogno di circa 50 MLD annui tra nuove e vecchie emissioni sino al 2013 per poi passare, negli anni successivi, a circa 70 MLD se il prestito della Troika non viene riscadenziato più in avanti nel tempo.

 

[tommy271]

ECB's Bini Smaghi: Greece Would Be Worse Off If Restructures



LONDON (MNI) - European Central Bank Governing Council Member Lorenzo Bini Smaghi has said that Greece would be worse off if it restructures its debts than if it sticks to its present fiscal restructuring plans.

"Plan A has to work and therefore we are committed to make it work," Bini Smaghi told the Financial Times in London.

"Plan B, A default would be quite dramatic for the Greek people... It would entail the collapse of the financial system, major problems for the economy politically. Plan A has to work," he added.

Bini Smaghi said that the terms of the EU/IMF programs for Greece and Ireland could be eased in the future if the countries show progress on implementation.

"There are some standard procedures in the IMF and the European Union, as progress continues, as the country is on track, then the terms can be adapted," he said.

Touching briefly on the issue of ECB policy tightening, Bini Smaghi refused to be drawn on the timing of a potential rate rise, saying instead that the Governing Council would do all it can to protect euro zone citizens from high inflation.

"As Ireland makes progress on implementation things can be adapted but there is an agreement there that this can only happen if the program is on track," he added.

"We never threaten (to raise rates). We do what is needed to protect citizens and taxpayers from inflation," Bini Smaghi said.
Turning to the issue of financial regulation, Bini Smaghi said he would like to see more coordination on a European level.

"We need to move to more integration and coordination of supervisory structures. If something wrong happens again we will be able to address it in a more effective way," he said.

(imarketnews.com)

***
Un pò più dettagliato.

 

[tommy271]

Spread may narrow to 400 bps by March 12




Credit Agricole says there’s plenty of scope for gains in so-called peripheral government debt even after the strongest rally in European credit markets since July.

Luca Jellinek, head of European interest rate strategy at Credit Agricole Corporate & Investment Bank in London, expects European Union leaders to overcome differences and forge an agreement giving the European Financial Stability Facility the authority to buy bonds of Greece, Ireland, Portugal and Spain.

Greek bonds have benefited most from speculation of a buyback program.

The extra yield that investors demand to hold 10-year Greek debt instead of benchmark German bunds tightened by 200 basis points, or 2 percentage points, since peaking at 974 bps on January 7.

The spread may narrow to 400 basis points by March 2012, a level not seen since last April, the month before the European Union’s bailout of Greece, Jellinek said. ‘In the near term, peripheral spreads are likely to remain very volatile because a political deal has no real timetable and can be reached at any time,’ he told Bloomberg.

ekathimerini.com , Wednesday February 9, 2011 (19:53)

***
Un altro ottimista, questa primavera puntavo ai 300 pb.
Questo ci va vicino ... .

 

[tommy271]

Turkish ship in Greek waters causes political waves

Navy corvette in Aegean sparks clash in Parliament over foreign policy

A Turkish navy ship approached the coast of the Aegean island of Paros late on Tuesday night after setting sail from a base in Izmir and sailing through Greek waters for no apparent reason, sources at the Greek Defense Ministry said on Wednesday.

The Bodrum, a B-class corvette was shadowed by a Hellenic Navy vessel after being spotted on Tuesday night. It is one of several Turkish ships to have entered Greek waters unannounced in recent months.

Tuesday’s incident sparked a tense exchange in Parliament on Wednesday with opposition politicians accusing the government of failing to pursue a tough enough policy vis-a-vis neighboring Turkey with which Greece has a long history of rivalry.

“It is all very well for the government to lodge official complaints and make diplomatic gestures but the country’s foreign policy has not just failed to bear fruit, it has aggravated matters or whetted Turkey’s appetite in the Aegean,” said Constantinos Markopoulos, a spokesman for the main opposition New Democracy.

The leader of the far-right Popular Orthodox Rally (LAOS), Giorgos Karatzaferis, was more outspoken, claiming that Ankara was “playing a game of nerves and Greece must react.”

ekathimerini.com , Wednesday February 9, 2011 (16:30)

***
Le solite provocazioni: abituali gli sconfinamenti aerei ora anche marini ...

 

[tommy271]

As unemployment hits record high, another 320,000 jobs face risk



More than 320,000 jobs, representing some 7 percent of the country’s total work force, are at risk of being lost this year from businesses shutting down, according to survey results released on Thursday.

The General Confederation of Greek Small Businesses and Traders (GSEVEE), a group representing about 115,000 entrepreneurs across Greece, said that a survey it put together found that one in four small to medium-sized businesses -- some 225,000 enterprises -- consider it very likely that they will shut up shop in the near future.

“There is a serious risk of more than 320,000 jobs being lost [among employers, the self-employed and salary earners] in the coming period, most likely by the end of the year,” GSEVEE said in a statement.

Greece’s shrinking economy has already resulted in the loss of 188,000 jobs last year, it added.

Jobless rates in Greece have risen to record highs, according to figures from the Hellenic Statistical Authority (ELSTAT). In October, unemployment rose to 13.5 percent from 12.6 percent in September, meaning that 684,000 people are looking for work, ELSTAT says.

The number of people employed also fell further, to 4.36 million in October.

ekathimerini.com , Wednesday February 9, 2011 (17:57)

***
La recessione è sempre pesante ...

 

[giub]

Avevo la tabella con gli importi in scadenza, ma l'ho persa in mezzo a tutta la carta che ho in giro ... comunque l'avevo postata più volte. Magari qualcun'altro l'ha sottomano.

Andando a memoria: abbiamo un fabbisogno di circa 50 MLD annui tra nuove e vecchie emissioni sino al 2013 per poi passare, negli anni successivi, a circa 70 MLD se il prestito della Troika non viene riscadenziato più in avanti nel tempo.

se qualcuno l'ha sotto mano...sarebbe molto utile per farci una idea.
Io ricordavo qualcosina di più, comunque se fanno fallire l'euro per due spicci (50 mld....)

 

[tommy271]

Greece targets 3 bln euro deficit in 2015 - govt official


ATHENS | Wed Feb 9, 2011 1:03pm EST



ATHENS Feb 9 (Reuters) - Greece aims to cut its budget deficit to about 3 billion euros in 2015 from nearly 17 billion euros this year, a government official said after the cabinet discussed the country's medium-term fiscal plans.

"The finance minister (George Papaconstantinou) presented the medium-term plan for fiscal consolidation for 2012-2015 at the cabinet meeting. The main target is that the deficit should be reduced to about 3 billion euros in 2015 from about 17 billion," said the official, who took part in the meeting but did not wish to be named.

"The deficit will be reduced by two thirds from spending cuts ... The programme does not include additional cuts in salaries and pensions and no tax hikes," the official said on Wednesday.

 

[tommy271]

se qualcuno l'ha sotto mano...sarebbe molto utile per farci una idea.
Io ricordavo qualcosina di più, comunque se fanno fallire l'euro per due spicci (50 mld....)

Sinceramente, mi pare che tra il 2011/2012 sia ancora meno....
Il debito in scadenza dovrebbe essere tra i 20/30 MLD, il resto serve per finanziare nuovo debito.
Comunque mi pare che Grisù o AAA47 abbiano in giro i link.
Io li ho persi ...