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

[tommy271]

DAL MONETARIO REUTERS:

Dopo l'annuncio shock del suo ritiro dalla corsa alla presidenza della Bce, il governatore della Budesbank incontrerà oggi la cancelliera tedesca. Il Financial Times scrive che Merkel solleciterà un'uscita rapida di Weber dalla Bundesbank dopo che il candidato favorito alla successione di Trichet ha sparigliato le carte in mano al governo tedesco.All'incontro di oggi secondo una fonte potrebbe partecipare anche il ministro delle Finanze Schauble mentre Weber, precisa un portavoce del ministero, non prenderà parte alla conferenza stampa congiunta tra Merkel, Schauble e il ministro delle Finanze francese Lagarde, prevista alle 12,15.


Si conclude ad Atene la visita ispettiva di Ue, Fmi, Bce che si attende spiani la strada alla seconda tranche del pacchetto di aiuti da 110 miliardi. Ieri il governo ha detto che punta a una riduzione del disavanzo di bilancio a circa 3 miliardi di euro al 2015 da quasi 17 miliardi quest'anno.

(reuters.it)

 

[tommy271]

PM talks business with Jewish-American leaders

Papandreou and several ministers discuss possible bilateral pacts in several sectors

Prime Minister George Papandreou and several of his cabinet members met with a visiting delegation of Jewish-American leaders on Thursday for talks aimed at boosting bilateral ties and investment in Greece’s debt-ridden economy.

The two sides discussed possible cooperation in the tourism, agriculture, defense and new technologies sectors. Papandreou added that Greece could help Israeli businesses gain a foothold in Europe.

“We see the [European] market expanding toward the Mediterranean and we would like to integrate Israel into this market,” the premier said, adding that such a step is “vital for Israel’s economy but also for its strategic security.”

Earlier in the week, the delegation - headed by Alan Solow, Chairman of the Jewish Community Centers Association (JCCA) - visited Thessaloniki which has a sizable Jewish community.

ekathimerini.com , Thursday February 10, 2011 (18:51)

 

[tommy271]

Talk of haircut keeps growing




German lawmaker sees no other option; Greek bond yields can outperform after payment cut, says ING

A haircut of Greek debt is unavoidable, and lenders over the long run should be involved in a partial restructuring of the debt, a senior German lawmaker said on Thursday as concerns over Europe’s debt crisis pushed Greek bond yields wider.

Norbert Barthle, the budgetary speaker for the governing Christian Democrats, told Dow Jones Newswires that the bailout fund for troubled eurozone countries doesn’t necessarily need to have a triple-A rating, while German Chancellor Angela Merkel should maintain a tough stance in negotiations about possible changes to the fund.

“I don’t see another chance for Greece than a haircut,” Barthle said. “Otherwise, they won’t succeed [in] getting out of their deficit.”

A haircut is the difference between the market value of a security and the amount of money a lender will advance against it; the lender keeps the difference as insurance against a decline in the collateral value of the instrument.

Earlier this week, a leading Brussels think tank told Kathimerini English Edition that it has recommended that Greece restructure its public debt as soon as possible, and that this should be one of the main elements of a comprehensive response to the eurozone crisis to be agreed by European Union leaders when they meet next month.

Meanwhile, the yield on Greek 10-year bonds gained 15 basis points to 11.41 percent on Thursday, driving the yield difference, or spread, versus similar-maturity bunds 16 basis points wider to 812 basis points, the most since January 31.

Portugal’s 10-year bond yield also rose as investors are disappointed with the slow pace of progress in EU efforts to coordinate measures against a crisis that is more than a year old.

ING Group said on Thursday that Greek government bonds may provide greater returns than German securities, even with a reduction in payments to investors and an extension of debt maturities, based on current prices.

In a scenario with a 20 percent reduction in payments, or “haircut,” and with maturities extended by three years, “all Greek securities are able to deliver higher yields than German government bonds,” Alessandro Giansanti, a senior rates strategist in Amsterdam, told Bloomberg.


ekathimerini.com , Thursday February 10, 2011 (20:57)

 

[Comandante Gerard]

.... del buy back risultano ben diverse, come si vede nella versione "rivisitata" della tabella in allegato.

Complimenti davvero per il lavoro ! Io son sempre scettico su tutto, ma non ero in grado di rifare così i calcoli...

 

[frmaoro]

IMM Buy MOT GREECE 18 4.6 EUR 10000 65,26 11/02/11 09:56:5

 

[AAAA47]

Bond euro, Egitto sostiene Bund, timore acquisti Bce periferia

Reuters - 11/02/2011 10:06:23



LONDRA, 11 febbraio (Reuters) - Si mantiene in territorio positivo il future Bund nella prima mattinata londinese, sostenuto dal timore di un'aggravarsi della situazione egiziana dopo il rifiuto del presidente Hosni Mubarak di abbandonare il potere.

"La situazione egiziana è tornata in primo piano, se dovesse accendersi nel corso della seduta potrebbe dare un po' di slancio al Bund", commenta un trader.

Il timore di un nuovo intervento da parte della Banca centrale europea a sostegno dei titoli della periferia europea tiene a freno tuttavia le pressioni sulla carta europea non 'core'.

"Ci sono acquisti abbastanza aggressivi ieri da parte della Bce e oggi anche solo la minaccia di un nuovo intervento dovrebbe essere sufficiente a fermare un eventuale nuovo ampliamento", aggiunge l'operatore.

 

[giutrader]

IMM Buy MOT GREECE 18 4.6 EUR 10000 65,26 11/02/11 09:56:5

Certo che sei ghiotto della 18 coupon 4.6%...

 

[tommy271]

Certo che sei ghiotto della 18 coupon 4.6%...

E' una tra le "migliori", dal punto di vista del "prezzo"/duration ... purtroppo illiquida.

 

[tommy271]

Provopoulos:EU Convergence Must Be Accompanied By Stab Policy

First Published Friday, 11 February 2011 09:04 am - © 2011 Need to Know News


ATHENS (MNI) - European Central Bank Governing Council member George Provopoulos pleaded Friday for a focus on stability-oriented policies as countries within the European Union work toward convergence.
The central banker, who heads the Bank of Greece, recounted in an opening speech at a conference here that in its early stages, the financial crisis was confined only to advanced economies.
Banks in central and eastern Europe held only very small amounts of toxic assets, he reminded.
"However, as access to international capital markets was impaired, countries in [central and eastern Europe] most in need of external financing experienced large declines in output," he explained.
The loss of output was "especially severe" in the Baltics and, "to a somewhat lesser extent, in south-eastern Europe," he elaborated.
"This circumstance suggests that countries with the more serious imbalances and vulnerabilities were most at risk from external financial shocks," he reasoned.
"The lesson from this recent experience is that convergence efforts should be accompanied by stability-oriented policies that contain the build-up of imbalances, both domestic and external," he said.
Financial conditions have stabilized in central and eastern Europe and there are now "clear signs of a recovery in economic activity in most countries," Provopoulos said.
"Nevertheless, the global crisis has entailed large costs for the region," he said. "There has been a sharp decline in economic activity and unemployment has risen sharply in many countries.""Moreover, the ongoing deleveraging process, that is the need to repair household and corporate balance sheets, tighter bank-credit standards, as well as rising long-term unemployment, could slow the pace of economic recovery in many southeast European countries."
As investors have become more risk-averse, "foreign investment may decline compared with pre-crisis levels, leading to lower economic growth compared with the growth rates experienced in the years leading up to the crisis," he cautioned.
Economic policies should geared toward developing alternative sources of growth, notably from exports, the central banker said. "A more diversified export base will also help protect the economies concerned from sector-specific shocks, while providing an important mechanism for limiting the build-up of external debt.""Fiscal consolidation will be an essential element for securing high growth, by crowding-in private investment and making room for much needed infrastructure investment," he said. "Such consolidation will need to be accompanied by improvements in the effectiveness and efficiency of public spending as well as of the tax system and its administration."

 

[giutrader]

E' una tra le "migliori", dal punto di vista del "prezzo"/duration ... purtroppo illiquida.

Io invece preferisco la 26. + difensiva e non troppo lunga. Ero partito con le 37/40 poi ho switchato con 4 punti di differenza sulla 26 accorciando la scadenza e aumentando la cedola.

Certo che la 18 in caso di ripresa dei corsi volerebbe alla velocità della luce... Incrociamo le dita ...