Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)

[tommy271]

Athens Market Fluctuates Above 1600 Units



In a volatile session, the General Index fluctuates above 1600 units, following yesterday’s heavy losses.

Banks post mixed signs, moving in a margin of 3.5% or 50 points, while MIG tops FTSE20 profits, gaining up to 8.24%.

The continuing negotiations between Greek government and the EU/IMF/ECB officials remain in the spotlight, ahead of the press conference given today at 15:00, local time.

The focus is also on the results announcement of Turkish Finansbank, National Bank’s subsidiary , whose net profit in 2010 amounted to 22.9mn Turkish liras (USD578.8mn) compared with 553.9mn liras in 2009, while loans increased by 35%.

Pegasus Securities attributes yesterday’s sharp correction and high volatility partly to a reasonable profit-taking practice, but mainly to the hesitation demonstrated by European Union to proceed with a final resolution on the fiscal debt crisis, with Greece being obviously in the epicenter of investors΄ concerns.

“We expect the market to close on the positive end of its open, meaning that an early opening reaction towards the 1,650 units (today΄s pivot point) would render us positive as to increasing our portfolio liquidity”, according to Pegasus’s morning report.

Kyprou Securities comments that yesterday’s drop could possibly continue today.

“Delays in any progress regarding EFSF talks in the EU hurt investors’ sentiment. We would consider some further index drop as normal for the local stock market and we do not alter our mid-term & long-term positive view on the ASE”, says Kyprou.

Across the board, the General Index is at 1611.34 units, down 1.27% in a turnover of EUR52mn. A total amount of 35 shares rise, 55 decline and 35 remain unchanged.

Banks are at 1409.76, down 1.19%. Bank of Cyprus, Marfin Popular Bank fall by 2.15% and 1.8% respectively, while Alpha Bank and National Bank decline by 1.78% and 1.35% respectively. On the contrary, Piraeus Bank and Eurobank post gains of 0.64% and 0.23% respectively.

(capital.gr)

 

[Gaudente]

quindi non è vero, come diceva gaudente, che è ancora in deficit primario?

il 2010 si e' chiuso con un -9% , stimando 6% l'onere per interessi se ne deduce che il disavanzo primario e' stato del 3%. Gennaio probabilmente gode di qualche fattore stagionale , il dato comunque e' peggiorato rispetto al gennaio 2010.

 

[tommy271]

Grecia, record di disoccupati

ATENE - La disoccupazione in Grecia assume, secondo gli ultimi dati del Servizio centrale di statistica, dimensioni pericolose. A novembre 2010 i senza lavoro sono saliti a 692.577, il 13,9% su base annua, contro il 10,6% dello stesso mese del 2009 e del 13,5% del mese di ottobre 2010.
Si tratta della percentuale più alta registrata dal gennaio 2004. La stragrande maggioranza dei senza lavoro sono giovani e donne, mentre fra i disoccupati al di sotto dei 24 anni la percentuale raggiunge il 35,6%. Dal novembre del 2008, quanto è iniziata la crisi economica mondiale, il numero dei disoccupati è aumentato di 307.589 unità.
E anche sul fronte dell'inflazione le cose non vanno meglio. Sempre secondo i dati del Servizio centrale statistico, nel gennaio del 2011 l' inflazione in base annua è rimasta al 5,2%, uguale a quella di dicembre 2010, contro il 2,4% del gennaio 2010.


(corrieredelticino.ch)

 

[tommy271]

Grecia, in asta titoli 13 settimane per 300 mln il 15 febbraio

venerdì 11 febbraio 2011 11:56






ATENE, 11 febbraio (Reuters) - La Grecia offrirà in asta 300 milioni di euro di titoli a 13 settimane il 15 febbraio, proseguendo il suo programma di offerte mensili di debito a breve termine.
Lo ha detto l'agenzia del debito del paese PDMA.
La data di regolamento sarà il 18 febbraio. Sarà consentita la partecipazione solo ai primary dealer e non saranno pagate commissioni.

 

[frmaoro]

il 2010 si e' chiuso con un -9% , stimando 6% l'onere per interessi se ne deduce che il disavanzo primario e' stato del 3%. Gennaio probabilmente gode di qualche fattore stagionale , il dato comunque e' peggiorato rispetto al gennaio 2010.

shortaaaaaaaaa
fatti non parole

 

[giutrader]

shortaaaaaaaaa
fatti non parole

Se non erro solo gli istituzionali possono shortare sui titoli di stato

 

[tommy271]

PM: 'Lawlessness not the answer'




The government is aware of the injustices created by the concession contracts for the construction of new national highways and examining ways of correcting these through a renegotiation of the contracts, Prime Minister George Papandreou said in Parliament on Friday. At the same time, he stressed that lawlessness and refusing to pay road tolls were not a solution.

The prime minister was replying to a question tabled by the Coalition of the Radical Left (SYRIZA) Parliamentary group leader Alexis Tsipras, who had referred to the "criminalisation of the civil disobedience movement over the road tolls".

Tsipras accused Papandreou of rushing to appease contractors in fear that they would turn against the government.

"We had to wait a year for the loan contract between the country and the IMF but just a handful of days after contractors convened, you rushed to turn into action their wish that the civil disobedience movement be criminalised," he noted.

Papandreou, in his reply, admitted that some 'interests' were still living off the contracts of the previous era but stressed that these would be the last because the government had set up an authority to ensure transparency in public contracts. He also stressed that the government was attempting to 'salvage' the bad contracts signed by the previous government so that the projects concerned might be carried out, while criticising the Left for encouraging people to act without regard for rules and law.

"There are contracts that are not to our liking. But they were signed by a Greek government and the Greek State has put its signature to them, with international companies. If the contracts lapse [the Greek state] will pay penalties and our country's credibility will be damaged," he added.

He agreed with Tsipras that the agreements were problematic, however, with citizens paying tolls for roads not yet built and local population paying "in ways not proportionate to their movements".

"We recognise this and are seeking solutions within the bounds of our legal and financial capabilities, in order to arrive at better solutions in the framework of renegotiations. But we will not accept that the solution is lawlessness," Papandreou stressed.

Civil disobedience to arbitrary and unfair rules was a "social right", Tsipras countered and stressed that the 'freeloaders' were those demanding tolls for projects in which they had made a minimal contribution.

"Society is in a marginal state. You will be sending citizens to jail for 2.5 euros at road tolls and 1.4 euros in public transport, when the cost of the fares for a wage earner will amount to one month's wages a year," Tsipras added, pointing out that the main parties had only days ago exonerated themselves completely for the Siemens scandal, even where there was proof that money had changed hands.

Replying, the prime minister said that the government was seeking a solution to protect low-income groups on the issue of public transport fares, to the extent possible, while trying to keep public transport in the state sector.

In an amendment tabled as a rider on Friday, the government has converted refusal to pay road tolls into a traffic violation that carries a fine of 200 euros and other penalties, while not paying fares on public transport has been made a misdemeanour offence.

(ana.gr)

***
Pedaggi autostradali ...

 

[tommy271]

Greece Economy ‘Successfully’ Rescued From Abyss, EU-IMF Says

By Natalie Weeks and Eleni Chrepa - Feb 11, 2011 3:00 PM GMT+0100 Fri Feb 11 14:00:00 GMT 2011


Greece’s economy has been rescued from the “abyss” as austerity measures aimed at restoring order to public finances “are being implemented as planned,” the European Union and International Monetary Fund said.

“While there have been some delays and shortfalls, it should not undermine the fact that the program is broadly on track,” Poul Thomsen, head of the IMF’s Greece mission, told a news conference in Athens today. “We are ready for the second phase of the program, having successfully pulled the economy from an abyss,” even as Greece’s fiscal health still requires a “broad base of structural reforms.''

Thomsen and European Commission economist Servaas Deroose were in Athens for a quarterly review of Greece’s progress under a 110 billion-euro ($150 billion) EU-IMF bailout. Approval of the nation’s efforts will ensure payment of the next installment of 15 billion euros in March. Deroose told reporters today that he’s “confident” the funds will be disbursed.

Greece has vowed to trim the budget gap to 7.4 percent of gross domestic product in 2011 from 9.4 percent in 2010. Fallout from Greece’s debt crisis led to a surge in bond yields of other high-deficit euro-area nations as investors shunned their debt.

(Bloomberg)

 

[tommy271]

EU, IMF approve Greek aid, demand faster reforms




ATHENS, Feb 11 (Reuters) - EU and IMF inspectors gave the green light on Friday for a new 15 billion euros tranche of aid for Greece but said progress was too slow and urged Athens to speed up reforms to meet the targets of its bailout deal.

Greece has slashed public spending, frozen pensions and increased taxes under the terms of the 110 billion euros ($149.1 billion) bailout agreed in May last year to save it from bankruptcy, but was told on Friday it must do more.

"The program is on track but it will not remain on track without a significant, broad-based acceleration of reforms," said IMF mission chief Poul Thomsen.

The officials were in Athens to monitor the debt-choked country's progress on the path towards tidying up its finances and opening up the economy.

In November, when the previous aid tranche was handed over, the lenders sounded more positive, saying that although Greece technically missed full-year targets due to statistical revisions, it had made a huge fiscal effort and met third quarter cash targets -- on which the aid tranche depended.

The bailout was the first ever agreed to rescue a euro zone member, in a crisis that has sent shockwaves throughout the bloc, spilling over to Ireland and threatening Portugal and Spain.

Many analysts believe Greece will not be able to handle its debt mountain when the three-year bailout ends and will need to restructure its debt at some point.

EU, IMF and Greek officials have ruled out restructuring but agree that something needs to be done to help Greece tackle a borrowing hump in 2014/2015. They are examining various options, including extending bailout loan repayments and helping Greece buy back its debt.

The 15 billion euro aid tranche must now be approved by euro zone finance ministers and the IMF board. Greece has already received 38 billion euros in aid.

 

[tommy271]

IMF/ECB TEXT:Greece Program On Track;Key Reforms Still Needed

First Published Friday, 11 February 2011 02:17 pm - © 2011 Need to Know News


FRANKFURT (MNI) - The Greek government's economic program has made further progress towards achieving fiscal sustainability and creating the conditions for sustained economic growth, staff teams from the European Commission, the European Central Bank and the International Monetary Fund said Friday.

However, major reforms are still needed "to build a critical mass necessary to secure fiscal sustainability and economic recovery," the teams said in a press release.

Following is the verbatim text of the statement, published following the third review of the government's program after a mission in Athens from January 27 to February 11:



"The objectives underpinning the program are to restore fiscal sustainability, safeguard financial sector stability, and boost competitiveness to create the conditions for sustained growth and employment. Maintaining social fairness in shouldering the burden of adjustment in the program also remains of paramount concern and this will continue to guide the direction of policies in the period ahead.

"Our overall assessment is that the program has made further progress toward its objectives. While there have been delays in some areas, the underlying fiscal and broader reforms necessary to deliver the programs medium-term objectives are being put in place. However, major reforms still need to be designed and implemented to build a critical mass necessary to secure fiscal sustainability and economic recovery. Regarding the outlook, the recession has to date been close to what was anticipated. Underlying inflation has remained low in the face of rising commodity prices. Downward movement of unit labor costs should support gains in competitiveness. Encouragingly, exports have performed well recently. We continue to expect the economy to stabilize late in 2011.

"In the fiscal area, against the sharp macro headwinds, the authorities delivered a 6% of GDP fiscal adjustment in 2010, reducing the deficit to about 9.5% of GDP. This is an impressive achievement, but some tensions were evident in budget implementation, in particular shortfalls in revenue collections, and problems with spending control. The program has been designed to address these problems, and the work is progressing.

"The government has begun to specify a medium-term budget strategy, which will define time-bound actions to realize the full fiscal adjustment through 2014. The reforms are complex and cover among other issues taxation, health, public employment, and state enterprise reforms. The government is appropriately allowing time for consultation with social partners before moving beyond the design phase to begin implementation. The governments full commitment to this complicated process of institutional change, not least determination to resist vested interests, will be critical to success.

"Concerning financing, the government continues to work toward securing a gradual return to bond markets at affordable interest rates. Strong program implementation, with financial support from the international community, remains key to achieving this. It is equally important that the government notably scales up its privatization program, and more generally realizes better returns from its extensive portfolio of assets. Work is proceeding to establish a comprehensive inventory of the governments real estate assets, and to define a phased action plan.

"As to the financial sector, tight liquidity and rising non-performing loans are putting strains on the banking system and credit is contracting. Encouragingly, private banks have recently enjoyed some success in raising capital. It is essential that the government makes progress in addressing the stability and efficiency of the banks under its control. The Eurosystem has been a key source of liquidity support for the system, and this is allowing banks to gradually move towards a sustainable medium-term funding model. The Financial Stability Fund is available to provide support to banks in the system, if needed.

"Structural reforms are making progress. Legislation covering aspects of the labor market, the liberalization of closed professions, health care reform, licensing, and the competition authority has either been passed, or soon will be. The authorities focus must now be on implementing these laws, to make sure the new frameworks are effective as soon as possible. To secure economic recovery, early progress on structural reforms remains critical. The government must ensure that reforms are sufficiently ambitious and comprehensive to tackle the deep seated structural challenges facing Greece. The next steps will focus on, among other things, reviving the tourist industry, removing administrative barriers to exports, and strengthening public procurement.

"Next Steps: Approval of the conclusion of the third review will allow the disbursement of E15 billion (E10.9 billion by the euro area Member States, and E4.1 billion by the IMF). The mission for the next program review is scheduled for May 2011."