Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (54 lettori)

[giub]

Euro Proposal Could Face Constitutional Concerns in Germany


http://www.spiegel.de/international/europe/0,1518,745398,00.html

rilevante per noi...

The European Commission is also taking a stand against Merkel's plans for a permanent euro crisis fund, as described in her concept of a "European Stability Mechanism" (ESM). The participation of private lenders in losses related to debt restructuring, to which Merkel attaches great importance, is only mentioned peripherally in the concept. The automatic mechanism whereby private lenders would be required to relinquish their claims, as demanded by the Germans, is off the table. According to the document, the affected countries are expected to enter into an "early dialogue" with their creditors, so that the creditors will participate "voluntarily" in debt restructuring measures.
Any forced debt waiver, the plan makes clear, should only be viewed as a "last resort, when alternatives compatible with the market have failed." Those affected are even given a say in determining whether the controversial measure is included in any restructuring plans. "This passage is being tested with market players," the Brussels proposal reads.


The Commission sees the ESM as having the authority to buy government bonds from ailing countries. Otherwise, the planned ESM looks like a copy of the International Monetary Fund (IMF). Like the Washington-based organization, the ESM is also designed to stabilize the currency and help countries in financial straits with fresh cash. Depending on the severity of the fiscal emergency, credit lines for half a trillion euros would be provided for the short and medium term. These credit lines "could be temporarily increased as needed." The volume of ESM funds would be reviewed at least once every two years to determine whether they are still sufficient. A capital stock of €100 billion ($135 billion) is envisioned, and it would be provided by the member states of the euro zone, with each country's share being determined by its share of the European Central Bank. Germany would thus contribute about €20 billion. In addition to this cash contribution, the countries would be expected to provide other guarantees.
The German government faces further unpleasant debates on the issue: Finance ministers from euro-zone countries plan to discuss the EU proposal at their meeting in Brussels on Monday.

 

[tommy271]

Giub, il potere decisionale è in mano ai Ministri delle Finanze ed ai Capi di Governo UE.
Purtroppo la Commissione Europea è piuttosto marginale in questi frangenti: rimane solo un parere autorevole.

 

[giub]

Giub, il potere decisionale è in mano ai Ministri delle Finanze ed ai Capi di Governo UE.
Purtroppo la Commissione Europea è piuttosto marginale in questi frangenti: rimane solo un parere autorevole.

infatti ridevo non per la felicità....

 

[tommy271]

EUR50bn Privatization Program Raises Questions



There is no divergence of views between the Greek government and the European Union/International Monetary Fund/European Central Bank (“Troika”) regarding the essence of an agreement, which includes a EUR50bn privatization program.

Greece’s commitment to the program is printed itself by a press release, published on Friday shortly after the Troika’s joint conference.

Moreover, the agreement on the privatization program seems finalized before Friday, with the Prime Minister -but not the Cabinet- well-informed, as the privatization scheme along with the additional guarantees of EUR30bn to Greek banks consist the key parts of the written agreement.

Government officials revealed that the situation is now so difficult, that could even lead to early elections, in the wake of the turmoil that followed Troika’s conference.

However, this possibility seems to encounter strong opposition within the government party as many government officials believe that elections could proved disastrous at this point and that the implementation of the Memorandum should be pursued.

However, the announcement of the privatization program has raised some fundamental questions.

One of these concerns the effectiveness of this commitment, as it doesn’t actually address the debt problem.

Indeed, if the program is implemented within the next five years –which is difficult according to the Secretary General for Privatization Mr. Christodoulakis- the debt would have declined, but remaining higher than 140% - 143% of GDP. That doesn’t minimize the risk of moratorium, as the amount of annual interest and amortization may exceed the level of 50% of state’s revenue.

Finance Minister Giorgos Papakonstaninou attempts to convince Eurogroup to accept the extension of EUR110bn loan repayment period regardless the competitiveness pact that Germany promotes.

Developments are expected in the Eurogroup meeting on Monday, as German Finance Minister Wolfgang Schaeuble will clarify German government’s intention.

(capital.gr)

 

[tommy271]

EURO GROUP:German Fin Min: Sees No Major Deal on EFSF



(Adds Dutch, Luxembourg comments)
BRUSSELS (Dow Jones)--Finance ministers from the 17 countries that use the euro aren't likely to agree a major reform of their bailout fund during meetings Monday and Tuesday, German Finance Ministers Wolfgang Schaueble said.

Speaking to reporters as he arrived at a Euro Group meeting, Schaueble also said his government is aiming for agreement on a package of measures to strengthen fiscal policy by the end of March.

The German government is linking agreement on that package to an expansion of the European Financial Stability Facility, through which the euro zone provides loans to members that can't borrow in the international bond markets.

"On the sidelines we will probably discuss whether there is a need to discuss additional measures for the EFSF in the short term, but the markets are so stable that we probably won't upset them with unnecessary discussion," he said.

"We'll discuss all these questions but it's clear that we won't take any decisions," Schaueble said.

Also arriving at the meeting, European Commissioner for Economic and Monetary Affairs Olli Rehn said it will be necessary to reform the EFSF, and that should include a cut in the interest rate paid by governments that use the facility.

"It is essential to reinforce the effective lending capacity of the financial backstops, the EFSF, and in that context, the commission is of the view that we have to look at pricing policy because of the real issue of debt sustainability," he said.

Luxembourg's finance minister said the euro zone has been "too slow" in responding to developments during its fiscal crisis, and needs to reach an agreement on the EFSF soon.

"What is important is that we come to a conclusion on the issue," said Luc Frieden. "Increasing the guarantees is the easiest way forward. It's about making sure the fund can be used and giving it the flexibility to participate in the market."

He also said the rest of the euro zone should be more supportive of the efforts being made by Greece and Ireland to cut their huge budget deficits.

"These countries are undertaking clear programs of fiscal consolidation and markets should take that into account," he said.

However, agreement on boosting the EFSF could be delayed if euro-zone members won't agree to proposals from the German and French governments to improve the management of public finances and competitiveness.

Meeting on February 4, a majority of euro-zone leaders rejected that plan, partly because it hadn't been prepared with their involvement.

"It's not a dictat as such, but we can't just accept the ideas of France and Germany," said Dutch Finance Minister Jan Kees de Jager. "The Netherlands has ideas about this too. We do need to discuss competitiveness and strengthening it is very important. But as I say, this proposal, it's not a pact, is just a starting point for discussion."

***
Situazione di stallo ...

 

[tommy271]

Bce, nessun acquisto in settimana a 11/2, domani asta drenaggio

lunedì 14 febbraio 2011 15:47



FRANCOFORTE, 14 febbraio (Reuters) - La Banca centrale europea non ha acquistato titoli sul mercato obbligazionario nella settimana all'11 febbraio, come già nelle due settimane precedenti.
L'importo da neutralizzare domani con un'asta di drenaggio di fondi a sette giorni resta pertanto a 76,5 miliardi di euro.
La scorsa settimana il mercato obbligazionario europeo si è mosso su voci di acquisti da parte della Bce. Le cifre diffuse oggi potrebbero non fotografare in toto la situazione in quanto gli acquisti effettuati dalla banca centrale richiedono 2-3 giorni per essere regolati.

***
Rumors indicavano interventi, la scorsa settimana, sul Portogallo.

 

[tommy271]

Oggi la Borsa di Atene ha chiuso in verde a 1642 punti con un + 1,28.
Volumi a 96 MLN.
I nostri spread procedono, invece, sempre lentamente in allargamento. Ora intorno a 826 pb.
Domani ci sarà l'asta dei trimestrali per un importo da assegnare relativamente modesto: 300 MLN e l'incontro Ecofin, vediamo...

 

[tommy271]

Greece Govt Posts E352 Mln Cash Surplus In January: Fin Min



ATHENS (MNI) - The cash balance of the Greek central government showed a surplus of E352 million in January compared with a deficit of E818 million in 2010, the Finance Ministry said Monday.
During the first month of 2011, ordinary budget revenue increased to E4.961 billion from E4.276 billion euro in January 2010. Ordinary budget expenditure decreased to E4.240 billion from E4.379 billion a year earlier.



***
Almeno, in cassa, c'è qualcosa ...

 

[tommy271]

Bce, Eurogruppo: ok a Praet nel borad


Per rimpiazzare posto lasciato dall'austriaca Tumpel-Gugerell



(ANSA) - BRUXELLES, 14 FEB - I ministri della zona euro - secondo quanto si apprende - hanno dato il via libera all'unanimita' all'ingresso del belga Peter Praet nel board della Bce, per rimpiazzare il posto lasciato dall'austriaca Geltrude Tumpel-Gugerell. Il belga Praet l'ha spuntata sull'altro candidato, la slovacca Elena Kohutikova.

 

[tommy271]

Borsa Atene: Ase chiude a +1,2%, bene bancari


MILANO (MF-DJ)--L'indice Ase della Borsa di Atene chiude la seduta in rialzo dell'1,2% a 1.642,7 punti con un volume di scambi di 95,8 mln euro.
Alpha sale del 3,2%, Opap del 2,9%, Titan del 2,8%, Piraeus dell'1,9% e National dell'1,4%.
Atebank cede invece il 3,5% e Hellenic Postbank l'1,7%