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

[tommy271]

Outlook for slumping economy weak; reforms hold key

By Stelios Bouras



Greece’s economy contracted by a larger-than-expected annual pace of 6.6 percent in the last three months of 2010, with the recessionary blues expected to continue this year, pushing jobless rates further higher.

“The significant reduction in consumer spending contributed to the drop in gross domestic product (GDP), while the improvement of the trade deficit partly offset the negative result,” the Hellenic Statistical Authority (ELSTAT) said on Tuesday.

Economists expected the economy, that has been shrinking for 10 consecutive quarters, to contract by 4.8 percent in the last quarter of 2010, according to a Reuters poll.

On a quarter-on-quarter basis, Greece’s 230-billion-euro economy shrank by 1.4 percent, ELSTAT added.

Government austerity measures introduced last year in exchange for a 110-billion-euro EU-IMF rescue plan aimed at saving the country from bankruptcy have pushed the economy deeper into recession than the government had expected.

Flash estimates from Eurostat, the European Commission’s statistics service, on Tuesday showed the downturn in economic activity for 2010 was 4.52 percent, worse than the Greek government's forecast decline of 4.2 percent.

The Bank of Greece, which sees the economy contracting by at least 3 percent this year, called on the government on Tuesday to push ahead with reforms as a way of bringing the country back onto a growth path.

“The faster and better structural reforms are introduced, the sooner there will be a return to growth,” said the Bank of Greece in its annual monetary report.

Necessary reforms singled out by the bank include cutting budget deficits, deregulation of the labor market, upgrading education, simplifying business start-up procedures and boosting competitiveness.

Representatives of the European Commission, European Central Bank and International Monetary Fund -- known collectively as the troika -- said last week that Greece’s reform program was at a “critical juncture” and that a “decisive breakthrough in the following weeks and months will be crucial.”

Regarding the severely hit labor market, the Bank of Greece added that it sees unemployment as averaging out at above 12.5 percent in 2010 with “the expected trend for 2011 remaining clearly upward.”

The latest data shows that unemployment jumped to 13.9 percent in November from 10.6 percent in the same period a year earlier.

ekathimerini.com , Tuesday February 15, 2011 (17:05)

 

[tommy271]

SITUAZIONE CDS

Secondo Risk.net, la Grecia ha chiuso ieri i CDS a 934 pb. in aumento rispetto ai 907 pb. del giorno prima, ridotti però a 887 pb. alle ore 13:00 di oggi.
L'Italia è ferma a 181 pb., il Portogallo è sceso di 2 pb. a 456 pb., mentre l'Irlanda è scesa di 5 pb. a 583 pb. La Spagna segna un aumento di 2 pb. a 253 pb.
Gli Stati "Core" sono rimasti invariati, con il Belgio a 171 pb. e la Germania a 53 pb., il Regno Unito cala di 1 pb. segnando 61 pb.

 

[tommy271]

EU’s Barroso Calls Permanent Debt-Crisis Plan ‘Indispensable’

By Jonathan Stearns - Feb 15, 2011 4:42 PM GMT+0100


European Commission President Jose Barroso called the euro area’s plan to create a permanent debt- crisis mechanism “indispensable” for financial stability in Europe.

He commented after the commission, the European Union’s executive arm, issued a favorable opinion of the decision by EU government leaders in December to amend the bloc’s treaty to establish a European Stability Mechanism in 2013 for countries that share the euro.

“This is an indispensable decision in order to confirm our determination to defend our common currency and to guarantee financial stability,” Barroso told the European Parliament today in Strasbourg, France. “The necessary conditions are in place to carry out a simplified revision of the treaty.”

The planned ESM will replace the EU financial backstop set up with the International Monetary Fund for three years last May after a 110 billion-euro ($149 billion) loan package for Greece failed to prevent increases in the borrowing costs of other high-deficit euro nations. The main pillar of the current 750 billion-euro system is the European Financial Stability Facility, which can sell bonds backed by 440 billion euros in national guarantees and use the money for rescue loans.

European finance ministers decided yesterday in Brussels that the ESM will be able to lend 500 billion euros. That’s twice the amount of the EFSF, whose need for buffers to secure a AAA credit rating limits the facility’s total lending capacity to around 250 billion euros.

Financial Assistance

The ESM-related treaty addition approved by EU government heads two months ago reads: “The Member States whose currency is the euro may establish a stability mechanism to be activated if indispensable to safeguard the stability of the euro area as a whole. The granting of any required financial assistance under the mechanism will be made subject to strict conditionality.”

In addition to the verdict from the commission, a non- binding opinion from the EU Parliament is needed before the treaty change can go ahead. EU government heads intend to approve the ESM in late March as part of a “comprehensive” package of crisis-management measures including bolstering the temporary backstop and strengthening the enforcement of budget- deficit limits.

(Bloomberg)

 

[frmaoro]

Riforma Europa, molti no dai conservatori tedeschi della Csu

Reuters - 15/02/2011 17:26:37

BERLINO, 15 febbraio (Reuters) - I Cristiano Sociali bavaresi - alleati nel governo di Angela Merkel - pongono dure condizioni alla riforma dell'Europa, si legge in un documento del partito che non è ancora stato approvato ufficialmente dai vertici Csu.

Tra i no del partito, quello che respinge l'ipotesi di acquisti di titoli dei paesi periferici più vulnerabili da parte del fondo di salvataggio europeo, che si accompagna al rifiuto di dare a questi paesi fondi per il riacquisto della loro stessa carta, si legge nel documento reso disposnibile a Reuters.

La Csu chiede anche lo stop del programma di riacquisto bond della Bce e chiede un limite di tre anni a qualsiasi tipo di aiuto del fondo di salvataggio.

"Il finanziamento di debito tramite Bce, Ue o altri stati membri va totalmente escluso, in particolare: finanziamenti governativi tramite bond congiunti (Eurobonds); l'acquisto di bond tramite Bce or EFSF/ESM; l'offerta di credito a membri europei superindebitati per finanziare l'acquisto di obbligazioni su mercato secondario", recita il testo.

 

[tommy271]

Athens Stocks Decline By 1.35%



Greek Stocks moved downwards on Tuesday in an average turnover, as the market focused on the announcement of Greek GDP, the auction of treasury bills and the widening of Greek government bond spreads.

Banks retreated by 2.34%, posting intraday losses of 3.18%, while only Jumbo ended in green across FTSE20. PPC closed at session’s low, at EUR12 (down 4%), while Motor Oil, MIG, Bank of Cyprus, Hellenic Postbank, Marfin Popular Bank, ATE and Piraeus Bank also ended at session’s low.

Piraeus Securities said that investors are on a wait and see mode, looking to get direction from the decision that may be taken in Brussels, expecting the market to consolidate at current levels with increased volatility and low volumes.

“The uncertainty caused by the conflict between the Greek government and the EU/IMF officials affected the market volume but not the positive sentiment generated after the announcement of the €50bn privatizations in the next years”, said Alpha Finance.

Pegasus Securities commented that the EUR50bn privatization program that troika advised brought first enthusiasm to the domestic market and then volatility with some profit taking movements.

Pegasus expected the market to have a volatile session today as well with low volume “however the decisions of Ecofin’s meeting as well as the auction of 13W T-Bills will be in the spotlight and will determine the direction of the General Index.”

Across the board, the General Index ended at 1620.59 units, down 1.35%, after a fluctuation of 40 units or 2.43%. Approximately 31.7mn units worth EUR101.32mn were traded, while a total amount of 103 shares declined, 68 rose and 113 remained unchanged.

Banks limited the intraday losses to 2.14%, ending at 1409.38 units. Only Geniki Bank managed to end in green, posting gains of 3.47%, while Proton Bank, Attica Bank, Bank of Cyprus and Hellenic Postbank fell by 5.75%, 3.67%, 3.36% and 3.27% respectively.

Marfin Popular Bank, ATEbank and National Bank declined by 2.68%, 2.44% and 2.05% respectively.

(capital.gr)

 

[tommy271]

Tremonti: accordo su tutto o su niente


Bce vigili anche su finanza privata, bene piano Sarkozy-Merkel



(ANSA) - ROMA, 15 FEB - 'Non ci sara' accordo su niente se non c'e' accordo su tutto'. Lo dice, riferendosi ai debiti pubblici, il ministro dell'Economia Tremonti dopo l'Ecofin.
Per Tremonti poi 'la sorveglianza macroeconomica della Bce non si deve limitare solo al controllo della finanza pubblica ma anche a quello della finanza privata'. E aggiunge: Il piano competitivita' di Francia-Germania e tutti i suoi punti, dall'abolizione dell'indicizzazione dei salari all'innalzamento dell'eta' pensionabile, 'a noi va bene'.
Alla domanda se l'Italia e' disposta ad accettare la 'regola del ventesimo'' proposta dalla Commissione Ue (ridurre in tre anni il debito pubblico in eccesso di un centesimo l'anno) Tremonti ha quindi risposto: ''Vogliamo che dal 2015 oltre ai numerelli scritti si prendano in considerazione tutti i fattori rilevanti che incidono sulla situazione di un Paese, in modo da non considerare quei numeri automatici''.
E sui 'fattori rilevanti' (dal debito privato all'andamento della spesa pensionistica all'esposizione del sistema bancario alla situazione del mercato immobiliare) Tremonti ha assicurato come oramai ci sia l'unanimita' tra gli Stati membri.
''I prossimi Consigli europei - ha detto - si chiuderanno quindi in modo molto positivo per l'Italia sul fronte del debito pubblico. Ci si puo' scommettere''. ''Siamo convinti - ha detto Tremonti - che un equilibrio sara' trovato sulla proposta della Commissione Ue, che prevede solo dal 2015 la configurazione del nuovo Patto di stabilita' e di crescita. E contiene un compromesso suggerito dall'Italia. Il debito pubblico e' importante, ma contano anche altri fattori''.

***
La posizione italiana.

 

[tommy271]

EU makes headway towards debt-resolution package


By Luke Baker and Jan Strupczewski
BRUSSELS | Tue Feb 15, 2011 11:36am EST



BRUSSELS (Reuters) - Europe moved closer to a deal on tackling its debt crisis on Tuesday, but time is tight to agree a comprehensive package by the end of March and officials announced extra meetings to try to reach an accord.

Draft conclusions from a meeting of European Union finance ministers showed member states were willing to agree measures to keep their economies competitive, a core demand of Germany's. That may in turn secure German backing for a strengthening of the European Financial Stability Facility, the temporary euro zone bailout mechanism set up in May.

But there remains concern in financial markets that failure to agree a stronger, more flexible EFSF as part of the package could reignite the sovereign debt pressures that forced Greece and Ireland into EU bailouts.

"There is work still to be done but we took good steps today in terms of clarifying the positions of member states and in terms of navigating the way forward for the adoption of the legislative package," Olli Rehn, the European commissioner for economic and monetary affairs, told reporters after the meeting.

While there were signs of progress -- including a decision that the European Stability Mechanism, which will replace the EFSF from 2013, will have a lending capacity of 500 billion euros ($675 billion) -- time remains short to clinch a deal.

EU leaders are scheduled to sign off on the package at a summit in Brussels on March 24-25, but several meetings will have to be held between now and then to agree all the elements.

There are already plans for an extra summit of euro zone leaders on March 11, and euro zone finance ministers will meet again on March 14 and possibly March 21 to work on details.

Finland said on Tuesday it would also hold a meeting of 14 EU leaders -- all from the center-right European People's Party, the biggest bloc in the European Parliament -- in Helsinki on March 4 to try to forge common ground.

Finland has to dissolve its parliament on March 15 in order to hold a parliament election on Apr. 17. As a result, the last chance it has to sign off on the comprehensive package is the March 11 summit. If any changes were to be made between then and the end of March, unanimity on the deal could be lost.

"Effectively the deal has to be agreed on March 11 and then finalized with no changes on March 24-25, otherwise it is very difficult for Finland," a Finnish official said.

In a sign of the edginess still prevalent in bond markets, yields on the sovereign debt of weaker euro zone economies rose on Tuesday, reflecting increased risk.

The core concern remains that the EFSF, because of guarantees to maintain its triple-A credit rating, has an effective lending capacity of only about 250 billion euros, not its nominal 440 billion, and therefore has insufficient funds if it needed to bail out both Portugal and Spain.

The fact EU ministers agreed that the ESM, the permanent mechanism to be active from 2013, will have an effective capacity of 500 billion euros did not calm markets.

"No one's going to take great comfort from that because it doesn't address things like the restructuring or the buybacks that will ultimately lead to a restructuring of Greek and Irish debt," said Charles Diebel, head market strategist at Lloyds.
"It's almost like they felt they had to say something -- they're trying to show the world they're still making progress."


COMPETITIVENESS MOVES AHEAD


As well as a stronger EFSF and the ESM, the package involves overhauling euro zone budget rules and improving economic policy coordination and is expected to include an agreement on bolstering competitiveness across the euro zone -- a proposal put forward by France and Germany on February 4.

While many euro zone member states were frustrated both by the way France and Germany presented their "competitiveness pact" and by its substance, there now appears to be an emerging consensus on some of the proposals contained in it.

The Franco-German measures included limits on debt levels written into national laws, higher retirement ages based on demographics, the abolition of index-linked wage increases and a common corporate tax base.

Very similar proposals were put forward by the European Commission last month and EU finance ministers indicated on Tuesday that they could back the Commission's line, essentially adopting some of the Franco-German pact in the process.

While not explicitly backing the introduction of debt limits in national constitutions, the draft conclusions of Tuesday's meeting said the ministers agreed that ensuring debt sustainability was of the utmost importance.

The ministers are also likely to back the Franco-German call for higher retirement ages.
"The Council highlights that fiscal consolidation should be accompanied by reforms aimed at ensuring sustainable and adequate pension systems, notably by increasing the effective retirement age and by better aligning retirement age and/or pension benefits to changes in life expectancy," the draft said.

The euro zone now has less than 40 days to clinch agreement among its 17 member states on a comprehensive package. Failure to do so, which remains a possibility, could unleash renewed market unrest, an outcome officials are concerned about.

"We can expect another round of market turmoil in late March and April if the summit outcome is not convincing," a senior European official said last week, noting that Portugal has a heavy debt repayment deadline in April.

 

[IL MARATONETA]

Chiusura negativa per Atene, indice ASE a 1620 punti con -1,35. Buoni volumi di scambio a 101 MLN.
Spread sempre sotto tensione: poco fa ennesimo balzo da 837 pb a 861 pb., in una giornata contrassegnata da un esito positivo dell'asta trimestrale ma da alcuni dati negativi riguardanti il pesante clima recessivo.

Dalla Grecia dati negativi PIL....
Dalla BCE fumata nera progetto salvastati....
sono necessari incontri preliminari tra i politici, altrimenti anche a fine Marzo non si arriverà ad un accordo
e intanto si continerà, presumibilimente a scendere

 

[IL MARATONETA]

ESEG Buy MOT HELLENIC 19 6.5 EUR 10000 69,78 15/02/11 14:24:15 10000

Hai coraggio da vendere...
comunque complimenti per le munizioni, io sono scarico...

 

[IL MARATONETA]

Basta con sta menata del debito pubblico + la ricchezza delle famiglie. Questa volta stò con i tedeschi. Vogliamo ridurlo stò benedetto debito si o no? E allora diamoci da fare e cominciamo a tagliare gli sprechi enormi che abbiamo.

Anch'io sono daccordo con Methos, il risparmio lo hanno prodotto gli italani e non certo i governanti.....
e chi ha risparmiato puo' sempre spendere....