Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (25 lettori)

[tommy271]

PASOK staying put despite criticism

Finance minister says there will be no early elections but MPs are demanding more consultation

Any opposition parties looking to take advantage of the government’s apparent weakness are only setting themselves up for disappointment, Finance Minister Giorgos Papaconstantinou suggested on Friday as he told PASOK’s rivals to “forget about” the prospect of early elections.

Despite the minister’s defiant statement, the fragile unity within PASOK was in clear evidence as the head of the Socialists’ parliamentary group, Christos Protopappas, warned ministers to consult with lawmakers before presenting legislation to Parliament or face a rebellion.

After several days of continuous criticism of the government’s choices, Papaconstantinou hit back at detractors and made it clear that the government would see out its full four-year term.

“To start of with, you can forget about [early] elections,” he told MPs in Parliament. “We cannot keep having this discussion every two or three months - elections will take place at the end of our four-year term, as the prime minister has already said.”

He also rejected claims that the government does not have the legitimacy needed to adopt reforms that people did not vote for in the 2009 general elections.

“Our democracy’s rules state that elections are held and the party that gains a majority governs,” he said. “We have a majority for four years and have a clear mandate that we are fulfilling the best way we can.”

The pressure on the government was ramped up this week after disputes among ministers and a near-rebellion by PASOK MPs who objected to some aspects of the liberalization bill that was passed through Parliament on Thursday.

Protopappas said that deputies would continue to speak out if ministers do not engage in greater consultation. “From now on, wherever there is disagreement, we will enter into dialogue,” he said. “This dialogue will have to result in some kind of agreement. Otherwise, it must not be taken for granted that whatever bill a minister brings to Parliament will be voted through.”

Protopappas also called for Prime Minister George Papandreou to create a crisis management team to prevent the government ending up in more embarrassing positions. So far, the only decision that has been taken is for Papaconstantinou to oversee a small cross-ministerial team that will ensure there is complete coordination on any proposed legislation that affects his department.

ekathimerini.com , Friday February 18, 2011 (19:59)

 

[tommy271]

National Bank moves to merge with rival Alpha

Proposal rejected on the grounds that it is not beneficial to shareholders; Brokers expect new offer in coming days

By Stelios Bouras


National Bank (NBG), the country’s largest lender, has proposed merging with smaller rival Alpha in a bid to create a larger and stronger bank positioned to withstand worsening economic conditions, but the offer was rejected.

Alpha Bank, Greece’s third largest lender, turned down the offer, citing prevailing economic uncertainties and terms which are not beneficial to its shareholders.

After months of speculation over a bank deal brewing, NBG announced on Friday that it has proposed to Alpha an all-share merger, offering eight new NBG shares for every 11 Alpha shares held.
The proposal priced Alpha shares at a 23.4 percent premiun to Thursday’s closing price.

“The proposed merger will create the biggest bank in Greece with the strongest capital base and a lender with a leading position in southeastern Europe that will also have international recognition,” NBG said in a statement.

With assets of almost 200 billion euros, the new bank would create annual synergies of 550 to 770 million euros due to economies of scale, improved international operations and reduced administrative spending at home and abroad, NBG added.

News of the offer sent bank shares on the Athens bourse on Friday almost 7 percent higher on expectations that a new wave of consolidation activity will take place in the sector. NBG shares rose 1.20 percent to 7.57 euros and Alpha Bank shares advanced 4.36 percent to 4.79 euros, before trading in both stocks was suspended.

Greek banking regulatory authorities and government officials have been encouraging local lenders to hook up in order to help them withstand rising bad loans and difficult liquidity conditions as Greece’s deepening recession enters its third year.

Finance Minister Giorgos Papacontstantinou described on Friday talks between the two sides as being in the right direction, “confirming that banks cannot be indifferent (to conditions) and not participate in the challenges they faced.”

About a decade ago the same two banks tried to merge but the plan fell apart after disputes arose over management roles between the two senior executive teams.

Brokers said that they expect NBG to come back with a counter offer, possibly over the weekend, interpreting Alpha’s rejection as a way of getting a better price on the deal.

“Alpha Bank is in a good position due to its relatively low exposure to Greek government bonds. I see it as more likely that the deal will ultimately go ahead,” said a broker from a leading Athens brokerage.

ekathimerini.com , Friday February 18, 2011 (21:35)

 

[LUP1051]

Scambi tra forumisti? .

No. Entrato ad Ottobre 2010, acquisto poco + alto di adesso, ancora dentro.
Ci ho tenuto a sottolinearlo, perchè leggo A su titoli medio/corti, nessuno sul trentennale.

Credo che fino ad Agosto, non smobilito; semprechè, tu non dai il via alle vendite!!!!!!!!!!. (scherzo, le tue valutazioni e/o analisi in merito, sono gradite,,,,senza alcuna responsabilità.

Ciao, buona domenica a tutti.

 

[LUP1051]

Anch'io vi faccio compagnia, con un cippetto acquistato a 59,20

Oddìo anche tu!!!!!

Ero già tranquillo con le analisi di tommy, con te a bordo dormo tranquillo; se sale anche........(indovinate),
sto tra due guanciali in compagnia anche di una bella mora.

PS) Ieri la Bce in acquisto sui titoli portoghesi; un poco di quà,,, un poco di là

 

[Rottweiler]

Banche europee sotto stress Dalla Bce altri 16 miliardi - Il Sole 24 ORE

Altro quiz: chi ha preso i 16 MLD dalla BCE?

Non sono un grecista (non ho neanche fatto il classico), ma vi seguo con attenzione e simpatia. Visto che gli eventi greci influenzano l'intero mondo finanziario, è giocoforza farvi regolarmente visita per essere aggiornati. Tommy poi è un vero rullo compressore...

Do un contributo minimo postando una possibile risposta al quiz:

Irish deposit sales cause ECB borrowing spike
Published: Saturday, 19 Feb 2011 | 7:45 AM ET Text Size


DUBLIN - Anglo Irish Bank and Irish Nationwide Building Society were behind the spike in emergency borrowing from the European Central Bank as they seek a speedy sale of their deposit books, a source told Reuters on Saturday.

The two troubled lenders, at the heart of Ireland's financial crisis, are selling deposits and corresponding assets as part of a wind-down of their operations under an EU/IMF bailout deal.

To ensure a sale within the next week, they have had to withdraw the underlying assets, around 15 billion euros ($20.5 billion) in state-backed IOUs, as collateral from the normal week-long ECB borrowing facility and swap them instead for emergency overnight loans, the source, who is familiar with the sales process, said.

"If they are tied up in the normal monetary operations they can't be sold," said the source, who declined to be identified.

The source said the spike in ECB overnight funding, which caused a stir across European markets this week, could continue even after a sale because the buyer of the deposits, expected to be a bank in Ireland, would have to wait until the next ECB weekly refinancing operation to switch out of the more expensive overnight facility.

"It's possible this spike in overnight borrowings could last for a couple of weeks," said the source. "The buyer may continue to put the assets in the overnight facility until the next normal refinancing operation on a Tuesday."

ECB overnight borrowings hit more than 16 billion euros on Friday, the highest amount since June 2009 and well above the 1.2 billion euros which banks were taking before the figure first jumped on Thursday.

Anglo Irish, the poster child for the reckless lending that sparking Ireland's financial crisis, has 11 billion euros in customer deposits deposit book after losing 16 billion euros in mainly corporate deposits last year.

Irish Nationwide Building Society has deposits of 5.3 billion euros at the end of 2009, it has not yet reported for 2010.

Under the EU/IMF deal, Ireland has pledged to shut down Anglo Irish and Irish Nationwide and shrink its other lenders to reduce their dependence on emergency funding from the ECB and its own central bank.

 

[tommy271]

I TITOLI DEI GIORNALI DI SABATO:


DESMEFTOS TYPOS: "Tough bargaining with merger".

AVGHI: "Political thriller with banks".

AVRIANI: "Collapse of National (Bank) merger with Alpha exposing government".

DIMOKRATIA: "Savage tax for the semi-outdoors order by Ragoussis".

ELEFTHEROS: "Alert.Tuberculosis knocked Greece's door".

ELEFTHEROS TYPOS: "The contract for sellout had been signed since July".

ELEFTHEROTYPIA: "Thriller with National-Alpha".

ESTIA: "Alpha rejected proposal by National".

ETHNOS: "Torpedo for National-Alpha merger".

IMERISSIA: "Thriller with National and Alpha marriage".

KATHIMERINI: "Thriller with National-Alpha Bank".

NAFTEMPORIKI: "'Thriller' with National and Alpha Bank merger."

NIKI: "Elliniko is only the beginning".

RIZOSPASTIS: "Cheap tickets abolition of tolls".

TA NEA: "A National-Alpha Bank wedding without... bride".

VRADYNI: "Savage cutting of pensions up to 63%".

(ana.gr)

 

[tommy271]

Greek NBG's bid for Alpha has compelling merits-source



Sat Feb 19, 2011 11:24am EST
* NBG's bid for Alpha Bank remains on table

* Offer has compelling merits

* Proposed eal should be considered by all stakeholders

(Adds quotes, background)

ATHENS, Feb 19 (Reuters) - Greek National Bank's (NBG) (NBGr.AT) all-share bid for Alpha (ACBr.AT), which was rejected on Friday, is still valid and should be considered, a high-ranking NBG official told Reuters on Saturday.

Greece's biggest bank NBG offerd to merge with Alpha Bank via an 8-for-11 share swap to form a bigger group, better able to cope with the country's debt crisis. Alpha's rejection opens the way for a takeover battle. [ID:nLDE71H1IV]

"NBG's proposal to Alpha Bank is still on the table. We believe our offer has compelling merits and should be considered as such by all stakeholders," the official, who did not want to be named, said.

NGB's move caught the market by surprise on Friday, sparking a strong rally in bank shares, with investors seeing it as laying the ground for other bank mergers and acquisitions.

The government has been prompting banks to explore alliances as a way to gain better access to wholesale funding markets which have been closed to them as a result of the severe debt crisis.

The NBG official said National Bank was surprised by Alpha's rejection and the reasons its board cited for the decision.

The official said the merger would boost Alpha Bank's capital adequacy ratios and liquidity, with NBG offering an upfront premium and participation in the benefits from significant synergies.

"The issue is in no way over, it just began," the official said. "Our offer will be judged by Alpha's shareholders."

Government officials are not pleased to see the deal not moving forward. The government owns about 940 million euros worth of preferred shares in Alpha Bank under a previous liquidity support scheme.

"Don't rush to conclusions on the fate of NBG's proposal," a government official told Ta Nea newspaper on Saturday. "Alpha Bank's board controls just 10 percent of the bank's shares."

***
L'affaire della fusione ...

 

[tommy271]

Sanctions better than debt brakes: ECB's Mersch



ATHENS | Sat Feb 19, 2011 1:54pm EST


(Reuters) - Automatic sanctions to discipline fiscal offenders in the euro zone are preferable to setting constitutional debt brakes, ECB Governing Council member Yves Mersch told Greek newspaper Real News on Saturday.

Writing debt limits into national laws is part of a controversial six-point plan put forward by Germany to boost economic coordination in the euro zone as the bloc zeroes in on a comprehensive package to solve its sovereign debt crisis.

"It would be preferable to put more emphasis on automatic sanctions to achieve the Maastricht criteria instead of being led to an intergovernmental accord to change the constitution of every country, which could prove even more slow (to reach) than even a treaty," Mersch, Luxembourg's central banker, told the paper in an interview.

He said the euro zone was not facing a crisis of the euro as a currency but a fiscal crisis in several countries which needed to take tough measures to tackle their problems.

"There is no crisis of the euro as a currency. In the last 12 years the euro gained more value than any other currency in the last 50 years," Mersch said.

"What we are going through now is a crisis in the public finances of several countries. But this in no way sets at risk the viability of the euro zone."

Mersch said macroeconomic imbalalances should be avoided and corrected at an early stage and that usage of the European financial stability mechanism should be flexible.

He told the paper European Central Bank President Jean-Claude Trichet should have the full support of his colleagues until his term ends in October.

"The president of the ECB will be in his position until the end of October. Until then and amidst such critical conditions he needs allies and the maximum support from all his colleagues despite talk of his likely successor," Mersch said.

He said improving competitiveness was key to boosting growth in the 17-country bloc and that some countries needed to tidy up their banking systems to have healthy balance sheets and efficient risk management.

Commenting on Greece, which is struggling to emerge from a severe debt crisis, Mersch said progress in slashing deficits so far was impressive given the adverse macroeconomic conditions.

"In the future, it is particularly crucial that Greece fully complies with the fiscal adjustment plan. This is something that will bring back credibility and trust in Greece," he said.

 

[tommy271]

Non sono un grecista (non ho neanche fatto il classico), ma vi seguo con attenzione e simpatia. Visto che gli eventi greci influenzano l'intero mondo finanziario, è giocoforza farvi regolarmente visita per essere aggiornati. Tommy poi è un vero rullo compressore...

Do un contributo minimo postando una possibile risposta al quiz:

Irish deposit sales cause ECB borrowing spike
Published: Saturday, 19 Feb 2011 | 7:45 AM ET Text Size


DUBLIN - Anglo Irish Bank and Irish Nationwide Building Society were behind the spike in emergency borrowing from the European Central Bank as they seek a speedy sale of their deposit books, a source told Reuters on Saturday.

The two troubled lenders, at the heart of Ireland's financial crisis, are selling deposits and corresponding assets as part of a wind-down of their operations under an EU/IMF bailout deal.

To ensure a sale within the next week, they have had to withdraw the underlying assets, around 15 billion euros ($20.5 billion) in state-backed IOUs, as collateral from the normal week-long ECB borrowing facility and swap them instead for emergency overnight loans, the source, who is familiar with the sales process, said.

"If they are tied up in the normal monetary operations they can't be sold," said the source, who declined to be identified.

The source said the spike in ECB overnight funding, which caused a stir across European markets this week, could continue even after a sale because the buyer of the deposits, expected to be a bank in Ireland, would have to wait until the next ECB weekly refinancing operation to switch out of the more expensive overnight facility.

"It's possible this spike in overnight borrowings could last for a couple of weeks," said the source. "The buyer may continue to put the assets in the overnight facility until the next normal refinancing operation on a Tuesday."

ECB overnight borrowings hit more than 16 billion euros on Friday, the highest amount since June 2009 and well above the 1.2 billion euros which banks were taking before the figure first jumped on Thursday.

Anglo Irish, the poster child for the reckless lending that sparking Ireland's financial crisis, has 11 billion euros in customer deposits deposit book after losing 16 billion euros in mainly corporate deposits last year.

Irish Nationwide Building Society has deposits of 5.3 billion euros at the end of 2009, it has not yet reported for 2010.

Under the EU/IMF deal, Ireland has pledged to shut down Anglo Irish and Irish Nationwide and shrink its other lenders to reduce their dependence on emergency funding from the ECB and its own central bank.

Ciao Rottweiler, anche Reuter ha rilanciato la notizia che dietro ai 16 MLD ci fosse la solita Anglo Irish in compagnia di un'altra banca.
Sul bel Blog di Intermarket trovate altre notizie: Asta marginale BCE: picchi causati dalle banche irlandesi | IntermarketAndMore

 

[tommy271]

Intanto oggi il nostro Thread ha raggiunto il milione di visite.
Lasciatemi dire che è un traguardo di tutto rispetto, specie se su titoli abbastanza "marginali" del mercato.
Un ringraziamento va a tutti i contributori ed anche a quelli che ci leggono in forma anonima ... e sono la stragrande maggioranza.
La buona qualità della discussione e degli interventi ne ha fatto una tribuna di riferimento per tutti gli investitori ellenici: un punto importante di incontro e di informazione che cerca di fotografare al meglio la situazione.
Il prossimo traguardo è per i 2 milioni...
Grazie a tutti.