Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (6 lettori)

[tommy271]

Bundesbank warns against using EFSF to buy debt


FRANKFURT | Mon Feb 21, 2011 6:01am EST





FRANKFURT Feb 21 (Reuters) - Using Europe's rescue fund to buy government bonds would relieve bondholders and governments of responsibility, the Bundesbank said on Monday, also dismissing the idea of issuing joint euro zone bonds.

The German central bank also opposed the idea of the European Financial Stability Facility (EFSF) lending countries money at favourable interest rates to buy back their own bonds -- an idea supported by Greece.

Euro zone member states are looking to increase the effective lending capacity of the EFSF. Some have also discussed using the fund to buy the bonds of crisis-hit countries on the secondary market -- an idea the Bundesbank dismissed.

"The result would be to further relieve private creditors and national fiscal policies of responsibility and to burden taxpayers from financing countries with additional, possibly considerable risks," the central bank said in its February monthly report.

Issuing joint "E-bonds" or reducing the interest payments on aid to crisis-hit countries would "reduce the incentives for a solid fiscal policy and compromise important basic principles of the currency union" such as countries taking responsibility for their own public finances, the bank added.

The Bundesbank said the outlook for the German economy was positive, and that private consumption should support the economy in the coming months. Germany's public deficit could shrink towards 2 percent this year, it added.

 

[Gaudente]

The German central bank also opposed the idea of the European Financial Stability Facility (EFSF) lending countries money at favourable interest rates to buy back their own bonds -- an idea supported by Greece.

E allora cosa cavolo l'hanno costituita a fare ? Per pagare stipendi a qualche altro funzionario o politico trombato da piazzare ?

 

[Gaudente]

..un po' acido stamattina..??

tutt'altro, non vedi tutte le faccine allegre ?

 

[Gaudente]

L'altro giorno aveva detto di stare lontano dalle banche greche ... dopo una mezz'oretta i titoli sono saliti come un fulmine .

Stanno prendendo la rincorsa ....

 

[Gaudente]

secondo me con un po' di malox .. torna dolce come il miele

in 6 anni di Thailandia, mai avuto acidita' di stomaco ... contrariamente all'Italia

 

[IL MARATONETA]

in 6 anni di Thailandia, mai avuto acidita' di stomaco ... contrariamente all'Italia

Ultimamente ti abbiamo sentito poco; fortunatamente oggi arrivano quattro tuoi messaggi: cominciamo ad intravedere qualche barlume di speranza......

 

[IL MARATONETA]

Un saluto a Prospero: sono rientrato da Verona, la tua città..... è stato un piacere lungo 42.195 metri....
Ho visto che in settimana si terrà un interessante meeting finanziario...

 

[tommy271]

Building Activity Decreased By 30.6% In November 2009



Hellenic Statistical Authority said on Monday that total Building Activity (private-public) in November 2010 decreased by 21.7% in the number of building permits, by 33.2% in surface and by 30.6% in volume, compared to November 2009.

According to provisional data, Private Building Activity, in the whole country, summed to 3,735 building permits, corresponding to 703.9 thousand m2 of surface and 2,679.8 thousand m3 of volume. In comparison with the same month of 2009, there is a 21.6% decrease in the number of building permits, a 34.4% decrease in surface and a 31.4% decrease in volume.

Public Building Activity in the whole country in November 2010 amounted to 22 building permits corresponding to 26.5 thousand m2 of surface and 101.5 thousand m3 of volume. The Public Building Activity accounted for the 3.6% of the total building volume in November 2010.

In the last twelve months, from December 2009 until November 2010, the total Building Activity (Private and Public) in the whole country , calculated on the basis of the number of issued building permits, amounted to 49,838.This figure corresponds to 10,494.0 thousand m2 of surface and 37,671.1 thousand m3 of volume, reflecting a decrease 11.6% decrease in the number of building permits, a 20.5% decrease in surface and a 25.2% decrease in volume, compared with the corresponding period of December 2008 - November 2009.

In the same period from December 2009 until November 2010, Private Building Activity in the whole country recorded a 11.4% decrease in the number of issued building permits, a 20.3% decrease in surface and a 24.5% decrease in volume, compared with the respective period from December 2008 to November 2009.

For the same period, the Public Building Activity accounted for the 3.1% of the total building volume.

During the period January-November 2010, the total Building Activity(private-public) in the whole country recorded a 12.4% decrease in the number of issued building permits, a 21.4% decrease in surface and a 25.9% decrease in volume, compared with the same period of the year 2009.

During the same period, January-November 2010, private building activity in the whole country recorded a 12.2% decrease in the number of issued building permits, a 21.3% decrease in surface and a 25.3% decrease in volume in comparison with the same period of January-November 2009.


(capital.gr)


***
Recessione.

 

[tommy271]

Un saluto a Prospero: sono rientrato da Verona, la tua città..... è stato un piacere lungo 42.195 metri....
Ho visto che in settimana si terrà un interessante meeting finanziario...

Ti vorremmo vedere alle Termopili ....

 

[tommy271]

Bundesbank Opposes EU Fund Expansion


By Geoffrey T. Smith

(Dow-Jones)




FRANKFURT—Germany's central bank Monday hit out at plans to expand the euro-zone's support mechanism for financially troubled countries, saying some ideas under discussion would put new and unjustifiable burdens on taxpayers in creditor countries.

In its monthly report for February, the Deutsche Bundesbank criticized proposals to expand the means and the operational freedom of the European Financial Stability Facility, notably by allowing it to buy the bonds of troubled countries or to lend money to those countries to carry out bond buybacks themselves.

Both ideas have gained a measure of support in wide-ranging discussions aimed at drawing a line under the euro-zone debt crisis. Greece has confirmed that it might consider a buyback financed by the EFSF if the chance arose.

The Bundesbank, however, said that the proposals "reduce the incentives to run a solid fiscal policy and violate important basic principles of monetary union, such as subsidiarity, fiscal accountability and the exclusion of joint liability."

The bank also rejected the notion that the interest rates on loans to Greece and Ireland should be reduced. Ireland is due to elect a new government next week, and the Fine Gael party, which is far ahead in polls, wants to renegotiate the terms of last year's rescue deal, saying the interest rate on the loans from the European Union and International Monetary Fund is too high.

The report is the first since Bundesbank President Axel Weber announced his decision to step down a year early at the end of April, citing a lack of support for his views both in the European Central Bank's governing council and among many of the euro zone's governments.

Mr. Weber has been an outspoken hawk during his seven-year stint at the Bundesbank, but has found himself in a minority on key decisions the ECB has taken since the outbreak of the financial crisis. He was particularly vocal in his opposition to the ECB's intervention to stabilize government bond markets.

The German government had hoped to install Mr. Weber as Jean-Claude Trichet'ssuccessor at the head of the ECB in October, aware that his presence could reassure a German public that has been deeply unsettled by the sovereign-debt crisis elsewhere in the euro zone—something that has largely pushed the debt problems of its own banks out of the headlines.

Despite its criticism of the regional situation, the Bundesbank said the outlook for the German economy is "positive", supported by both exports and domestic consumption. Its report followed two separate surveys showing German business confidence at a record high in February.

The central bank urged the government to take advantage of the favorable economic situation to accelerate plans for reducing the budget deficit.

"The medium-term goal of a budget close to structural balance is far away," the Bundesbank said. "The good economic backdrop provides an excellent opportunity to consolidate public sector finances quickly and comprehensively."

***
L'ultimo regalo di Weber ...