tommy271
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Come scolasticamente previsto...
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A quota 1550/1600 puoi rientrare ...
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (11 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
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tommy271
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Berlino 20:49 PAPANDREOU, TASSI SU PRESTITI AD ATENE INSOSTENIBILI
I tassi di interesse sui prestiti alla Grecia sono 'insostenibili'. Lo ha sottolineato il primo ministro greco, George Papandreou, durante un discorso tenuto a Berlino nel corso del quale e' stato contestato e interrotto piu' volte.
'Le compagnie greche - ha detto Papandreou - non possono essere competitive se devono pagare interessi piu' alti dei concorrenti tedeschi' .
21 febbraio 2011
I tassi di interesse sui prestiti alla Grecia sono 'insostenibili'. Lo ha sottolineato il primo ministro greco, George Papandreou, durante un discorso tenuto a Berlino nel corso del quale e' stato contestato e interrotto piu' volte.
'Le compagnie greche - ha detto Papandreou - non possono essere competitive se devono pagare interessi piu' alti dei concorrenti tedeschi' .
21 febbraio 2011
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tommy271
Forumer storico
Papandreou sets key goals for Merkel talks
PM to focus on improving Greece's loan conditions, encouraging comprehensive eurozone debt solution
Prime Minister George Papandreou is due to meet German Chancellor Angela Merkel in Berlin on Tuesday for talks that he hopes will strengthen her determination to find a comprehensive solution to the eurozone’s debt problems, so that Greece is not isolated if European Union leaders fail to reach an agreement at next month’s summit.
Papandreou, who arrived in Germany on Monday, has two key aims for his talks with Merkel. The first is to gain her support for the repayment period for Greece’s 110-billion-euro loan package being extended beyond 2016 and for the interest rate on the loans, which is currently at about 5 percent, to be reduced.
However, the Greek prime minister’s second challenge may prove more daunting, which is to convince Merkel and other European leaders that he will be meeting over the next few weeks that they need to agree at a March 24-25 summit the details of the mechanism to support eurozone members that run into financial problems.
Germany and France have called on other members to accept a “competitiveness pact,” which includes tighter wage controls and retirement ages linked to life expectancy, as part of an overall solution. Greece has indicated it is willing to adopt the Franco-German terms but there are fears that they might be rejected by others. Sources said that Athens fears this scenario because it would leave Greece exposed because of its debt problems and without a mechanism that would ensure the solidarity of other members.
The meeting will also be an opportunity to patch up the rocky relations between the two countries over the last few months. In November, Papandreou criticized Merkel’s public suggestions that private investors be asked to accept a reduced profit, or “haircut” on government bonds, as part of a permanent support mechanism for eurozone members.
Papandreou spoke at Humboldt University in Berlin on Monday but was reportedly interrupted by students shouting slogans in Greek.
He also received a barracking at home from New Democracy, which accused him of lying about when he started talks with the International Monetary Fund about Greece being bailed out. IMF Managing Director Dominique Strauss-Kahn said he spoke to Papandreou about emergency loans in December 2009, several months before a package was put together. Government spokesman Giorgos Petalotis said Papandreou had merely had “exploratory talks” at that stage and had not entered into negotiations.
ekathimerini.com , Monday February 21, 2011 (23:17)
PM to focus on improving Greece's loan conditions, encouraging comprehensive eurozone debt solution
Papandreou, who arrived in Germany on Monday, has two key aims for his talks with Merkel. The first is to gain her support for the repayment period for Greece’s 110-billion-euro loan package being extended beyond 2016 and for the interest rate on the loans, which is currently at about 5 percent, to be reduced.
However, the Greek prime minister’s second challenge may prove more daunting, which is to convince Merkel and other European leaders that he will be meeting over the next few weeks that they need to agree at a March 24-25 summit the details of the mechanism to support eurozone members that run into financial problems.
Germany and France have called on other members to accept a “competitiveness pact,” which includes tighter wage controls and retirement ages linked to life expectancy, as part of an overall solution. Greece has indicated it is willing to adopt the Franco-German terms but there are fears that they might be rejected by others. Sources said that Athens fears this scenario because it would leave Greece exposed because of its debt problems and without a mechanism that would ensure the solidarity of other members.
The meeting will also be an opportunity to patch up the rocky relations between the two countries over the last few months. In November, Papandreou criticized Merkel’s public suggestions that private investors be asked to accept a reduced profit, or “haircut” on government bonds, as part of a permanent support mechanism for eurozone members.
Papandreou spoke at Humboldt University in Berlin on Monday but was reportedly interrupted by students shouting slogans in Greek.
He also received a barracking at home from New Democracy, which accused him of lying about when he started talks with the International Monetary Fund about Greece being bailed out. IMF Managing Director Dominique Strauss-Kahn said he spoke to Papandreou about emergency loans in December 2009, several months before a package was put together. Government spokesman Giorgos Petalotis said Papandreou had merely had “exploratory talks” at that stage and had not entered into negotiations.
ekathimerini.com , Monday February 21, 2011 (23:17)
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tommy271
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Papandreou says Greece to pay back aid in full
BERLIN | Mon Feb 21, 2011 1:13pm EST
BERLIN Feb 21 (Reuters) - Greek Prime Minister George Papandreou said on Monday Athens would pay back rescue aid in full.
In a speech in Berlin that was interrupted several times by opponents of his government, Papandreou also said the euro zone needed all financial tools to solve the debt crisis, including greater flexibility of the current rescue mechanism.
BERLIN | Mon Feb 21, 2011 1:13pm EST
BERLIN Feb 21 (Reuters) - Greek Prime Minister George Papandreou said on Monday Athens would pay back rescue aid in full.
In a speech in Berlin that was interrupted several times by opponents of his government, Papandreou also said the euro zone needed all financial tools to solve the debt crisis, including greater flexibility of the current rescue mechanism.
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tommy271
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Papandreou: Greece will not need to restructure debt
BERLIN | Mon Feb 21, 2011 1:34pm EST
BERLIN Feb 21 (Reuters) - Greek Prime Minister George Papandreou said on Monday Athens would not need to restructure or default on its debt, and an exit of individual states from the euro zone was not an option.
In a speech in Berlin, Papandreou also said euro zone leaders should consider allowing the European Financial Stability Facility to buy back sovereign bonds.
BERLIN | Mon Feb 21, 2011 1:34pm EST
BERLIN Feb 21 (Reuters) - Greek Prime Minister George Papandreou said on Monday Athens would not need to restructure or default on its debt, and an exit of individual states from the euro zone was not an option.
In a speech in Berlin, Papandreou also said euro zone leaders should consider allowing the European Financial Stability Facility to buy back sovereign bonds.
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Papandreou Urges Merkel to Support Debt Buybacks, Flexible Bailout Fund
By Tony Czuczka - Feb 22, 2011 12:00 AM GMT+0100 Mon Feb 21 23:00:10 GMT 2011
Greek Prime Minister George Papandreou urged Germany to be more open to lowering interest rates on bailout aid, saying that Europe needs every possible tool at its disposal to fight the debt crisis.
Speaking in Berlin on the eve of meeting with Chancellor Angela Merkel today, Papandreou said that European Union leaders working on a comprehensive plan to stem the crisis by the end of March must consider debt buybacks to cut interest rates and changes to the 440 billion-euro ($602 billion) rescue fund to maximize its firepower.
The EU’s arsenal in the crisis “needs to be flexible,” Papandreou said in response to audience questions after a speech at the Humboldt University late yesterday. “The idea of buybacks should be allowed on the table. This is what I mean when I say we should have the tools. We should as Europe give ourselves the powers that are needed” to staunch the turmoil.
Papandreou’s plea clashed with Germany’s central bank, which said yesterday that it opposed giving the rescue fund or its successor from 2013 powers to buy government bonds in the secondary market. Such action would relieve the pressure on overspending governments to restore public finances, it said.
Greece is prepared to go through hard times to reduce the country’s debt load, though it won’t sell state-owned islands to do so, Papandreou said. His speech was interrupted on several occasions by student protesters who jeered and chanted slogans in Greek.
‘Take This Pain’
“We are ready to take this pain and make these changes for the better of our country,” he said. All the same, interest rates on aid to Greece shouldn’t be so high that they become “unsustainable.”
“That is what we are working on with Angela Merkel,” Papandreou said.
Greece, the first victim of the sovereign debt crisis, pays about 5 percent for its European aid. While Germany has indicated it might consider lower interest rates in return for a commitment across the euro region to tackle debt and boost competitiveness, fellow governments have so far blocked German attempts to mold the EU in its image.
Merkel, faced with public unwillingness to bail out debt- wracked states, must also contend with opposition from her Free Democratic Party coalition partner to any moves at making the terms of aid more favorable. German Finance Minister Wolfgang Schaeuble rejected any notion of bolstering the rescue fund, known as the European Financial Stability Facility, saying on Feb. 15 that Europe can act with “lightning speed” if needed.
Rates can be “painful, but not so much that it derails the economy,” Papandreou said. “This is the type of mechanism we can look at in the EFSF” and its post-2013 successor, the ESM.
(Bloomberg)
***
Rimaniamo entro uno scenario di prospettiva che abbiamo disegnato nelle scorse settimane.
By Tony Czuczka - Feb 22, 2011 12:00 AM GMT+0100 Mon Feb 21 23:00:10 GMT 2011
Greek Prime Minister George Papandreou urged Germany to be more open to lowering interest rates on bailout aid, saying that Europe needs every possible tool at its disposal to fight the debt crisis.
Speaking in Berlin on the eve of meeting with Chancellor Angela Merkel today, Papandreou said that European Union leaders working on a comprehensive plan to stem the crisis by the end of March must consider debt buybacks to cut interest rates and changes to the 440 billion-euro ($602 billion) rescue fund to maximize its firepower.
The EU’s arsenal in the crisis “needs to be flexible,” Papandreou said in response to audience questions after a speech at the Humboldt University late yesterday. “The idea of buybacks should be allowed on the table. This is what I mean when I say we should have the tools. We should as Europe give ourselves the powers that are needed” to staunch the turmoil.
Papandreou’s plea clashed with Germany’s central bank, which said yesterday that it opposed giving the rescue fund or its successor from 2013 powers to buy government bonds in the secondary market. Such action would relieve the pressure on overspending governments to restore public finances, it said.
Greece is prepared to go through hard times to reduce the country’s debt load, though it won’t sell state-owned islands to do so, Papandreou said. His speech was interrupted on several occasions by student protesters who jeered and chanted slogans in Greek.
‘Take This Pain’
“We are ready to take this pain and make these changes for the better of our country,” he said. All the same, interest rates on aid to Greece shouldn’t be so high that they become “unsustainable.”
“That is what we are working on with Angela Merkel,” Papandreou said.
Greece, the first victim of the sovereign debt crisis, pays about 5 percent for its European aid. While Germany has indicated it might consider lower interest rates in return for a commitment across the euro region to tackle debt and boost competitiveness, fellow governments have so far blocked German attempts to mold the EU in its image.
Merkel, faced with public unwillingness to bail out debt- wracked states, must also contend with opposition from her Free Democratic Party coalition partner to any moves at making the terms of aid more favorable. German Finance Minister Wolfgang Schaeuble rejected any notion of bolstering the rescue fund, known as the European Financial Stability Facility, saying on Feb. 15 that Europe can act with “lightning speed” if needed.
Rates can be “painful, but not so much that it derails the economy,” Papandreou said. “This is the type of mechanism we can look at in the EFSF” and its post-2013 successor, the ESM.
(Bloomberg)
***
Rimaniamo entro uno scenario di prospettiva che abbiamo disegnato nelle scorse settimane.
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tommy271
Forumer storico
Activists Interrupt Greek Prime Minister's Speech In Berlin
(Adds quotes.)
By Patrick McGroarty
Of DOW JONES NEWSWIRES
BERLIN (Dow Jones)--Student activists interrupted a speech by Greek Prime Minister George Papandreou in Berlin on Monday, chanting Greek slogans and throwing fliers into the air as Papandreou attempted to deliver a lecture on the lessons of the financial crisis.
"As I was saying, democracy is not easy," Papandreou said after many of the demonstrators were removed from a lecture hall at Berlin's Humboldt University, only to be interrupted by a second wave of protesters who stood up in the audience of more than a hundred people, unfurling banners challenging his leadership and the deep cuts his government has introduced as a trade-off for aid from its euro-zone partners and the International Monetary Fund.
"I do represent the democratically elected government of Greece," he said, chastising the protesters for disrupting a public forum as he also offered an open dialogue about their concerns.
"No one says this is an easy thing to do, the changes we are making in Greece," Papandreou said. "But we are ready to take this pain and make these changes for the betterment of our country."
One of the demostrators, a 20-year-old art history student who was filming the proceedings with a digital camera and gave only her first name, Joanna, said the loosely organized Greek students studying around Berlin had come together in the last few days to protest "unending corruption, in this government and before."
Papandreou, who is scheduled to meet here Tuesday afternoon with German Chancellor Angela Merkel, also reiterated an argument that the EU and euro zone partners are not blameless for the conditions that sent Greece near bankruptcy last year, and said the common curreny zone must enact much tougher oversight of members' fiscal health.
"We must take the necessary decisions to put this behind us, to manage this problem and make the basis for a future Europe which is governed more closely, which is monitored more closely" Papandreou said.
(Adds quotes.)
By Patrick McGroarty
Of DOW JONES NEWSWIRES
BERLIN (Dow Jones)--Student activists interrupted a speech by Greek Prime Minister George Papandreou in Berlin on Monday, chanting Greek slogans and throwing fliers into the air as Papandreou attempted to deliver a lecture on the lessons of the financial crisis.
"As I was saying, democracy is not easy," Papandreou said after many of the demonstrators were removed from a lecture hall at Berlin's Humboldt University, only to be interrupted by a second wave of protesters who stood up in the audience of more than a hundred people, unfurling banners challenging his leadership and the deep cuts his government has introduced as a trade-off for aid from its euro-zone partners and the International Monetary Fund.
"I do represent the democratically elected government of Greece," he said, chastising the protesters for disrupting a public forum as he also offered an open dialogue about their concerns.
"No one says this is an easy thing to do, the changes we are making in Greece," Papandreou said. "But we are ready to take this pain and make these changes for the betterment of our country."
One of the demostrators, a 20-year-old art history student who was filming the proceedings with a digital camera and gave only her first name, Joanna, said the loosely organized Greek students studying around Berlin had come together in the last few days to protest "unending corruption, in this government and before."
Papandreou, who is scheduled to meet here Tuesday afternoon with German Chancellor Angela Merkel, also reiterated an argument that the EU and euro zone partners are not blameless for the conditions that sent Greece near bankruptcy last year, and said the common curreny zone must enact much tougher oversight of members' fiscal health.
"We must take the necessary decisions to put this behind us, to manage this problem and make the basis for a future Europe which is governed more closely, which is monitored more closely" Papandreou said.
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tommy271
Forumer storico
By Agence France-Presse, Updated: 2/22/2011
Greece targets tourism in 50-billion-euro state asset push
Tourism, a tried and tested income source for Greece, is being primed once again to help the cash-strapped country deal with a debt mountain of over 300 billion euros and dispel fears of bankruptcy.
A five-year privatisation drive worth 50 billion euros ($68 billion) announced this month in a bid to bolster the precarious Greek economy that was placed under EU-IMF supervision last year in return for a large rescue loan.
The Socialist government of George Papandreou has so far earmarked a dozen state properties for "exploitation", a term meaning long-term leases but not outright sale according to officials.
The list is headed by the holy grail of dormant Greek property, the 550-hectare former Athens airport at Hellenikon, a lucrative coastal expanse to the south of the capital.
Parts of the sprawling site have been abandoned for a decade. Others briefly hosted sports in new facilities erected for the Athens 2004 Olympics that later also fell into disuse.
The government is now trying to interest investors from Qatar in a project to turn Hellenikon into a multi-purpose park, with advice from Josep Acebillo, the Spanish architect who helped transform Barcelona's waterfront.
Other properties to be pitched to investors include a marina in the affluent Athens suburb of Vouliagmeni and coastal real estate in the southern Peloponnese peninsula, the northern peninsula of Halkidiki and the picturesque island of Rhodes, all of them destinations already popular with tourists.
"These are the properties that will be promoted in the coming period," a government source told AFP, adding: "How fast they are developed depends on how ready the related state services are."
Tourism insiders have heard this all before. The question now, they note, is whether the government will fulfil its pledge to eliminate red tape and create a 'fast track' process to facilitate investors.
A previous drive to lease sports stadiums dating from the Athens 2004 Olympics to commercial developers made little headway against Greece's ponderous bureaucracy. Some found a post-Games commercial or entertainment use but others remain boarded up.
"We have heard development plans for years," says George Telonis, chairman of the Hellenic association of travel and tourist agencies (Hatta), one of the sector's main lobby groups in Greece.
"The climate has changed but we need to see projects carried out," he adds.
Mired in debt and a growing recession, Greece has cast a wide net for foreign investors in recent weeks with emphasis on China, the Arab world, Israel and even old rivals Turkey.
Diplomatic efforts to improve ties with Israel after decades of frosty relations were rewarded last year with a 200-percent increase in arrivals to 250,000 visitors, according to officials.
Arrivals from Russia also went up 50 percent in 2010 after the government relaxed visa requirements, the tourism ministry said this month.
Greece almost went bankrupt last April when concerns about its ailing economy pushed its borrowing costs through the roof, and had to be rescued by the European Union and the International Monetary Fund with a massive loan.
"Development can only come through tourism, this is the only industry in Greece," says Telonis.
"We have been hearing about this 'fast track' process for five months and there hasn't been a single investment project so far."
"The only one, Astakos, did not progress," he adds, referring to a Qatari energy investment in western Greece that foundered last year.
The Greek government in September signed a memorandum with Qatar concerning investment in the Greek tourism, transport, infrastructure, real estate and energy sectors. No projects beyond Astakos were identified at the time.
Part of the problem is that state property in Greece is still governed by an administrative maze.
Not only is ownership spread out among a handful of state agencies and several ministries, but a recent study by a think-tank found that the government has no reliable inventory on properties it nominally controls.
"The Greek state literally does not know what it owns" said the study by the Istame think-tank which is close to the ruling Socialists.
"There is no central control and hundreds of hectares fall victim to encroachment", it added.
Less than 20 percent of land nominally belonging to the public real estate corporation (KED), one of the main state agencies, is currently free for exploitation, the Istame study found.
***
La componente fondamentale del PIL
Greece targets tourism in 50-billion-euro state asset push
Tourism, a tried and tested income source for Greece, is being primed once again to help the cash-strapped country deal with a debt mountain of over 300 billion euros and dispel fears of bankruptcy.
A five-year privatisation drive worth 50 billion euros ($68 billion) announced this month in a bid to bolster the precarious Greek economy that was placed under EU-IMF supervision last year in return for a large rescue loan.
The Socialist government of George Papandreou has so far earmarked a dozen state properties for "exploitation", a term meaning long-term leases but not outright sale according to officials.
The list is headed by the holy grail of dormant Greek property, the 550-hectare former Athens airport at Hellenikon, a lucrative coastal expanse to the south of the capital.
Parts of the sprawling site have been abandoned for a decade. Others briefly hosted sports in new facilities erected for the Athens 2004 Olympics that later also fell into disuse.
The government is now trying to interest investors from Qatar in a project to turn Hellenikon into a multi-purpose park, with advice from Josep Acebillo, the Spanish architect who helped transform Barcelona's waterfront.
Other properties to be pitched to investors include a marina in the affluent Athens suburb of Vouliagmeni and coastal real estate in the southern Peloponnese peninsula, the northern peninsula of Halkidiki and the picturesque island of Rhodes, all of them destinations already popular with tourists.
"These are the properties that will be promoted in the coming period," a government source told AFP, adding: "How fast they are developed depends on how ready the related state services are."
Tourism insiders have heard this all before. The question now, they note, is whether the government will fulfil its pledge to eliminate red tape and create a 'fast track' process to facilitate investors.
A previous drive to lease sports stadiums dating from the Athens 2004 Olympics to commercial developers made little headway against Greece's ponderous bureaucracy. Some found a post-Games commercial or entertainment use but others remain boarded up.
"We have heard development plans for years," says George Telonis, chairman of the Hellenic association of travel and tourist agencies (Hatta), one of the sector's main lobby groups in Greece.
"The climate has changed but we need to see projects carried out," he adds.
Mired in debt and a growing recession, Greece has cast a wide net for foreign investors in recent weeks with emphasis on China, the Arab world, Israel and even old rivals Turkey.
Diplomatic efforts to improve ties with Israel after decades of frosty relations were rewarded last year with a 200-percent increase in arrivals to 250,000 visitors, according to officials.
Arrivals from Russia also went up 50 percent in 2010 after the government relaxed visa requirements, the tourism ministry said this month.
Greece almost went bankrupt last April when concerns about its ailing economy pushed its borrowing costs through the roof, and had to be rescued by the European Union and the International Monetary Fund with a massive loan.
"Development can only come through tourism, this is the only industry in Greece," says Telonis.
"We have been hearing about this 'fast track' process for five months and there hasn't been a single investment project so far."
"The only one, Astakos, did not progress," he adds, referring to a Qatari energy investment in western Greece that foundered last year.
The Greek government in September signed a memorandum with Qatar concerning investment in the Greek tourism, transport, infrastructure, real estate and energy sectors. No projects beyond Astakos were identified at the time.
Part of the problem is that state property in Greece is still governed by an administrative maze.
Not only is ownership spread out among a handful of state agencies and several ministries, but a recent study by a think-tank found that the government has no reliable inventory on properties it nominally controls.
"The Greek state literally does not know what it owns" said the study by the Istame think-tank which is close to the ruling Socialists.
"There is no central control and hundreds of hectares fall victim to encroachment", it added.
Less than 20 percent of land nominally belonging to the public real estate corporation (KED), one of the main state agencies, is currently free for exploitation, the Istame study found.
***
La componente fondamentale del PIL
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tommy271
Forumer storico
German Voter Disapproval of Greek Bailout Muddles Aid Talks: Euro Credit
By Matthew Brown and Emma Charlton - Feb 22, 2011 1:00 AM GMT+0100 Tue Feb 22 00:00:01 GMT 2011
German Chancellor Angela Merkel’s resolve to defend the euro is being tested after her party suffered one its worst defeats since World War II in the first of seven state elections this year.
Merkel’s Christian Democratic Union lost power in Hamburg for the first time in a decade in a Feb. 20 vote. A European Union summit on March 24-25 to thrash out a permanent rescue facility to address the debt crisis that prompted Greece and Ireland to seek bailouts is sandwiched between polls that may echo what Merkel called “a stinging defeat.”
“We are in a ‘muddling through’ scenario,” said Steven Major, global head of fixed-income research at HSBC Holdings Plc in London. “Come the end of March, things could come to a bit of a head. The negotiations can get knocked off course.”
Germany wants stiffer sanctions against nations whose budget deficits top 3 percent of gross domestic product in exchange for cheaper rescue loans. Merkel’s coalition partner, the Free Democratic Party, opposes increasing the scope of the European Financial Stability Facility rescue fund. The opposition Social Democrats, winners in Hamburg, have called for joint euro-area bonds and a bigger EFSF.
Failure to reach an agreement next month risks ending a period of faith in euro-region governments that has driven down yields in Spain and Greece relative to German bunds. The Greek- German 10-year yield spread has narrowed 100 basis points this year to reach 852. The equivalent Spanish spread is at 217 basis points after reaching 298 basis points on Nov. 30.
Fading Power
The loss in Hamburg further erodes the CDU’s representation in the parliament’s upper house after losing control of the chamber in May, a result Merkel blamed on voter anger over bailing out Greece. The CDU coalition, with partners the FDP and the Christian Social Union, holds a majority of the 622 seats that make up the lower house, the Bundestag.
The coalition will need opposition support to pass legislation creating the European Stability Mechanism, which will provide a permanent replacement to the EFSF when it expires in 2013, according to a parliamentary report published on Feb. 14. A two-thirds majority will be needed because its risks breaching constitutional budget rules, according to the report, which was commissioned by the FDP.
Investors began to drive yields higher this month after Portugal’s warning that delays in overhauling the rescue fund threatened to incite market turmoil, and Greece joined Italy in objecting to specific debt-reduction targets proposed by Germany.
Demanding Answers
“The German government is quite aware that financial markets are expecting some consistent and comprehensive answers as to where Europe will go in the future,” said Marius Daheim, a senior fixed-income strategist at Bayerische Landesbank in Munich, Germany’s second-largest state-owned lender. “To disappoint these market expectations by following domestically orientated policies would send a very, very negative signal to financial markets and could even spark off a further round of peripheral turmoil,”
Merkel’s party took 21.9 percent in the election on Feb. 20, its worst result in the port city since the first postwar vote in 1946 and half its score in 2008, preliminary results showed. The Social Democrats, the main national opposition party, took 48.3 percent, enough to end the CDU’s 10-year rule in Hamburg and form a majority government without need of a coalition partner.
A state ballot in Saxony-Anhalt on March 20 will be followed by votes in Rhineland-Palatinate and Baden- Wuerttemberg, the southwestern state ruled by Merkel’s party for more than half a century.
“It’s always difficult for the current administration to maintain its popularity during these tests and it’s even more difficult given the backdrop because of the reality that the German’s are backstopping the efforts to rescue monetary union,” said Padhraic Garvey, head of developed-market debt at ING Groep in Amsterdam. “What she says publicly and what goes on behind the scenes can be two quite different things.”
(Bloomberg)
***
Ora vedremo come si comporterà la Frau ...
By Matthew Brown and Emma Charlton - Feb 22, 2011 1:00 AM GMT+0100 Tue Feb 22 00:00:01 GMT 2011
German Chancellor Angela Merkel’s resolve to defend the euro is being tested after her party suffered one its worst defeats since World War II in the first of seven state elections this year.
Merkel’s Christian Democratic Union lost power in Hamburg for the first time in a decade in a Feb. 20 vote. A European Union summit on March 24-25 to thrash out a permanent rescue facility to address the debt crisis that prompted Greece and Ireland to seek bailouts is sandwiched between polls that may echo what Merkel called “a stinging defeat.”
“We are in a ‘muddling through’ scenario,” said Steven Major, global head of fixed-income research at HSBC Holdings Plc in London. “Come the end of March, things could come to a bit of a head. The negotiations can get knocked off course.”
Germany wants stiffer sanctions against nations whose budget deficits top 3 percent of gross domestic product in exchange for cheaper rescue loans. Merkel’s coalition partner, the Free Democratic Party, opposes increasing the scope of the European Financial Stability Facility rescue fund. The opposition Social Democrats, winners in Hamburg, have called for joint euro-area bonds and a bigger EFSF.
Failure to reach an agreement next month risks ending a period of faith in euro-region governments that has driven down yields in Spain and Greece relative to German bunds. The Greek- German 10-year yield spread has narrowed 100 basis points this year to reach 852. The equivalent Spanish spread is at 217 basis points after reaching 298 basis points on Nov. 30.
Fading Power
The loss in Hamburg further erodes the CDU’s representation in the parliament’s upper house after losing control of the chamber in May, a result Merkel blamed on voter anger over bailing out Greece. The CDU coalition, with partners the FDP and the Christian Social Union, holds a majority of the 622 seats that make up the lower house, the Bundestag.
The coalition will need opposition support to pass legislation creating the European Stability Mechanism, which will provide a permanent replacement to the EFSF when it expires in 2013, according to a parliamentary report published on Feb. 14. A two-thirds majority will be needed because its risks breaching constitutional budget rules, according to the report, which was commissioned by the FDP.
Investors began to drive yields higher this month after Portugal’s warning that delays in overhauling the rescue fund threatened to incite market turmoil, and Greece joined Italy in objecting to specific debt-reduction targets proposed by Germany.
Demanding Answers
“The German government is quite aware that financial markets are expecting some consistent and comprehensive answers as to where Europe will go in the future,” said Marius Daheim, a senior fixed-income strategist at Bayerische Landesbank in Munich, Germany’s second-largest state-owned lender. “To disappoint these market expectations by following domestically orientated policies would send a very, very negative signal to financial markets and could even spark off a further round of peripheral turmoil,”
Merkel’s party took 21.9 percent in the election on Feb. 20, its worst result in the port city since the first postwar vote in 1946 and half its score in 2008, preliminary results showed. The Social Democrats, the main national opposition party, took 48.3 percent, enough to end the CDU’s 10-year rule in Hamburg and form a majority government without need of a coalition partner.
A state ballot in Saxony-Anhalt on March 20 will be followed by votes in Rhineland-Palatinate and Baden- Wuerttemberg, the southwestern state ruled by Merkel’s party for more than half a century.
“It’s always difficult for the current administration to maintain its popularity during these tests and it’s even more difficult given the backdrop because of the reality that the German’s are backstopping the efforts to rescue monetary union,” said Padhraic Garvey, head of developed-market debt at ING Groep in Amsterdam. “What she says publicly and what goes on behind the scenes can be two quite different things.”
(Bloomberg)
***
Ora vedremo come si comporterà la Frau ...
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tommy271
Forumer storico
Oggi Papandreou incontrerà la Merkel in vista del summit del 4 marzo: i tempi si fanno sempre più stretti per arrivare a giungere alla soluzione.
In mezzo ci stanno le solite elezioni tedesche a marzo che, dopo quelle di Amburgo, potrebbero mettere su una linea di arroccamento la Merkel.
Altre elezioni sono poi quelle Finlandesi che, invece, dovrebbero accelerare i tempi dell'accordo entro l'11 marzo.
Ancora altro appuntamento elettorale è quello dell'Irlanda ...
Nel mentre, tutta la linea sud rimane estremamente vulnerabile, la debolezza di fondo è accentuata dalle note vicende dell'area araba nordafricana.
Intanto il fronte "tiene" la posizione:
Grecia 849 pb. (843)
Irlanda 598 pb. (603)
Portogallo 427 pb. (433)
Spagna 218 pb. (212)
Italia 164 pb. (156)
Belgio 108 pb. (99)
In mezzo ci stanno le solite elezioni tedesche a marzo che, dopo quelle di Amburgo, potrebbero mettere su una linea di arroccamento la Merkel.
Altre elezioni sono poi quelle Finlandesi che, invece, dovrebbero accelerare i tempi dell'accordo entro l'11 marzo.
Ancora altro appuntamento elettorale è quello dell'Irlanda ...
Nel mentre, tutta la linea sud rimane estremamente vulnerabile, la debolezza di fondo è accentuata dalle note vicende dell'area araba nordafricana.
Intanto il fronte "tiene" la posizione:
Grecia 849 pb. (843)
Irlanda 598 pb. (603)
Portogallo 427 pb. (433)
Spagna 218 pb. (212)
Italia 164 pb. (156)
Belgio 108 pb. (99)
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