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

[tommy271]

Agence France-Presse, Updated: 2/23/2011

Slovakia against EU tax harmonisation



Slovakia will not support tax harmonisation within the EU as proposed by the Franco-German competitiveness pact for the eurozone, Slovak Finance Minister Ivan Miklos said Wednesday.

"We have a serious problem with harmonisation of corporate income tax within the EU," Miklos told reporters.
"We wouldn't mind if the corporate tax was harmonised in line with the Slovak model but we're afraid it's not realistic to think we'll be able to reach a compromise that won't adversely affect our tax system," Miklos said.

Slovakia, has a low 19-percent rate for both corporate and income tax which is regarded as being attractive to foreign direct investors and having increased the nation's tax base by drawing individuals out of the 'grey' or unofficial economy.
The ex-communist state of 5.4 million whose economy is largely driven by the auto and electronics sectors joined the eurozone in 2009.

Miklos also said that Slovakia wants a new principle for financial participation in the future European Stabilisation Mechanism -- worth 500 billion euros ($686 billion) -- due to be the permanent loan mechanism for indebted countries as of 2013.

"We think that the principle of countries contributing according to their GDP and population that has been created for the current European Financial Stability Facility (EFSF) is illogical and unfair," Ivan Miklos said.

"The participation of a country should depend mostly on its GDP or on the strength of its financial sector and the country's debt -- because the higher the debt, the more likely it will need the loan," he said, adding that this view is also shared by eurozone members Slovenia and Estonia.

Slovakia was the only eurozone member to refuse to participate in the emergency loan to indebted Greece last year.

"We realise the importance of unity and solidarity within the eurozone and we are ready to participate in the European Stabilisation Mechanism" with certain changes, Miklos added.

***
I parenti poveri ...

 

[tommy271]

Greek Stocks Up on Volatile Session



Athens market moved upwards in a nervous session on Wednesday, as the General Index rebounded following a two-day correction.

Banks drew again market’s attention in the wake of Alpha Bank’s rejection for a merger with National Bank, while recent reports of foreign firms such as Nomura fueled speculation for an improved offer by NBG.

Banking index moved in a wide margin of 4% or 58.5 units, which indicates the nervous sentiment, while Hellenic Postbank and Eurobank topped FTSE20’s profits.

National Bank’s share mostly moved in negative territory, posting intraday losses of 3.63%, while Alpha Bank’s course was characterized by high volatility, as it had been moving in a margin of 9.6%.

Analysts note that the domestic market will continue to be affected by NBG’s proposal for a merger with Alpha Bank and they expect increased volatility to remain, particularly in the banks’ shares.

Eurobank Equities commented that global sentiment remains fragile and domestically lack of news flow does not allow a major reversal of the trend, according to its morning report.

Kyprou Securities stated that it remains cautious on the ASE as the international environment is not supportive on Greek equities at the moment.

"A spate of unconfirmed rumors involving any number of bank merger combinations are sparking buying interest despite the absence of real substance," Louis Nikolopoulos, banking analyst at Marfin Analysis-IBG told Dow Jones Newswires.

"Selected banking stocks are re-rating again after deflating on domestic M&A stalemates over the previous two sessions", he added.

Across the board, the General Index ended at 1629.72 point, up 0.64%, after a fluctuation of 40 units. Approximately 48.28mn units worth EUR161.46mn were traded, while a total amount of 92 shares rose, 71 declined and 121 remained unchanged.

Banks recorded gains of 1.87%, at 1482.39 units. Hellenic Postbank and Eurobank soared by 8.33% and 7.17%, with Alpha Bank, Piraeus Bank and Attica Bank following with profits of 4.08%, 3.7% and 3.67% respectivly. Geniki Bank and ATE Bank rose by 1.47% and 1.23% respectively.


(capital.gr)

 

[tommy271]

Weber Says Deficit Countries Must Become More Competitive

By Simone Meier and Gabi Thesing - Feb 23, 2011 6:15 PM GMT+0100 Wed Feb 23 17:15:00 GMT 2011

European Central Bank Governing Council member Axel Weber said euro nations with large current account deficits must become more competitive to help prevent another sovereign debt crisis.
“To avert future damage from the currency union the imbalances in the euro region must be tackled resolutely and permanently,” Weber said, according to the text of a speech delivered in Zurich today. “Countries with current account deficits will have to contribute the most: what is needed are reforms that will improve their competitiveness.”
Even though the euro-area economy as a whole has emerged from the recession, growth is still uneven. While exporting nations like Germany are booming, the periphery countries like Greece, Portugal, Spain and Ireland are struggling to emerge from the slump as their countries grapple with budget deficits, high borrowing costs and banking systems dependent on ECB funds.
Weber said these countries becoming uncompetitive have resulted directly in higher imports, boosting export nations’ surpluses.
Weber said if high-deficit countries implemented reforms, “that will not remain without impact on the surplus countries. With diminishing export opportunities, domestic demand growth should gather strength.”
Weber, 53, who will step down from his position as president of Germany’s Bundesbank on April 30, also said fiscal stimulus or rising wages are unlikely to tackle the imbalances.
“If Germany would boost its imports by 10 percent, that would only boost Greece’s, Spain’s and Portugal’s current account by 0.25 percentage points. In the case of Ireland it would be 1 percentage point,” he said.
Weber also said it’s “vital” to tackle global imbalances and that he was “confident” that the Group of 20 will find a “constructive” solution to their “difficult debates” on crafting an early warning system to detect when economic fault lines are opening.



(Bloomberg)

 

[tommy271]

Grecia: proteste violente contro l’Austerity | euronews, mondo

Con video.

 

[tommy271]

Greek PM hopes for loan repayment extension​

English.news.cn 2011-02-24 03:55:55



HELSINKI, Feb. 23 (Xinhua) -- Visiting Greek Prime Minister George Papandreou on Wednesday expressed hope for an extension on repayment period of Greek loan from the European Union and the International Monetary Fund (IMF).
At a joint press conference held after talks with Finnish Prime Minister Mari Kiviniemi, Papandreou said that Greece has undertaken major reforms in the country's pension and tax system as well as public administration, and the spending has been greatly reined in.
However, he hoped that the repayment period of EU-IMF loans for Greece could be extended. He said that certain measures to manage the debt in a better way will calm the market, stressing that he can guarantee that the loan will be paid back with interest.
Finnish Prime Minister Mari Kiviniemi said that the EU is ready to make a comprehensive package, which will calm down the financial market.
According to Kiviniemi, possible new arrangements for the stability of vulnerable countries like Greece will be part of the package.
Debt-burdened Greece was forced to tap a 110 billion-euro loan facility last May from the European Union and IMF after being shut out of the debt market. The loan has been scheduled to be repaid by the end of 2016.


(Agenzia Nuova Cina)

 

[tommy271]

Cleaning up banking sector key to solving Europe's debt crisis​

English.news.cn 2011-02-24 10:58:45
by Liu Xiaoyan




BRUSSELS, Feb. 23 (Xinhua) -- Europe needs a swift, radical and comprehensive solution to the sovereign debt crisis, and cleaning up the banking sector should be a top priority, a European economist said in a recent interview with Xinhua.
"The first thing to do is to clarify the situation of the banks, so as not to play the Japanese strategy," said Jean Pisani-Ferry, director of European think tank Bruegel.

There is an interdependence between the bank and sovereign crisis and the interdependence across countries, but the European Union (EU) has failed to address systemically the interdependence during the past year, he said.
When the EU tries to solve the problem one by one, there is too much uncertainty that keeps worrying the markets, the economist said.

He deplored that the bank stress tests the EU conducted last year did not give the answer. What is still missing is the exposure of peripheral banks to potentially non-performing loans, which results in risks for banks in the rest of the Eurozone, and for sovereigns in both peripheral and non-peripheral countries.

To shore up market confidence in Europe's banking sector, the EU conducted stress tests on 91 European banks last July, of which only seven banks failed.
"That is very unfortunate, because what they did was to reduce or destroy a credibility," Pisani-Ferry said.

To increase credibility of the stress tests to be conducted this year, Pisani-Ferry suggested that the EU involves the International Monetary Fund and the Bank for International Settlements in the process.

After clarifying the situation of the banking sector, the Eurozone countries must proceed immediately with necessary banking restructuring, the director suggested in a policy paper that Bruegel published earlier concerning the comprehensive approach to the debt crisis.

In Pisani-Ferry's opinion, the debt-to-GDP ratio of Greece is too high and the insolvency of Greece is inevitable. But the public debts in Ireland, Portugal and Spain are more manageable than that in Greece.

He said the EU should consider debt reduction for Greece and the possibility of restructuring Greek sovereign debt instead of postponing it until 2013 when the EU's permanent rescue mechanism is due to be in place.

The EU's current stance of "no default now, but possible default on bonds issued from 2013" is inconsistent and not credible, according to the economist. Markets will be priced in the default option, making it difficult for troubled governments to borrow.

"It's time to clarify, to recognize when banks are insolvent, when states are insolvent, to respond to the problems instead of remaining in denial," he said.

To complete a comprehensive package to solve the debt crisis, the economist also suggested that the EU should revise the conditions of EU assistance programs, further empower the European Financial Stability Facility, reduce the public debt in Greece, and foster adjustment and growth in peripheral countries.

At the summit to be held from March 24 to March 25, EU leaders are expected to adopt a comprehensive package to deal with the debt crisis, but what the package should include is still under intense discussion.

Leaders from the 17 Eurozone countries will hold a summit on March 11 to focus on how to boost the competitiveness of Eurozone economies.


(Agenzia Nuova Cina)

 

[tommy271]

La situazione in Libia rimane in primo piano mentre i periferici allargano sempre più.
Venerdì sono attese le elezioni in Irlanda mentre il nostro Papandreou dopo aver fatto tappa in Germania si trova ora in Finlandia per discutere i temi inerenti il debito pubblico e il prolungamento dei rimborsi alla Troika.
Niente da segnalare se non la progressiva deriva in mancanza di posizioni chiare e definite.
Ormai al primo appuntamento di marzo manca una settimana: i giochi dovrebbero arrivare al capolinea.
Su alcuni Periferici siamo tornati intorno ai massimi ... forse urge l'intervento del "rottamatore", mentre la discussione si sposta sull'aumento dei tassi.

Grecia 873 pb. (856)
Irlanda 612 pb. (597)
Portogallo 446 pb. (432)
Spagna 228 pb. (222)
Italia 173 pb. (168)
Belgio 112 pb. (106)

 

[tommy271]

DAL MONETARIO REUTERS:



La crisi libica continua a dominare i mercati, per i suoi effetti sulle quotazioni petrolifere e per i timori di una diffusione delle proteste ad altri paesi dell'area nordafricana e mediorientale. Per ora il mercato obbligazionario ha risposto con un sostanziale ritorno dell'avversione al rischio, che ha favorito il classico 'fly to quality' veso i Bund tedeschi. Oggi intanto a Bruxelles si riunisce Consiglio affari interni dell'Ue sull'emergenza immigrazione dal Maghreb verso Italia.

Il presidente Bundesbank Axel Weber prevede una crescita economica del 2,5% quest'anno per la Germania, suggerendo un miglioramento delle stime Bce che in dicembre prevedevano +2% (il 2,5% riporterebbe il paese a livelli pre-crisi, per Weber).

Dall'interno della Bce si moltiplicano i commenti di preoccupazione per il risveglio delle tensioni inflazionistiche in Europa - con il mercato che sembra orientato a prevedere un rialzo dei tassi in tempi più brevi rispetto a prima - Trichet è intervenuto ieri sera per ribadire l'idea di sanzioni automatiche sui paesi della zona euro che non rispettano i paramentri di bilancio Ue. La Commissione Ue propone invece sanzioni solo se un paese sfora i vincoli in maniera ripetuta.

Sul mercato monetario attesa stamane per il dato a ieri sera sui prestiti marginali concessi dalla Bce, in netto rialzo nell'ultima settimana su valori del tutto anomali (costantemente tra i 14 e i 16 miliardi di euro). Gli operatori aspettano di capire se l'anomalia sia rientrata con il regolamento - nella seduta di ieri - dell'ultima operazione di rifinanziamento settimanale. Una fonte Reuters ha attribuito il picco dei prestiti alle richieste di due banche irlandesi, Anglo Irish Bank e Irish Nationwide Building Society, impegnate nella vendita di attivi e depositi nell'ambito del piano di salvataggio del paese. La necessità di arrivare a una vendita in tempi brevissimi le avrebbe costrette a sottrarre circa 15 miliardi di euro di collaterale dai p/t settimanali e a rivolgersi ai prestiti al tasso penalizzante dell'1,75% della banca centrale.

(...)

 

[tommy271]

Moody's Downgrades Cyprus to A2, Outlook Stable



LONDON (MNI) - Ratings agency Moody's Investor Services has downgraded Cypriot long-term sovereign rating by 2 notches from Aa3 to A2.

The full release of Moody's text follows:

Moody's downgrades Cyprus to A2 from Aa3
London, 24 February 2011 -- Moody's Investors Service has today downgraded Cyprus's government bond ratings by two notches to A2 from Aa3, reflecting its view of the country's weakening medium-term credit fundamentals. At A2, the rating outlook is stable. Today's rating action concludes the review for possible downgrade, which Moody's initiated on 13 January 2011.

RATINGS RATIONALE

The key drivers for today's rating action are:
1. Concerns that the deterioration in the Cypriot government's fiscal metrics, relative to levels recorded prior to the financial crisis, is largely structural;
2. The banking sector's exposures to macroeconomic stress in Greece; and
3. Concerns about the country's competitiveness.
The stable outlook reflects Moody's view that the A2 rating captures the increased risks that Cyprus faces, and that, at present, upside and downside risks are evenly balanced.
Cyprus's country ceilings for bonds and bank deposits are unaffected by Moody's ratings review and remain at Aaa (in line with the Eurozone's rating).

RATIONALE FOR DOWNGRADE

"Given the rigid structure of government spending in Cyprus, the deterioration in the government's fiscal metrics since the financial crisis is likely to be a lasting one. While it is true that government finances have improved in 2010, these improvements are likely to be short-lived," says Moody's. Public-sector wages and social transfers account for two thirds of state spending and, in the absence of structural reforms to these areas, Moody's estimates that longer-term deficit and debt reduction will be very difficult to achieve. The Cypriot government does have a proven ability to increase revenues, but growth in public-sector wages and social transfers are likely to outpace the government's ability to raise revenues, particularly given its commitment to remaining a low-tax destination.

Moody's decision to downgrade Cyprus was also informed by its concerns about the country's banking sector. "Cypriot banks' exposure to macroeconomic stress in Greece is substantial, and prolonged macroeconomic stress increases the probability that these contingent liabilities will crystallise on the sovereign's balance sheet," says the rating agency.
Although current capital and liquidity levels are not a source of concern, the country's credit profile is affected by the banking sector's large size relative to the size of the economy; bank assets total around 650% of GDP if we exclude foreign banks' subsidiaries/ branches and 925% of GDP if these are included. Its exposures to Greece are significant, as in aggregate the three largest domestic banks have over 40% of their total lending in Greece.

Moreover, Moody's concerns about the country's long-term competitiveness also influenced today's decision to downgrade Cyprus, but were much less important than the first two rating drivers. "Wage increases have outstripped productivity gains in recent years, the current account is consistently in deficit, and the tourism sector faces heightened international competition," explains the rating agency. "However, potential GDP growth remains fairly robust, which gives the country time to address these competitive challenges."

WHAT COULD CHANGE THE RATING UP/DOWN

If problems in the Cypriot banking sector's Greek exposures were to materially increase from their current level, then this could prompt Moody's to implement a further downgrade to the sovereign. Should spending on public-sector wages or social transfers increase more quickly than they have in the past, then this would also exert downward pressure on the rating. A resumption in the deterioration in the current account deficit could also put downward pressure on the rating if this deterioration were judged to be more structural than cyclical.

Conversely, Moody's points out that government efforts to enact significant reforms to the social transfers system or to the public-sector wage bill could arrest, or even reverse, some of the expected deterioration in government finances and could therefore merit an upgrade. A lower probability of problems crystallising in the banking sector's Greek exposures could also put upward pressure on the rating, but would -- on their own -- be unlikely to merit an upgrade. Moreover, a sustained decrease in the current account deficit that was structural in nature would also be credit-positive.

PREVIOUS RATING ACTION & METHODOLOGY

The previous rating action on Cyprus was implemented on 13 January 2011, when Moody's placed the foreign and local currency government bond ratings of Cyprus on review for possible downgrade.
The principal methodology used in this rating was Sovereign Bond Methodology published in September 2008.



(imarketnews.com)

 

[lorixnt2]

La situazione in Libia rimane in primo piano mentre i periferici allargano sempre più.
Venerdì sono attese le elezioni in Irlanda mentre il nostro Papandreou dopo aver fatto tappa in Germania si trova ora in Finlandia per discutere i temi inerenti il debito pubblico e il prolungamento dei rimborsi alla Troika.
Niente da segnalare se non la progressiva deriva in mancanza di posizioni chiare e definite.
Ormai al primo appuntamento di marzo manca una settimana: i giochi dovrebbero arrivare al capolinea.
Su alcuni Periferici siamo tornati intorno ai massimi ... forse urge l'intervento del "rottamatore", mentre la discussione si sposta sull'aumento dei tassi.

Grecia 873 pb. (856)
Irlanda 612 pb. (597)
Portogallo 446 pb. (432)
Spagna 228 pb. (222)
Italia 173 pb. (168)
Belgio 112 pb. (106)

aaah no scusa

voilevo eliminare il messaggio in quanto determinato da un errore di lettura ma forse non ho i privilegi sufficienti. Non me lo lascia fare.