Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
tommy271
Forumer storico
EU/ECB/IMF: Greek Program Has Made Further Progress
EU/ECB/IMF said on Thursday that their program to restore Greece’s fiscal sustainability has made further progress toward its objectives.
“While there have been delays in some areas, the underlying fiscal and broader reforms necessary to deliver the program’s medium-term objectives are being put in place”, according to an official statement.
The recession has been close to what was expected. Underlying inflation has remained low in the face of rising commodity prices. Downward movement of unit labor costs should support gains in competitiveness. Encouragingly, exports have performed well recently, while the economy is expected to stabilize late in 2011.
In the fiscal area, against the sharp macro headwinds, the authorities delivered a 6% of GDP fiscal adjustment in 2010, reducing the deficit to about 9.5% of GDP. This is an impressive achievement, but some tensions were evident in budget implementation, in particular shortfalls in revenue collections, and problems with spending control.
“The program has been designed to address these problems, and the work is progressing”, said the EU/ECB/IMF working group.
Concerning financing, the Greek government continues to work toward securing a gradual return to bond markets at affordable interest rates. Strong program implementation, with financial support from the international community, remains key to achieving this, while the government notably scales up its privatization program, and more generally realizes better returns from its extensive portfolio of assets.
As to the financial sector, tight liquidity and rising non-performing loans are putting strains on the banking system and credit is contracting. Encouragingly, private banks have recently enjoyed some success in raising capital. It is essential that the government makes progress in addressing the stability and efficiency of the banks under its control.
Structural reforms are making progress. Legislation covering aspects of the labor market, the liberalization of closed professions, health care reform, licensing, and the competition authority has either been passed, or soon will be.
The government must ensure that reforms are sufficiently ambitious and comprehensive to tackle the deep seated structural challenges facing Greece. The next steps will focus on, among other things, reviving the tourist industry, removing administrative barriers to exports, and strengthening public procurement.
Approval of the conclusion of the third review will allow the disbursement of EUR 15bn (EUR 10.9bn by the euro area Member States, and EUR 4.1bn by the IMF). The mission for the next program review is scheduled for May, 2011.
Earlier Thursday, Greek Finance Minister Giorgos Papakonstantinou said that the Ministry’s main objective remains the reducing of public deficit to 7.4% of GDP in 2011.
According to the 3rd update of the Memorandum of Understanding, which has been released on Thursday, downside risks to achieve this target exist, as deficit could increase to 8.2%.
Recession of 3% and inflation of 2.5% are expected, while it is estimated that current account deficit will decrease by 8%.
The final figures for 2010 will be published by April, however “we believe that 2010 deficit will be at 9.4% as predicted” said Papakonstantinou at a press conference.
The Finance Minister said that will be achieved by, among other things, privatizing state-owned corporations and liberalizing the energy market. Note that the target of EUR50bn privatizations is not included in the Memorandum, because it is a Greek government objective.
Regarding the extension of the debt repayment period, Papakonstantinou said that it would be an important step that could ease the pressure on Greece in the period of 2014-2015, while he ruled out new taxes.
(capital.gr)
***
E' sempre più evidente che una partita importante si potrà giocare attorno ai 50 MLD delle "privatizzazioni", oltre a quelle già in calendario.
EU/ECB/IMF said on Thursday that their program to restore Greece’s fiscal sustainability has made further progress toward its objectives.
“While there have been delays in some areas, the underlying fiscal and broader reforms necessary to deliver the program’s medium-term objectives are being put in place”, according to an official statement.
The recession has been close to what was expected. Underlying inflation has remained low in the face of rising commodity prices. Downward movement of unit labor costs should support gains in competitiveness. Encouragingly, exports have performed well recently, while the economy is expected to stabilize late in 2011.
In the fiscal area, against the sharp macro headwinds, the authorities delivered a 6% of GDP fiscal adjustment in 2010, reducing the deficit to about 9.5% of GDP. This is an impressive achievement, but some tensions were evident in budget implementation, in particular shortfalls in revenue collections, and problems with spending control.
“The program has been designed to address these problems, and the work is progressing”, said the EU/ECB/IMF working group.
Concerning financing, the Greek government continues to work toward securing a gradual return to bond markets at affordable interest rates. Strong program implementation, with financial support from the international community, remains key to achieving this, while the government notably scales up its privatization program, and more generally realizes better returns from its extensive portfolio of assets.
As to the financial sector, tight liquidity and rising non-performing loans are putting strains on the banking system and credit is contracting. Encouragingly, private banks have recently enjoyed some success in raising capital. It is essential that the government makes progress in addressing the stability and efficiency of the banks under its control.
Structural reforms are making progress. Legislation covering aspects of the labor market, the liberalization of closed professions, health care reform, licensing, and the competition authority has either been passed, or soon will be.
The government must ensure that reforms are sufficiently ambitious and comprehensive to tackle the deep seated structural challenges facing Greece. The next steps will focus on, among other things, reviving the tourist industry, removing administrative barriers to exports, and strengthening public procurement.
Approval of the conclusion of the third review will allow the disbursement of EUR 15bn (EUR 10.9bn by the euro area Member States, and EUR 4.1bn by the IMF). The mission for the next program review is scheduled for May, 2011.
Earlier Thursday, Greek Finance Minister Giorgos Papakonstantinou said that the Ministry’s main objective remains the reducing of public deficit to 7.4% of GDP in 2011.
According to the 3rd update of the Memorandum of Understanding, which has been released on Thursday, downside risks to achieve this target exist, as deficit could increase to 8.2%.
Recession of 3% and inflation of 2.5% are expected, while it is estimated that current account deficit will decrease by 8%.
The final figures for 2010 will be published by April, however “we believe that 2010 deficit will be at 9.4% as predicted” said Papakonstantinou at a press conference.
The Finance Minister said that will be achieved by, among other things, privatizing state-owned corporations and liberalizing the energy market. Note that the target of EUR50bn privatizations is not included in the Memorandum, because it is a Greek government objective.
Regarding the extension of the debt repayment period, Papakonstantinou said that it would be an important step that could ease the pressure on Greece in the period of 2014-2015, while he ruled out new taxes.
(capital.gr)
***
E' sempre più evidente che una partita importante si potrà giocare attorno ai 50 MLD delle "privatizzazioni", oltre a quelle già in calendario.
tommy271
Forumer storico
A livello di spread sul decennale siamo a poco più di metà strada tra i minimi ed i massimi registrati nell'ultimo periodo.
Poi dipende dai singoli titoli, chi perde di più ... chi meno.
Comunque, ormai siamo a marzo. Speriamo in una bella primavera.
Ultima modifica:
tommy271
Forumer storico
Borsa Atene: Ase chiude a -1,8%, National -5,1%, Hpb -6,1%
MILANO (MF-DJ)--L'indice Ase di Atene chiude a -1,8% a 1599,97 punti.
"Si e' verificata una leggera correzione in quanto le attese sul piano di salvataggio Ue non hanno fornito supporto. A pesare e' anche il debole sentiment dei mercati", commenta Natasa Martseki di Alpha Finance.
"L'attenzione e' rivolta ai conti del 4* trimestre di Eurobank dopo la chiusura dei mercati anche se non dovrebbero sorprendere", aggiunge.
In territorio negativo National a -5,1%, Hellenic Post Bank a -6,1%, Eurobank a -3,2%, Piraeus a -2,9%, Hellenic Telecom a -2% ed Alpha a -1,7%
MILANO (MF-DJ)--L'indice Ase di Atene chiude a -1,8% a 1599,97 punti.
"Si e' verificata una leggera correzione in quanto le attese sul piano di salvataggio Ue non hanno fornito supporto. A pesare e' anche il debole sentiment dei mercati", commenta Natasa Martseki di Alpha Finance.
"L'attenzione e' rivolta ai conti del 4* trimestre di Eurobank dopo la chiusura dei mercati anche se non dovrebbero sorprendere", aggiunge.
In territorio negativo National a -5,1%, Hellenic Post Bank a -6,1%, Eurobank a -3,2%, Piraeus a -2,9%, Hellenic Telecom a -2% ed Alpha a -1,7%
tommy271
Forumer storico
Per chi è interessato alle banche elleniche, qui trova il resoconto dei risultati finanziari 2010 della Eurobank EFG:
http://english.capital.gr/related_files/radD7D3C.pdf
http://english.capital.gr/related_files/radD7D3C.pdf
AAAA47
Forumer storico
e quindi confermano per l'nsima volta che i nostri NON li possono toccare, ma solo proporre scambi VOLONTARI
tommy271
Forumer storico
In teoria si ... altrimenti dovrebbero fare default.
La richiesta di Schaeuble di nuove clausole di subordinazione sui TdS emessi entro l'area della moneta unica, sotto alcuni punti di vista può essere confortante.
tommy271
Forumer storico
Eurobank reports sharp drop in 2010 profit
ATHENS | Thu Feb 24, 2011 10:48am EST
ATHENS Feb 24 (Reuters) - Greece's second-biggest lender EFG Eurobank (EFGr.AT) on Thursday reported a sharp drop in 2010 earnings, hurt by weak loan growth and higher provisions in a deep recession.
Net profit fell 69 percent to 113 million euros ($156 million) from 304 million in 2009, without including a one-off tax. Deducting the tax, net profit came to 68 million euros.
Net earnings were broadly in line with market expectations. Analysts in a Reuters poll expected net profit after the tax charge at 63.4 million euros on average.
EFG's net interest income fell 3.7 percent to 2.254 billion euros.
ATHENS | Thu Feb 24, 2011 10:48am EST
ATHENS Feb 24 (Reuters) - Greece's second-biggest lender EFG Eurobank (EFGr.AT) on Thursday reported a sharp drop in 2010 earnings, hurt by weak loan growth and higher provisions in a deep recession.
Net profit fell 69 percent to 113 million euros ($156 million) from 304 million in 2009, without including a one-off tax. Deducting the tax, net profit came to 68 million euros.
Net earnings were broadly in line with market expectations. Analysts in a Reuters poll expected net profit after the tax charge at 63.4 million euros on average.
EFG's net interest income fell 3.7 percent to 2.254 billion euros.
Ultima modifica:
tommy271
Forumer storico
Greek Banks Drag Athens Market Down
The General Index of the Athens Exchange ended below the psychological support level of 1600 for the first time since late January, closing at session’s low on Thursday.
Banks outperformed and dragged the market down as they dominated the trading activity with 62% of the total turnover.
Analyst attribute banks’ recent heavy losses to the investors’ frustration as their expectations for a National Bank –Alpha Bank were unmet.
"This is a mild correction as local macros and EU bail-out expectations do not provide support. And the poor international equity sentiment is also weighing," Natasa Martseki, director of institutional sales at Alpha Finance told Dow Jones Newswires.
"Eurobank 4Q results post the close are in focus but they are unlikely to surprise," she added.
Pegasus remained cautious in its morning report, “considering that it would be wiser not to increase our position at current levels, but to remain with a balanced portfolio (cash/equities: 50/50) in order to be best positioned for all possible events”.
ATE Securities anticipated another volatile session in our domestic market, with adverse international environment mitigated by M&A’s expectations in the domestic banking sector.
Across the board, the General Index fell by 1.83%, at 1599.97 units in a turnover of EUR125.76mn. A total amount of 124 shares declined, 118 remained unchanged and 42 rose.
Among banks, Hellenic Postbank and National Bank suffered severe pressures, falling by 6.1% and 5.14%, while Bank of Cyprus and ATE Bank followed with losses of 4.98% and 3.66% respectively. Attica Bank and Eurobank declined by 3.54% and 3.25% respectively.
Across FTSE20, OPAP stood out, with gains of 2.11%, while Coca-Cola 3E and Hellenic Petroleum rose by 0.56% and 0.14% respectively. Mytilineos and Ellaktor posted losses of 5.0.5% and 3.4%.
(capital.gr)
The General Index of the Athens Exchange ended below the psychological support level of 1600 for the first time since late January, closing at session’s low on Thursday.
Banks outperformed and dragged the market down as they dominated the trading activity with 62% of the total turnover.
Analyst attribute banks’ recent heavy losses to the investors’ frustration as their expectations for a National Bank –Alpha Bank were unmet.
"This is a mild correction as local macros and EU bail-out expectations do not provide support. And the poor international equity sentiment is also weighing," Natasa Martseki, director of institutional sales at Alpha Finance told Dow Jones Newswires.
"Eurobank 4Q results post the close are in focus but they are unlikely to surprise," she added.
Pegasus remained cautious in its morning report, “considering that it would be wiser not to increase our position at current levels, but to remain with a balanced portfolio (cash/equities: 50/50) in order to be best positioned for all possible events”.
ATE Securities anticipated another volatile session in our domestic market, with adverse international environment mitigated by M&A’s expectations in the domestic banking sector.
Across the board, the General Index fell by 1.83%, at 1599.97 units in a turnover of EUR125.76mn. A total amount of 124 shares declined, 118 remained unchanged and 42 rose.
Among banks, Hellenic Postbank and National Bank suffered severe pressures, falling by 6.1% and 5.14%, while Bank of Cyprus and ATE Bank followed with losses of 4.98% and 3.66% respectively. Attica Bank and Eurobank declined by 3.54% and 3.25% respectively.
Across FTSE20, OPAP stood out, with gains of 2.11%, while Coca-Cola 3E and Hellenic Petroleum rose by 0.56% and 0.14% respectively. Mytilineos and Ellaktor posted losses of 5.0.5% and 3.4%.
(capital.gr)
tommy271
Forumer storico
German FinMin: euro bonds from 2013 need action clauses
2011-02-24 17:20:44 GMT (Reuters)
2011-02-24 17:20:44 GMT (Reuters)
* Schaeuble echoes Weber's call for bondholder liability
* Schaeuble urges cenbanks to stop asset bubbles forming
* Weber says the only way for interest rates is up
(Adds quote, background, Weber)
FRANKFURT, Feb 24 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Thursday euro zone sovereign bonds issued from 2013 should carry a clause allowing them to be restructured if a majority of creditors so decide.
Sovereign bonds should include collective action clauses (CACs), providing for a specified majority of bondholders to agree to a restructuring that would be binding on all holders of that issue.
This would prevent minority holders from blocking a deal, in theory making debt restructuring easier.
"A mechanism must be included in bonds from euro zone member states starting in 2013 that at least foresees a participation of creditors through the corresponding collective action clauses," Schaeuble said during a question and answer session at Frankfurt University.
Schaeuble's message echoed a call from European Central Bank policymaker Axel Weber late on Wednesday for rules that would require clauses in new debt contracts to involve private bondholders in any future debt crisis.
The German calls for private investors to carry more exposure to a permanent euro zone rescue mechanism to be launched in mid-2013 came ahead of a meeting of EU leaders next month to discuss a deal on tackling the euro zone's debt crisis.
Weber has suggested transforming international rescue loans to debt-choked Greece and Ireland into 30-year loans, euro zone sources have said. Current maturities are three years for Greece and seven for Ireland.
Schaeuble, meanwhile, has not ruled out a radical reprofiling of Greek debt that might include private investors.
Speaking about lessons from the economic crisis, Schaeuble said both the state and central banks have roles to play in preventing future crises from developing.
Central banks must deliver price stability and stop asset bubbles from forming, he said, while governments should "regulate, supervise and every now and then adjust" to prevent financial markets from deepening future crises.
Weber, also attending the event, said the only way for interest rates was up.
"The situation we are in now means there's only one direction rates can go, and that's north," he said.
* Schaeuble urges cenbanks to stop asset bubbles forming
* Weber says the only way for interest rates is up
(Adds quote, background, Weber)
FRANKFURT, Feb 24 (Reuters) - German Finance Minister Wolfgang Schaeuble said on Thursday euro zone sovereign bonds issued from 2013 should carry a clause allowing them to be restructured if a majority of creditors so decide.
Sovereign bonds should include collective action clauses (CACs), providing for a specified majority of bondholders to agree to a restructuring that would be binding on all holders of that issue.
This would prevent minority holders from blocking a deal, in theory making debt restructuring easier.
"A mechanism must be included in bonds from euro zone member states starting in 2013 that at least foresees a participation of creditors through the corresponding collective action clauses," Schaeuble said during a question and answer session at Frankfurt University.
Schaeuble's message echoed a call from European Central Bank policymaker Axel Weber late on Wednesday for rules that would require clauses in new debt contracts to involve private bondholders in any future debt crisis.
The German calls for private investors to carry more exposure to a permanent euro zone rescue mechanism to be launched in mid-2013 came ahead of a meeting of EU leaders next month to discuss a deal on tackling the euro zone's debt crisis.
Weber has suggested transforming international rescue loans to debt-choked Greece and Ireland into 30-year loans, euro zone sources have said. Current maturities are three years for Greece and seven for Ireland.
Schaeuble, meanwhile, has not ruled out a radical reprofiling of Greek debt that might include private investors.
Speaking about lessons from the economic crisis, Schaeuble said both the state and central banks have roles to play in preventing future crises from developing.
Central banks must deliver price stability and stop asset bubbles from forming, he said, while governments should "regulate, supervise and every now and then adjust" to prevent financial markets from deepening future crises.
Weber, also attending the event, said the only way for interest rates was up.
"The situation we are in now means there's only one direction rates can go, and that's north," he said.
Ultima modifica:
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