Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (4 lettori)

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IL MARATONETA

Forumer storico
non era mia intenzione nè provocare nè alzare i toni
se dovessi averlo fatto mi scuso
:ciao:
Tutti i punti di vista sono interessanti per un confronto nel tread; nessuno può indovinare il futuro, ma è indiscutibile che si puo' ragionare sul presente e sul passato.
Intanto, in bocca al lupo per i nostri titoli... e come dice saggiamente Tommy,
conserviamo l'ottimismo, che il traguardo continua ad avvicinarsi....
 

tommy271

Forumer storico
Eurozone crisis

Haircuts must be possible for all new bond issues, says report

By Sarah Collins | Friday 25 February 2011



Eurozone countries should immediately begin issuing short-term bonds that allow for creditor haircuts should a country become insolvent, a new report has said.

Issued by the seven-strong European Economic Advisory Group (EEAG) of international economists, the report recommends a three-step rescue mechanism, which would issue cash bailouts only to countries facing short-term liquidity problems. "Intergovernmental bailout systems in Europe risk opening up additional contagion channels through which the crisis of a single country could in the end endanger the euro system as such," the report says.

Driven by a need to eliminate the moral hazard it says is implicit in the EU's current rescue funds, the group recommends that the new system be accompanied by stricter budgetary surveillance, including the possibility of errant countries being forced out of the eurozone.

Sanctions for countries flouting EU deficit limits should apply immediately, once Eurostat has determined that spending has crossed the EU's 3% of GDP threshold. Sanctions for overspenders should include not only financial ones, but political ones, including the suspension of the country's vote in Council meetings.

The report also categorically rules out the pooling of debt into a common eurobond.

For solvent countries with short-term cash shortages, the EEAG says it should receive Community loans under the new European Stability Mechanism - the EU's permanent rescue fund, which is to be endorsed at a summit, on 24-25 March.

The borrowing government would be forced to offer up collateral - state agencies or land - to back up the loans, which would last for a two-year term.

Countries with a debt-to-GDP ratio of above 120% would be declared potentially insolvent - Greece's ratio is already 140% - and would have to begin renegotiating their debt with outstanding creditors, according to collective action clauses attached to new bond issues (legal agreements that allow for creditor haircuts).

During the renegotiation, the ESM would be able to extend one-year loans with a 5% interest premium.

If this fails to stabilise a country's debts, then mandatory haircuts of up to 50% must be imposed on all creditors, the group says. The ESM in this case would be able to intervene to guarantee a country's bonds only after the haircuts have been applied.

Eurozone countries are currently grappling with possible changes to the EU's current rescue fund (the European Financial Stability Facility), which is due to expire in 2013, and the outline of its successor (the European Stability Mechanism).

Divisions are still rife over whether to increase its lending capacity from a current €250 billion to its stated €440 billion, allow it to issue pre-emptive credit lines to countries in liquidity trouble, purchase bonds directly in secondary markets or lend money for countries to repurchase their own bonds.

(europolitics.info)

***
Ecco i termini della discussione ...
 
Ultima modifica:

tommy271

Forumer storico
Eurobank: Presentation To Analysts Of The Financial Results For 2010





Please find attached the presentation to analysts and investors of the financial results of EFG Eurobank Ergasias S.A. for 2010, which is available on the websites of the Bank and ATHEX.


(capital.gr)
 

lorixnt2

Hari Seldon's fan
Eurozone crisis

Haircuts must be possible for all new bond issues, says report

By Sarah Collins | Friday 25 February 2011



Eurozone countries should immediately begin issuing short-term bonds that allow for creditor haircuts should a country become insolvent, a new report has said.

Issued by the seven-strong European Economic Advisory Group (EEAG) of international economists, the report recommends a three-step rescue mechanism, which would issue cash bailouts only to countries facing short-term liquidity problems. "Intergovernmental bailout systems in Europe risk opening up additional contagion channels through which the crisis of a single country could in the end endanger the euro system as such," the report says.

Driven by a need to eliminate the moral hazard it says is implicit in the EU's current rescue funds, the group recommends that the new system be accompanied by stricter budgetary surveillance, including the possibility of errant countries being forced out of the eurozone.

Sanctions for countries flouting EU deficit limits should apply immediately, once Eurostat has determined that spending has crossed the EU's 3% of GDP threshold. Sanctions for overspenders should include not only financial ones, but political ones, including the suspension of the country's vote in Council meetings.

The report also categorically rules out the pooling of debt into a common eurobond.

For solvent countries with short-term cash shortages, the EEAG says it should receive Community loans under the new European Stability Mechanism - the EU's permanent rescue fund, which is to be endorsed at a summit, on 24-25 March.

The borrowing government would be forced to offer up collateral - state agencies or land - to back up the loans, which would last for a two-year term.

Countries with a debt-to-GDP ratio of above 120% would be declared potentially insolvent - Greece's ratio is already 140% - and would have to begin renegotiating their debt with outstanding creditors, according to collective action clauses attached to new bond issues (legal agreements that allow for creditor haircuts).

During the renegotiation, the ESM would be able to extend one-year loans with a 5% interest premium.

If this fails to stabilise a country's debts, then mandatory haircuts of up to 50% must be imposed on all creditors, the group says. The ESM in this case would be able to intervene to guarantee a country's bonds only after the haircuts have been applied.

Eurozone countries are currently grappling with possible changes to the EU's current rescue fund (the European Financial Stability Facility), which is due to expire in 2013, and the outline of its successor (the European Stability Mechanism).

Divisions are still rife over whether to increase its lending capacity from a current €250 billion to its stated €440 billion, allow it to issue pre-emptive credit lines to countries in liquidity trouble, purchase bonds directly in secondary markets or lend money for countries to repurchase their own bonds.

(europolitics.info)

***
Ecco i termini della discussione ...

Scusami tommy chi sono costoro?
 

tommy271

Forumer storico

Vedi anche tu che non è semplice intervenire sul debito esistente.
Si possono costruire tutti gli scenari che si vogliono per le nuove emissioni ma poi alla fine risulta impossibile agire sui bond preesistenti senza dichiarare default.
I termini di subordinazione con cui molto probabilmente verranno emessi i nuovi titoli di debito per tutta l'area euro semplificano di molto le procedure.
Al momento però tutto quello che non passa attraverso un'offerta di adesione volontaria risulta difficilmente proponibile.
 

tommy271

Forumer storico
Greek minister says evacuation aid to China strengthens bilateral relations


Greek's assistance to the evacuation of Chinese nationals in Libya has strengthened the long-standing friendship between the two countries and helped the bilateral relationship, a Greek minister said here Friday.

Greek Minister of Maritime Affairs, Islands and Fisheries Ionannis Diamantidis, who participated in the assistance operation, said it was an "unforgettable experience" and "special achievement" during his visit to China.

In one of its largest-ever withdrawal efforts of nationals from abroad, China has been working hard to evacuate its tens of thousands of nationals from Libya after the country was thrown into chaos by anti-government protests since days ago.

Some 12,000 Chinese nationals have been evacuated from the north African country to nearby countries, like Greece and Egypt, by air, sea and land routes, involving chartered planes, hired ocean liners and coaches, the Chinese Foreign Ministry said early Friday.

Seven ships had departed from Greece for Libya to help in the evacuation, Diamantidis said.

Greek Prime Minister George Papandreou demanded full assistance of the country's ministries once Greece got the notification from the Chinese government, Diamantidis said.

"I contacted ship companies. Despite the possible danger and uncertainties, these companies responded positively," Diamantidis said. "This shows the solid Greece-China friendship and the strength of the Greek maritime transportation sector."

"Enhancing cooperation in maritime transportation is one of the main topics on the agenda during my stay in China," Diamantidis said.

According to the minister, more than 10,000 Chinese nationals in Libya are scheduled to take ships sent by Greece to return home via Crete.

His meeting with Chinese Vice Premier Zhang Dejiang Wednesday, which was scheduled to last half hour, was extended by another half hour due to discussions on the evacuation of Chinese from Libya, he said.

During his visit to China, the minister signed an action plan about cooperation on maritime transportation, expanding the cooperation to business and academic sectors.

Greece and China also agreed to increase the special fund on China-Greece shipping cooperation from the initial 5 billion U.S. dollars to 8-10 billion dollars and help Greek shipowners offer chartering business to Chinese enterprises.

Greece also pledged to enhance cooperation with the Shanghai Stock Exchange so that Greece maritime transportation companies could be listed on its international board in the future.

"Premier Wen Jiabao paid a visit to Greece last October and encouraged us to overcome the international financial crisis. It is a fact that the Greece-China cooperation is not only a way to promote economic development, but also an example of countering challenges at different phases," Diamantidis said.

(Il Quotidiano del Popolo - Pechino)
 

Ivone

Forumer attivo
Mi sembra di capire che il problema per la Grecia è il 140% di rapporto GDP deficit. Ma da quando partirebbe la valutazione da fine 2013?.

Ciao. Ivo.
 

tommy271

Forumer storico
Mi sembra di capire che il problema per la Grecia è il 140% di rapporto GDP deficit. Ma da quando partirebbe la valutazione da fine 2013?.

Ciao. Ivo.

Ciao e benvenuto.
Il problema è quello di far rientrare il deficit/Pil entro un parametro sostenibile.
Secondo le proiezioni potremmo arrivare al 150% entro un annetto.
Tutto poi dipenderà da come evolverà la situazione.

E' chiaro che il problema va risolto quest'anno. Altrimenti già nel 2012 la situazione sarà molto precaria ... senza arrivare al 2013.
 
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