tommy271
Forumer storico
Per ora è tutto sulla carta.
I 50 MLD previsti, oltre a alle privatizzazioni già in cantiere nell'ordine di una decina di miliardi, sono spalmati su un asse temporale di tre/quattro anni.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (5 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Per ora è tutto sulla carta.
I 50 MLD previsti, oltre a alle privatizzazioni già in cantiere nell'ordine di una decina di miliardi, sono spalmati su un asse temporale di tre/quattro anni.
tommy271
Forumer storico
Altra giornata interlocutoria mentre ci avviciniamo sempre di più ai summit di marzo.
Le posizioni, al momento, rimangono attestate sulle linee che conosciamo: Van Rompuy è stato incaricato di mediare e trovare una sintesi.
Anche i nostri spread non registrano oscillazioni di rilievo.
Attualmente il dibattito principale è intorno alla rinegoziazione dei termini del prestito richiesto dal precedente governo di Dublino e sulla tenuta del Portogallo.
Quest'ultimo vorrà vedere le nuove condizioni che verranno applicate agli altri due paesi, per valutare se aderire o meno al programma di salvataggio.
La Germania, in primis, spinge perchè Lisbona chieda subito gli aiuti in modo di formulare una strategia complessiva per l'intervento dell'EFSF.
Attualmente la disponibilità del Fondo è sufficiente solo per Grecia e Irlanda.
Il Belgio rimane sempre senza governo ...
Intanto venerdì ci sarà l'assise dei Partiti Conservatori di destra a Helsinki: sono quelli che attualmente spingono verso maggiori condizioni restrittive.
Sarà interessante vedere se ci potrà essere una spaccatura orizzontale tra gli stessi partiti del Nord e Sud europa.
Più unitaria, invece, la posizione dei Socialisti/Progressisti Europei. Ma questi, governano solo in alcuni paesi del Club Med.
Nel frattempo in Libia la situazione rischia di non trovare una soluzione in tempi immediati. Le fonti energetiche più importanti si trovano in Cirenaica dove è scoppiata la rivolta. Pare che a capo dei rivoltosi si trovino gli stessi ministri e generali nominati da Gheddafi.
Il Beduino sembra tenere in pugno la situazione in Tripolitania mentre si appresta a nuove contromosse.
Una tragedia dalle tinte gattopardiane: si cambia tutto, per non cambiare niente.
Ma il petrolio fa gola: chi è rimasto fuori dal "gioco" libico farà di tutto per rientrarci.
Grecia 873 pb. (872)
Irlanda 620 pb. (627)
Portogallo 445 pb. (440)
Spagna 222 pb. (226)
Italia 170 pb. (170)
Belgio 110 pb. (114)
Le posizioni, al momento, rimangono attestate sulle linee che conosciamo: Van Rompuy è stato incaricato di mediare e trovare una sintesi.
Anche i nostri spread non registrano oscillazioni di rilievo.
Attualmente il dibattito principale è intorno alla rinegoziazione dei termini del prestito richiesto dal precedente governo di Dublino e sulla tenuta del Portogallo.
Quest'ultimo vorrà vedere le nuove condizioni che verranno applicate agli altri due paesi, per valutare se aderire o meno al programma di salvataggio.
La Germania, in primis, spinge perchè Lisbona chieda subito gli aiuti in modo di formulare una strategia complessiva per l'intervento dell'EFSF.
Attualmente la disponibilità del Fondo è sufficiente solo per Grecia e Irlanda.
Il Belgio rimane sempre senza governo ...
Intanto venerdì ci sarà l'assise dei Partiti Conservatori di destra a Helsinki: sono quelli che attualmente spingono verso maggiori condizioni restrittive.
Sarà interessante vedere se ci potrà essere una spaccatura orizzontale tra gli stessi partiti del Nord e Sud europa.
Più unitaria, invece, la posizione dei Socialisti/Progressisti Europei. Ma questi, governano solo in alcuni paesi del Club Med.
Nel frattempo in Libia la situazione rischia di non trovare una soluzione in tempi immediati. Le fonti energetiche più importanti si trovano in Cirenaica dove è scoppiata la rivolta. Pare che a capo dei rivoltosi si trovino gli stessi ministri e generali nominati da Gheddafi.
Il Beduino sembra tenere in pugno la situazione in Tripolitania mentre si appresta a nuove contromosse.
Una tragedia dalle tinte gattopardiane: si cambia tutto, per non cambiare niente.
Ma il petrolio fa gola: chi è rimasto fuori dal "gioco" libico farà di tutto per rientrarci.
Grecia 873 pb. (872)
Irlanda 620 pb. (627)
Portogallo 445 pb. (440)
Spagna 222 pb. (226)
Italia 170 pb. (170)
Belgio 110 pb. (114)
Ultima modifica:
tommy271
Forumer storico
Europe Shouldn't Let Greece Default
The case for a stiff haircut is easy to make, but masks serious risks to the euro zone.
By HOLGER SCHMIEDING
Does Europe need a default? As euro-zone leaders work to defuse the dangerous debt crisis that is raging at their periphery, more and more observers seem to believe that part of the solution should be a major cut in the face-value of outstanding Greek and possibly Irish government bonds.
At first glance, the case for a stiff haircut is easy to make: The current strategy of buying time has not put an end to the debt crisis; contagion risks from a forced debt-restructuring have diminished as markets have gotten used to the idea that public debts may not be repaid in full; and some countries are said to be bust anyway. So the argument goes that the sooner the issue of public debt is resolved, the sooner markets and policy makers can move on to other issues.
Advocates of a haircut also point out that debt restructuring has been part of the solution in many previous emerging-market debt crises, and it is thus a tried and tested procedure.
But any default constitutes a serious breach of contract and trust, and should always be a very last resort. For the time being, the case against a forced restructuring of peripheral European debt remains strong.
Primarily, this is because the current approach of buying time has not failed at all. It has successfully shielded the euro-zone economy from the turmoil at its periphery while providing a framework through which the periphery can adjust.
The process has unleashed a wave of pension, labor-market and other structural reforms that almost certainly would not have happened otherwise. The current approach needs to be amended, but not ditched in favor of a "let's get it over with" default.
A default would also raise a serious moral-hazard issue. It would lessen the future burden on taxpayers in those countries that have run up excessive deficits in the past. It would also hurt the taxpayers in those prudent countries that have underwritten some of Greece's and Ireland's debts, and might have to pay higher taxes to stabilize their own financial systems in the wake of a Greek or Irish default.
Financial markets remain very nervous in the aftermath of the Lehman disaster. Any major adverse event, such as a default of one or more euro-zone sovereigns, carries a risk that events may again spiral out of control. In this respect, we need to distinguish between two kinds of contagion. The risk of a major banking crisis and credit crunch across Europe stemming from, say, a 50% haircut on Greek bonds, is probably receding, now that banks and their regulators have had time to prepare for such an eventuality. But the risk still looms large that a haircut on Greek debt could make it impossible, or at least prohibitively expensive, for other countries such as Spain or Italy to find external buyers for their debt.
So for peripheral countries to maintain their access to capital markets if the debt of one country is restructured, Europe and the International Monetary Fund would therefore have to guarantee the remaining and future public debt of the defaulting country in question. European countries at the periphery and the core might also have to recapitalize some of their domestic banks and provide a robust defense against the risk of contagion to other countries. It is not obvious why this would put less German taxpayer money at risk than the alternative of giving Greece a few more years to bring its debt under control.
Since developed countries typically have much higher public-debt levels than emerging markets, the guarantees needed to stabilize markets after a forced euro-debt restructuring may be much larger than were required in the Brady-bond type resolutions to Latin American debt crises in the 1980s.
The investor base for euro-zone public debt is also very different than it was for Latin American debt in decades past. In emerging markets, running a significant risk of default used to be part of the deal. But if the much more conservative investors in European public debt—often banks, insurance companies and foreign central banks—are subjected to a forced restructuring, their trust in euro public debt as an asset class may be shattered for a long time. The experience of emerging markets offers no reliable guide to what may happen if Europe's monetary union allowed the first default of a developed country since 1948.
Though we do not see a strong case for a forced restructuring of euro-periphery sovereign debt now, we can not rule it out at some point in the future. But regardless of what we consider to be necessary or not, the risk that politicians will just want to "get it over with" seems to be rising.
Greece is making Herculean efforts to adjust. The situation is dire, but Greece still has a chance. The country had no real-estate bubble and does not suffer from excessive private debt. Once the current adjustment recession is over, the Greek economy could snap back to significant growth, altering all calculations about potential debt-to-GDP ratios after 2012. Whether or not Athens will eventually have to restructure its debt is thus an open question, and should be answered only when the outlook for the Greek economy becomes clearer in 2012 or 2013. Of course, lengthening the maturity of official support loans to Greece could make sense if Athens continues to faithfully implement the EU-IMF program. But we would not count this as a default.
For all other countries, we see no argument for even contemplating a default on public debt. Irish industrial output and exports are already booming, with growth rates well ahead of the euro-zone average. We expect Irish construction and consumer spending to hit bottom later this year, allowing strong industrial data to propel the economy back to significant growth thereafter. Within a year, an export-led rebound of the highly flexible Irish economy could convince markets that Ireland is safe. Such an Irish turnaround could set a positive precedent. It could also vastly reduce the risk of contagion if, say, Greek debt still had to be restructured later on.
The way in which Europe deals with the current crisis will set a precedent. If the euro zone gets through the crisis without an outright sovereign default—without a forced restructuring of public debt—its global reputation could still be salvaged. Europe, in turn, could become a more attractive place for global investors. That seems far more attractive than "just getting over with" a risky Greek haircut.
Mr. Schmieding is chief economist at Berenberg Bank.
(The Wall Street Journal)
***
Sottoscrivo interamente
The case for a stiff haircut is easy to make, but masks serious risks to the euro zone.
By HOLGER SCHMIEDING
Does Europe need a default? As euro-zone leaders work to defuse the dangerous debt crisis that is raging at their periphery, more and more observers seem to believe that part of the solution should be a major cut in the face-value of outstanding Greek and possibly Irish government bonds.
At first glance, the case for a stiff haircut is easy to make: The current strategy of buying time has not put an end to the debt crisis; contagion risks from a forced debt-restructuring have diminished as markets have gotten used to the idea that public debts may not be repaid in full; and some countries are said to be bust anyway. So the argument goes that the sooner the issue of public debt is resolved, the sooner markets and policy makers can move on to other issues.
Advocates of a haircut also point out that debt restructuring has been part of the solution in many previous emerging-market debt crises, and it is thus a tried and tested procedure.
But any default constitutes a serious breach of contract and trust, and should always be a very last resort. For the time being, the case against a forced restructuring of peripheral European debt remains strong.
Primarily, this is because the current approach of buying time has not failed at all. It has successfully shielded the euro-zone economy from the turmoil at its periphery while providing a framework through which the periphery can adjust.
The process has unleashed a wave of pension, labor-market and other structural reforms that almost certainly would not have happened otherwise. The current approach needs to be amended, but not ditched in favor of a "let's get it over with" default.
A default would also raise a serious moral-hazard issue. It would lessen the future burden on taxpayers in those countries that have run up excessive deficits in the past. It would also hurt the taxpayers in those prudent countries that have underwritten some of Greece's and Ireland's debts, and might have to pay higher taxes to stabilize their own financial systems in the wake of a Greek or Irish default.
Financial markets remain very nervous in the aftermath of the Lehman disaster. Any major adverse event, such as a default of one or more euro-zone sovereigns, carries a risk that events may again spiral out of control. In this respect, we need to distinguish between two kinds of contagion. The risk of a major banking crisis and credit crunch across Europe stemming from, say, a 50% haircut on Greek bonds, is probably receding, now that banks and their regulators have had time to prepare for such an eventuality. But the risk still looms large that a haircut on Greek debt could make it impossible, or at least prohibitively expensive, for other countries such as Spain or Italy to find external buyers for their debt.
So for peripheral countries to maintain their access to capital markets if the debt of one country is restructured, Europe and the International Monetary Fund would therefore have to guarantee the remaining and future public debt of the defaulting country in question. European countries at the periphery and the core might also have to recapitalize some of their domestic banks and provide a robust defense against the risk of contagion to other countries. It is not obvious why this would put less German taxpayer money at risk than the alternative of giving Greece a few more years to bring its debt under control.
Since developed countries typically have much higher public-debt levels than emerging markets, the guarantees needed to stabilize markets after a forced euro-debt restructuring may be much larger than were required in the Brady-bond type resolutions to Latin American debt crises in the 1980s.
The investor base for euro-zone public debt is also very different than it was for Latin American debt in decades past. In emerging markets, running a significant risk of default used to be part of the deal. But if the much more conservative investors in European public debt—often banks, insurance companies and foreign central banks—are subjected to a forced restructuring, their trust in euro public debt as an asset class may be shattered for a long time. The experience of emerging markets offers no reliable guide to what may happen if Europe's monetary union allowed the first default of a developed country since 1948.
Though we do not see a strong case for a forced restructuring of euro-periphery sovereign debt now, we can not rule it out at some point in the future. But regardless of what we consider to be necessary or not, the risk that politicians will just want to "get it over with" seems to be rising.
Greece is making Herculean efforts to adjust. The situation is dire, but Greece still has a chance. The country had no real-estate bubble and does not suffer from excessive private debt. Once the current adjustment recession is over, the Greek economy could snap back to significant growth, altering all calculations about potential debt-to-GDP ratios after 2012. Whether or not Athens will eventually have to restructure its debt is thus an open question, and should be answered only when the outlook for the Greek economy becomes clearer in 2012 or 2013. Of course, lengthening the maturity of official support loans to Greece could make sense if Athens continues to faithfully implement the EU-IMF program. But we would not count this as a default.
For all other countries, we see no argument for even contemplating a default on public debt. Irish industrial output and exports are already booming, with growth rates well ahead of the euro-zone average. We expect Irish construction and consumer spending to hit bottom later this year, allowing strong industrial data to propel the economy back to significant growth thereafter. Within a year, an export-led rebound of the highly flexible Irish economy could convince markets that Ireland is safe. Such an Irish turnaround could set a positive precedent. It could also vastly reduce the risk of contagion if, say, Greek debt still had to be restructured later on.
The way in which Europe deals with the current crisis will set a precedent. If the euro zone gets through the crisis without an outright sovereign default—without a forced restructuring of public debt—its global reputation could still be salvaged. Europe, in turn, could become a more attractive place for global investors. That seems far more attractive than "just getting over with" a risky Greek haircut.
Mr. Schmieding is chief economist at Berenberg Bank.
(The Wall Street Journal)
***
Sottoscrivo interamente
Ultima modifica:
tommy271
Forumer storico
Bond euro deboli in apertura, attendono offerta Austria e Olanda
martedì 1 marzo 2011 09:07
LONDRA, 1 marzo (Reuters) - Avvio di seduta all'insegna
della moderata correzione per i derivati sui governativi
tedeschi, in vista degli appuntamenti austriaco e olandese dal
lato del primario che segnano il debutto di una settimana
decisamente impegnativa sul fronte dell'offerta.
Da oggi a venerdì i collocamenti a medio-lungo di carta
europea prevedono un'offerta complessiva fino a 27,5 miliardi di
euro, a partire dall'appuntamento di oggi con i titoli austriaci
2015 e 2022 e con il nuovo decennale olandese per 5 miliardi.
Prosegue intanto l'andamento rialzista dei derivati sul
greggio, che guardano alle evoluzioni geopolitiche in Nord
Africa e Medio Oriente e al possibile impatto sull'offerta
petrolifera a dispetto dell'aumento della produzione saudita per
far fronte al venir meno di quella libica.
A parere degli operatori è però improbabile che i Bund
trovino nuovamente sostegno dal rincaro del greggio.
"Sembra che l'effetto rialzista del greggio sia ormai già
pienamente prezzato" osserva un trader.
"Il mercato si sta comportando come se i problemi in Libia
fossero destinati ad appianarsi nel breve termine, il timore è
però quello di un contagio ai paesi confinanti" aggiunge.
martedì 1 marzo 2011 09:07
LONDRA, 1 marzo (Reuters) - Avvio di seduta all'insegna
della moderata correzione per i derivati sui governativi
tedeschi, in vista degli appuntamenti austriaco e olandese dal
lato del primario che segnano il debutto di una settimana
decisamente impegnativa sul fronte dell'offerta.
Da oggi a venerdì i collocamenti a medio-lungo di carta
europea prevedono un'offerta complessiva fino a 27,5 miliardi di
euro, a partire dall'appuntamento di oggi con i titoli austriaci
2015 e 2022 e con il nuovo decennale olandese per 5 miliardi.
Prosegue intanto l'andamento rialzista dei derivati sul
greggio, che guardano alle evoluzioni geopolitiche in Nord
Africa e Medio Oriente e al possibile impatto sull'offerta
petrolifera a dispetto dell'aumento della produzione saudita per
far fronte al venir meno di quella libica.
A parere degli operatori è però improbabile che i Bund
trovino nuovamente sostegno dal rincaro del greggio.
"Sembra che l'effetto rialzista del greggio sia ormai già
pienamente prezzato" osserva un trader.
"Il mercato si sta comportando come se i problemi in Libia
fossero destinati ad appianarsi nel breve termine, il timore è
però quello di un contagio ai paesi confinanti" aggiunge.
tommy271
Forumer storico
Zona euro, documento Ue indica opzioni per vertice 11 marzo
martedì 1 marzo 2011 09:13
BRUXELLES, 1 marzo (Reuters) - I paesi della zona euro dovrebbero adottare speciali leggi nazionali per il controllo dei conti pubblici, come suggerito da Germania e Francia. Lo suggerisce un documento europeo preparato in vista dei negoziati dei leader dei paesi dell'euro.
Il paper, scritto dai funzionari del presidente della Commissione Ue Jose Manuel Barroso e il presidente del Consiglio europeo Herman van Rompuy, prepara il terreno per il vertice straordinario dei capi di stato e di governo dell'euro il prossimo 11 marzo.
martedì 1 marzo 2011 09:13
BRUXELLES, 1 marzo (Reuters) - I paesi della zona euro dovrebbero adottare speciali leggi nazionali per il controllo dei conti pubblici, come suggerito da Germania e Francia. Lo suggerisce un documento europeo preparato in vista dei negoziati dei leader dei paesi dell'euro.
Il paper, scritto dai funzionari del presidente della Commissione Ue Jose Manuel Barroso e il presidente del Consiglio europeo Herman van Rompuy, prepara il terreno per il vertice straordinario dei capi di stato e di governo dell'euro il prossimo 11 marzo.
IL MARATONETA
Forumer storico
Marzo, i primi frutti
Con il mese di Marzo, inizia la raccolta dei primi frutti; i nostri titoli greci, che in questo periodo ci danno cosi' magre sodisfazioni, iniziano a retrocederci una corpulenta cedola annuale. Il giorno 11 si raccoglie IT0006527532, titolo con cedola 5,00%, il giorno 20 seguiranno GR013003161 e GR013004177, con cedole rispettivamente pari al 4,70% e 5,30%. A scadenza il GR0110019214
, cedola 3,80% e prossimo a scadenza 12 mesi anche il GR0110021236
, cedola 4,30%.
Ho in portafoglio il 5,00% che mitigherà il loss tra prezzo di acquisto e valore attuale.
Intanto stamani in apertura, continuano le frecce rosse....
Con il mese di Marzo, inizia la raccolta dei primi frutti; i nostri titoli greci, che in questo periodo ci danno cosi' magre sodisfazioni, iniziano a retrocederci una corpulenta cedola annuale. Il giorno 11 si raccoglie IT0006527532, titolo con cedola 5,00%, il giorno 20 seguiranno GR013003161 e GR013004177, con cedole rispettivamente pari al 4,70% e 5,30%. A scadenza il GR0110019214
, cedola 3,80% e prossimo a scadenza 12 mesi anche il GR0110021236, cedola 4,30%.Ho in portafoglio il 5,00% che mitigherà il loss tra prezzo di acquisto e valore attuale.
Intanto stamani in apertura, continuano le frecce rosse....
tommy271
Forumer storico
EU document lays out options for March euro zone deal
By Jan Strupczewski
BRUSSELS | Tue Mar 1, 2011 8:10am GMT
BRUSSELS (Reuters) - Euro zone countries should pass special national legislation to safeguard the health of their public finances, as suggested by Germany and France, a document prepared for discussions of euro zone leaders showed.
The document, written by aides to European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy, sets the scene for talks of leaders on a euro zone competitiveness pact on March 11 in Brussels.
Berlin, backed by Paris, set ideas for the competitiveness pact at an EU summit on February 4, but many EU states were angered by what they saw as a 'fait accompli' by the two biggest euro zone countries and the measures contained in it.
Paris and Berlin want the euro zone, which now comprises 17 countries, to accept the pact in exchange for boosting the scope and capacity of the emergency fund for bailing out countries cut off from markets.
A strong deal is seen by financial markets as crucial if policymakers are to get on top of a still broadening debt crisis now threatening Portugal and Spain.
Discussions on the fund, the European Financial Stability Facility (EFSF) focus on raising its effective lending capacity to 440 billion euros (373 billion pounds) from 250 billion, allowing it to buy bonds of distressed governments or lend cash for debt buy-backs.
But before any changes to the EFSF can be made, Berlin wants others to pass national laws similar to Germany's own, which limit the size of a country's debt.
France has said it was ready to adopt a similar law, but some countries, like debt-laden Greece, oppose the idea.
The four-page document, entitled "Enhanced Economic Policy Coordination in the Euro Area, Main Features and Concepts" and drafted following consultations with euro zone capitals ahead of March 11, says each country could pick its own solution.
"Euro area member states ... should retain the choice of the specific national legal vehicle to be used, but should make sure that it has a sufficiently strong binding nature (e.g. constitutions or framework law)," the document said.
"The exact formulation of the rule should also be decided by each country (e.g. it could take the form of a 'debt brake', rule related to primary balance or an expenditure rule)," the document, obtained by Reuters, said.
HIGHER RETIREMENT AGE
Another idea is to raise the retirement age in euro zone countries to ease the burden on public finances at a time when demographic trends point to an ageing and therefore shrinking workforce.
Germany has raised its retirement age to 67 but the document does not set any numerical targets, only stressing the need for pensions and social benefits to be sustainable.
It said sustainability would be assessed on the basis of a sustainability gap indicator measuring if debt levels were sustainable under current policies.
"Countries facing major challenges as regards pensions and social benefits systems should be identified and should commit to address these challenges in a given timeframe," it said.
To address such challenges it was necessary to align retirement age with life expectancy, reduce early retirement schemes and use targeted incentives to employ older workers and promote life-long learning, the document said.
Austria has expressed opposition to euro zone intervention in national pension systems.
WAGE INDEXATION
Another contentious point of the Franco-German wish-list is scrapping wage indexation, about which Austria, Spain, Belgium and Luxembourg have all expressed reservations.
The document from van Rompuy and Barroso said wage and productivity developments would form the basis of assessment of progress towards greater competitiveness.
Unit labour costs would be monitored and compared to other euro zone countries and main trading partners. They would be assessed for the whole economy and for major sectors.
As with pensions, countries which face major challenges because of large and sustained rises of unit labour costs would be identified and should address them in a given timeframe.
While each country should decide on its own how to manage unit labour costs, respecting its own traditions of talks with workers and businesses, the document said governments should pay particular attention to enhancing decentralisation of wage bargaining and improving "the indexation mechanism."
The document also calls for wage restraint in the public sector because of its impact on wages in the private sector.
CORPORATE TAX BASE
Germany and France have also proposed a common corporate tax base in the euro zone.
While different from a common corporate tax rate, some countries oppose such a discussion fearing it could eventually lead to a discussion of the rate as well and because tax issues are a jealously guarded prerogative of national parliaments.
"Developing a common consolidated corporate tax base could be a way to ensure consistency in the national tax systems, without harmonising tax systems," the document said.
It said that if not all euro zone countries would accept such common tax base -- a hint at Ireland which is fiercely opposed to any talks on its relatively low corporate tax -- it could be introduced by a smaller group.
It said the Commission, the EU executive, would make a proposal on the common corporate tax base in the coming weeks.
The document also calls on euro zone countries to put in place national laws on bank resolution -- another idea floated by France and Germany on February 4.
But not all of the reforms would have to happen now.
"Each year members states of the euro area will agree at the highest level on a set of concrete deliverables to be achieved within 12 months. The selection of the specific policy measures to be implemented will remain the responsibility of each country," the document said.
***
L'importante documento con i temi in discussione.
By Jan Strupczewski
BRUSSELS | Tue Mar 1, 2011 8:10am GMT
BRUSSELS (Reuters) - Euro zone countries should pass special national legislation to safeguard the health of their public finances, as suggested by Germany and France, a document prepared for discussions of euro zone leaders showed.
The document, written by aides to European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy, sets the scene for talks of leaders on a euro zone competitiveness pact on March 11 in Brussels.
Berlin, backed by Paris, set ideas for the competitiveness pact at an EU summit on February 4, but many EU states were angered by what they saw as a 'fait accompli' by the two biggest euro zone countries and the measures contained in it.
Paris and Berlin want the euro zone, which now comprises 17 countries, to accept the pact in exchange for boosting the scope and capacity of the emergency fund for bailing out countries cut off from markets.
A strong deal is seen by financial markets as crucial if policymakers are to get on top of a still broadening debt crisis now threatening Portugal and Spain.
Discussions on the fund, the European Financial Stability Facility (EFSF) focus on raising its effective lending capacity to 440 billion euros (373 billion pounds) from 250 billion, allowing it to buy bonds of distressed governments or lend cash for debt buy-backs.
But before any changes to the EFSF can be made, Berlin wants others to pass national laws similar to Germany's own, which limit the size of a country's debt.
France has said it was ready to adopt a similar law, but some countries, like debt-laden Greece, oppose the idea.
The four-page document, entitled "Enhanced Economic Policy Coordination in the Euro Area, Main Features and Concepts" and drafted following consultations with euro zone capitals ahead of March 11, says each country could pick its own solution.
"Euro area member states ... should retain the choice of the specific national legal vehicle to be used, but should make sure that it has a sufficiently strong binding nature (e.g. constitutions or framework law)," the document said.
"The exact formulation of the rule should also be decided by each country (e.g. it could take the form of a 'debt brake', rule related to primary balance or an expenditure rule)," the document, obtained by Reuters, said.
HIGHER RETIREMENT AGE
Another idea is to raise the retirement age in euro zone countries to ease the burden on public finances at a time when demographic trends point to an ageing and therefore shrinking workforce.
Germany has raised its retirement age to 67 but the document does not set any numerical targets, only stressing the need for pensions and social benefits to be sustainable.
It said sustainability would be assessed on the basis of a sustainability gap indicator measuring if debt levels were sustainable under current policies.
"Countries facing major challenges as regards pensions and social benefits systems should be identified and should commit to address these challenges in a given timeframe," it said.
To address such challenges it was necessary to align retirement age with life expectancy, reduce early retirement schemes and use targeted incentives to employ older workers and promote life-long learning, the document said.
Austria has expressed opposition to euro zone intervention in national pension systems.
WAGE INDEXATION
Another contentious point of the Franco-German wish-list is scrapping wage indexation, about which Austria, Spain, Belgium and Luxembourg have all expressed reservations.
The document from van Rompuy and Barroso said wage and productivity developments would form the basis of assessment of progress towards greater competitiveness.
Unit labour costs would be monitored and compared to other euro zone countries and main trading partners. They would be assessed for the whole economy and for major sectors.
As with pensions, countries which face major challenges because of large and sustained rises of unit labour costs would be identified and should address them in a given timeframe.
While each country should decide on its own how to manage unit labour costs, respecting its own traditions of talks with workers and businesses, the document said governments should pay particular attention to enhancing decentralisation of wage bargaining and improving "the indexation mechanism."
The document also calls for wage restraint in the public sector because of its impact on wages in the private sector.
CORPORATE TAX BASE
Germany and France have also proposed a common corporate tax base in the euro zone.
While different from a common corporate tax rate, some countries oppose such a discussion fearing it could eventually lead to a discussion of the rate as well and because tax issues are a jealously guarded prerogative of national parliaments.
"Developing a common consolidated corporate tax base could be a way to ensure consistency in the national tax systems, without harmonising tax systems," the document said.
It said that if not all euro zone countries would accept such common tax base -- a hint at Ireland which is fiercely opposed to any talks on its relatively low corporate tax -- it could be introduced by a smaller group.
It said the Commission, the EU executive, would make a proposal on the common corporate tax base in the coming weeks.
The document also calls on euro zone countries to put in place national laws on bank resolution -- another idea floated by France and Germany on February 4.
But not all of the reforms would have to happen now.
"Each year members states of the euro area will agree at the highest level on a set of concrete deliverables to be achieved within 12 months. The selection of the specific policy measures to be implemented will remain the responsibility of each country," the document said.
***
L'importante documento con i temi in discussione.
Ultima modifica:
Baro
Umile contadino
Io ho il GR0133003161 2024 al 4,70% , direi bella cedolozza dolce per alleviare un poco l'amaro delle quotazioni...Con il mese di Marzo, inizia la raccolta dei primi frutti; i nostri titoli greci, che in questo periodo ci danno cosi' magre sodisfazioni, iniziano a retrocederci una corpulenta cedola annuale. Il giorno 11 si raccoglie IT0006527532, titolo con cedola 5,00%, il giorno 20 seguiranno GR013003161 e GR013004177, con cedole rispettivamente pari al 4,70% e 5,30%. A scadenza il GR0110019214
Ho in portafoglio il 5,00% che mitigherà il loss tra prezzo di acquisto e valore attuale.
Intanto stamani in apertura, continuano le frecce rosse....
tommy271
Forumer storico
Early elections not an option for PM
Minister douses speculation in Financial Times about government going to the polls
Prime Minister George Papandreou is not even contemplating the possibility of his government serving less than a full four-year term, a high-ranking minister told Kathimerini on Monday, after more speculation that the premier will call early elections.
The Financial Times newspaper suggested that PASOK would not be able to survive until September 2013 but this prompted a denial from the government. “Papandreou is not thinking of even taking one step back from the obligations that he has undertaken and is not thinking about early elections,” a minister, who preferred to remain anonymous, told Kathimerini.
The speculation about snap elections is driven by concerns that the government is beginning to flag under the pressure of meeting the public finance targets it has been set by the European Union and the International Monetary Fund, and that a fresh mandate would help douse the growing opposition to some of the measures it is adopting.
Government sources, however, suggest that the risk of calling general elections is too high because it would project an image of Greece being unstable and this would have a negative effect on the international markets and on the other members of the eurozone, which lent money to Greece as part of its 110-billion-euro rescue package.
Meanwhile, Giorgos Karatzaferis, the leader of the right-wing Popular Orthodox Rally (LAOS) - Parliament’s fourth largest party - refused to rule out cooperating with New Democracy at the next elections. He said LAOS’s stance would “depend on the circumstances.”
ekathimerini.com , Monday February 28, 2011 (22:59)
Minister douses speculation in Financial Times about government going to the polls
The Financial Times newspaper suggested that PASOK would not be able to survive until September 2013 but this prompted a denial from the government. “Papandreou is not thinking of even taking one step back from the obligations that he has undertaken and is not thinking about early elections,” a minister, who preferred to remain anonymous, told Kathimerini.
The speculation about snap elections is driven by concerns that the government is beginning to flag under the pressure of meeting the public finance targets it has been set by the European Union and the International Monetary Fund, and that a fresh mandate would help douse the growing opposition to some of the measures it is adopting.
Government sources, however, suggest that the risk of calling general elections is too high because it would project an image of Greece being unstable and this would have a negative effect on the international markets and on the other members of the eurozone, which lent money to Greece as part of its 110-billion-euro rescue package.
Meanwhile, Giorgos Karatzaferis, the leader of the right-wing Popular Orthodox Rally (LAOS) - Parliament’s fourth largest party - refused to rule out cooperating with New Democracy at the next elections. He said LAOS’s stance would “depend on the circumstances.”
ekathimerini.com , Monday February 28, 2011 (22:59)
Ultima modifica:
tommy271
Forumer storico
IMF report calls for more action
Fund appears ready to approve an extension from 4.5 to 10 years for Greek loan repayment period
By Tom Ellis
The International Monetary Fund’s progress report on the Greek economy, which was to be submitted late on February 28 to the organization’s governing board, reportedly records a significant, 6 percent, drop in the deficit and greater-than-forecast shrinking of gross domestic product (GDP) in 2010.
The report will be discussed at a special session of the board on March 14, where the fourth installment (amounting to almost 5 billion euros) of the loan to Greece is set for approval.
Sources suggest that the report makes clear the IMF’s readiness to proceed to the extension of the loan’s repayment period from four-and-a-half to 10 years, provided that the European Union first discusses and approves a similar extension, which has not happened yet.
Concerns within the IMF regarding Greece’s ability to repay the loan have led both the IMF managing director, Dominique Strauss-Kahn, and the fund’s mission chief to Greece, Poul Thomsen, to state their intention to move Greece from the short-term Stand-By Arrangement to the medium-term Extended-Fund Facility. However, a number of parties within the EU are reluctant to accept such a move, while others are stalling over the timetable for the loan repayment.
A similar difference in opinion between the IMF and the EU is over whether Greece should be allowed to buy back some of its debt. IMF officials brand this as a “useful tool” in the general effort to contain the debt burden, though Germany and other EU members have rejected it for the time being.
The report re-emphasizes the need for deeper structural changes, improvements in the tax collection mechanism, liberalization of closed professions and opening up the energy sector, as well as stressing the importance of steps being taken in healthcare and in the creation of a single salary system for the public sector.
As far as the bone of contention between Athens and its creditors, the utilization of state assets to the amount of 50 billion euros by 2015, is concerned, the report notes that the government’s privatization program must advance as quickly as planned in order to maximize returns.
ekathimerini.com , Monday February 28, 2011 (21:57)
Fund appears ready to approve an extension from 4.5 to 10 years for Greek loan repayment period
The International Monetary Fund’s progress report on the Greek economy, which was to be submitted late on February 28 to the organization’s governing board, reportedly records a significant, 6 percent, drop in the deficit and greater-than-forecast shrinking of gross domestic product (GDP) in 2010.
The report will be discussed at a special session of the board on March 14, where the fourth installment (amounting to almost 5 billion euros) of the loan to Greece is set for approval.
Sources suggest that the report makes clear the IMF’s readiness to proceed to the extension of the loan’s repayment period from four-and-a-half to 10 years, provided that the European Union first discusses and approves a similar extension, which has not happened yet.
Concerns within the IMF regarding Greece’s ability to repay the loan have led both the IMF managing director, Dominique Strauss-Kahn, and the fund’s mission chief to Greece, Poul Thomsen, to state their intention to move Greece from the short-term Stand-By Arrangement to the medium-term Extended-Fund Facility. However, a number of parties within the EU are reluctant to accept such a move, while others are stalling over the timetable for the loan repayment.
A similar difference in opinion between the IMF and the EU is over whether Greece should be allowed to buy back some of its debt. IMF officials brand this as a “useful tool” in the general effort to contain the debt burden, though Germany and other EU members have rejected it for the time being.
The report re-emphasizes the need for deeper structural changes, improvements in the tax collection mechanism, liberalization of closed professions and opening up the energy sector, as well as stressing the importance of steps being taken in healthcare and in the creation of a single salary system for the public sector.
As far as the bone of contention between Athens and its creditors, the utilization of state assets to the amount of 50 billion euros by 2015, is concerned, the report notes that the government’s privatization program must advance as quickly as planned in order to maximize returns.
ekathimerini.com , Monday February 28, 2011 (21:57)
Ultima modifica:
- Stato