Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (11 lettori)

[tommy271]

Oggi la Borsa ad Atene era chiusa, domani vedremo le reazioni.
L'appuntamento sarà in tarda mattinata con l'asta dei Bot/Greek a 6 mesi.
L'importo è piuttosto "corposo" rispetto ai 390 MLN di febbraio che erano stati assegnati al 4,64%.
Non aspettiamoci "miracoli", visto il clima ...
Intanto aspettiamo l'apertura del primo Summit per venerdì 11.

 

[frmaoro]

L'Fmi e' fiducioso che la Grecia riuscira' a portare a termine il suo programma di risanamento ed e' convinto che il debito del Paese e' sostenibile. Lo ha detto Antonio Borges, capo del dipartimento europeo del Fondo Monetario Internazionale. "Siamo convinti che il debito della Grecia e' sostenibile - ha affermato - e fiduciosi che il Paese riuscira' a portare a termine il programma di risanamento del fisco" .

 

[tommy271]

Greece's credit rating moved from B1 to Ba1 while spreads rise across eurozone periphery



After several weeks of quiet trading, the eurozone credit default swap (CDS) market was pushed back into the spotlight today, as Greece's sovereign credit rating was downgraded by Moody's from B1 to Ba1. Moody's cited a number of reasons for the downgrade, including the Greek government's continued difficulty in securing revenue streams and doubt over the feasibility of its highly ambitious debt-consolidation plan. Greek CDS spreads have experienced some erratic interday trading moves in recent months, but have recorded a steady rise from 854 basis points on February 1 to a seven-week high of 1,058bp on March 4, according to data from financial information provider Markit. By 1.00pm UK time today, Greek spreads had dropped to 1,005bp.


Although the rest of the eurozone was spared such dramatic movement, risk perceptions increased in many places. Portuguese spreads led the way, moving from 481bp to 490bp, their highest point since January 13. In Italy, spreads widened by 3bp to 175bp, while in Spain they moved up 2bp to 239bp. Spreads in Ireland stayed flat at 580bp. The trend continued in the eurozone's core countries – Belgian spreads increased from 161bp to 163bp, and German spreads widened by 1bp to 48bp.


In the Middle East and north Africa, signs of stability began to creep in after the turmoil of January and February. Tunisian spreads declined from 196bp to 193bp, and spreads in Saudi Arabia dropped by 1bp to 131bp. Egyptian spreads recorded the biggest move, jumping up 11bp to 374bp.

Read more: Moody?s lowers Greece's credit rating - Risk.net
http://www.risk.net/static/risk-magazine-trial
​

 

[tommy271]

Geithner to meet Trichet and Schaeuble in Germany


WASHINGTON | Mon Mar 7, 2011 12:35pm EST



WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner will meet with European Central Bank and German finance leaders on Tuesday ahead of a European Union summit that will consider bolstering a rescue fund for debt-strapped bloc members.
Geithner will meet with European Central Bank President Jean-Claude Trichet and German Finance Minister Wolfgang Schaeuble during a brief trip to Frankfurt and Berlin, the Treasury said on Monday. He also will meet with German Bundesbank President Axel Weber while in Frankfurt on Tuesday morning.
The Treasury provided few details about Geithner's goals for the trip. It said in a statement that he will "discuss the global economic outlook and progress on international financial reform," along with enforcement of sanctions against Libya and Iran.
Following Geithner's meeting with Schaeuble in Berlin on Tuesday afternoon, the two finance ministers will hold a joint press conference, around 9:15 a.m. EST/14:15 GMT.
Geithner also will meet later with Rainer Bruderle, Germany's federal minister for economics and technology, before departing Germany in the evening. He is scheduled to testify before a U.S. House of Representatives appropriations subcommittee hearing on Wednesday afternoon.
Geithner told Congress last Thursday that European growth was trailing that of emerging-market countries and the United States, and said the region needed to do whatever was necessary to help its most indebted members.
"It is important that European leaders continue to make clear that they will do whatever is necessary to make sure that the affected countries and their banks have the financing they need to enable these programs to succeed," he said.
Berlin, with Paris' backing, wants euro-zone countries to agree to a competitiveness pact at a March 11 meeting in Brussels in exchange for boosting the scope and capacity of an emergency fund for bailing out countries cut off from the markets.
Berlin wants other members to pass legislation like its own limiting the size of their debts before the so-called Emergency Financial Stability Facility is expanded, an idea that some, like debt-laden Greece, oppose.
Financial markets are watching the EU drama closely, particularly Germany's reluctance to pour more money into a fund and the surprise announcement last week by the European Central Bank that it may raise interest rates this spring. That has heightened anxiety about Europe's ability to contribute to the global recovery.


***
Dobbiamo aspettarci una spintarella dagli USA?

 

[Gaudente]

E' un'illusione credere che il "problema Grecia" si possa risolvere chiudendo il rubinetto agli ellenici.
Il mercato passerebbe a chiedere il conto a Irlanda e Portogallo.
Il mesetto successivo alla Spagna, poi all'Italia e al Belgio.

Senza calcolare le ripercussioni sulle banche francesi e tedesche ... sarebbe il crollo dell'Euro.
Ma questo, non lo vuole nessuno.

Ma allora se davvero nessuno lo vuole alla Grecia non bisognerebbe fare prestiti ma dare contributi a fondo perduto , con i prestiti il rapporto debito/PIL continua a spiralare fuori controllo , non c'e' modo di ottenere un avanzo primario sufficiente a bloccarne la crescita esponenziale, neanche mettendo Paperone alle Finanze e mandando la Banda Bassotti a riscuotere i tributi.

 

[tommy271]

Ma allora se davvero nessuno lo vuole alla Grecia non bisognerebbe fare prestiti ma dare contributi a fondo perduto , con i prestiti il rapporto debito/PIL continua a spiralare fuori controllo , non c'e' modo di ottenere un avanzo primario sufficiente a bloccarne la crescita esponenziale, neanche mettendo Paperone alle Finanze e mandando la Banda Bassotti a riscuotere i tributi.

I prestiti servono a far funzionare la macchina dello Stato,come ben sai.
Poi occorrerebbero investimenti dall'estero in grado di far ripartire l'economia, gli unici interessati sinora sono Cinesi e Qatar.
Poi si punta su una ripresa del flusso turistico, legato ad investimenti esteri.
L'avanzo primario non è sufficiente per bloccare un deficit/Pil che viaggia verso il 150%, ma con una giusta calibrazione fatta con buy-back e privatizzazioni accompagnata da un piano "Brady" si può riportare il tutto entro un 100/110%.
Poi si cercherà di vivacchiare, noi italiani siamo esperti in materia.
La soluzione, è palese, richiede un grosso sforzo da parte dell'Europa, ma possiamo farcela.

 

[IL MARATONETA]

Ma allora se davvero nessuno lo vuole alla Grecia non bisognerebbe fare prestiti ma dare contributi a fondo perduto , con i prestiti il rapporto debito/PIL continua a spiralare fuori controllo , non c'e' modo di ottenere un avanzo primario sufficiente a bloccarne la crescita esponenziale, neanche mettendo Paperone alle Finanze e mandando la Banda Bassotti a riscuotere i tributi.

Sembra un ragionamento assurdo, ma alla fine, per tutti i paesi già coinvolti, e per quelli che patirebbero le conseguenze, potrebbe essere il male minore.....
ma serve trovare altre strade, perchè questa soluzione, la politica non la può permettere.....

 

[tommy271]

Euro Dips As European Debt Woes Start To Catch Up




By Javier E. David
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The euro fell from a new four-month high against the dollar Monday, as the gravitational pull of Europe's debt crisis temporarily outweighed the lure of higher euro-zone interest rates that had supported the single currency.
Investors have recently favored currencies that offer higher yields, broadly underpinning the euro and pound while undercutting the low-yielding dollar. Meanwhile, ongoing instability in the Middle East has spurred nervous traders to buy Swiss francs and yen as a safe harbor.
Even as a sovereign debt crisis continues to fester in the 17 nations that use the euro, the single currency has emerged relatively unscathed. Yield-chasing traders were galvanized by the European Central Bank president Jean-Claude Trichet's warning last week that interest rates could be hiked as early as next month.
But Monday, ratings agency Moody's Investors Service downgraded Greek debt, sending the country's credit default swaps--derivatives that function like a default insurance contract for debt--flying out to record levels. That news converged with yields on Portugal's 10-year government bonds hitting a euro-era high of 7.5%.
Markets have long fretted that Greece, Portugal and Ireland--three of the euro zone's weakest economies--were in danger of either defaulting on their debt or restructuring it.
"The euro has gained based on what Trichet said, but the market is realizing its come quite a way" in a short period of time, said John McCarthy, manager of currency trading at ING Capital Markets in New York. "I think staying above $1.40 will prove a little more elusive than people think."
Indeed, the euro backed further away from its highest levels since early November at $1.4036, falling to U.S. session lows near $1.3977. A broadly stronger yen benefited from risk-averse investors seeking a safe haven, pulling the dollar down to Y82.11. The euro was also weaker on the day versus the yen, at around Y114.75.
Although the dollar has traditionally benefited from investment flows during times of geopolitical instability, a possible global oil shock--triggered by festering civil unrest in Libya--has made investors shun the currency during bouts of risk aversion. During past oil crises, the dollar has fallen, as a spike in oil--which hit 2-1/2 year highs on Monday above $105--stirs broad-based inflation.
"There's still this incredible uncertainty surrounding this Libya situation," said Greg Salvaggio, vice president of capital markets at Tempus Consulting in Washington.
"The longer it drags out, the more uncertainty exists, and that drags on the dollar," he said, adding that the euro was likely to remain underpinned by the prospect of higher euro-zone interest rates, which could be raised as soon as next month.
The beleaguered U.S. currency is also being hampered by the Federal Reserve's loose monetary policies. When juxtaposed against the European Central Bank's strong stance against inflation, the dollar has ended up losing out as investors gravitate toward the higher yield potential of the euro. Many are concerned that the Fed may end up behind the curve should price pressures move from simmer to boil.



***
Uno sguardo generale.

 

[g.ln]

naviganti ciraggiosi

ma a calare le scialuppe non ci pensa proprio nessuno ?

Siamo naviganti coraggiosi, e abbiamo ottimo equipaggio .
Come i marinai delle tre caravelle di Colombo, fra non molto grideremo terra, terra, terra!
Ciao, ciao, Giuseppe

 

[giub]

Moody's downgrade tips Greece closer to brink - International Business Times
......
HAIRCUT?

Private economists see losses for investors as more likely in the longer term.

"We expect, not immediately but in the coming years, that more measures will be needed, maybe even a haircut," said Juergen Michels at Citigroup.

The spread on 10-year Greek debt against benchmark Bunds widened by 8 basis points following the Moody's downgrade, which came amid intense negotiations among euro zone countries on a package of measures intended to overcome the sovereign debt crisis that has shaken the currency bloc since November 2009.

Center-right leaders meeting in Helsinki last Friday agreed in principle to increase the effective lending capacity of the temporary European Financial Stability Facility and review the loan conditions to Greece and Ireland.

But Germany, Finland and the Netherlands opposed allowing the rescue fund to buy bonds or to lend distressed countries money to buy their own bonds, participants said.

Some EU officials see the hardline stance as pushing Greece toward restructuring, but only after west European banks have had time to raise their capital base to cope with the fallout from potential Greek losses.