Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (24 lettori)
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tommy271
Forumer storico
Euro Falls Back To Earth As Debt Worries Bite
By Javier E. David
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The euro fell Tuesday, as long-simmering anxiety about Europe's sovereign debt crisis eroded its recent gains.
For weeks, the euro has defied gravity amid anxiety about how the 17-nation currency bloc would resolve issues surrounding financially distressed countries such as Greece, Ireland and Portugal. Even as investors in bond and credit default markets have transmitted clear signals of concern, the euro rocketed to its highest levels since early November against the battered U.S. dollar above $1.40.
Over the last day, however, the single currency has been brought back to earth by a ratings agency downgrade of Greece's sovereign ratings. Meanwhile, the yield difference between Greek and German government bonds have widened, as have those of Portuguese debt. Worries are mounting that these countries may be forced to restructure their bonds, or default outright.
As a result, expectations of higher interest rates--stoked last week by European Central Bank president Jean-Claude Trichet--that have buttressed the euro over the last several weeks have given way to nervousness that European leaders will fall short in their efforts to reform their wayward economies.
Anxiety over Europe's debt problems "never really went away and it appears to be resuming acting as a drag on the single currency," said Andrew Wilkinson, senior market analyst at Interactive Brokers. "The euro is fast-falling back to earth to its pre-Trichet levels delineated by $1.3900 versus the dollar."
Indeed, the single currency sagged as two senior euro zone officials told Dow Jones Newswires that market expectations that Europe's leaders will agree on a strong and flexible bailout fund to resolve the continent's debt crisis are not likely to be met.
These sources added that proposals to beef up the bailout fund are encountering growing German intransigence after Berlin failed to achieve its own agenda for reforming euro-zone economies.
In early U.S. trading, the euro changed hands at the day's lows below $1.3900 against the dollar, compared with $1.3969 late Monday in New York, according to trading system EBS. The dollar was at Y82.50 against the yen, compared with Y82.24, while the euro was at Y114.70 compared with Y114.88. Meanwhile, the pound was trading at $1.6162 against the dollar, compared with $1.6197 late Monday in New York.
The dollar was helped by a dip in the price of oil, which has surged amid fears of a global oil shock on the heels of civil unrest in Libya. Loose U.S. monetary policy and soaring prices have made investors reluctant to hold dollars.
By Javier E. David
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--The euro fell Tuesday, as long-simmering anxiety about Europe's sovereign debt crisis eroded its recent gains.
For weeks, the euro has defied gravity amid anxiety about how the 17-nation currency bloc would resolve issues surrounding financially distressed countries such as Greece, Ireland and Portugal. Even as investors in bond and credit default markets have transmitted clear signals of concern, the euro rocketed to its highest levels since early November against the battered U.S. dollar above $1.40.
Over the last day, however, the single currency has been brought back to earth by a ratings agency downgrade of Greece's sovereign ratings. Meanwhile, the yield difference between Greek and German government bonds have widened, as have those of Portuguese debt. Worries are mounting that these countries may be forced to restructure their bonds, or default outright.
As a result, expectations of higher interest rates--stoked last week by European Central Bank president Jean-Claude Trichet--that have buttressed the euro over the last several weeks have given way to nervousness that European leaders will fall short in their efforts to reform their wayward economies.
Anxiety over Europe's debt problems "never really went away and it appears to be resuming acting as a drag on the single currency," said Andrew Wilkinson, senior market analyst at Interactive Brokers. "The euro is fast-falling back to earth to its pre-Trichet levels delineated by $1.3900 versus the dollar."
Indeed, the single currency sagged as two senior euro zone officials told Dow Jones Newswires that market expectations that Europe's leaders will agree on a strong and flexible bailout fund to resolve the continent's debt crisis are not likely to be met.
These sources added that proposals to beef up the bailout fund are encountering growing German intransigence after Berlin failed to achieve its own agenda for reforming euro-zone economies.
In early U.S. trading, the euro changed hands at the day's lows below $1.3900 against the dollar, compared with $1.3969 late Monday in New York, according to trading system EBS. The dollar was at Y82.50 against the yen, compared with Y82.24, while the euro was at Y114.70 compared with Y114.88. Meanwhile, the pound was trading at $1.6162 against the dollar, compared with $1.6197 late Monday in New York.
The dollar was helped by a dip in the price of oil, which has surged amid fears of a global oil shock on the heels of civil unrest in Libya. Loose U.S. monetary policy and soaring prices have made investors reluctant to hold dollars.
tommy271
Forumer storico
Weber: EMU Reform Must Push Sound Policy, ESM Not Buy Bonds
FRANKFURT (MNI) - Reforms of European economic governance must strengthen member states' incentives to implement sound fiscal policies, European Central Bank Governing Council member Axel Weber said Tuesday.
"The pending decisions on the reform of European Monetary Union's economic governance should be aimed at strengthening incentives for sustainable fiscal policy on the level of member states," Weber said in the annual report of the Bundesbank, which he heads.
This also implies that the new permanent European bailout fund (ESM) should not be given the right to buy up sovereign government bonds in the secondary market, Weber said.
"I am of the firm opinion that the acquisition of secondary market emissions via a central bank or the ESM has the potential to undermine the conditionality of the fund," Weber said.
Weber's position conflicts with the official line of the ECB, which has called on politicians to make the fund as flexible as possible.
Weber said that in meetings held earlier Tuesday with U.S. Treasury Secretary Timothy Geithner, the issue of reforming governance in the Eurozone -- "which instruments will we have, which instruments will we not have, what will be the volume" -- was part of the discussion.
Given the potential market impact, the U.S. has great interest in the discussions taking place in Europe, Weber said.
Germany, with the tacit approval of France, has been pushing for an aggressive "competitiveness pact" under which Eurozone members, and eventually all EU members, would harmonize policies across a broad front, including public finance, labor laws, corporate taxes and pension schemes -- in return for making any concession on enlarging the size or flexibility of the bailout fund.
However, these demands by Germany met with stiff and even hostile resistance at the last summit of EU leaders on February 4. In the face of a stalemate, EU Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso have crafted a compromise that would achieve many of the objectives desired by Germany, but without the rigidity of requiring countries to implement specific laws.
Weber noted the sovereign debt crisis is posing "significant challenges" and that countries in question must make "significant economic and fiscal adjustments."
"However, this is not a crisis of the currency union as a whole or a crisis of the euro," the Bundesbank chief said. "The European monetary union is and will remain a success story. The euro is a stable currency."
Weber said he would "not participate in any speculation" over an eventual restructuring of Greece's or Ireland's debt. He noted that thus far all quarterly reports on the progress made under IMF and European adjustment programs had shown that their "programs are on track." However, Weber warned that the toughest part of the programmes will "will come on the last part of the road."
(imarketnews.com)
***
Qualche news significativa sugli incontri con Geithner, ma ormai le parole di Weber contano quanto le mie ...
FRANKFURT (MNI) - Reforms of European economic governance must strengthen member states' incentives to implement sound fiscal policies, European Central Bank Governing Council member Axel Weber said Tuesday.
"The pending decisions on the reform of European Monetary Union's economic governance should be aimed at strengthening incentives for sustainable fiscal policy on the level of member states," Weber said in the annual report of the Bundesbank, which he heads.
This also implies that the new permanent European bailout fund (ESM) should not be given the right to buy up sovereign government bonds in the secondary market, Weber said.
"I am of the firm opinion that the acquisition of secondary market emissions via a central bank or the ESM has the potential to undermine the conditionality of the fund," Weber said.
Weber's position conflicts with the official line of the ECB, which has called on politicians to make the fund as flexible as possible.
Weber said that in meetings held earlier Tuesday with U.S. Treasury Secretary Timothy Geithner, the issue of reforming governance in the Eurozone -- "which instruments will we have, which instruments will we not have, what will be the volume" -- was part of the discussion.
Given the potential market impact, the U.S. has great interest in the discussions taking place in Europe, Weber said.
Germany, with the tacit approval of France, has been pushing for an aggressive "competitiveness pact" under which Eurozone members, and eventually all EU members, would harmonize policies across a broad front, including public finance, labor laws, corporate taxes and pension schemes -- in return for making any concession on enlarging the size or flexibility of the bailout fund.
However, these demands by Germany met with stiff and even hostile resistance at the last summit of EU leaders on February 4. In the face of a stalemate, EU Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso have crafted a compromise that would achieve many of the objectives desired by Germany, but without the rigidity of requiring countries to implement specific laws.
Weber noted the sovereign debt crisis is posing "significant challenges" and that countries in question must make "significant economic and fiscal adjustments."
"However, this is not a crisis of the currency union as a whole or a crisis of the euro," the Bundesbank chief said. "The European monetary union is and will remain a success story. The euro is a stable currency."
Weber said he would "not participate in any speculation" over an eventual restructuring of Greece's or Ireland's debt. He noted that thus far all quarterly reports on the progress made under IMF and European adjustment programs had shown that their "programs are on track." However, Weber warned that the toughest part of the programmes will "will come on the last part of the road."
(imarketnews.com)
***
Qualche news significativa sugli incontri con Geithner, ma ormai le parole di Weber contano quanto le mie ...
Ultima modifica:
discipline
Forumer storico
Io su uno solo con gli ultimi spiccioli per un ordine in denaro imbarazzante.. vediamo un po' fino a dove s'arriva.. sempre sulle solite "nostre"?
Ultima modifica:
tommy271
Forumer storico
Moody’s Analyst: Losses Of A Possible Default Estimated At 50%
Sarah Carlson, analyst at Moody’s Investors Services, told Capital.gr that the losses of a possible default will be around 50% for creditors.
Carlson said that 80% of B1-rated governments and companies have served their debt, while 20% of them have defaulted, which justifies the increase of default probability (previously at 7%). However, it is difficult to determine the likelihood of a default by the market prices.
According to Moody΄s Approach to Distressed Exchanges, the definition of a default includes any exchange, in which the issuer offers to creditors cash, assets or a new package of securities with lower financial obligation in order to avoid default.
Any estimation of losses in the event of a default would be speculative, Moody’s senior analyst for Greece told Capital.gr. Historically, the losses in cases of state defaults are on average 50%, she stated.
Sarah Carlson said that Moody’s central assumption remains that the Greek government will achieve its goals without having to impose losses on bondholders.
Moody’s analyst commented that fiscal adjustment and structural reform needed are ambitious, and are subject to significant implementation risks, despite the progress that has been made to date.
Sarah Carlson told Capital.gr Moody΄s considers administrative weakness and tax indiscipline to be the main threat in Greek government’s attempt to stabilise the country’s large public debt.
(capital.gr)
***
Sarah Carlson, analyst at Moody’s Investors Services, told Capital.gr that the losses of a possible default will be around 50% for creditors.
Carlson said that 80% of B1-rated governments and companies have served their debt, while 20% of them have defaulted, which justifies the increase of default probability (previously at 7%). However, it is difficult to determine the likelihood of a default by the market prices.
According to Moody΄s Approach to Distressed Exchanges, the definition of a default includes any exchange, in which the issuer offers to creditors cash, assets or a new package of securities with lower financial obligation in order to avoid default.
Any estimation of losses in the event of a default would be speculative, Moody’s senior analyst for Greece told Capital.gr. Historically, the losses in cases of state defaults are on average 50%, she stated.
Sarah Carlson said that Moody’s central assumption remains that the Greek government will achieve its goals without having to impose losses on bondholders.
Moody’s analyst commented that fiscal adjustment and structural reform needed are ambitious, and are subject to significant implementation risks, despite the progress that has been made to date.
Sarah Carlson told Capital.gr Moody΄s considers administrative weakness and tax indiscipline to be the main threat in Greek government’s attempt to stabilise the country’s large public debt.
(capital.gr)
***
frmaoro
il Fankazzista
Grecia, il tracollo prosegue: rendimenti bond e cds ai record storici
di: WSI Pubblicato il 08 marzo 2011| Ora 15:28
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ROMA- Forte tensione sul mercato dei titoli di stato europei con i rendimenti dei bond decennali della Grecia che sono arrivati a balzare di 48 punti base fino al 12,82%, ovvero al record da quando Bloomberg ha iniziato a raccogliere i dati nel 1988. All'indomani del downgrade di Moody's e dopo l'asta odierna di Atene, balzano anche i credit default swap per assicurarsi contro il rischio Grecia.
I cds crescono di 5 punti base e arrivano a toccare il massimo storico di 1.037 punti base. Tradotto: il costo per assicurarsi contro il rischio default di bond -in questo caso a cinque anni - della Grecia per un valore di 10 milioni di dollari è volato a 1,04 milioni di dollari
di: WSI Pubblicato il 08 marzo 2011| Ora 15:28
Share
ROMA- Forte tensione sul mercato dei titoli di stato europei con i rendimenti dei bond decennali della Grecia che sono arrivati a balzare di 48 punti base fino al 12,82%, ovvero al record da quando Bloomberg ha iniziato a raccogliere i dati nel 1988. All'indomani del downgrade di Moody's e dopo l'asta odierna di Atene, balzano anche i credit default swap per assicurarsi contro il rischio Grecia.
I cds crescono di 5 punti base e arrivano a toccare il massimo storico di 1.037 punti base. Tradotto: il costo per assicurarsi contro il rischio default di bond -in questo caso a cinque anni - della Grecia per un valore di 10 milioni di dollari è volato a 1,04 milioni di dollari
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