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tommy271

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Interview-Slovak PM: There is a risk Greece will default and the euro zone should prepare rules for that option



http://www.addthis.com/bookmark.php...reece&as_qdr=h&as_drrb=q&cf=all&start=10&tt=0 http://www.addthis.com/bookmark.php...reece&as_qdr=h&as_drrb=q&cf=all&start=10&tt=0 http://www.addthis.com/bookmark.php...reece&as_qdr=h&as_drrb=q&cf=all&start=10&tt=0

Martin Santa and Jan Lopatka, BRATISLAVA - 10.03.2011





There is a risk Greece will default and the euro zone should prepare rules for that option, Slovak Prime Minister Iveta Radicova said on Wednesday.
She told Reuters in an interview that interest charged to Greece and Ireland on their international loans was high and she saw no problem in discussing a softening of the loans' cost and maturity, but Europe should be ready for default as well.
European Union leaders will hold a summit on Friday to debate measures to strengthen the block's economies, boost emergency lending and put an end to the euro area's debt crisis.
Radicova said she saw the possibility euro zone leaders will reach a preliminary agreement there on boosting the lending capacity of Europe's bailout vehicle, the European Financial Stability Facility (EFSF), but only if it does not include cash injections by euro zone countries with lower credit ratings.
Slovakia is the second poorest among the 17 euro zone countries. Last year it declined to participate in the bailout of Greece, a country with much higher output per capita and wages. Slovakia is involved in all negotiations and its agreement would be necessary for any common policy.
On Greece, Radicova said the euro zone should prepare rules for sovereign defaults to be ready when one comes.
"I believe we should have both ways ready," she said.
"Yes of course the risk is here. Therefore we need to have those rules (on default)," she said.
She said at the same time that she had no problem agreeing softer terms on the loans made to Greece and Ireland as a way to ease the burden of debt servicing.
"To lend to these countries at such high interest is unfair," Radicova said.
"We do not want and do not need to profit on lending to an another country, on the contrary, we want it to be able to pay and that it (lending) helps to solve problems."
Slovakia joined the euro in 2009 and soon won a reputation as a trouble maker when Radicova's newly sworn-in cabinet refused to participate in the bailout of Greece last year.
Radicova, a sociology professor who took the reins of a centre-right coalition last year, said Portugal was another highly indebted euro zone country that may also be unable to overcome troubles on its own.
"It would be overly optimistic, from my side, to rule out that it will need certain help," she said.
She said she expected Portugal's Prime Minister Jose Socrates to inform EU leaders on the situation in his country on Friday but said she did not expect any special announcements.


SUMMIT AGREEMENT ON COMPETITIVENESS


The top item on the agenda for euro zone heads of state and government meeting on Friday is to agree a "competitiveness pact," a deal Germany and France are pushing the rest of the euro zone to adopt to show their commitment to overhauling their economies.
But analysts regard competitiveness as a sideline issue that barely nudges the euro zone closer to tackling the fundamental problems underpinning the crisis -- bad banking debts and heavily-indebted sovereign nations with poor growth prospects.
Radicova said she could see a deal on the pact including plans for public finance sustainability, employment and competitiveness on Friday, which would include plans on raising retirement ages as populations grow older and legislative caps on national debt levels.
But a plan to unify corporate tax bases will be dealt with separately at a later date and there will be no binding agreement on that, she said. Slovakia opposes any moves to converge taxes.
She said she was against proposals the EFSF should be buying government bonds as a way to help countries in crisis.
"This was discussed, but I cannot say this has a form of an agreement," she said. "I am not filled with joy, I would welcome any other solution. This is not the best way."


Source Reuters - Balkans.com.



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La posizione dei parenti poveri ..

 

tommy271

Forumer storico
Greece May Sell 49% of Power Grid to Investors, Kathimerini Says

By Paul Tugwell - Mar 10, 2011 9:58 AM GMT+0100 Thu Mar 10 08:58:44 GMT 2011

Greece plans to transfer the transmission activities of Desmie, the country’s state-owned power grid operator, to Public Power Corp. SA as a wholly owned unit, Kathimerini reported.
The plan allows for the possibility of selling as much as 49 percent of the new unit to investors that aren’t involved in generating or supplying power, the newspaper said, citing a draft bill. The proceeds would go toward funding Public Power’s capital expenditure, Kathimerini said.
Public Power is 51 percent-owned by the government.



(Bloomberg)


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L'importantissima questione della PPC e la privatizzazione del settore energetico.
 

tommy271

Forumer storico
I TITOLI DEI GIORNALI:

The unemployment rate's climb to an unprecedented 14.8 percent and economic issues were the main front-page items in Athens' dailies on Thursday.



ADESMEFTOS TYPOS: "The government 'legalising' the 300" hunger-striking migrants.

AVGHI: "Memorandum of unemployment".

AVRIANI: "Finance ministry in state of dissolution - Resignation of ministry secretary general Dimitris Georgakopoulos".

ELEFTHEROS: "The government a madhouse - Papandreou 'barefoot' in Europe".

ELEFTHEROS TYPOS: "Papaconstantinou (finance minister), Ragoussis (interior minister) go bankrupt".

ELEFTHEROTYPIA: "Burning tapes on soccer".

ESTIA: "The politicians destroying the economy".

ETHNOS: "PhD 'factory' for...8.000 euros".

IMERISSIA: "Reform fatigue - Developments in Athens worry EU, IMF".

KATHIMERINI: "Rehn pressing for speedier reduction of deficit".

LOGOS: "Unemployment at 14.8 percent - Shock and Awe".

NAFTEMPORIKI: "Safety net for companies against the wave of bankruptcies".

NIKI: "Loophole for 92,000 hirings".

RIZOSPASTIS: "They're fooling the unemployed with the 'social enterprises'."

TA NEA: "The tapes of the corruption in soccer".

VRADYNI: "Programs 'aspirins' for unemployment".

(ana.gr)
 
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tommy271

Forumer storico
Modern Greek tragedy



Greece's unemployment rate continued to accelerate in December, rising to 14.8% compared with 10.2% in December 2009, the statistics service ELLSTAT said Wednesday. The December rate is also almost a full percentage point higher than the 13.9% rate recorded in November by the revamped national statistics agency.

Greece is struggling through a protracted recession while undertaking a tough three-year austerity and reform program to cut its budget deficit. In 2009, Greece's unemployment rate averaged 9.5%.
The number of people employed also fell further, to 4.23 million in December from 4.30 million a month earlier.
Young people remain hardest hit by Greece's deepening recession, with 39% of those aged between 15 and 24 without a job in December, up from 28.9% a year earlier, the data showed.
Women also continued to see fewer job opportunities than men, with the number of unemployed women at 18.7% in December, compared with 14.8% a year earlier.
By region, the highest unemployment was in the Ionia Islands, where the jobless rate reached 23.1%, compounded by lack of off-season tourism jobs. In the Attica region, the province that includes Athens and is home to about half the country's population, unemployment was 14% in December, slightly higher than the rate of 13.9% in November, but much higher that the 9.2% rate recorded a year earlier.
In its 2011 budget, the Greek government estimated that unemployment will rise to 14.5% in 2011 before peaking at 15% in 2012. However, labor unions say joblessness could reach as high as 20% this year.
Since May of last year, Greece has been implementing a tough austerity program in exchange for a €110 billion ($152.9 billion)loan from the European Union and the International Monetary Fund.
In its official forecast, the IMF predicts that Greek unemployment will peak at 15.2% in 2012.
The best talent will leave the country and we are seeing an increase in the number of English speaking Greeks registering with ourselves as they look to escape the current economic difficulties. However, much of Europe has deep seated problems so they need be looking at working in Australia which is a traditional refuge for Greeks in difficult times.


(European Recruitment Agency)

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La drammatica situazione occupazionale.
 
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tommy271

Forumer storico
Da un punto di vista operativo ci troviamo ancora stazionari dopo il "martedì nero" con gli Spread intorno a 970 pb.

La Borsa partita stamattina in netto calo, ha riguadagnato posizione pur mantenendo il segno meno.
Attualmente siamo a 1537 punti con - 0,22%. Volumi normali.
 
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