Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

TEXT-Euro zone leaders' deal on boosting financial safety nets



BRUSSELS, March 12 | Fri Mar 11, 2011 9:09pm EST





BRUSSELS, March 12 (Reuters) - Euro zone leaders agreed early on Saturday on a series of measures to bolster the single currency area's financial safety nets and help distressed countries return to sustainable public finances.

Below is the text of the agreement: CONCLUSIONS OF THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA OF 11 MARCH 2011
The Heads of State or Government of the Euro area adopted the following conclusions:

1. The Pact for the Euro which establishes a stronger economic policy coordination for competitiveness and convergence (attached) has been endorsed. This Pact will be presented to the European Council of 24/25 March 2011 with a view for non-euro area Member States to indicate whether they intend to participate in the Pact. At the same time Euro area Member States shall indicate first measures they pledge to implement under the Pact for the next year.

2. The Heads of State or Government of the Euro area assessed progress made since the European Council of 4 February 2011 on the comprehensive response to the crisis, with a view to completing this package for the 24/25 March European Council.

3. They welcome the progress made in the implementation of the on-going IMF/EU programs in Greece and Ireland, and the strong commitments by
- Greece to rigorously continue structural reforms, increase capacity building for their implementation, fully and speedily complete the 50 billion euro privatization and real estate development programme it has announced and to introduce a strict and stable fiscal framework with the strongest possible legal basis to be decided by the Greek government;
- Ireland to introduce a strict and stable fiscal framework, with the strongest possible legal basis, and to stick to fiscal targets through expenditures decreases and revenue increases as foreseen in the programme.

4. Following their statement of 4 February concerning the assessment by the Commission, in liaison with the ECB, of the implementation of measures taken to strengthen fiscal positions and growth prospects, they welcome progress made in a number of countries. In particular, Heads of State or Government, the President of the Commission and the President of the ECB welcome and support the package of far-reaching measures announced today by Portugal concerning fiscal, financial and structural reforms.

5. The Heads of State or Government of the Euro area invite Ministers of Finances to complete their work on the ESM and the EFSF in time for the European Council of 24/25 March 2011. This work should strictly adhere to and fully implement the European Council conclusions of December 2010 and the Eurogroup statement of 28 November 2010, which define the key features of the ESM (see annex II). The following conclusions have been drawn from the discussion:

* Financing capacity

The ESM will have an overall effective lending capacity of 500 billion euros. During the transition from EFSF to ESM, the consolidated lending capacity will not exceed this amount. The ESM effective lending capacity will be ensured by establishing the appropriate mix between paid-in capital, callable capital and guarantees. A timetable for the gradual paying in of capital will be established, fully respecting national parliamentary procedures.
Until the entry into force of the ESM, the agreed lending capacity of 440 billions euros of the EFSF will be made fully effective.

* Instruments

The Heads of State or Government recall that the ESM will provide financial assistance when requested by a Euro area member and when such intervention is deemed indispensable to safeguard the stability of the Euro area as a whole. Any decision to that effect will be taken by unanimity on the basis of a debt sustainability analysis of the Member State concerned conducted by the Commission and the IMF, in liaison with the ECB. Financial assistance will be subject to strict conditionality under a macroeconomic adjustment programme.

Financial assistance from the ESM and EFSF will take the form of loans. However, to maximize the cost efficiency of their support, the ESM and the EFSF may also, as an exception, intervene in the debt primary market in the context of a programme with strict conditionality.

* Financial conditions

Pricing of the EFSF should be lowered to better take into account debt sustainability of the recipient countries, while remaining above the funding costs of the facility, with an adequate mark up for risk, and in line with the IMF pricing principles. The same principles will apply to the ESM. Against this background and in view of the commitments undertaken by Greece in the context of its adjustment programme, the interest rate on its loans will be adjusted by 100 basis points. Moreover, the maturity for all the programme loans to Greece will be increased to 7.5 years, in line with the IMF.
Finance Ministers will specify modalities of implementation of these decisions.

6. All Member States will ensure that concrete plans, compliant with EU State aid rules, are in place to deal with any bank that demonstrates vulnerabilities in the stress tests that will be completed by the summer.

7. The Heads of State or Government call on Finance Ministers to finalize their work on the Commission six legislative proposals on economic governance and to reach, before the end of March, a general approach ensuring full implementation of the recommendations of the Task Force. In this context, they agree that the setting up of a numerical benchmark of 1/20 for debt reduction, to be assessed taking into account all relevant factors, as outlined in the Commission proposal, should be fully part of this package. They all support the adoption of the draft directive on national fiscal framework. In deciding on the steps in the SGP the Council is expected to, as a rule, follow the recommendations of the Commission or explain its position in writing.

8. The Heads of State or Government agree that the introduction of a financial transaction tax should be explored and developed further at the Euro area, EU and international levels.

 

[tommy271]

Merkel: Germany Has Accomplished Its Goals At Summit


By Patrick McGroarty
DOW JONES NEWSWIRES


BRUSSELS (Dow Jones)--German Chancellor Angela Merkel said Saturday morning she was "very pleased" with the results of the euro-zone competitiveness pact summit.

"We can be very pleased as a nation. I believe we've accomplished our national goals. I hope it's also an important step worldwide, considering the euro as a global currency," she said at the end of six hours of talks in Brussels.

Merkel said Greece is "ready to take further measures," including EUR50 billion in further privatizations.

"Also the anchoring of strict debt rules in its laws. And we weren't satisfied with what Ireland agreed to today, so the question of lowering interest rates has only been addressed for Greece."

On Ireland, Merkel said the euro-zone nations had shown "a readiness to work together to coordinate tax policy."

"What's still being discussed is what Ireland is ready to do. Ireland wants to think that over, and there was no conclusion on that today."

She denied Germany had tried to pressure new Irish Taoiseach Enda Kenny on the corporate tax issue but said "we can first lower the interest rates when there's some countermeasures taken."

Merkel said the European Stability Mechanism will be worth EUR500 billion in guarantees and funding, and that the exact breakdown will be debated by finance ministers next week.

She also said that bondholders will bear take a hit under the post-2013 permanent bailout mechanism. She gave no specifics.

"It's the opening of a new door. Year by year we will consider further commitments. And the commission will oversee the entire process and report over these issues--labor costs, retirement ages--and to what extent they improve the competitiveness of euro states and other EU states that want to participate," she said.

Merkel also said that "all countries must participate" in boosting the European Financial Stability Facility.
"What that means specifically we don't know but to meet the AAA rating a significantly higher sum must be contributed from every member country."

And she defended the decision to allow the EFSF to buy bonds directly on the primary market.

"I don't think it has such a huge impact because it doesn't matter if Ireland--Ireland is the only country under the EFSF right now--whether Ireland offers a bond on the open market and receives a guarantee for it from the EFSF or whether the EFSF buys this bond directly--the difference is relatively irrelevant."

Merkel said all countries in the Euro zone are committed "after the new stress tests are carried out, to provide the new capital that's necessary." She said that was also agreed to "in principle" by Spain.

***
Come dicevo l'altro giorno, l'importante è che la Merkel esca vincitrice dal Summit.
Alla Grecia, poi, i risultati concreti ...

 

[tommy271]

Euro zone agrees to revamp its financial safety net



BRUSSELS, March 12 | Fri Mar 11, 2011 8:01pm EST



BRUSSELS, March 12 (Reuters) - Euro zone leaders agreed on Saturday to overhaul the single currency area's financial safety net, a move they hope will help draw a line under the sovereign debt crisis.

Leaders of the 17 countries sharing the euro agreed to boost the effective lending capacity of the European Financial Statbility Facility to its full 440 billion euros from the current 250 billion euros.

The increase will be achieved by euro zone countries increasing their guarantees for the EFSF's borrowing.

The leaders also agreed that the EFSF, set up in May last year and used to bail out Ireland, would lend money to governments that need it more cheaply for all new loans -- at the same rate as the International Monetary Fund does now.

To help countries already benefitting from EU/IMF aid, the leaders agreed to lower the interest on loans to Greece by 100 basis points and to extend the maturities of the credit to 7.5 years from 3 years.

Ireland, which also has EU/IMF loans, did not secure a lower interest rate for now because it refused to discuss a harmonised corporate tax base for the euro zone.


***
.

 

[tommy271]

Euro-Zone Leaders In Heated Debate On Ireland Raising Corp Tax -Sources



BRUSSELS -(Dow Jones)- Euro-zone leaders are in a heated debate in the early hours of Saturday on whether Ireland should raise its corporate tax rate in exchange for a larger emergency lending facility and lower interest rates on its bailout loans, according to two people close to the negotiations.

Ireland and Greece already have committed to austerity measures as part of last year's bailout packages. But euro-zone leaders now say those measures aren't enough, especially as cash-strapped countries ask for more leeway with lower interest rates and longer maturities. France President Nicolas Sarkozy and German Chancellor Angela Merkel are leading the drive.

"The talks between the Irish prime minister, the German chancellor and the French president are, at times, very intense," said a euro-zone government official.
Another person close to the situation noted: "They say, 'If you want our loans, then you have to make changes.'"

Heads of government gathered in Brussels on Friday to discuss a comprehensive package of economic reforms to tackle the euro-zone sovereign debt crisis amid increasing market pressure. The meeting wore into early Saturday, though, as leaders were at odds over the concessions fiscally stressed nations must give in order to win support from stronger nations, notably Germany, for a larger European Financial Stability Mechanism and changes to existing loans.

The person close to the situation said leaders won't be prepared to come out with a closing announcement from the meeting on a commitment for greater support until economically weaker nations agree to substantial reforms.

Ireland has said raising its low 12.5% corporate tax rate isn't negotiable, but the person said the debate is heating up as some leaders push the issue.

Greece is also coming under pressure at the meeting to take on more reforms and move forward privatizations.

A so-called competitiveness pact, which leaders have already agreed upon at this meeting, has been deemed a watered-down effort for reform and is now largely seen by diplomats as a political framework for closer cooperation among euro-zone heads of government in the future.

***
L'Irlanda si trova in una posizione difficile: il nuovo Governo ha avuto mandato dai propri elettori per assumere una posizione dura (quasi di rottura) nei confronti degli accordi sottoscritti dal precedente governo.
Tanto è vero che, nonostante la crisi accumuna entrambi, con la Grecia non si è costituito un "asse" di "rivendicazioni" ... l'indirizzo dei due governi è divergente.

 

[tommy271]

EU expected to push Greece to do more

Draft conclusions at EU summit call for Athens to raise 50 billion euros by privatizing assets

Eurozone leaders meeting in Brussels on Friday are expected to press Greece for further commitments to satisfy them the country is serious about fulfilling the conditions of a loan agreement with its international creditors.

According to a draft of the conclusions emerging from a summit in Brussels late on Friday, the European Union will push Greece to make good on a pledge by the Finance Ministry to raise some 50 billion euros through the privatization of state assets by 2015.

The draft, drawn up by European Council President Herman Van Rompuy, is also said to call for Greece to change its constitution to include a debt and deficit “brake” which would commit the government to keep its debt and deficit under a certain level.

Van Rompuy said late on Friday that the 17 leaders had agreed on a “pact for the euro.” According to a draft of the pact, the four areas of closer cooperation will be competitiveness, employment, sustainable public finances and reinforcing financial stability.

Prime Minister George Papandreou had not commented on the progress of talks in Brussels by late on Friday but sources told Kathimerini that negotiations were tough. Papandreou reportedly said that Athens will only adopt the debt and deficit brake if all the other member states do so.

Government sources on Friday played down the necessity of privatizing state assets, noting that this was one of several possible methods for raising revenue. According to the European Commission, Greece could reduce its debt by 20 percent of gross domestic product if it raises 50 billion euros through privatization.

Sources in Brussels said it was clear that Greece would only secure better terms for the repayment of billions of euros in emergency loans if it offers new commitments.

On Friday in Brussels it was clear that “Greece is on its own,” the source said. The leaders of other countries with debt problems such as Spain and Portugal were reportedly not interested in forming a united front, neither was an alliance with the new Irish Prime Minister Enda Kenny said to be forthcoming.

Negotiations are expected to continue until March 25, the next summit in Brussels when EU leaders are to make the final decisions on a permanent support mechanism for member states with debt problems.


ekathimerini.com , Friday March 11, 2011 (22:15)

***
Articolo un pò "datato" (più avanti vedremo i commenti della stampa greca) ma da cui traspare la preoccupazione per il piano di privatizzazione da 50 MLD.
All'ostacolo della vendita di alcuni beni demaniali si potrebbe trovare un accordo nel passaggio ai privati in forma pro-tempore e non definitiva delle proprietà
Un pò - volgarizzando - come le costruzioni delle case in cooperativa in Italia: si concede il terreno per una durata di 100 anni, poi il possesso ritorna al proprietario ...
Qui potrebbero fare concessioni della durata tra i 50 e i 100 anni ...

 

[no perpetual no party]

1°post qua, visto il mio nick sapete da quale forum provengo
intanto, complimenti per la grandissima mole di lavoro e informazioni e un ringraziamento particolare a tommy

se non ho capito male (e scusate se vi sembrano cose ovvie ma sono novizio di tds greci) la situazione greca sta migliorando abbastanza bene..
quindi si puo essere piu ottimisti sui tds sia della grecia che del portogallo (l'irlanda invece vuole fare la sostenuta, ma durera poco...)

su quali titoli ci potrebbero essere le vere occasioni di investimento, a breve o a lungo? ... presupponendo una risoluzione della crisi...

mille

 

[tommy271]

1°post qua, visto il mio nick sapete da quale forum provengo
intanto, complimenti per la grandissima mole di lavoro e informazioni e un ringraziamento particolare a tommy

se non ho capito male (e scusate se vi sembrano cose ovvie ma sono novizio di tds greci) la situazione greca sta migliorando abbastanza bene..
quindi si puo essere piu ottimisti sui tds sia della grecia che del portogallo (l'irlanda invece vuole fare la sostenuta, ma durera poco...)

su quali titoli ci potrebbero essere le vere occasioni di investimento, a breve o a lungo? ... presupponendo una risoluzione della crisi...

mille

Grazie per i complimenti al thread.

La situazione Greca sta volgendo verso un mio modello previsionale, ma la strada rimane ancora lunga. Dal recente vertice è sensato avere una buona dose di ottimismo.

Per quanto riguarda l'Irlanda, questo primo incontro a Bruxelles è servito ad abbassare la cresta a Enda Kerry.
L'Irlanda, però ha qualche carta in più da giocare rispetto agli ellenici. E questo, non ha favore dei bondisti ...

La situazione in Portogallo è critica, hanno liquidità a sufficienza. L'appuntamento - per loro - è però verso metà aprile quando scadranno molti MLD di titoli.
E questi, saranno da rinnovare.
Certamente non potranno essere sostenibili tassi come quelli sin'ora pagati, per importi così elevati da piazzare ...

Se la situazione volge al meglio per la Grecia il rimbalzo potrà verificarsi su tutto l'arco delle scadenze.
Con migliori possibilità a partire da corti, medi e lunghi.

 

[no perpetual no party]

Grazie per i complimenti al thread.

La situazione Greca sta volgendo verso un mio modello previsionale, ma la strada rimane ancora lunga. Dal recente vertice è sensato avere una buona dose di ottimismo.

Per quanto riguarda l'Irlanda, questo primo incontro a Bruxelles è servito ad abbassare la cresta a Enda Kerry.
L'Irlanda, però ha qualche carta in più da giocare rispetto agli ellenici. E questo, non ha favore dei bondisti ...

La situazione in Portogallo è critica, hanno liquidità a sufficienza. L'appuntamento - per loro - è però verso metà aprile quando scadranno molti MLD di titoli.
E questi, saranno da rinnovare.
Certamente non potranno essere sostenibili tassi come quelli sin'ora pagati, per importi così elevati da piazzare ...

Se la situazione volge al meglio per la Grecia il rimbalzo potrà verificarsi su tutto l'arco delle scadenze.
Con migliori possibilità a partire da corti, medi e lunghi.

grazie mille per le info!
dove posso trovare un elenco dei tds, magari ordinati per scadenza dalla piu breve in poi?

 

[tommy271]

Aggiungo, ovviamente il rimbalzo che potrebbero avere i titoli non sarà "grande" sulle scadenze "brevi", quotando queste già piuttosto vicine ai 100.
Potrebbero rimbalzare bene alcuni titoli tra il 2013/2014 in avanti.
Anche il posizionamente attorno ai decennali potrebbe rivelarsi strategico, cammin facendo.

I nostri titoli sono quotati sul MOT e TLX.

 

[AAAA47]

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