Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
.AAAA47
Forumer storico
Grecia, Cds in calo 100 pb dopo accordo su debito periferici
Reuters - 14/03/2011 12:41:07
LONDON, 14 marzo (Reuters) - Il costo per assicurare il debito greco contro il default è sceso oggi, dando avvio a un movimento dei Cds dei paesi della zona euro con più basso rating dopo che i leader europei hanno trovato un accordo per rafforzare il fondo di salvataggio del blocco.
Venerdì scorso i leader della zona euro hanno deciso di incrementare a 440 miliardi la capacità di credito effettiva dell'Efsf, di permettergli l'acquisto sul primario di bond di paesi in difficoltà e di ridurre il costo dei prestiti abbassando i tassi d'interesse sui fondi alla Grecia.
Il Cds a 5 anni sul debito greco è sceso di 100 punti base a 940, secondo i dati Markit. Questo indica che sono necessari 940.000 euro per assicurare un'esposizione di 10 milioni di euro in bond greci.
Il Cds spagnolo è sceso a 232 punti base, in calo di 25, mentre quello portoghese ha ceduto 30 punti base a 485.
Il Cds irlandese è invece l'eccezione fra i periferici, mostrando un rialzo di 2 punti base a 602, dato che i termini del suo salvataggio non sono stati migliorati al summit.
Reuters - 14/03/2011 12:41:07
LONDON, 14 marzo (Reuters) - Il costo per assicurare il debito greco contro il default è sceso oggi, dando avvio a un movimento dei Cds dei paesi della zona euro con più basso rating dopo che i leader europei hanno trovato un accordo per rafforzare il fondo di salvataggio del blocco.
Venerdì scorso i leader della zona euro hanno deciso di incrementare a 440 miliardi la capacità di credito effettiva dell'Efsf, di permettergli l'acquisto sul primario di bond di paesi in difficoltà e di ridurre il costo dei prestiti abbassando i tassi d'interesse sui fondi alla Grecia.
Il Cds a 5 anni sul debito greco è sceso di 100 punti base a 940, secondo i dati Markit. Questo indica che sono necessari 940.000 euro per assicurare un'esposizione di 10 milioni di euro in bond greci.
Il Cds spagnolo è sceso a 232 punti base, in calo di 25, mentre quello portoghese ha ceduto 30 punti base a 485.
Il Cds irlandese è invece l'eccezione fra i periferici, mostrando un rialzo di 2 punti base a 602, dato che i termini del suo salvataggio non sono stati migliorati al summit.
Grisù
Forumer attivo
E' importante sottolineare come i CDS esprimano la probabilità composta di fallimento per un paese nei successivi 5 anni e lo slittamento nella restituzione del prestito dovrebbe incidere essenzialmente nei primi anni riducendone il rischio complessivo il quale però dovrebbe risultare invariato, sic stantibus rebus, per le annualità a partire dal 2013-2014.
Grisù
Forumer attivo
L'equilibrato punto di vista di Lorenzo Bini Smaghi....
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La faccia dell’euro è cambiata in questi dodici mesi. Sono state prese decisioni importanti. L’area dispone di un sistema di checks e balances che altri non hanno. Mi domando a volte cosa sarebbe successo se tutti i componenti del Consiglio europeo la pensassero sempre allo stesso modo. Potrebbe sembrare un mondo ideale, in cui le decisioni sarebbero prese rapidamente. Ma in che direzione? Se tutti la pensassero come i più rigidi ed intransigenti avremmo forse rischiato una crisi ancor più forte, innescata magari dal fallimento di qualche paese, come avvenuto dopo quello di Lehman Brothers. Se tutti la pensassero invece come i più flessibili e lassisti, rischieremmo di erogare aiuti incondizionati e incoraggiare così l’indisciplina dei bilanci pubblici. La contrapposizione tra varie istituzioni - Consiglio, Commissione, Parlamento e Banca centrale – e la dialettica al loro interno tra i vari membri, consente di prendere in considerazione vari punti di vista, in particolare quelli dei creditori e dei debitori, di incorporare l’approccio comunitario e quello intergovernativo, di combinare regole e discrezionalità.
Durante questi mesi le decisioni sono state prese con ritardo e spesso sotto la pressione dei mercati. Si è rischiato l’immobilismo e la vista è rimasta corta. Questi rischi rimangono.
Sono tuttavia convinto che proprio nei momenti di crisi l’Europa abbia qualcosa in più, che la fa andare avanti nella direzione giusta. La combinazione di radici storiche comuni e di diversità culturali dei paesi che la compongono, la miscela di cooperazione e di concorrenza tra di essi, sono stati e continueranno ad essere fonte di sviluppo e di ricchezza. E spero di saggezza.
BCE: Quale Europa dopo la crisi?
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La faccia dell’euro è cambiata in questi dodici mesi. Sono state prese decisioni importanti. L’area dispone di un sistema di checks e balances che altri non hanno. Mi domando a volte cosa sarebbe successo se tutti i componenti del Consiglio europeo la pensassero sempre allo stesso modo. Potrebbe sembrare un mondo ideale, in cui le decisioni sarebbero prese rapidamente. Ma in che direzione? Se tutti la pensassero come i più rigidi ed intransigenti avremmo forse rischiato una crisi ancor più forte, innescata magari dal fallimento di qualche paese, come avvenuto dopo quello di Lehman Brothers. Se tutti la pensassero invece come i più flessibili e lassisti, rischieremmo di erogare aiuti incondizionati e incoraggiare così l’indisciplina dei bilanci pubblici. La contrapposizione tra varie istituzioni - Consiglio, Commissione, Parlamento e Banca centrale – e la dialettica al loro interno tra i vari membri, consente di prendere in considerazione vari punti di vista, in particolare quelli dei creditori e dei debitori, di incorporare l’approccio comunitario e quello intergovernativo, di combinare regole e discrezionalità.
Durante questi mesi le decisioni sono state prese con ritardo e spesso sotto la pressione dei mercati. Si è rischiato l’immobilismo e la vista è rimasta corta. Questi rischi rimangono.
Sono tuttavia convinto che proprio nei momenti di crisi l’Europa abbia qualcosa in più, che la fa andare avanti nella direzione giusta. La combinazione di radici storiche comuni e di diversità culturali dei paesi che la compongono, la miscela di cooperazione e di concorrenza tra di essi, sono stati e continueranno ad essere fonte di sviluppo e di ricchezza. E spero di saggezza.
BCE: Quale Europa dopo la crisi?
tommy271
Forumer storico
Markets applaud European debt crisis package
(Associated Presse)
LONDON (AP) — Markets have cheered a surprisingly broad European package of measures to tackle the government debt crisis that has over the past year threatened the existence of the euro currency.
On the weekend, eurozone leaders increased the size of the bailout fund and lowered the interest rates on the loans bailed-out Greece has taken out. They also revealed that the bailout fund can buy bonds directly from governments in exceptional circumstances but only if those countries agree to further austerity measures.
Greece was the big winner in the markets on Monday, with its bond and stock prices surging. Portugal and Spain — other 'peripheral' countries with heavy debts — also saw gains on hopes the deal will give the EU the firepower and tools to deal with their crises. Ireland enjoyed no such rallies, however, as its government failed to clinch easier bailout terms.
The euro rose 0.1 percent on the day at $1.3947 though its gains were capped by global markets' volatile reaction to Japan's massive earthquake.
"The deal secured by EU leaders was arguably at the higher end of both the market's and our own expectations, while most decisions were not expected to be announced so soon," said Frederik Ducrozet, eurozone economist at Credit Agricole. "One reason for this pleasant surprise might have been the renewed tensions in the peripheral bond market last week."
In the run-up to last week's meeting, there was not much confidence that the leaders would agree to anything concrete, especially as German Chancellor Angela Merkel had been sounding an increasingly strident tone against paying up for profligate governments.
In the event, Merkel proved somewhat more flexible than expected as she backed calls to raise the financial firepower of the bailout fund — the European Financial Stability Facility — to euro440 billion ($606 billion) from the previous euro250 billion and allowed it to buy government bonds.
By early afternoon London time, the ten-year yield on Spanish government bonds was down 0.15 percentage point to 5.28 percent, while Portugal's dropped 0.18 percentage point to 7.42 percent. Greece's equivalent cost of borrowing was down a massive 0.49 percentage point to 12.32 percent, having fallen as low as 12.20 percent.
Stocks also pushed higher. Greece's ASE Composite Index spiked 4.9 percent to 1,659. Spain's IBEX was up 1.6 percent at 10,561, while Portugal's PSI 20 rose 1.2 percent to 7,990.
Greece was the standout performer as investors applauded the 1 percentage point decrease in its bailout loan interest rate and the fact that its repayment period was more than doubled to 7½ years.
Portugal's market gains were more mixed. It was helped by the prospect that the bailout fund could buy its bonds on the open market. The country, however, could still end up requiring a bailout, analysts said. After all, its benchmark bond yield remains above the 7 percent that the government has said will be unsustainable in the long run.
"These proposals are set to strengthen the fund's ability to deal with future bailout requests but in no way allow it to forestall them," said Richard McGuire, a fixed income strategist at Rabobank International. "As such, our initial take is that peripheral tensions are, ultimately, set to continue to mount pushing one or more countries into the — soon to be stronger — arms of the EFSF."
One place where there was little euphoria was Ireland, which saw its main stock market and bond prices stand little changed. The reason was that Ireland, which became the second euro country to get bailed out last November, did not get a similar deal to that of Greece because the government effectively refused to increase its super-low corporate tax rate.
Ireland's new Finance Minister Michael Noonan defended the government's position, arguing that higher corporate taxes would hurt manufacturing and exports, making it even harder for Ireland to repay its massive debts.
"We see export-led growth as the tool to recovery and obviously the tax regime that we apply in Ireland underpins that sector of the economy," Noonan said as he arrived in Brussels for a monthly meeting of eurozone finance ministers.
He also emphasized that Saturday's EU deal did not address the issue central to Ireland's crisis, namely how massive problems at the country's banks drove the Irish state to the brink of financial collapse.
The results of special stress test on Ireland's banks due at the end of the month will likely reveal capital holes that go beyond the euro10 billion that were foreseen for initial bank recapitalizations in the country's euro67.5 billion bailout deal, Noonan said.
"Affordability isn't so much the issue as sustainability and as so long as it continues to be seen as part of sovereign debt rather than distinct bank debt there remains a problem," he told reporters.
Finance ministers meeting in Brussels Monday and Tuesday will have to work out the details of the broad deal leaders nailed down Saturday.
"A lot remains to be done," said German Finance Minister Wolfgang Schaeuble. EU leaders plan to present their "comprehensive solution" to the debt crisis at their next summit on March 24-25.
(Associated Presse)
LONDON (AP) — Markets have cheered a surprisingly broad European package of measures to tackle the government debt crisis that has over the past year threatened the existence of the euro currency.
On the weekend, eurozone leaders increased the size of the bailout fund and lowered the interest rates on the loans bailed-out Greece has taken out. They also revealed that the bailout fund can buy bonds directly from governments in exceptional circumstances but only if those countries agree to further austerity measures.
Greece was the big winner in the markets on Monday, with its bond and stock prices surging. Portugal and Spain — other 'peripheral' countries with heavy debts — also saw gains on hopes the deal will give the EU the firepower and tools to deal with their crises. Ireland enjoyed no such rallies, however, as its government failed to clinch easier bailout terms.
The euro rose 0.1 percent on the day at $1.3947 though its gains were capped by global markets' volatile reaction to Japan's massive earthquake.
"The deal secured by EU leaders was arguably at the higher end of both the market's and our own expectations, while most decisions were not expected to be announced so soon," said Frederik Ducrozet, eurozone economist at Credit Agricole. "One reason for this pleasant surprise might have been the renewed tensions in the peripheral bond market last week."
In the run-up to last week's meeting, there was not much confidence that the leaders would agree to anything concrete, especially as German Chancellor Angela Merkel had been sounding an increasingly strident tone against paying up for profligate governments.
In the event, Merkel proved somewhat more flexible than expected as she backed calls to raise the financial firepower of the bailout fund — the European Financial Stability Facility — to euro440 billion ($606 billion) from the previous euro250 billion and allowed it to buy government bonds.
By early afternoon London time, the ten-year yield on Spanish government bonds was down 0.15 percentage point to 5.28 percent, while Portugal's dropped 0.18 percentage point to 7.42 percent. Greece's equivalent cost of borrowing was down a massive 0.49 percentage point to 12.32 percent, having fallen as low as 12.20 percent.
Stocks also pushed higher. Greece's ASE Composite Index spiked 4.9 percent to 1,659. Spain's IBEX was up 1.6 percent at 10,561, while Portugal's PSI 20 rose 1.2 percent to 7,990.
Greece was the standout performer as investors applauded the 1 percentage point decrease in its bailout loan interest rate and the fact that its repayment period was more than doubled to 7½ years.
Portugal's market gains were more mixed. It was helped by the prospect that the bailout fund could buy its bonds on the open market. The country, however, could still end up requiring a bailout, analysts said. After all, its benchmark bond yield remains above the 7 percent that the government has said will be unsustainable in the long run.
"These proposals are set to strengthen the fund's ability to deal with future bailout requests but in no way allow it to forestall them," said Richard McGuire, a fixed income strategist at Rabobank International. "As such, our initial take is that peripheral tensions are, ultimately, set to continue to mount pushing one or more countries into the — soon to be stronger — arms of the EFSF."
One place where there was little euphoria was Ireland, which saw its main stock market and bond prices stand little changed. The reason was that Ireland, which became the second euro country to get bailed out last November, did not get a similar deal to that of Greece because the government effectively refused to increase its super-low corporate tax rate.
Ireland's new Finance Minister Michael Noonan defended the government's position, arguing that higher corporate taxes would hurt manufacturing and exports, making it even harder for Ireland to repay its massive debts.
"We see export-led growth as the tool to recovery and obviously the tax regime that we apply in Ireland underpins that sector of the economy," Noonan said as he arrived in Brussels for a monthly meeting of eurozone finance ministers.
He also emphasized that Saturday's EU deal did not address the issue central to Ireland's crisis, namely how massive problems at the country's banks drove the Irish state to the brink of financial collapse.
The results of special stress test on Ireland's banks due at the end of the month will likely reveal capital holes that go beyond the euro10 billion that were foreseen for initial bank recapitalizations in the country's euro67.5 billion bailout deal, Noonan said.
"Affordability isn't so much the issue as sustainability and as so long as it continues to be seen as part of sovereign debt rather than distinct bank debt there remains a problem," he told reporters.
Finance ministers meeting in Brussels Monday and Tuesday will have to work out the details of the broad deal leaders nailed down Saturday.
"A lot remains to be done," said German Finance Minister Wolfgang Schaeuble. EU leaders plan to present their "comprehensive solution" to the debt crisis at their next summit on March 24-25.
Ultima modifica:
mago gambamerlo
Xx Phuket xX
tommy271
Forumer storico
GRECIA: PIL IN CALO DEL 4, 5% NEL 2010
12:30 14 MAR 2011
(AGI) Atene - L'economia greca ha subito una contrazione del 4,5% nel 2010, superiore al -4,2% contenuto nel bilancio del governo. Nel quarto trimestre il Pil e' sceso dell'1,4% su base trimestra e del 6,6% su base annuale.
Il ministro delle Finanze, George Papaconstantinou, prende atto del peggioramento dei dati ma resta ottimista sulla situazione.
Nonostante i cattivi dati del Pil la Borsa di Atene registra un rialzo del 3,8%, sulla scia dello sconto ottenuto dalla Grecia a Bruxelles sul rimborso dei prestiti .
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GDP Declined By 4.5% In 2010
Greece’s Gross Domestic Product recorded a 4.5% decline in 2010, according to HEL.STAT.
The GDP of 2010 at 2009 prices reaches EUR 224.5bn in comparison with EUR 235bn.
At current prices, the GDP of 2010 reached the EUR 230.2bn in comparison with the EUR 235bn of 2009, said the Hellenic Statistical Authority.
The Gross National Income of 2010 reached EUR 223.9bn in comparison with EUR 228.6bn of 2009 (a 2.1% decrease). This change is a result of the GDP decrease by 2.1%, combined with the 12.5% decrease of the primary incomes receivable from the rest of the world (compensation of employees, property income and subsidies receivable from the Institutions of the EU) and the 7.7% decrease of primary incomes payable to the rest of the world (compensation of employees, property income and taxes on production and imports payable to the Institutions of the EU).
(capital.gr)
12:30 14 MAR 2011
(AGI) Atene - L'economia greca ha subito una contrazione del 4,5% nel 2010, superiore al -4,2% contenuto nel bilancio del governo. Nel quarto trimestre il Pil e' sceso dell'1,4% su base trimestra e del 6,6% su base annuale.
Il ministro delle Finanze, George Papaconstantinou, prende atto del peggioramento dei dati ma resta ottimista sulla situazione.
Nonostante i cattivi dati del Pil la Borsa di Atene registra un rialzo del 3,8%, sulla scia dello sconto ottenuto dalla Grecia a Bruxelles sul rimborso dei prestiti .
****
GDP Declined By 4.5% In 2010
Greece’s Gross Domestic Product recorded a 4.5% decline in 2010, according to HEL.STAT.
The GDP of 2010 at 2009 prices reaches EUR 224.5bn in comparison with EUR 235bn.
At current prices, the GDP of 2010 reached the EUR 230.2bn in comparison with the EUR 235bn of 2009, said the Hellenic Statistical Authority.
The Gross National Income of 2010 reached EUR 223.9bn in comparison with EUR 228.6bn of 2009 (a 2.1% decrease). This change is a result of the GDP decrease by 2.1%, combined with the 12.5% decrease of the primary incomes receivable from the rest of the world (compensation of employees, property income and subsidies receivable from the Institutions of the EU) and the 7.7% decrease of primary incomes payable to the rest of the world (compensation of employees, property income and taxes on production and imports payable to the Institutions of the EU).
(capital.gr)
Ultima modifica:
AAAA47
Forumer storico
tommy, li conoscevi questi "bond" ?
National Solidarity Bond (10 Year)
National Solidarity Bond (10 Year)
tommy271
Forumer storico
Li vedo ora ... mi sa che i greci hanno fatto scuola con i loro "diaspora bond"
.Gli israeliani, con i loro TdS, si finanziano molto bene negli USA.
Comunque, se volete, ci sono i bond quotati dall'EFSF, la cedola è al 2,75% con scadenza 2016.
La scorsa settimana erano intorno ai 99
.Tripla AAA, mi raccomando ...
.- Stato
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