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

[tommy271]

Greek PM: restructuring could bring bank collapse-report



BERLIN, March 23 | Wed Mar 23, 2011 5:28am EDT



BERLIN, March 23 (Reuters) - Restructuring Greece's debt would probably cause the collapse of Greek banks, Prime Minister George Papandreou was quoted on Wednesday as saying.
"A restructuring would probably lead to the collapse of Greek banks," he said in comments released by Stern magazine. Papandreou also defended bailout loans to Athens, saying German taxpayers would profit from the support.


***
L'haircut non è la via di uscita ... se dovrei fare un calcolo delle probabilità - tra le ipotesi pessimiste - propenderei per un allungamento delle scadenze senza taglio del nominale.

 

[Gaudente]

una faccia, una garanzia

Axa IM?s Iggo: Greek govies tempting with 15% yield

diciamoci la verita' voi comprereste un'auto usata da un tipo cosi' ? Io no.... figuriamoci dei bond distressed

 

[tommy271]

Merkel Lawmaker Barthle Says Satisfied With Euro Backstop Deal

March 23, 2011, 6:02 AM EDT

By Rainer Buergin and Brian Parkin


March 23 (Bloomberg) -- German Finance Minister Wolfgang Schaeuble overcame resistance among key coalition lawmakers to paying into a permanent euro backstop, the ruling party’s budget spokesman said.
“It’s logical that budget committee members don’t jump for joy when 22 billion euros ($31 billion) have to be paid cash into a fund,” Norbert Barthle, the parliamentary budget spokesman for Chancellor Angela Merkel’s Christian Democratic Union, said in an interview. “But after listening” to a presentation by Schaeuble in Berlin yesterday, lawmakers see this as “a better solution than expanding the guarantees.”
Barthle’s comments suggest that lawmakers will approve Germany’s contribution to the creation of the 500 billion-euro European Stability Mechanism in 2013, after finance ministers agreed on its shape at a meeting in Brussels two days ago. The ESM is part of a package of debt crisis-fighting measures due to be ratified at a March 24-25 summit of European Union leaders.
In a non-binding resolution passed by Germany’s lower house of parliament on March 17, lawmakers mapped out what they expect from Merkel at the summit. While Merkel’s bloc and its Free Democratic Party ally failed to block bond purchases by the post-2013 ESM, Barthle said they got most of what they wanted.
“We’ve reached many of the goals laid down in our resolution: there won’t be any automatic transfers and there won’t be any euro bonds,” Barthle said in Berlin late yesterday. “For any extension of aid, important conditions have to be met.”

Capital Share


Germany’s capital share will be 27.1 percent of the total, Schaeuble told reporters after the March 21 meeting of finance ministers. Ministers agreed that half of the ESM capital must be paid in by 2013 and the rest later, in three annual installments. Germany, as Europe’s biggest economy, is already the biggest contributor to last year’s 177.5 billion euros in aid for Greece and Ireland.
Merkel told lawmakers yesterday that she will seek at this week’s summit to stretch out capital payments into the ESM from 2013, a federal election year in Germany, to keep some leeway for possible tax cuts, two CDU party officials said on condition of anonymity because the briefing took place in private.
The chancellor, whose party will contest two state elections on March 27, is under public and political pressure to minimize the amount that Germany pays to help snuff out the crisis.
Germany’s parliament insists that it has to approve individual aid measures and may put demands to the chancellor before any votes at EU level, thus preserving “parliament’s sovereign right” of the purse, Barthle said.
Parliamentary Approval
“We will certainly include the involvement of parliament in the law that governs the terms of the ESM,” Barthle said. “How this is done, whether parliament as a whole has to be involved or whether it’s in the hands of the budget committee, still has to be negotiated.”
Barthle said he can live with the decision to fund the ESM by paid-in and callable funds, saying that continued reliance on guarantees would have boosted the capital requirement to about 1 trillion euros. The ESM will draw on 80 billion euros of paid-in capital and 620 billion euros of callable capital, enabling it to lend the full 500 billion euros.
Merkel and Schaeuble managed to “stabilize the euro, protect the economy and the labor market and set the conditions for improved economic policy in other countries,” Holger Schmieding, chief economist at Joh Berenberg Gossler & Co. in London, said on Deutschlandradio public radio today. The government “has negotiated in an excellent way so far.”

 

[tommy271]

Il nostro spread continua ad allargare, ora a 943 pb.
Intanto Portogallo e Irlanda toccano i massimi storici sul bund dall'introduzione dell'Euro.
La Borsa ad Atene rimane poco mossa: l'ASE segna 1608 a - 0,19%.

 

[tommy271]

Greek traders back Japanese food imports




A leading Greek traders group has called on local businesses to build on weak trade ties with Japan and backed Japanese food imports checked by authorities in the Asian country.

The National Confederation of Greek Commerce (ESEE) expressed its support to the Japanese people after the massive earthquake and devastating tsounami that hit the country and asked to meet with senior officials from Japan’s Athens embassy to look into ways to boost bilateral ties between the two countries.

“ESEE urges Greek businesses to again look into boosting our trade ties,” it said in a statement on Wednesday.
“We state our complete confidence in Japanese checks of exports to Greece, particularly regarding food items.”
Japanese exports to Greece mainly consist of cars, machinery, boats and digital equipment.

The country also sells to Greece about 160 tons of food items per year, worth about one million euros, including snack food, nuts, canned fruit, soy sauce, rice, drinks and animal feed.

On the other side, Greece exports to Japan mainly olive oil, fruit and vegetables and seafood.

ekathimerini.com , Wednesday March 23, 2011 (12:25)

 

[AAAA47]

cmq ci sarebbe da chiedersi chi e' che continua a comprare i bond greci
alla fine ne passano discrete quantita' ogni giorno e c'e' sempre denaro nei book
di sicuro non sono i privati
per me l'ipotesi del buyback e' tuttora valida. magari le banche se li stanno comprando, per poi ridarli a prezzo molto piu' alti in caso di un eventuale buyback (che ovviamente non va annunciato mesi prima come stavano facendo i politici, di fatto bruciandosi questa opzione ...e non so se avete notato che , in un certo periodo si parlava insistentemente del buyback, poi ad un certo punto se non sbaglio hanno totalmente smesso di parlarne)

 

[AAAA47]

SPIEGEL: Even more pressing is the question of Greek debt. Do you believe Athens will be able to raise money on its own once the assistance runs out?
Issing: It was important to help Greece in its acute crisis to prevent it from spreading to other countries. But as soon as the other countries are out of danger, the Greek government debt will have to be restructured. This can be done by cutting that debt or by extending the terms of the loans, but there is no getting around a debt restructuring, no matter how you calculate it.
SPIEGEL: Can banks and insurance companies cope with such a measure?
Issing: Lengthening loan periods would be more palatable than a haircut. It will not force the banks to write off their claims. They'll get their money back; it'll just take longer.
SPIEGEL: Even should its debt be restructured, Greece would still struggle for years to pay off its loans. Wouldn't it be better to simply exclude the country from the monetary union?
Issing: Such debates are superfluous because they ignore reality. You need to amend agreements to eject a country. This can only be done unanimously. No "candidate" would agree to it. It's a complete waste of time to even think about it.
SPIEGEL: And what if a country wants to leave the monetary union of its own accord?
Issing: I think that would be political and economic suicide.


L'intervista completa, interessante, da leggere:
SPIEGEL Interview with Ex-ECB Chief Economist Issing: 'The Euro Will Exist for a Long Time to Come' - SPIEGEL ONLINE - News - International

questa persona (che lavora per la GS) in pratica ci conferma quello che dicevamo, ossia che per le banche non sarebbe un grosso problema l'allungamento del debito, quindi, in caso di una ristrutturazione volontaria, probabilmente tra le 2 opzioni haircut o allungamento, probabilmente verrebbe scelta la seconda

Otmar Issing is advisor for Goldman Sachs

 

[tommy271]

questa persona (che lavora per la GS) in pratica ci conferma quello che dicevamo, ossia che per le banche non sarebbe un grosso problema l'allungamento del debito, quindi, in caso di una ristrutturazione volontaria, probabilmente tra le 2 opzioni haircut o allungamento, probabilmente verrebbe scelta la seconda

Otmar Issing is advisor for Goldman Sachs

Su questo, lo penso anch'io.
Per le banche sarebbe un'ottima via d'uscita ... soprattutto per i loro bilanci.

In merito al buy-back: per me rimane senz'altro la soluzione ottimale in grado di riportare il deficit/PIL intorno al 100% (molto sostenibile).
A tutt'oggi è ancora possibile farlo con i TdS già in pancia a BCE, ma non è possibile tramite l'EFSF a cui sarà precluso l'intervento sul secondario.
Ci potrebbe essere la "scappatoia" - come ho più volte detto - di un mega prestito alla Grecia che ricomprerebbe poi il debito a prezzi ridotti.
Non è detto che la manovra di "acquisto diretto" riuscirebbe, poichè nel frattempo - ovviamente - i prezzi salirebbero sul secondario.
Quindi non rimarrebbe la possibilità che BCE ricominci a comprare, intervenendo quando gli spread allargano troppo. Però i "tedeschi" non sono troppo d'accordo, ma potrebbero chiudere un'occhio.
Attendere poi che il "pacchetto" acquisti BCE arrivi a livelli considerevoli ed effettuare l'operazione di vendita direttamente alla Grecia, tramite il supporto EFSF.

 

[chiccodj]

Domanda !

Forse gia fatta da molti :
Ma se ristrutturano debito grecia di obbligazioni che da contratto devono essere saldate al 100% e non richiamabili ! chi compra piu' ad esempio anche i bot e cct ecc italiani !? quale fiducia avrà l'ivestitore ?
O la grecia esce dall'euro ... allora chiunque potra' farlo !
Davvero allora altro che Greche tutto il castello crollerebbe ! non vi sembra logico ?

 

[Omero]

domanda

ma esisitono titoli di stato greci in $ ?