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

[tommy271]

March 25, 1821 Revolution anniversary celebrated




Celebrations of the 190th anniversary of the March 25, 1821 revolution against Ottoman rule were held throughout Greece on Friday student parades, while the main event was the military parade in central Athens.

The celebration begin with a Te Deum presided by Archbishop Ieronymos of Athens and All Greece, followed by the laying of a wreath at the Tomb of the Unknown Solider outside parliament by President of the Republic Karolos Papoulias just before the parade began.

The parade was attended by Papoulias, government vice-president Theodoros Pangalos, MP Evangelos Meimarakis representing main opposition New Democracy (ND), Popular Orthodox Rally (LAOS) party leader George Karatzaferis, and former Presidents of the Republic Christos Sartzetakis and Costis Stephanopoulos.

"Today is a day of memory, a glorious day making a glorious landmark in modern Greek history. The Greek people rose up, unarmed, with their passion for freedom and the country's independence as their only weapon, and son that difficult and tough struggle. Today we pay tribute and absolute respect to the dead and the fighters of that struggle," Papoulias said.

"Today, once again, the Greek people are struggle hard to overcome a big crisis. We need the virtues of those who fought back the, their self-denial and selfless patriotism, virtues that the Greek people have always proved they have. And today, with precisely those virtues as our weapon, we will overcome this crisis and enjoy a homeland and a Greece that is free of guardianships, and for our children and grandchildren to live in a better homeland," the President added.

Pangalos said that days such as these must inspire the people to achieve the recovery of the economy and render Greece a beacon of stability and peace in a particularly turbulent region.

Meimarakis said that today is a day of contemplation and historic remembrance. "Today we recall that when leaderships exist that can inspire the Greeks to create models, ideals, visions and values, the Greeks can truly do great things. Especially when leaderships exist that unite them and enable them to realise the creative forces they have inside them and develop them," he said.

Karatzaferis said that today, on the 190th anniversary of the national independence struggle, Greece has the duty to fight again for the same ideals of freedom and national independence.

Representatives of the government and the political parties attended similar celebrations throughout the country.

(ana.gr)

 

[ferdo]

ah....se quello è un pandemonio....il pil dell'Argentina è inferiore a quello greco e il pil dell'Uruguay è meno di 1/10 di quello greco.....
E pensare che non aveveno la stessa moneta e la stessa banca centrale...secondo te ti fai più male se ti scoppia una bomba in casa o nel cortile del palazzo di tuo zio d'America?

personalmente penso che in caso di default, ci sarebbero anche implicazioni legali non trascurabili, visto la falsificazione dei bilanci per diversi anni ed il mancato controllo da parte dell'unione europea e della banca centrale essendo la moneta unica.
Però non credendo nel default non mi pongo neppure il problema.

 

[tommy271]

Greek restructuring would trigger CDS, says CreditSights

Friday, March 25, 2011



Any coercive restructuring of Greece’s sovereign debt would most likely trigger a credit event on credit defaults swaps referencing the name, says CreditSights analyst David Watts in a report published yesterday.

That may not seem a surprising conclusion, given that sovereign credit default swaps are designed to provide protection against debt restructuring. However, given the antipathy towards credit defaults swaps of politicians and public officials in Europe, it is useful to consider ways that a restructuring could be constructed which avoids a CDS trigger, the report suggests.

One way that CreditSights had previously suggested that a restructuring could be completed without rewarding CDS “speculators” involves collective action clauses. For example, if a supermajority of bond holders can be persuaded to agree to accept new ESFS bonds in exchange for existing bonds, then that exchange could be forced on all holders through the collective action provision.

Collective action clauses, requiring the votes of 66% or 75% of bond holders, are present in Greece’s international debt which is issued under English and Swiss law. But this accounts for only EUR19 billion or 6% of Greece’s total debt.

However, Greece’s domestic debt does not include collective action clauses, writes Watts, correcting his earlier assumption that they might apply. He points out, citing a study by Mitu Gulati of Duke Law School and Cleary Gottlieb partner Lee Buchheit, that Greece could introduce a statutory collective action clause by law. But this would also trigger CDS contracts, since it would result in a change to the terms of the bonds that is binding on all holders and not permitted under the original documentation.

The report warns that if EU governments are sufficiently determined to avoid a trigger they may find some loophole in the CDS documentation to allow them to do so.

(Creditflux.com)

***
Questioni per azzeccagarbugli, per noi importanti ...

 

[tommy271]

Consiglio Ue, correzione strutturale oltre 0,5% annuo - bozza

venerdì 25 marzo 2011 13:34






BRUXELLES, 25 marzo (Reuters) - La correzione strutturale del deficit per la maggior parte dei paesi europei dovrebbe essere "ben superiore allo 0,5% del Pil" attualmente previsto.
Lo si legge nella bozza del comunicato che chiude il vertice tra i capi di Stato e di governo riuniti da ieri a Bruxelles.
Anche la Bce aveva chiesto circa un mese fa maggiori sforzi di risanamento, sollecitando una correzione di almeno l'1% per quei paesi che hanno un elevato debito pubblico come l'Italia.
"Le politiche fiscali dovrebbero puntare a ristabilire la fiducia mantenendo la dinamica del debito su un sentiero sostenibile e assicurando che i deficit siano ridotti sotto il 3% del Pil nei tempi concordati dal Consiglio. Questo richiede nella maggior parte dei casi aggiustamenti strutturali ben al di sopra dello 0,5% del Pil", si legge nella bozza.
"Il consolidamento dovrebbe essere prioritario per gli Stati membri che si trovano ad affrontare ampi deficit strutturali o una alta o rapida crescita nei livelli del debito pubblico", continua la bozza.
L'Italia, secondo le ultime stime macroeconomiche pubblicate a fine settembre, conta di ridurre al 2,7% del Pil il deficit nel 2012 e un debito al 117,5%.

 

[tommy271]

Zona euro, meccanismo stabilità avrà rating tripla 'A' - Merkel

venerdì 25 marzo 2011 13:39






BRUXELLES, 25 marzo (Reuters) - E' sicuro che il meccanismo di stabilità di cui si doterà la zona euro riceva dalle agenzie di rating la valutazione massima di tripla 'A'.
Lo dice il cancelliere tedesco Angela Merkel, che partecipa al consiglio europeo dei capi di Stato e di governo.

 

[tommy271]

Ue: Berlusconi, tutto bene


''Tutto come previsto'' dice il premier congedando i cronisti



(ANSA) - ROMA, 25 MAR - ''Tutto bene, tutto come previsto''. Con queste parole il premier Silvio Berlusconi ha congedato i cronisti lasciando il Consiglio europeo che si e' appena chiuso a Bruxelles.

 

[METHOS]

personalmente penso che in caso di default, ci sarebbero anche implicazioni legali non trascurabili, visto la falsificazione dei bilanci per diversi anni ed il mancato controllo da parte dell'unione europea e della banca centrale essendo la moneta unica.
Però non credendo nel default non mi pongo neppure il problema.

Non ne sarei così convinto. In tutti i default che ho visto (ed in alcuni casi partecipato...) le uniche conseguenze le hanno pagate gli obbligazionisti ( e gli azionisti in caso di società private).

L'unica speranza è che la grecia sia veramente un rischio sistemico per cui si troverà qualche metodo per salvarla in modo indolore per noi.

 

[tommy271]

Andamento stabile per i nostri spread sui GGB con qualche puntata verso l'allargamento, ma in un quadro sostanzialmente invariato: ora attorno a 947 pb.

 

[tommy271]

China's Central Bank Sees European Debt Crisis Threat to Global Recovery

By Bloomberg News - Mar 25, 2011 12:17 PM GMT+0100 Fri Mar 25 11:17:35 GMT 2011

Europe’s debt crisis is a threat to the global economic recovery and sovereign risks in some countries could still emerge, China’s central bank said today.
Concerns about European government debt and geopolitical risks may provide support to a “relatively weak” U.S. dollar this year, the People’s Bank of China said in an outlook on international financial markets posted on its website today.
The central bank’s report reflects concerns that European governments may struggle to quell the region’s debt crisis as they spar over an emergency aid system. Portugal’s sovereign ratings were cut today by Standard & Poor’s and Fitch Ratings, threatening to deepen the debt woes of a nation that may need a bailout of as much as 70 billion euros ($99 billion).
“Europe’s sovereign debt crisis will continue to be a threat to the world’s recovery,” the People’s Bank of China said in its 125-page report. “There are risks that the crisis could spread further.”
Europe’s problems won’t be resolved until a number of countries restructure their debt and clean up their banks’ balance sheets, Citigroup Inc. chief economist Willem Buiter said in a Bloomberg Television interview on March 17. Greece and Ireland will probably need debt restructuring although not Spain, he said.
China’s Premier Wen Jiabao and central bank officials have expressed their support for, and confidence in, Europe and the euro amid the crisis which has seen Greece and Ireland agree to bailouts from the European Union and International Monetary Fund totaling 195 billion euros.


Confidence in Europe

Wen said on March 21 he felt “optimistic about the U.S. economy, about the European economy and the whole world economy.”
China has had a policy of increasing purchases of European debt and is seeking to deepen ties with Portugal, Foreign Ministry spokeswoman Jiang Yu said in Beijing yesterday. Deputy central bank governor Yi Gang said in January that China has confidence in European financial markets and the euro.
China holds the world’s largest foreign-currency reserves of $2.85 trillion and is the biggest overseas holder of U.S. Treasuries.
“The U.S. dollar may be relatively weak in 2011 because of a slower U.S. economic recovery, low interest rates and the nation’s double deficit,” the central bank said today. Still, Europe’s sovereign debt crisis and the risk of spreading political instability may “help the dollar perform strongly periodically, amid an overall weak trend,” it said.


Overly Loose Policies

The central bank reiterated the Chinese government’s concern that “continued and strengthened” quantitative easing in some countries could have a “relatively large” impact on developing nations whose economies have already recovered from the financial crisis.
Governments should avoid implementing policies that have a negative impact on other countries and should pay attention to risks that may arise from overly loose monetary policies, the report said. It also urged governments to avoid competitive depreciations of their currencies.
The PBOC, which is battling to contain inflation that’s exceeded government targets for the past eight months, said rising crude oil, grain and other commodity prices pose risks to the world economy.
Inflation risks and political conflict will support demand for gold this year and prices are likely to remain high even as the risk of a decline shouldn’t be ignored, today’s report said.

 

[tommy271]

PM, Obama phone discussion




Brussels (ANA-MPA/M. Spinthourakis) -- Prime minister George Papandreou had a 20-minute telephone discussion with US President Barack Obama on Friday, which focused on the EU summit, developments in Libya and Friday's 190th anniversary of the 1821 Greek Revolution against Ottoman rule.

Greek government spokesman George Petalotis said Obama called Papandreou, currently in Brussels where the two-day EU summit took place, and congratulated him on the occasion of the March 25 anniversary, while the two leaders also exchanged views on the outcome of the summit and on developments in Libya.

Regarding the summit and the Greek economy in general, Obama acknowledged Greece's course to the recovery of its economy, Petalotis said.

The US President also expressed satisfaction with the EU summit results, considering them satisfactory for Europe and also for Greece, adding his support for Greece's efforts to exit the crisis, Petalotis said.

The two leaders further discussed the situation in Libya, and Obama noted Greece's geostrategic position in the Mediterranean. They also discussed the decisions that need to be adopted by the international community to face the crisis in Libya, the Greek government spokesman added.

(ana.gr)