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

[tommy271]

Grecia: scioperi nella Sanita'

Domani stop 24 ore insegnanti scuole medie ed elementari

29 marzo, 12:35



(ANSA) - ATENE 29 MAR - Da oggi e per altri due giorni tutte le unita' del servizio sanitario dell'Istituto della Previdenza Sociale ellenica funzioneranno con il personale di servizio a causa dello sciopero di 48 ore indetto dai medici dell'Ente. Gli scioperanti chiedono il rinnovo del contratto dei loro colleghi precari, l'assunzione di nuovi medici e l'apertura di un dialogo con il Ministero per l'istituzione di un nuovo sistema sanitario nazionale. Domani sciopereranno gli insegnanti delle scuole medie ed elementari

 

[tommy271]

La giornata di ieri:

Portogallo e Grecia declassati - Il Sole 24 ORE

 

[tommy271]

Giornata pesante, quella di ieri, sui Periferici.
Le motivazioni le conosciamo, i downgrade sono stati particolarmente impietosi sul Portogallo che si trova ormai ad un passo dalla classificazione "junk" con tutto quello che può riservare in termini di alleggerimento da parte di Fondi e Istituzionali.
Per la Grecia si è trattato dell'ennesima pugnalata alla schiena: sono stati allungati i termini della restituzione del prestito alla Troika, diminuiti i tassi da pagare e reso più sostenibile il debito sul lungo periodo.
Cosa si vuole?
Le motivazioni principali risiedono nel meccanismo del ESM che richiede, per essere attivato, la precondizione di una "ristrutturazione" del debito pubblico ed una subordinazione dei TdS rispetto ai propri.
Ma l'Irlanda non si trova nelle stesse condizioni eppure per S&P è ancora A-?
Gli analisti, hanno fatto sapere che per la Tigre vogliono aspettare gli esiti dello stress test bancario.
Ma queste sono altre motivazioni ... come se l'ESM fosse ininfluente sull'Irlanda.

Ieri, ad ogni modo, gli spread sui decennali sono rimasti pressochè invariati (anzi, qualcuno ci ha guadagnato). Le perdite maggiori sono state sui titoli a 2 e 5 anni ... un segnale di appiattimento della curva.

Grecia 935 pb. (949)
Irlanda 689 pb. (678)
Portogallo 485 pb. (487)
Spagna 187 pb. (188)
Italia 152 pb. (150)
Belgio 92 pb. (95)

 

[tommy271]

Greece Asks Banks For Cash Plans, Extends EUR30 Billion More Aid






(Adds comment, details on Greek banks beginning in fifth paragraph.)

By Alkman Granitsas
Of DOW JONES NEWSWIRES

ATHENS -(Dow Jones)- Greece's finance ministry Tuesday said it would extend a further EUR30 billion in aid to the country's private lenders, but said it wanted the banks to detail how they would cover their future financing needs and what they would do with that additional aid.
In a statement, the ministry said it would submit legislation shortly to expand Greece's existing bank support fund with a further EUR30 billion in loan guarantees.
"The guarantees referred to will be provided on the condition that every credit institution prepares and implements a medium-term plan to cover its financing needs," the statement said.
The guarantees, which are included as part of Greece's official bailout deal with the European Union and International Monetary Fund, represent the latest injection by the Greek government into the country's banking system.
Since late 2008, the government has provided a total of EUR55 billion in guarantees and other support to Greek banks, modeled on similar programs adopted in the rest of Europe at the start of the financial crisis. Although generally regarded as well capitalized, the Greek banks face difficulties borrowing on interbank markets because of their heavy exposure to Greek government bonds.
Greece's four main banks--the National Bank of Greece SA (ETE.AT, NBG), EFG Eurobank Ergasias SA (EUROB.AT, EGFEY), Alpha Bank (ALPHA.AT, ALBKY) and Piraeus Bank SA (TPEIR.AT)--hold a combined EUR40 billion in Greek government bonds, representing on average a little more than 10% of their assets.
As a result, the banks have become heavily dependent on the European Central Bank for their cash needs. According to the latest data from the central bank, the Bank of Greece, Greek banks borrowed EUR97.7 billion from the ECB in December, up slightly from EUR95.05 billion a month earlier, but almost double what they borrowed a year earlier.
At the same time, Greece's banking system has seen a slow but steady outflow of deposits over the past year. Total deposits in the Greek banking system have shrunk 12% to EUR204.8 billion in the 12 months through January.
The latest EUR30 billion in aid being offered by the Greek government would guarantee senior debt issued by the banks. The banks could then post that debt as collateral with the ECB in order to borrow more cash as needed.
Even so, Greece's biggest lenders have come under pressure recently from the ECB and the Bank of Greece to reduce their dependence on ECB funding. According to senior officials at Greek banks, the country's lenders are expected to put forward a plan that would pare back that dependence over the next two to three years.
Although the details will vary from bank to bank, the measures would include further cost-cutting, scaling back lending, attracting fresh depositors, and selling off fledgling foreign operations where there is a gap between deposits and assets.
In February, for example, Greece's second-largest lender by assets, Eurobank, sold a 70% stake in its Polish operations to Austria's Raiffeisen Bank International AG (RBI.VI, RAIFY) in a move to save itself some EUR2 billion a year in cash.
According to the finance ministry statement, the liquidity plans put forward by the banks would need to be approved by the Bank of Greece and the ECB, in conjunction with the European Commission and the IMF.

 

[tommy271]

Greek PM renews attack on credit rating agencies over new downgrade of Greece by Standard and Poor's


13:43, March 30, 2011


Greek Prime Minister George Papandreou renewed his attack on international credit rating agencies Tuesday after the new downgrade of Greece's credit rating by Standard and Poor's.

The agency slashed once again the country's rating by two notches to BB- from the previous BB+ Tuesday, arguing that Greece will most probably need more foreign aid eventually to overcome an acute debt crisis which led it to the brink of default last spring.

"The decision on Standard and Poor's does not reflect the efforts we make to put our finances in order," said Papandreou during a press conference held in Athens for the meeting of the Progressive Alliance of Socialists and Democrats of the European Parliament.

With the group's head Martin Schulz by his side, the Greek Premier and Socialist International leader repeated strong criticism against rating agencies, "which went from the bubble of euphoria to the panic of risk."

International rating agencies reflect the systemic flaws of the European common currency, Papandreou and Schulz acknowledged. But they also make markets panic without proper justification sometimes, the Greek PM stressed.

"Greece is downgraded not because of its policies, but because EU reaction to the crisis is still considered not bold enough, too little too late," added the Greek leader, noting that a wide gap between markets and politics remains, making people wonder over who governs our world.

Reminding that the same agencies rated positively toxic bonds which created the current international economic crisis, Papandreou raised again the issue of lack of accountability of these agencies and the need that banks bear their burden in the crisis and contribute to efforts to restore growth in Greece, Europe and across the globe.

"Greece aims to fully return to the international markets as early as possible, so we will not have to resort to the new permanent European Stability Mechanism after 2013," he said.

Since last May Greece has not borrowed from international markets on prohibitively high interest rates, but been depending on a multi-billion euro aid package from the European Union and the International Monetary Fund to exit the crisis by 2013 through harsh austerity measures and structural reforms.

Despite progress, skepticism remains amongst foreign analysts in ratings agencies whether Greece will overcome the crisis without further support.

Expressing strong solidarity to Greece over the Herculean task under way, German Socialist Schulz criticized German Chancellor Angela Merkel's stance over the Greek crisis, stressing that "no country within the EU can teach lessons to others and aim development on its own."

Schulz voiced confidence that Greece will exit the crisis, based on the result of the latest EU summit in Brussels last week, "which revealed that more and more conservatives across EU realize that the only way out of the crisis is unity and solidarity."

(Agenzia Nuova Cina)

 

[tommy271]

PM dismisses debt downgrade, looks forward

Papandreou underlines credit rating agencies' failings and systemic weaknesses in the eurozone

Prime Ministe George Papandreou on Tuesday accused credit rating agencies of panicking after Standard & Poor’s downgraded Greece’s sovereign debt rating by two notches to rank it well within junk territory.

“We have seen the ratings agencies go from the bubble of euphoria to the panic of risk,” he said at a meeting in Athens of MEPs from the Socialist and Democrat group in the European Parliament. “Only two years ago they were rating AAA all the toxic bonds that created the crisis.”

Papandreou said the agencies, including S&P, “are reflecting a systemic problem with the euro but they are also making the markets panic.” He added that Athens was being downgraded “not because of what Greece is doing, but because of the decisions being taken by the European Union that are not considered as going far enough.”

Papandreou insisted his government’s austerity measures and structural reforms were working and that Greece would not need to tap any further EU or IMF rescue funds beyond the 110 billion euros that have already been agreed.

“The entire effort being made is for us to return to the market as early as possible and I believe that we will succeed so that we do not have to make use of the mechanism,” he said.

Earlier, New Democracy leader Antonis Samaras ruled out any possibility of forming a coalition government with PASOK, even though most opinion polls indicated that a snap general election would result in a hung parliament.

“There is no way I would accept governing with a PASOK that cannot even coordinate its own actions,” he told a meeting of the conservative party’s executive committee.

Samaras suggested that ND’s rivals are trying to undermine his party so it does not gain a clear majority in the next elections. He also ruled out joining forces with Dora Bakoyannis’s centrist Democratic Alliance or Popular Orthodox Rally (LAOS) nationalists, whose leader Giorgos Karatzaferis has said he would be willing to serve in a coalition government.

Meanwhile, former PASOK MPs Yiannis Dimaras and Vassilis Economou announced they would launch a new leftist party, the Panhellenic Citizens’ Chariot, on April 14. Dimaras almost caused an upset in November’s elections for Attica governor by collecting some 250,000 votes, which on a national projection would have given his movement several seats in Parliament.

ekathimerini.com , Tuesday March 29, 2011 (22:00)

 

[tommy271]

Futures Bund apre in calo, viste pressioni su Grecia, Portogallo

mercoledì 30 marzo 2011 08:51






LONDRA, 30 marzo (Reuters) - Apre in netto calo il futures
bund sulla scia del calo dei Treasuries degli Stati Uniti dopo
che un rappresentante della Federal Reserve ha detto che occorre
porre a termine il piano di acquisto dei titoli, incoraggiando
le aspettative di un politica monetaria ampiamente più
restrittiva.

I titoli portoghesi e greci sono visti rimanere sotto
pressione, dopo un nuovo round di declassamenti ieri.

"Fed è stata 'falco' e ciò pesa sui Bund. Del resto ciò
risveglia l'attenzione anche sulla Bce che la prossima settimana
è attesa alzare i tassi", dice un dealer.

Secondo un altro, anche l'elevata propensione al rischio
suggerito dal rialzo dei mercati azionari pesa sul Bund, mentre
non aiuterà i titoli di Stato greci, portoghesi e irlandesi.

"Ci stiamo avvicinando al risultato degli stress irlandesi,
domani, e ci sarà speculazione su quel paese" dice il secondo
dealer.

Il Tesoro italiano offre oggi in asta da 7 a 9,25 miliardi
di Btp a 3 e 10 anni e di CCTeu. La particolare attenzione degli
investitori si concentrerà sull'asta dei 3,5-4,5 miliardi della
prima tranche del Btp 1-04-2014, cedola 3% (in aumento dalla
precedente al 2,25%). Per l'asta è attesa una buona richiesta,
anche grazie alla solida domanda interna.

L'offerta arriva dopo due sedute di aste, Bot e Ctz lunedì,
BTPei ieri.

In arrivo da Bruxelles una serie di cifre relative alla
fiducia nella zona euro nel mese di marzo. Viste in calo sia la
fiducia delle imprese (a 1,4 da 1,5) sia quella dei consumatori
(-10,6 da -10,0). Viste in calo anche industria ed economia. Per
il comparto servizi si attende invece un rialzo della fiducia a
11,4 da 11,0.

 

[tommy271]

Bce, Bini Smaghi ammonisce contro rischi da squilibri globali

mercoledì 30 marzo 2011 09:20



FRANCOFORTE, 30 marzo (Reuters) - I prossimi anni saranno con ogni probabilità difficili come quelli da poco trascorsi secondo il membro del consiglio esecutivo della Banca centrale europea, Lorenzo Bini Smaghi, secondo cui persistono rischi significativi legati al riemergere degli squilibri globali. Le banche centrali dovranno continuare a sostenere il sistema finanziario globale, ha detto Bini Smaghi parlando a un evento organizzato congiuntamente con la banca centrale russa.
"I prossimi anni porranno probabilmente una sfida come quelli appena trascorsi. Alle banche centrali verrà richiesto di agire come ancore della stabilità finanziaria e monetaria in un mondo in rapido cambiamento", ha detto Bini Smaghi.
Il consigliere Bce ha ammonito le autorità contro il rischio di dimenticare quanto sia interconnesso il sistema finanziario.
"I rischi legati al riemergere degli squilibri globali e ogni loro disordinata risoluzione sono notevoli", ha aggiunto.
"Inoltre la catastrofe giapponese e le tensioni in Medio Oriente ci mostrano come i rischi di varia natura (naturali, geopolitici) non siano mai troppo distanti".

 

[tommy271]

Greece 2010 Deficit Seen At 10% Of GDP, Revised From 9.4% -Official






ATHENS -(Dow Jones)- Greece's budget deficit last year is likely to be revised higher, to around 10% of gross domestic product, a Greek official said, after a discrepancy in the accounts of the country's social security system showed a shortfall rather than an expected surplus.
That discrepancy should push the 2010 budget deficit up by more than half a percentage point above initial estimates of 9.4%.
"[The deficit] could come in a bit higher, around 10%, because of some discrepancies where a surplus was expected but that may not be the case," the official said.
In its 2011 budget, the Greek government estimated that last year's budget deficit would reach around EUR21.9 billion, or 9.4% of GDP, and it aims to cut the deficit to 7.4% of GDP this year.
But combined with lagging revenue collections since the start of the year, the upward revision in the 2010 deficit will mean the Greek government may have to take further austerity measures to achieve its deficit targets for this year.

 

[tommy271]

I TITOLI DEI GIORNALI:


The rises in the Greek deficit and debt, Standard & Poor's downgrading of Greece by two notches and strikes in the health and education sector were the main front-page items in Athens' dailies on Wednesday.



ADESMEFTOS TYPOS: "The changes in secondary education".

AVGHI: "Education, health, resistance".

AVRIANI: "Greek debt reaches 700 billion euros - Politicians concealing the truth and fooling the people".

ELEFTHEROS: "Meetings/theatrics by Papandreou - Lies and mutinies by ministers".

ELEFTHEROS TYPOS: "Samaras' outburst against government and 'underground' scenarios".

ELEFTHEROTYPIA: "Mergers of institutions of higher education".

ESTIA: "Low taxes would generate higher revenues"

ETHNOS: "Stop to funding for 405 state organisations that have not submitted balance sheets to State Accounts office".

IMERISSIA: "Double slap from Standard & Poor's - Greece to remain in European support mechanism after 2013".

NAFTEMPORIKI: "Downgrading that points the way to the support mechanism after 2013".

KATHIMERINI: "Downgrading with harsh message".

LOGOS: "S&P did not 'see' the recovery".

NIKI: "The PPC (Public Power Corporation) in...package deal".

RIZOSPASTIS: "Health-Education for the people and not for profit".

TA NEA: "Keratea another Libya".

VRADYNI: "The people's sacrifices going to waste".

(ana.gr)