Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (10 lettori)

[tommy271]

E' già da alcuni giorni che gli spread sono su questi livelli (944-946), forse abbiamo toccato il fondo ?

Ormai è da una decina di giorni che siamo su questi livelli.
Il fondo era stato toccato con un differenziale intorno ai 1050 punti nei mesi scorsi.

Domani si terrà l'asta del semestrale, gli occhi sono sempre rivolti verso le news e all'Onnipotente ... .

 

[ferdo]

E' già da alcuni giorni che gli spread sono su questi livelli (944-946), forse abbiamo toccato il fondo ?

il fondo è 0, non dimenticarlo

 

[tommy271]

PM: Program has produced positive results




Warsaw (ANA-MPA/N. Lionakis) -- "Greece is devoted to its program and the first positive results have already appeared," prime minister George Papandreou said in Warsaw last Thursday after a meeting with his Polish counterpart Donald Tusk.

"We are not swept up by the sirens of destruction we hear on occasion," Papandreou said, and noted the existence of "the substantial solidarity of the European Union in this area".

During a visit to the capital of Poland, which assumes the rotating EU presidency for the second half of 2011, Papandreou said that Europe is facing many challenges, from the situation in Libya to the crisis in the eurozone, which "indicates the need and abilities that Europe has to work collectively to tackle the major issues which we, as countries individually, would not be able to face".

The two prime ministers discussed the situation in North Africa and the need to contribute to an integrated and coordinated European policy so as to assist the countries that are on a track of democratisation, but also to strengthen EU security..

They further discussed the Balkan countries EU accession prospects, which Greece strongly backs, as well as EU-Turkey relations, in the context of which, Papandreou stressed, "we always refer to a resolution of the Cyprus problem".

The Greek premier was also received by the President of Poland.

(ana.gr)

 

[ficodindia]

Perchè la Grecia, politicamente, non può ristrutturare.

1) perchè ha accettato il piano di salvataggio dell'UEM come soluzione alternativa al default;
2) se la Grecia ristruttura, si determina una destabilizzazione della situazione politica ed economica interna, con conseguenze non prevedibili;
3) non v'è garanzia che il default della Grecia non metta a repentaglio l'esistenza stessa dell'euro.

Infine le ipotesi in merito alla percentuale dell'eventuale taglio sono semplicemente ridicole. Ad esempio quella più "accreditata" è nell'ordine del 55%, il che è semplicemente un valore cervellotico è idoneo per gettare lo scompiglio e indurre i bondisti a vendere. Infatti un taglio del 55% sul debito emesso significa che d'un botto la Grecia ridurrebbe il suo debito del 150-150*0,55 = 67,50% del PIL, il che non è assolutamente necessario considerando i livelli di debito anche dei paesi più virtuosi dell' UEM.

 

[tommy271]

Discussions On “Voluntary Agreement”, Rather Than Debt Restructuring



The “new” term of Greece’s fight against debt crisis is “voluntary agreement” with the markets regarding the extension of maturity of Greek bonds, which mature in the 2012-2015 period with the change of interest rates.

Despite official denials, European Commissioner for Economic and Financial Affairs Olli Rehn reportedly favors procedures of “voluntary agreement” on Greece’s initiative, according to Greek weekly newspaper Kefaleo.

Such a procedure could be welcomed by the Commission, provided that it does not create a sentiment of total debt restructuring with losses for bondholders, an EC official told Kefaleo and Capital.gr.

Meanwhile, former ECB vice-president Loukas Papademos said the exact solution was “obvious”, while he rejected any idea of debt restructuring through haircut of government bonds.

Additionally, German Finance Minister Wolfgang Schäuble told reporters that the extension of Greece’s repayment period and the reduction of interest rates may not be enough, breaking the moratorium for no public discussion on the matter.

Technically, “voluntary agreement” requires the obligation of repayment of the nominal value of debt but allows the agreement between lender and borrower the change of repayment period and interest rate.

Diplomatic sources note that there was no official discussion on the matter, but if such a process is launched on Greece’s initiative, then the agreement of recent European Summit for the extension of IMF/ECB/EU loan for 7.5 years and the reduction of interest rate by one percentage point could be a basis for negotiations.

Although bankers and government officials in Athens denied that there is such an ongoing process, they expressed their concern that there couldn’t be a reduction of interest rate, but an increase of the percentage of the debt that will be replaced by a new one, extended by 7.5 or 10 years, while no reduction of the nominal value (haircut) is expected.

(capital.gr)

***
Con ogni probabilità si farà strada, nei prossimi mesi, un tentativo di "ristrutturazione" sul debito pubblico su adesione volontaria.

 

[tommy271]

Gurria: Greece Might Need More Time



Organization for Economic Cooperation and Development Secretary-General Angel Gurria said that Greece might need more time to pay back debts to bondholders, in a “rescheduling” that would not be classified as a default, according to Bloomberg.

“The adjustment program of a country like Greece is a very painful program, and if a rescheduling of the payments is something which is required in order to make those difficult policies work, then that is what should be done,” Gurria told Bloomberg Television.

Meanwhile, chief European economist at JPMorgan Chase David Mackie noted that Greece still needed to do a lot of hard work, in order to put its fiscal problems behind it, and to create a positive environment for growth.

(capital.gr)

***
Le dichiarazioni di Angel Gurria (già riportate nei post precedenti) vengono raccolte dalla stampa greca.

 

[EDESMO]

ci sono cinque nuove in doppio mercato MOT + TLX
2013 4.6
2016 3.6
2025 FRN
2037 4.5
2040 4.6

aggiorno il grafico dei rendimenti

 

[tommy271]

IFR: Greek decision time nears

IFR: Greek decision time nears | Reuters

 

[tommy271]

Greek Market Declines Towards 1,500 Units



Athens Stocks decline on Monday, as the General Index moves towards 1,500 points on low turnover and amid declining trends of major European indices.

Sovereign debt speculation and the absence of catalysts put Greek banks under pressure, with the index recording early losses of 2.6%, while the vast majority of FTSE20 shares are in red. Only OPAP and Mytilineos rise, with profits of 0.41% and 0.18% respectively.

Pegasus Securities expects the market’s momentum to remain weak, “with concerns over Greece΄s ability to meet Troika Memorandum targets continuing to fuel domestic news content, privatizations being postponed and corporate figures remaining soft”.

Pegasus considers tomorrow’s auction of 6-month treasury bills to be a turning point for a partial conversion of market’s trend and stabilization of its course.

Kyprou Securities remains cautious as it expects some consolidation on the ASE.

Across the board, the General Index is at 1,499.99 units, down 2.03% on a turnover of just €22m. A total amount of 102 shares decline, 25 rise and 30 remain unchanged.

Banks are at 1,229.91, down 1.98%. ATEbank, Marfin Popular, Eurobank, Proton Bank and Alpha Bank record losses of more than 3%, while Piraeus Bank, Hellenic Postbank, Geniki Bank and National Bank decline by 2.88%, 2.40%, 2.39% and 2.24% respectively. Bank of Cyprus and Attica Bank post losses of more than 1%.

(capital.gr)

***

Spread sempre deboli a 948 pb., con un tentativo di allargamento di una ventina di pb. poi rientrato.

 

[tommy271]

CDS Market Brief

Mon, Apr 11 2011, 09:38 GMT | FXstreet.com Trader Talk



Quiet start to the trading week, with no direction ahead of the awaited Q1 earnings season.

In broader credit, iTraxx Main was 1/2 bp wider at 95 and Crossover 2bps wider at 361.

We've had the Independant Banking Commission's recommendations on the restructuring of the UK banking system, detaching retail from investment banking decisions.

Peripherals: Portugal despite political uncertainty over the austerity measures for the bailout its CDS are 10bps tighter at 530.

Opposite move in Greece's 5yr CDS out to 1010 as debt concerns persist. Cash = 5bps wider to Germany and 2bps to Portugal.