Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (48 lettori)

[giub]

Greece's Fin Min: Debt Restructuring Not Desirable -- Press
"All this makes a debt restructuring not desirable for Greece," the minister said in the interview. "We are concentrating on implementing our consolidation program and servicing our debt on time."

Peccato che dica il contrario, leggete l'intervento in inglese. Peraltro le parole dei politici vanno notoriamente lette al contrario, il rischio di default risulterà maggiore appena lo escluderanno categoricamente.

io non ho la capacità di leggere tutto al contrario. Siccome finora si è escluso categoricamente il default (con debito al 130% e deficit del 15%) ed in effetti non c'è stato....

 

[tommy271]

ECB's Mersch: Not Impossible For Greece To Fulfill EU Program



BERLIN (MNI) - European Central Bank Governing Council member Yves Mersch on Wednesday dismissed claims that Greece had no chance to meet the goals set under the reform and consolidation program worked out jointly with the ECB, the EU Commission and the IMF.
"The program is not so impossible as it is always portrayed," the Luxembourg central bank governor said at an event organized by the Free University of Berlin. As long as Greece sticks to the demands laid out under the program, the goals are "sustainable and convincing," he reckoned.
Mersch argued that the recent ECB interest rate hike will not affect Greece because the regular monetary policy transmission mechanism is disturbed.
"I think in the Greek situation, as a consequence ... of full fulfillment of the [reform and consolidation] program, the spreads will go down," he said. "So that will not be an increase for the financing of the Greek economy but a decrease."
"Do not forget that we are in these days in the question of building confidence and not in the question of automatic transmission, because you know we have several times said that the transmission mechanism is disturbed in many European countries," Mersch explained.
In other remarks, the Governing Council member again rejected the idea of introducing joint eurobonds in the Eurozone. "This idea is premature because it would lead to a transfer union at the moment," he said. If all countries had tripple-A ratings, then he would support the idea, he quipped.

 

[tommy271]

IMF sees no restructuring in Ireland, Greece




WASHINGTON, April 13 | Wed Apr 13, 2011 10:03am EDT



WASHINGTON, April 13 (Reuters) - Bailouts for Ireland and Greece do not envision restructuring of the countries' elevated debt loads, a top International Monetary Fund official said on Wednesday.
"These programs have been built on the assumption that there will be no debt restructuring," said Jose Vinals, director of the IMF's Monetary and Capital Markets Department.

 

[tommy271]

Markets rightly concerned by Greece: analysts

Global markets cannot be faulted for doubting Greece's economic recovery, a trend reflected in persistently high borrowing rates for the debt-hit country, Greek analysts said on Wednesday.
"We may hate the markets but we must persuade them because we have our backs to the wall," said Gikas Hardouvelis, chief economist and head of economic research at Greece's second largest lender, Eurobank.
"The market can overreact for 1-2 months but for a year? Something is going on," he argued at an asset management and banking conference.
The Greek government is struggling to keep a draconian overhaul of the recession-hit economy on track, under pressure from the EU and the IMF which last year bailed out Athens with a 110-billion-euro ($159-billion) loan.
But the spread, or gap, between 10-year Greek bonds and German equivalents is still around 10 percentage points, making a planned Greek borrowing run later this year highly unlikely.
The recovery programme managed to reduce the country's runaway deficit by about five percent of output last year but a wider-than-forecast recession has brought target slippage and made further sacrifices imperative.
The government is now finalising a three-year budget plan to reduce the deficit to under three percent of output by 2015 -- the EU limit -- and has pledged a 50-billion-euro state asset sale drive to reduce the huge Greek debt of around 340 billion euros.
Although Athens has repeatedly ruled out the prospect, most analysts agree that the government will eventually have to restructure its debt load.
"Why do the markets believe there is a major chance of debt restructuring? Because they see a debt that keeps growing and doubt the progress," said Paul Mylonas, chief economist at leading Greek lender National Bank.
"The (recovery) programme must achieve its quarterly targets we have signed. If not, the mistrust will be continuous. If the mistrust spreads to the domestic private sector it would be a complete disaster," he said.
A series of damaging downgrades from the three main debt rating agencies, Moody's, Standard & Poor's and Fitch, has further complicated the intended return to markets, leading the finance ministry to consider a 2012 sortie.
Athens on Tuesday raised 1.625 billion euros ($2.4 billion) in a sale of six-month treasury bills, the yield inching up to 4.8 percent from 4.75 percent in an equivalent auction last month.


(Agence France presse)

 

[tommy271]

Greek March govt bond trade volume rises mth/mth

2011-04-13 15:06:15 GMT (Reuters)


ATHENS, April 13 (Reuters) - The volume of Greek government debt traded on the central bank's electronic system rose to 974 million euros ($1.41 billion) in March from 847 million in February, the Bank of Greece said on Wednesday.
The central bank said that out of the 834 orders executed on trading platform HDAT last month, 67 percent were sell orders and 33 percent buy orders.
Greece's borrowing costs have surged as markets fret over its massive debt load. The average monthly spread between Greek and German 10-year bond yields widened to an average of 953 basis points in March from 862 bps in February.
On Wednesday the spread was around 967 bps, as the yield of 10-year Greek bonds hit a record 13.1 percent.
Some 34.6 billion euros of government paper had changed hands in the same month a year ago.
Greek government bond yields rose in March, as was the case for the rest of the euro zone's periphery.
The 3-year benchmark bond yield rose 83 basis points to 15.1 percent. In longer tenors, the 10-year benchmark bond yield rose 108 bps to 12.88 percent with 30-year paper yielding 9.06 percent, up 22 bps.
As a result, Greece's yield curve remained inverted and steepened, with the difference between the 30- and 3-year bond yields hitting 605 bps at end-March from 544 bps in February.

 

[tommy271]

Greek Stocks Maintain Positive Momentum On Weak Turnover



Athens market moved upwards for a second consecutive session, however the session was characterized again by thin turnover.

Banks ended with profits of 2.34%, while OPAP, National Bank and OPAP stood out across FTSE20 with gains of more than 3%.

The sentiment regarding the solving of Greece’s fiscal crisis is far from reassuring, said Merit Securities, adding that this is reflected in the Greek market despite the technical upward reaction.

Not much has changed from a technical point of view since last week, while the short-term support is set at 1,480 units and resistance at 1,550 units, said Merit, which comments that low turnovers and rotation of upward and downward sessions are not helpful in drawing conclusion on the market’s short-term trend.

The focus is expected to be on the privatization program, which will be aggressive, aiming for revenues of €15b by 2013. Merit notes that the shares involved in privatization scenarios have outperformed in the last two months compared with the General Index.

Across the board, the General Index ended with gains of 1.65%, at 1,531.04, moving in positive territory throughout the trading session, while intraday profits reached 2.26%. Approximately 18.7 million units worth €73.98m were traded on Wednesday, while a total amount of 89 shares rose, 56 declined and 137 remained unchanged.

Banks ended at 1,231.44 units, up 2.34%. Proton Bank, National Bank and Piraeus Bank recorded profits of 3.23%, 2.19% and 3.03% respectively, while Bank of Cyprus, Eurobank and Marfin Popular Bank gained 2.85%, 2.44% and 2.33% respectively. On the other hand, Alpha Bank declined by 0.44%.

(capital.gr)

 

[tommy271]

EU experts believe Greece must restructure-report






BERLIN, April 13 | Wed Apr 13, 2011 11:25am EDT

BERLIN, April 13 (Reuters) - Greece must wipe away 40-50 percent of its debt load in order to return to a sustainable economic path, European Union working group experts have estimated, according to a German newspaper report.
The report in German weekly Die Zeit, citing EU sources, said no decision had been taken on whether to pursue a restructuring of Greek debt, but that various options were under consideration.
It said it was likely that a "less radical" solution would be pursued, citing a voluntary extension of Greek debt maturities as one option that was being looked at.

 

[tommy271]

Borsa Atene: Ase chiude a +1,7% in scia a borse europee




MILANO (MF-DJ)--L'indice Ase di Atene termina la seduta in rialzo dell'1,7% a quota 1531,04 punti in scia all'andamento positivo delle principali piazze europee.
La giornata e' stata caratterizzata da un basso volume di scambi a causa della cautela degli investitori che temono l'introduzione domani di nuove misure di austerity da parte del governo greco.
In evidenza Opap e National Bank che avanzano rispettivamente del 3,6% e del 3,2%.

 

[tommy271]

Greece: Ex-minister convicted for making false income declarations


By The Associated Press –


ATHENS, Greece — A former Socialist transport minister in Greece has been sentenced to three years in prison for making false income declarations.
Judicial officials say Tassos Mantelis was not jailed following his conviction Wednesday, pending an appeal.
The 66-year-old former minister also faces separate charges of money laundering for allegedly receiving an illegal campaign donation from German industrial giant Siemens in 1998.
Greece's Socialist government has promised to crack down on corruption after imposing harsh austerity measures to deal with the crisis.
Mantelis, once a senior Socialist party official, served as transport minister between 1997 and 2000.

 

[tommy271]

Greece 2010 Budget Deficit Seen At 10.6% Of GDP-Officials



By Costas Paris and Alkman Granitsas
Of DOW JONES NEWSWIRES

ATHENS -(Dow Jones)- Greece missed its revised deficit targets by more than a full percentage point of gross domestic product last year, two officials said Wednesday, which will force the government to adopt billions of euros worth of new austerity measures to bring its budget back on track for this year.
The latest revision to the 2010 budget data, which is due to be released by the European Commission's statistics agency, Eurostat, at the end of April, comes after Greece already once failed to meet its budget goals as promised to international creditors.
According to the officials, the deficit last year reached 10.6% of GDP, up from a revised goal of 9.4% foreseen in the country's 2011 budget, and well above the 8.1% gap Greece was aiming for under the terms of a bailout deal inked last May.
"We don't know the exact figure yet, but the Greek statistical service has sent Eurostat a figure of around 10.6% of GDP for 2010," a euro-zone government official said.
In May last year, Greece narrowly avoided default with the help of a EUR110 billion bailout from the European Union and International Monetary Fund, in exchange for a three-year austerity plan to fix its public finances and overhaul its economy.
Under the memorandum of understanding with the EU and IMF, Greece aims to narrow its budget deficit from a record 15.4% of GDP in 2009, to below an EU ceiling of 3% by 2014. By 2015, the government has said it wants to cut the deficit further to 1% of GDP.
But under its 2011 budget, the Greek government estimated that last year's budget deficit would reach about EUR21.9 billion, or 9.4% of GDP--an estimate that now looks in doubt. As a result, the government will have to adopt even further austerity measures this year if it wants to reach a targeted budget deficit to 7.4% of GDP this year.
"[The upward revision] will result in extra measures of around EUR4 billion on top of what is agreed in the MOU, in order to reach the 7.4% of GDP deficit target," the official said. "When it is announced on April 26, the Greek government will have to decide where it will find those funds."
As it is the Greek government is expected to announce another EUR23 billion batch of spending cuts and tax increases, possibly as early as Thursday, that are meant to close the budget gap over the next four years from 2012.
In a speech earlier Wednesday, Finance Minister George Papaconstantinou signaled that that medium-term austerity package would include further cuts in public sector wages, at state-owned enterprises and in social welfare payments.