Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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giutrader
Forumer attivo
tommy271
Forumer storico
German Government Lawmakers Split Over ESM Approval
-- Small group of government lawmakers plans to reject ESM in vote
-- Senior lawmakers say government coalition majority for ESM is assured
-- Dispute on ESM comes as Chancellor Merkel's government weakened by regional election losses
(Adds background in third paragraph, opposition's comments in last four paragraphs.)
By Bernd Radowitz
Of DOW JONES NEWSWIRES
BERLIN (Dow Jones)--German government coalition lawmakers are split over the future European Stability Mechanism, or ESM, with a small group planning to reject its set-up when parliament votes on it later this year.
Some lawmakers claim Chancellor Angela Merkel won't get a coalition majority in key votes on the ESM in Germany's parliament, but more senior lawmakers deny that.
Without a coalition majority, the ESM could still be approved if the opposition Social Democrats abstain as they did in earlier votes on Greece's bailout and the set-up of the euro zone's current rescue facility. But that would come at the price of concessions by the government.
And getting the ESM to pass with the help of the opposition would be embarrassing for Merkel and come at a time her party, the Christian Democrats, is already suffering from heavy losses in regional elections.
An erosion of approval for the ESM at the core of the euro zone also adds to concerns triggered by the recent electoral surge of the euro-skeptic True Finns party that puts Finland's support for the impending bailout for Portugal in doubt.
The rejection to the EUR700 billion ESM--which according to an agreement by European Union leaders in March is supposed to supplant the euro zone's current bailout facility in mid-2013--is centered around Merkel's embattled junior coalition partner, the Free Democrats, or FDP.
"I currently don't see a [government] coalition majority for the ESM," FDP lawmaker Frank Schaeffler told Dow Jones Newswires Thursday. "We need an orderly debt restructuring process instead. The longer the restructuring process takes, the more expensive it will be for tax payers."
Schaeffler is bringing in a motion at a party conference in mid-May asking the government to reject the ESM in its current form, grant parliament the right to approve or reject any bailout, and have private lenders participate in any rescue.
He claims that 12 other FDP lawmakers are supporting his motion. But Schaeffler acknowledges that this doesn't mean all will also reject the establishment of the ESM in a vote in June. Parliament in September will also have to vote on a small change to the EU treaty to allow for the set-up of the ESM, and on its exact form.
Klaus-Peter Willsch, a lawmaker from Merkel's Christian Democrats, or CDU, also told Dow Jones Newswires that he plans to vote against the ESM in parliament, and said he gets "clear signals" from other CDU lawmakers that they support his position. However, he didn't give names of those lawmakers.
Senior FDP and CDU lawmakers said the government's majority in the votes on the ESM won't be in danger.
"Those are isolated opinions. The [government] majority stands," said Volker Wissing, FDP lawmaker and chairman of the finance committee in parliament.
CDU's finance spokesman in parliament Klaus-Peter Flosbach said he has no doubt that in the end his party will rally around Merkel. But he did acknowledge that parliament needs to participate in the decisions on the ESM.
That is a key point also among the less radical critics of Merkel's euro rescue policy.
Norbert Lammert, president of the lower house of parliament, or Bundestag, and a CDU member, recently has claimed that the Bundestag needs to participate in every instance of concrete aid requests.
Merkel and her finance minister Wolfgang Schaeuble have suggested that parliament should be consulted on any further aid requests, but not required to vote the aid into effect.
Asking each euro zone's national parliament for approval of any given bailout could make the process unworkable and trigger ever-greater jitters on bond and currency markets.
The opposition Social Democrats, or SPD, say how they will vote on the ESM depends on what kind of legislation for its set-up the government will present.
"In principle, we are willing to take on responsibility," Carsten Schneider, an SPD member of the Bundestag's budget committee, told Dow Jones Newswires.
But the government, in exchange for the SPD's support, would need to grant parliament the right to be asked for approval at any bailout, and also clearly regulate a participation of private lenders in any rescue, Schneider said.
The also opposition Greens may abstain or even vote for the ESM, according to a party source.
-- Small group of government lawmakers plans to reject ESM in vote
-- Senior lawmakers say government coalition majority for ESM is assured
-- Dispute on ESM comes as Chancellor Merkel's government weakened by regional election losses
(Adds background in third paragraph, opposition's comments in last four paragraphs.)
By Bernd Radowitz
Of DOW JONES NEWSWIRES
BERLIN (Dow Jones)--German government coalition lawmakers are split over the future European Stability Mechanism, or ESM, with a small group planning to reject its set-up when parliament votes on it later this year.
Some lawmakers claim Chancellor Angela Merkel won't get a coalition majority in key votes on the ESM in Germany's parliament, but more senior lawmakers deny that.
Without a coalition majority, the ESM could still be approved if the opposition Social Democrats abstain as they did in earlier votes on Greece's bailout and the set-up of the euro zone's current rescue facility. But that would come at the price of concessions by the government.
And getting the ESM to pass with the help of the opposition would be embarrassing for Merkel and come at a time her party, the Christian Democrats, is already suffering from heavy losses in regional elections.
An erosion of approval for the ESM at the core of the euro zone also adds to concerns triggered by the recent electoral surge of the euro-skeptic True Finns party that puts Finland's support for the impending bailout for Portugal in doubt.
The rejection to the EUR700 billion ESM--which according to an agreement by European Union leaders in March is supposed to supplant the euro zone's current bailout facility in mid-2013--is centered around Merkel's embattled junior coalition partner, the Free Democrats, or FDP.
"I currently don't see a [government] coalition majority for the ESM," FDP lawmaker Frank Schaeffler told Dow Jones Newswires Thursday. "We need an orderly debt restructuring process instead. The longer the restructuring process takes, the more expensive it will be for tax payers."
Schaeffler is bringing in a motion at a party conference in mid-May asking the government to reject the ESM in its current form, grant parliament the right to approve or reject any bailout, and have private lenders participate in any rescue.
He claims that 12 other FDP lawmakers are supporting his motion. But Schaeffler acknowledges that this doesn't mean all will also reject the establishment of the ESM in a vote in June. Parliament in September will also have to vote on a small change to the EU treaty to allow for the set-up of the ESM, and on its exact form.
Klaus-Peter Willsch, a lawmaker from Merkel's Christian Democrats, or CDU, also told Dow Jones Newswires that he plans to vote against the ESM in parliament, and said he gets "clear signals" from other CDU lawmakers that they support his position. However, he didn't give names of those lawmakers.
Senior FDP and CDU lawmakers said the government's majority in the votes on the ESM won't be in danger.
"Those are isolated opinions. The [government] majority stands," said Volker Wissing, FDP lawmaker and chairman of the finance committee in parliament.
CDU's finance spokesman in parliament Klaus-Peter Flosbach said he has no doubt that in the end his party will rally around Merkel. But he did acknowledge that parliament needs to participate in the decisions on the ESM.
That is a key point also among the less radical critics of Merkel's euro rescue policy.
Norbert Lammert, president of the lower house of parliament, or Bundestag, and a CDU member, recently has claimed that the Bundestag needs to participate in every instance of concrete aid requests.
Merkel and her finance minister Wolfgang Schaeuble have suggested that parliament should be consulted on any further aid requests, but not required to vote the aid into effect.
Asking each euro zone's national parliament for approval of any given bailout could make the process unworkable and trigger ever-greater jitters on bond and currency markets.
The opposition Social Democrats, or SPD, say how they will vote on the ESM depends on what kind of legislation for its set-up the government will present.
"In principle, we are willing to take on responsibility," Carsten Schneider, an SPD member of the Bundestag's budget committee, told Dow Jones Newswires.
But the government, in exchange for the SPD's support, would need to grant parliament the right to be asked for approval at any bailout, and also clearly regulate a participation of private lenders in any rescue, Schneider said.
The also opposition Greens may abstain or even vote for the ESM, according to a party source.
giutrader
Forumer attivo
tommy271
Forumer storico
Citi sees no wrongdoing; Greece looks into email
US investment bank Citigroup said on Thursday it had done nothing wrong after Greece launched a probe into market rumours that a restructuring of the country's sovereign debt will take place over the Easter weekend.
Greek officials said on Thursday that an investigation launched by a Greek prosecutor late on Wednesday was prompted by an e-mail sent by a Citigroup employee.
"We are cooperating with the authorities and do not consider there to have been any wrongdoing by Citi or its employees,» Citi said.
Greek bank stocks dropped 4.6 percent on Wednesday and Greek bond spreads further widened on what traders said were rumours spread by email that the country would soon restructure its debt.
Investors increasingly believe Greece will have to negotiate with its creditors and impose «haircuts» on bond-holders, meaning they will not get all of their money back, but speculation is rife about the timing of any restructuring.
The Finance Ministry said rumours about an Easter deal were «devoid of any substance and verge on the ridiculous» but promised to pursue the culprits with «all legal means available».
ekathimerini.com , Thursday April 21, 2011 (16:41)
US investment bank Citigroup said on Thursday it had done nothing wrong after Greece launched a probe into market rumours that a restructuring of the country's sovereign debt will take place over the Easter weekend.
Greek officials said on Thursday that an investigation launched by a Greek prosecutor late on Wednesday was prompted by an e-mail sent by a Citigroup employee.
"We are cooperating with the authorities and do not consider there to have been any wrongdoing by Citi or its employees,» Citi said.
Greek bank stocks dropped 4.6 percent on Wednesday and Greek bond spreads further widened on what traders said were rumours spread by email that the country would soon restructure its debt.
Investors increasingly believe Greece will have to negotiate with its creditors and impose «haircuts» on bond-holders, meaning they will not get all of their money back, but speculation is rife about the timing of any restructuring.
The Finance Ministry said rumours about an Easter deal were «devoid of any substance and verge on the ridiculous» but promised to pursue the culprits with «all legal means available».
ekathimerini.com , Thursday April 21, 2011 (16:41)
tommy271
Forumer storico
Il conclave e Standard&Poors. La riflessione settimanale di Alessandro Fugnoli:
http://www.kairospartners.com/drupa.../newsletter/Pensieri laterali-RN-21.04.11.pdf
(...)
Tocca di nuovo sopportare un flusso ininterrotto di previsioni e dichiarazioni perentorie sul default greco (inevitabile, irrimandabile, imminente, devastante). Quello che le rende sgradevoli non è la conclusione cui giungono. Il default è sempre stato e resta una possibilità. Leggermente irritante è invece la leggerezza di cifre e argomentazioni che spesso accompagna questi pronunciamenti.
(...)
http://www.kairospartners.com/drupa.../newsletter/Pensieri laterali-RN-21.04.11.pdf
(...)
Tocca di nuovo sopportare un flusso ininterrotto di previsioni e dichiarazioni perentorie sul default greco (inevitabile, irrimandabile, imminente, devastante). Quello che le rende sgradevoli non è la conclusione cui giungono. Il default è sempre stato e resta una possibilità. Leggermente irritante è invece la leggerezza di cifre e argomentazioni che spesso accompagna questi pronunciamenti.
(...)
mago gambamerlo
Xx Phuket xX
Grande Papa ! Fagli vedere a sti Yankee che se non c'era Zio Sam a quest' ora erano a gambe all' aria tutti . Tutte mezze seghe con la camicia .
tommy271
Forumer storico
Borsa Atene: Ase chiude a +2,3%, bassi volumi di scambio
MILANO (MF-DJ)--L'indice Ase di Atene chiude in rialzo del 2,3% a 1431,33 punti in una seduta caratterizzata da bassi volumi di scambio.
I timori sul debito sovrano della Grecia continuano a colpire il sentiment ma molti investitori hanno chiuso le posizioni in vista della pausa delle vacanze di Pasqua.
Bene National Bank a +3,1%, Alpha a +2,2% ed Eurobank a +1,8%.
MILANO (MF-DJ)--L'indice Ase di Atene chiude in rialzo del 2,3% a 1431,33 punti in una seduta caratterizzata da bassi volumi di scambio.
I timori sul debito sovrano della Grecia continuano a colpire il sentiment ma molti investitori hanno chiuso le posizioni in vista della pausa delle vacanze di Pasqua.
Bene National Bank a +3,1%, Alpha a +2,2% ed Eurobank a +1,8%.
- Stato
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