Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (11 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
tommy271
Forumer storico
Rallies for May Day
(ANA-MPA) -- Roughly 3,500 protestors turned up for the May 1 Labour Day rally, mostly against the EC-ECB-IMF Memorandum, organised by Greece's largest trade union organisations. The rally began at around 11 a.m. in central Syntagma Square.
There had earlier been another rally organised by the Communist-affiliated PAME trade union faction, which had begun at Syntagma Square at 10 a.m.
(ana.gr)
***
Partecipazione scarsa.
(ANA-MPA) -- Roughly 3,500 protestors turned up for the May 1 Labour Day rally, mostly against the EC-ECB-IMF Memorandum, organised by Greece's largest trade union organisations. The rally began at around 11 a.m. in central Syntagma Square.
There had earlier been another rally organised by the Communist-affiliated PAME trade union faction, which had begun at Syntagma Square at 10 a.m.
(ana.gr)
***
Partecipazione scarsa.
tommy271
Forumer storico
Belgrade's landmark Nebojsa Tower restored
BELGRADE (ANA-MPA) -- President of the Republic Karolos Papoulias and Serb President Boris Tadic on Friday jointly inaugurated Belgrade's landmark Nebojsa Tower.
Recently renovated with funds partially provided by the Greek state, the tower was the prison in which pre-independence struggle theorist Rigas Velestinlis (also known as Ferraios) was put to death by Ottoman authorities in 1798.
Papoulias arrived at Nebojsa Tower accompanied by his wife, where he was received by Tadic and his spouse.
Following the official inauguration, the two presidential couples toured all four levels of the new museum that is dedicated to the struggles of the Greek and Serbian nations to shake off dour Ottoman yoke. The second level of the tower contains exhibits on the life and work of Rigas Ferraios.
In speeches at the inauguration, Papoulias stressed Ferraios' role as a 'forerunner of the idea of European unification' and said its roots lay in ideas of freedom based on education, equality before the law and state, justice and peace, friendship and cooperation between countries of the Balkans and Mediterranean.
Tadic highlighted the Greek state's financial contribution toward the project, noting that the money given by Athens to restore the tower was the largest sum ever received by Serbia from abroad for a cultural project.
The two presidents then had a private meeting at the Serb presidential palace, during which Papoulias assured Tadic that Greece will not abandon efforts for Serbia's accession to the European Union, after which there was a reception in honour of the Greek delegation that included Culture & Tourism Minister Pavlos Geroulanos and Deputy Foreign Minister Spyros Kouvelis. Wrapping up his visit to Belgrade, the president was also received by Serbian Patriarch Irinej.
The renovation of Nebojsa Tower was funded by Greece and the municipality of Belgrade and carried out over two years, at a cost 1.8 million euros. The Greek state, via the Greek foreign ministry international developmental aid service 'Hellenic Aid' contributed 1.38 million euro toward the project.
Nebojsa Tower is a medieval structure built by Hungarians on the ruins of an older Roman tower dating from the 1st century A.D. It was destroyed and rebuilt several times in its history.
(ana.gr)
BELGRADE (ANA-MPA) -- President of the Republic Karolos Papoulias and Serb President Boris Tadic on Friday jointly inaugurated Belgrade's landmark Nebojsa Tower.
Recently renovated with funds partially provided by the Greek state, the tower was the prison in which pre-independence struggle theorist Rigas Velestinlis (also known as Ferraios) was put to death by Ottoman authorities in 1798.
Papoulias arrived at Nebojsa Tower accompanied by his wife, where he was received by Tadic and his spouse.
Following the official inauguration, the two presidential couples toured all four levels of the new museum that is dedicated to the struggles of the Greek and Serbian nations to shake off dour Ottoman yoke. The second level of the tower contains exhibits on the life and work of Rigas Ferraios.
In speeches at the inauguration, Papoulias stressed Ferraios' role as a 'forerunner of the idea of European unification' and said its roots lay in ideas of freedom based on education, equality before the law and state, justice and peace, friendship and cooperation between countries of the Balkans and Mediterranean.
Tadic highlighted the Greek state's financial contribution toward the project, noting that the money given by Athens to restore the tower was the largest sum ever received by Serbia from abroad for a cultural project.
The two presidents then had a private meeting at the Serb presidential palace, during which Papoulias assured Tadic that Greece will not abandon efforts for Serbia's accession to the European Union, after which there was a reception in honour of the Greek delegation that included Culture & Tourism Minister Pavlos Geroulanos and Deputy Foreign Minister Spyros Kouvelis. Wrapping up his visit to Belgrade, the president was also received by Serbian Patriarch Irinej.
The renovation of Nebojsa Tower was funded by Greece and the municipality of Belgrade and carried out over two years, at a cost 1.8 million euros. The Greek state, via the Greek foreign ministry international developmental aid service 'Hellenic Aid' contributed 1.38 million euro toward the project.
Nebojsa Tower is a medieval structure built by Hungarians on the ruins of an older Roman tower dating from the 1st century A.D. It was destroyed and rebuilt several times in its history.
(ana.gr)
tommy271
Forumer storico
Troika returning with list of demands
EU-IMF team expected to put pressure on Greek government for swifter, more decisive moves
The Greek government is bracing itself for another visit on Tuesday from representatives of the European Commission, the European Central Bank and the International Monetary Fund (IMF) - collectively known as the troika - as its lenders are expected to push hard for austerity and revenue-raising measures to be applied strictly.
Sources told Sunday’s Kathimerini that troika officials are expected to go as far as threatening to stop Greece’s loan installments if they are not satisfied with the government’s commitment to the economic policies the EU and IMF believe are necessary to get public finances in order and to give the country a chance of returning to the international markets.
The troika team is expected to insist on a detailed and realistic program of spending cuts and trimming of the public sector by 2015. The officials will reject any projections that they feel are overly optimistic, such as potential revenues from a clampdown on tax evasion.
Greece’s lenders will also demand to see binding plans for the sale of state assets and bolder than the ones the government announced last month. The outline proposed by the government last month would bring in a maximum of 11.5 billion this year and next, whereas the target set by the EU-IMF team is 50 billion by 2015.
The troika will also ask for the government to speed up reforms aimed at liberalizing sectors of the economy such as energy, and making the labor market more flexible.
A new opinion poll carried out for Kathimerini and Skai indicates that a growing number of Greeks believe that privatizations are necessary and that the private sector should be given more help than the public sector. The survey indicated that 74 percent of Greeks feel that sales of state assets are “certainly” or “probably” necessary. Seven in 10 also said that the private sector must be boosted in the coming years, compared to 11 percent who favored the public sector.
Just over half of the 514 respondents said that jobs for life in the public sector should end.
ekathimerini.com , Sunday May 1, 2011 (22:50)
EU-IMF team expected to put pressure on Greek government for swifter, more decisive moves
Sources told Sunday’s Kathimerini that troika officials are expected to go as far as threatening to stop Greece’s loan installments if they are not satisfied with the government’s commitment to the economic policies the EU and IMF believe are necessary to get public finances in order and to give the country a chance of returning to the international markets.
The troika team is expected to insist on a detailed and realistic program of spending cuts and trimming of the public sector by 2015. The officials will reject any projections that they feel are overly optimistic, such as potential revenues from a clampdown on tax evasion.
Greece’s lenders will also demand to see binding plans for the sale of state assets and bolder than the ones the government announced last month. The outline proposed by the government last month would bring in a maximum of 11.5 billion this year and next, whereas the target set by the EU-IMF team is 50 billion by 2015.
The troika will also ask for the government to speed up reforms aimed at liberalizing sectors of the economy such as energy, and making the labor market more flexible.
A new opinion poll carried out for Kathimerini and Skai indicates that a growing number of Greeks believe that privatizations are necessary and that the private sector should be given more help than the public sector. The survey indicated that 74 percent of Greeks feel that sales of state assets are “certainly” or “probably” necessary. Seven in 10 also said that the private sector must be boosted in the coming years, compared to 11 percent who favored the public sector.
Just over half of the 514 respondents said that jobs for life in the public sector should end.
ekathimerini.com , Sunday May 1, 2011 (22:50)
Ultima modifica:
tommy271
Forumer storico
Restoration of credit flows appears vital for economy to recover
Private sector in need for some breathing space, which only funding from abroad can provide
By Dimitris Kontogiannis
The Greek economy will not be able to get back onto a steady growth path unless normal credit flows to the private sector are restored.
Some pundits believe this may require the nationalization of one or more major banks and their subsequent sale to some large international banks.
The debate over whether Greece will restructure its public debt, what form this may take and when, appears to have stolen the limelight from another important issue: the struggle of a good part of the private sector.
Although part of the private sector has been able to flourish due to its association with the largely inefficient public sector and is therefore now paying the consequences, the local economy has relied heavily on the rest of the private sector to keep on going.
Faced with a steep drop in consumer demand along with heavy taxation and growing difficulties in securing the necessary funding from the local banking system, a part of the healthy private sector is showing signs of severe strain.
Since domestic consumption is projected to remain subdued for quite some time and foreign demand is not sufficient to pick up the slack, the least these companies need is less credit from their traditional funding source, that is, the local banks.
This is, of course, the result of the state’s inability to convince the international markets that the public debt is sustainable under the current economic policy program, as demonstrated by the record-high levels of Greek bond yield spreads over Germany and the large amounts paid by investors to insure their Greek bond holdings against a moratorium of payments by the country.
This has put the country into a quarantine by international markets and local firms, and banks are not excluded.
Banks have tried to replace deposit withdrawals with cheap short-term ECB (European Central Bank) funding with the help of state guarantees.
However, this is obviously not enough to fund the healthy private sector and the economy in general.
Moreover, it creates an asset-liability maturity mismatch for the banks since they have to fund mostly longer term loans to households and companies with loans up to three-months from the ECB.
In addition, local banks are fully aware that they will have to gradually reduce their dependency on ECB funding down the road and will have to deleverage, meaning that the amount of new lending will need to be less than maturing loans.
It is, therefore, very important that credit flows to the private sector and especially to its healthy component, are restored if the Greek economy hopes to recover, and, by extension enabling the state to repay its public debt.
Some think that the restructuring of the public debt may accomplish this by making the debt sustainable and opening up the markets to the country and its banks. However, this is not as easy as it may first sound.
Any voluntary form of debt restructuring such as an extension of repayments on existing bonds by five or 10 years with or without a coupon rate cap to, let’s say, 3.5 percent compared to an estimated 4.9-5.0 percent at present will not do it.
As we have argued before, only if the new bonds to be exchanged for old bonds are collateralized or credit enhanced by a AAA-rated entity such as EFSF, could there be some chance of opening up the interbank repo market for local banks.
However, it is not sure whether Greece’s EU partners will accept something like this since it is likely to burden their national debt, making it politically very difficult.
A mandatory form of haircut of 40 to 50 percent would have indeed reduced the debt-to-GDP ratio to lower levels that may be deemed sustainable by the markets. However, on the one hand, Greece’s EU partners are not willing to accept such a solution and, on the other, it would have likely shut the country out of the markets for many years.
Therefore, any form of debt restructuring except the credit enhanced solution of “Brady bonds” will not help local banks access the markets for fresh funding. Even the “Brady bond” solution of credit enhanced bonds may be of limited use for long-term issuance by banks.
But the Greek economy cannot wait forever so that normal credit flows are restored. From this point of view, some advocate that weaker banks become the sacrificial lambs in the sense that their shareholders lose most of their money by essentially nationalizing and then selling cheap to large international banks.
This can be done if banks are in need of fresh capital and existing shareholders are not able to participate in a share capital increase. The bank or banks, according to this rationale, will end up at the Financial Stability Facility funded with 10 billion euros from the 110-billion-euro loan.
Is is this the right solution for getting the economy jump-started?
It is obviously wrong to “sacrifice” private companies in order to preserve a large and inefficient public sector.
Even if they have made wrong choices in the past such as giving loans to customers with poor credit for the mere purpose of enhancing their profits or/and buying an excessive amount of government bonds, banks and their shareholders do not deserve this fate.
However, since the political system seems unable to provide the right solution of drastically cutting back the public sector, one may argue that there seems no other solution left to improve the credit conditions in the broader economy and help avoid a prolonged recession.
ekathimerini.com , Sunday May 1, 2011 (23:22)
Private sector in need for some breathing space, which only funding from abroad can provide
By Dimitris Kontogiannis
The Greek economy will not be able to get back onto a steady growth path unless normal credit flows to the private sector are restored.
Some pundits believe this may require the nationalization of one or more major banks and their subsequent sale to some large international banks.
The debate over whether Greece will restructure its public debt, what form this may take and when, appears to have stolen the limelight from another important issue: the struggle of a good part of the private sector.
Although part of the private sector has been able to flourish due to its association with the largely inefficient public sector and is therefore now paying the consequences, the local economy has relied heavily on the rest of the private sector to keep on going.
Faced with a steep drop in consumer demand along with heavy taxation and growing difficulties in securing the necessary funding from the local banking system, a part of the healthy private sector is showing signs of severe strain.
Since domestic consumption is projected to remain subdued for quite some time and foreign demand is not sufficient to pick up the slack, the least these companies need is less credit from their traditional funding source, that is, the local banks.
This is, of course, the result of the state’s inability to convince the international markets that the public debt is sustainable under the current economic policy program, as demonstrated by the record-high levels of Greek bond yield spreads over Germany and the large amounts paid by investors to insure their Greek bond holdings against a moratorium of payments by the country.
This has put the country into a quarantine by international markets and local firms, and banks are not excluded.
Banks have tried to replace deposit withdrawals with cheap short-term ECB (European Central Bank) funding with the help of state guarantees.
However, this is obviously not enough to fund the healthy private sector and the economy in general.
Moreover, it creates an asset-liability maturity mismatch for the banks since they have to fund mostly longer term loans to households and companies with loans up to three-months from the ECB.
In addition, local banks are fully aware that they will have to gradually reduce their dependency on ECB funding down the road and will have to deleverage, meaning that the amount of new lending will need to be less than maturing loans.
It is, therefore, very important that credit flows to the private sector and especially to its healthy component, are restored if the Greek economy hopes to recover, and, by extension enabling the state to repay its public debt.
Some think that the restructuring of the public debt may accomplish this by making the debt sustainable and opening up the markets to the country and its banks. However, this is not as easy as it may first sound.
Any voluntary form of debt restructuring such as an extension of repayments on existing bonds by five or 10 years with or without a coupon rate cap to, let’s say, 3.5 percent compared to an estimated 4.9-5.0 percent at present will not do it.
As we have argued before, only if the new bonds to be exchanged for old bonds are collateralized or credit enhanced by a AAA-rated entity such as EFSF, could there be some chance of opening up the interbank repo market for local banks.
However, it is not sure whether Greece’s EU partners will accept something like this since it is likely to burden their national debt, making it politically very difficult.
A mandatory form of haircut of 40 to 50 percent would have indeed reduced the debt-to-GDP ratio to lower levels that may be deemed sustainable by the markets. However, on the one hand, Greece’s EU partners are not willing to accept such a solution and, on the other, it would have likely shut the country out of the markets for many years.
Therefore, any form of debt restructuring except the credit enhanced solution of “Brady bonds” will not help local banks access the markets for fresh funding. Even the “Brady bond” solution of credit enhanced bonds may be of limited use for long-term issuance by banks.
But the Greek economy cannot wait forever so that normal credit flows are restored. From this point of view, some advocate that weaker banks become the sacrificial lambs in the sense that their shareholders lose most of their money by essentially nationalizing and then selling cheap to large international banks.
This can be done if banks are in need of fresh capital and existing shareholders are not able to participate in a share capital increase. The bank or banks, according to this rationale, will end up at the Financial Stability Facility funded with 10 billion euros from the 110-billion-euro loan.
Is is this the right solution for getting the economy jump-started?
It is obviously wrong to “sacrifice” private companies in order to preserve a large and inefficient public sector.
Even if they have made wrong choices in the past such as giving loans to customers with poor credit for the mere purpose of enhancing their profits or/and buying an excessive amount of government bonds, banks and their shareholders do not deserve this fate.
However, since the political system seems unable to provide the right solution of drastically cutting back the public sector, one may argue that there seems no other solution left to improve the credit conditions in the broader economy and help avoid a prolonged recession.
ekathimerini.com , Sunday May 1, 2011 (23:22)
tommy271
Forumer storico
Greek finmin says no question of debt restructuring
PARIS | Mon May 2, 2011 1:58am EDT
PARIS May 2 (Reuters) - Greek Finance Minister Georges Papaconstantinou said in an interview published on Monday he believed Greece's debt was sustainable and there was no question of a restructuring.
Papaconstantinou told the French daily Liberation a better solution would be to delay repayment of the country's 110 billion euro bailout from the European Union and International Monetary Fund.
"There are people who think (a restructuring) is inevitable. But there are also those who have bet a lot of money on a Greek default. That's what explains the ridiculous rumours of the last few weeks. There is no question of restructuring," he was quoted as saying.
***
Sempre ferma la posizione dell'Esecutivo ellenico.
PARIS | Mon May 2, 2011 1:58am EDT
PARIS May 2 (Reuters) - Greek Finance Minister Georges Papaconstantinou said in an interview published on Monday he believed Greece's debt was sustainable and there was no question of a restructuring.
Papaconstantinou told the French daily Liberation a better solution would be to delay repayment of the country's 110 billion euro bailout from the European Union and International Monetary Fund.
"There are people who think (a restructuring) is inevitable. But there are also those who have bet a lot of money on a Greek default. That's what explains the ridiculous rumours of the last few weeks. There is no question of restructuring," he was quoted as saying.
***
Sempre ferma la posizione dell'Esecutivo ellenico.
giutrader
Forumer attivo
Di prima mattina... iniziamo la settimana delle smentite.
tommy271
Forumer storico
In effetti allungare le scadenze da 10 a 30 anni del solo prestito da 110 MLD concesso dalla Troika potrebbe essere sufficiente ...
tommy271
Forumer storico
Grecia, ristrutturazione debito fuori questione - minFin
lunedì 2 maggio 2011 08:35
PARIGI, 2 maggio (Reuters) - Il ministro delle Finanze greco Georges Papaconstantinou ritiene che il debito di Atene sia sostenibile e che una ristrutturazione sia fuori questione.
In un'intervista al quotidiano francese Liberation, Papaconstantinou afferma che una soluzione migliore sarebbe una dilazione del rimborso del pacchetto di salvataggio del paese da 110 miliardi di euro da parte dell'Unione europea e del Fondo monetario internazionale.
"Ci sono persone che pensano che (una ristrutturazione) sia inevitabile. Ma ci sono anche quelli che hanno scommesso molto denaro su un default della Grecia. Questo spiega le voci ridicole delle ultime settimane. Una ristrutturazione è fuori questione", dice nell'intervista.
***
In italiano.
lunedì 2 maggio 2011 08:35
PARIGI, 2 maggio (Reuters) - Il ministro delle Finanze greco Georges Papaconstantinou ritiene che il debito di Atene sia sostenibile e che una ristrutturazione sia fuori questione.
In un'intervista al quotidiano francese Liberation, Papaconstantinou afferma che una soluzione migliore sarebbe una dilazione del rimborso del pacchetto di salvataggio del paese da 110 miliardi di euro da parte dell'Unione europea e del Fondo monetario internazionale.
"Ci sono persone che pensano che (una ristrutturazione) sia inevitabile. Ma ci sono anche quelli che hanno scommesso molto denaro su un default della Grecia. Questo spiega le voci ridicole delle ultime settimane. Una ristrutturazione è fuori questione", dice nell'intervista.
***
In italiano.
tommy271
Forumer storico
Bond euro aprono in calo con borse positive su notizia Bin Laden
lunedì 2 maggio 2011 08:47
LONDRA, 2 maggio (Reuters) - Apertura in calo per il futures
Bund, in scia alla flessione dei Treasuries Usa e al rialzo
degli indici e dei futures azionari scattato dopo la notizia
dell'uccisione di Osama Bin Laden.
Tuttavia gli operatori sottolineano che, con il mercato
britannico e diverse piazze asiatiche chiuse oggi per festività,
i bassi volumi potrebbero amplificare le reazioni del mercato,
ma comunque i futures sul governativo tedesco restano vicini ad
importanti soglie tecniche di resistenza.
Intanto la curva dei rendimenti tedesca, sul tratto 2-10
anni, mostra il grado di appiattimento massimo dallo scorso
novembre. I dati di venerdì scorso sull'inflazione europea, più
forte delle attese, hanno riportato al centro dell'attenzione
del mercato la prospettiva di nuovi rialzi dei tassi di
interesse da parte della Bce nel corso dell'anno.
lunedì 2 maggio 2011 08:47
LONDRA, 2 maggio (Reuters) - Apertura in calo per il futures
Bund, in scia alla flessione dei Treasuries Usa e al rialzo
degli indici e dei futures azionari scattato dopo la notizia
dell'uccisione di Osama Bin Laden.
Tuttavia gli operatori sottolineano che, con il mercato
britannico e diverse piazze asiatiche chiuse oggi per festività,
i bassi volumi potrebbero amplificare le reazioni del mercato,
ma comunque i futures sul governativo tedesco restano vicini ad
importanti soglie tecniche di resistenza.
Intanto la curva dei rendimenti tedesca, sul tratto 2-10
anni, mostra il grado di appiattimento massimo dallo scorso
novembre. I dati di venerdì scorso sull'inflazione europea, più
forte delle attese, hanno riportato al centro dell'attenzione
del mercato la prospettiva di nuovi rialzi dei tassi di
interesse da parte della Bce nel corso dell'anno.
- Stato