Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (18 lettori)

[tommy271]

reece Factory Activity Contracts At Slower Pace

5/2/2011 4:17 AM ET

(RTTNews) - Greek manufacturing sector shrunk at a slower pace in April as contractions of output and new orders eased, survey data showed Monday.

The purchasing managers' index for the manufacturing sector rose to 46.8 from 45.4 in March, a Markit Economics survey revealed. A reading below 50 indicates decline in the sector. The latest score is a 15-month high.

Production, which fell for the nineteenth straight month, shrunk at the slowest pace since December 2009. The improvement was due to the lowest rate of reduction in new business since the start of last year. New export orders logged a modest decline.

Meanwhile, manufacturers continued to shed jobs in response to weaker sales. The pace of staff reduction was faster than in March. While firms reduced post-production buffer stocks due to weak demand, their backlogs fell at the fastest pace in three months owing to a lower level of incoming new work.

Average factory-gate prices fell for the second month in a row. This was mainly due to pressure from competition in the backdrop of falling sales. Input cost inflation remained strong and was the least marked since last November. The increase in costs was mainly led by higher oil price.

 

[tommy271]

Troika Threatens To Suspend Disbursement Of Fifth Aid Tranche



The disbursement of the fifth €12b tranche from IMF/EU/ECB to Greece won’t be easy, as the review of the implementation of the Memorandum of Understanding will be accompanied by a “political” issue.

Sources told Capital.gr that troika has already formulated a response to Greek government ahead of its representatives’ arrival in Athens.

Troika has decided to demonstrate regardless of any political consequences that the way Greece is implementing the Memorandum is responsible for any deviations, not the Memorandum itself.

IMF/EU/ECB representatives will insist on a strict attitude on Greece’s political responsibilities, blaming ministers for the delays. The situation would be politically manageable for the government, if the issue stopped there.

But if the figures are proved not good enough, troika may raise the issue of non-disbursement of the fifth instalment in June. There is growing talking in the EU for sending out a message to the troubled economies of the Euro-zone through Greece, however a failure to release a tranche could cause dramatic developments through the uncontrollable debt restructuring.

The possibility of Greece’s failure to repay interest and debt to Greek and foreign bank has been ruled out by IMF, ECB and EU. A promoted solution has been the release of a part of the tranche that would be sufficient for the repayment of debt until August in order to avoid a default.
But it wouldn’t be enough for the country’s needs for salaries, pension, education, health, etc, which should be covered by the government’s revenues and publishing of treasury bills in the internal market.

In fact, this solution would ensure the normal continuation of debt servicing, but it would also lead to a semi-suspension of payments in the country, with unpredictable political consequences not only for the stability of the government but also for the possibility of political addressing of the crisis that it would cause.

Some sources in Brussels note that this could be proved a “dangerous game” for the Euro-zone, but also insist that Greece has shown recently that it is willing to “blackmail” troika on the grounds that the planning of Memorandum is responsible for the bad results of fiscal adjustment.

The possibility of a positive review of the Greek program is not ruled out, meaning that the second quarter of the year will be the same as the first. However, such a possibility is not likely, based on the figures that troika officials hold.

(capital.gr)

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Come previsto, in vista dell'approvazione del pacchetto di Privatizzazioni e rientro deficit, cresceranno le pressioni sull'esecutivo ellenico.

 

[tommy271]

ECB Says 2010 Crisis ‘Erased’ Gains in Money Market Integration

By Jeff Black - May 2, 2011 10:45 AM GMT+0200 Mon May 02 08:45:00 GMT 2011

The European Central Bank said that last year’s sovereign debt crisis set back the return to normal of the continent’s money markets after the worst recession since World War II.
“The euro area money market departed again from a satisfactory degree of integration, especially for instruments with lower maturities,” the ECB said today in its annual financial integration report. “For these, much of the integration gains registered in 2009 have been erased.”
The Frankfurt-based central bank embarked on a program of buying sovereign bonds in May 2010, as soaring bond yields amid unsustainable debt loads forced first Greece and then Ireland to apply for European aid. ECB President Jean-Claude Trichet has said that these and other emergency measures are “temporary” and will be removed as soon as conditions permit.
The ECB said that confidence in the banking sector has been “strongly affected” by the sovereign debt crisis, and that progress in restoring normal lending conditions present before the financial crisis began “is still relatively slow.”
“While the measured integration of the euro area money market has somewhat improved since the peak of the sovereign debt crisis in the second quarter of 2010, this progress remains fragile and the prospects are uncertain,” the report said.
The ECB said that conditions imposed by the European Commission on ailing banks in return for state aid had caused some institutions “to retrench within national borders,” hurting financial integration.
At the same time, the ECB said that the “underlying trend movement in Europe towards financial development and integration has continued in spite of the financial crisis.”



(Bloomberg)

 

[tommy271]

Attualmente la Borsa di Atene, con il suo l'indice ASE, registra 1421 punti a - 0,89%. Volumi bassi a 20 MLN.
I nostri spread, dopo il recupero di venerdì sono stati spinti verso l'alto.
Ora siamo intorno a 1303 pb., andamento stabile dopo il rialzo delle prime ore di questa mattina.

 

[Baro]

Regling mi sembra in linea con la Bce....sapete se è della spd o cdu ?

 

[tommy271]

Regling mi sembra in linea con la Bce....sapete se è della spd o cdu ?

E' un tecnico.
Io lo avrei visto bene alla presidenza BCE.
Ma ormai sembra che Draghi abbia la strada spianata ...

 

[Baro]

E' un tecnico.
Io lo avrei visto bene alla presidenza BCE.
Ma ormai sembra che Draghi abbia la strada spianata ...

Comunque bisogna dargli atto che le sue dichiarazioni sono abbastanza slegate da quelle della Merchel.

 

[tommy271]

Privatization Of DEPA Remains A Puzzle



The privatization of Greece’s gas company DEPA remains a puzzle for the government. The problems in the case of the state-owned company regard the relations between the shareholders and the form of the company in the future.

Capital.gr had reported that the soon to been announced model of separation between DEPA and Gas Transmission System Operator (DESFA) will determine the model of privatization: whether there will be a sale of DEPA’s networks or a promotion of any other solution.

Greek government intends to sell a stake of 31% of the company from the 65%, which holds, while a consultant’s study is expected within the week on whether the proposed solution of the separation of the company is promoted. Sources note that there will be a provision, that ensures that the control of the transmission operator would remain in the state, will be included in the law bill.

A crucial aspect of the project regards the Public Power Corporation’s option for a stake of 30% of DEPA. Valuation and compensation of PPC’s option should be take place before any privatization of DEPA, while PPC is considered DEPA’s biggest customer and therefore their agreement may be DEPA’s most significant asset.

Additionally, the signing of a new contract between PPC and DEPA is still pending, remaining an obstacle in the whole project, given that the value of DEPA is largely determined by the contracts it holds.

However, the current situation has a positive dimension as DEPA reported profits of €90.8m in 2010, increased by 50%.

Finally, it should be noted that Hellenic Petroleum is involved in the shareholding structure of DEPA with a stake of 30%.

(capital.gr)

***
Privatizzazioni e corporate.

 

[Baro]

EFSF Regling: No Country Will Veto Portugal Aid Package - Report




PARIS (Dow Jones) - No country will veto the bailout plan for Portugal, Klaus Regling, the head of the European Financial Stability Facility, tells French daily Les Echos in an interview Monday.
"Unanimity is necessary to make a decision on the aid package for Portugal, as well as to boost the resources of the EFSF. We can imagine a country abstaining, but a veto is impossible," he says.
While no decision has yet been made on the Portuguese bailout package, the International Monetary Fund should contribute up to a third of the total amount, as it did for Ireland, he says, adding that no country has made any bilateral loan offers.
About 10% of the loan will be used to support the country's banks, a figure comparable with the rescue package for Greece, Regling says.
As for Greece, Regling says that the restructuring of the country's debt should only be considered as a measure of last resort, because it would create long-term confidence problems and would affect the continent's banking sector.
"The Commission, the European Central Bank and the IMF are persuaded that the plan of budget consolidation can be successful without restructuring the debt," Regling tells the newspaper. "Such an operation, which wouldn't have a direct impact on the EFSF because it didn't lend money to Greece, must be envisaged only as a last resort, because it would not come without problems: in the free market economy, contracts must be fulfilled, or one runs the risk of destabilizing property rights. Also, there would be new costs to support, in particular for European banks."
Regling suggests the Greek government should accelerate privatizations and increase the pace of budget consolidation.
Regarding Spain, Regling says he's convinced the country will be a dam against sovereign debt contagion, rather than the next pawn to fall.
"I don't see a big risk there," he tells Les Echos. "The money that could be necessary to sustain the Spanish banking sector shouldn't exceed 10% of GDP."

Economia
Percorso:ANSA.it > Economia > News
Grecia: Regling,avra'difficolta' in 2012

Intervista su Handelsblatt,Spagna non fara' ricorso ad aiuti Ue

02 maggio 2011
Guarda la foto1 di 1

(ANSA) - ROMA, 2 MAG - La Grecia potrebbe avere difficolta' a finanziarsi nel 2012 e a raccogliere i 25 miliardi previsti dal piano del governo. Lo afferma Klaus Regling, presidente dell'European Financial Stability Facility (Efsf) in una intervista ad Handelsblatt. I progetti di Atene sono ''troppo ottimistici'' ha detto Regling aggiungendo come la Spagna non avra' bisogno di ricorrere all'Efsf e che il mercato ha compreso che la crisi del debito in Europa sara' limitata a 3 Paesi che incidono per il 6% del Pil Ue.

FORSE IL MIO INGLESE E' UN PO' ARRUGGINITO MA NON MI SEMBRA CHE LE DUE DICHIARAZIONI COINCIDANO....

 

[tommy271]

ECB's Weidmann Urges Exit From Temporary Emergency Measures



FRANKFURT -(Dow Jones)- Temporary emergency measures launched during the financial crisis can have "significant side effects" when kept for too long, newly appointed Bundesbank President Jens Weidmann said Monday, urging the European Central Bank to consider the timing of its exit from special measures.
Speaking at his inauguration, Weidmann also stressed that "there must be no compromise" to the ECB's main objective, namely to keep inflation in the euro bloc at just below 2% over the medium term.
It is also important that the Bundesbank and the ECB are independent from any political pressure, said the 43-year old economist, who is also a member of the ECB's rate-setting Governing Council.
His remarks indicate that Weidmann, who on May 1 took over the presidency from Axel Weber, will carry on with the Bundesbank's inflation-fighting tradition.
A challenge for central banks will be to return to a normal working mode, he said, adding "the question for the exit is not if, but when."



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Affermazioni del "galoppino" della Merkel.