tommy271
Forumer storico
Nel senso che, con ogni probabilità, a partire dal 2013 i nuovi bond conterranno clausole CAC.
Che poi troveranno più o meno applicazione, non possiamo saperlo
.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
Nel senso che, con ogni probabilità, a partire dal 2013 i nuovi bond conterranno clausole CAC.
Che poi troveranno più o meno applicazione, non possiamo saperlo
.
giub
New Membro
Per intenderci, se al posto della 2014 5,5% ti danno un brady 2034 allo 0,5%, tu lo riterresti migliore o peggiore dell'Argentina?
Tecnicamente io ho diritto ad un predeterminato flusso cedolare e ad un nominale. Un solo giorno di ritardo o un solo cent in meno tecnicamente è default. Poi se io rinuncio volontariamente possiamo evitare i risvolti giuridici.
Ultima modifica:
tommy271
Forumer storico
Esagerato.
Un Brady al 2020 se ne può parlare.
Al 2034 possono essere solo per "Istituzionali".
tommy271
Forumer storico
N.Karamouzis: Greece Should Startle Speculators
“We want to contribute with all our forces to the further development of tourism industry, which is the flagship of the Greek economy and holds a key role in its restart”, said Eurobank’s deputy chief executive Nikos Karamouzis at the general meeting of Association of Greek Tourism Enterprises.
He stressed that debt restructuring is a “spurious solution”, promoted by foreign speculators.
Nikos Karamouzis also stated that under adverse conditions the Greek government has progressed in the part of fiscal consolidation and reform.
However, a new series of bold reform is needed in order to startle the speculators, creating a productive and competitive economy. It would help the country negotiate with its partners a rescheduling of the adaptation period.
Eurobank supports tourism industry, because it would lead the way to growth, said the deputy.
Nikos Karamouzis noted that the Greek banking system remains on the defensive and faces the consequences of major fiscal diversion, however Greek banks have shown considerable strength. It is no coincidence that the international rating agencies assess Greek banks at higher level than Greek State, he added.
(capital.gr)
***
Il parere di un'ottimista ...
“We want to contribute with all our forces to the further development of tourism industry, which is the flagship of the Greek economy and holds a key role in its restart”, said Eurobank’s deputy chief executive Nikos Karamouzis at the general meeting of Association of Greek Tourism Enterprises.
He stressed that debt restructuring is a “spurious solution”, promoted by foreign speculators.
Nikos Karamouzis also stated that under adverse conditions the Greek government has progressed in the part of fiscal consolidation and reform.
However, a new series of bold reform is needed in order to startle the speculators, creating a productive and competitive economy. It would help the country negotiate with its partners a rescheduling of the adaptation period.
Eurobank supports tourism industry, because it would lead the way to growth, said the deputy.
Nikos Karamouzis noted that the Greek banking system remains on the defensive and faces the consequences of major fiscal diversion, however Greek banks have shown considerable strength. It is no coincidence that the international rating agencies assess Greek banks at higher level than Greek State, he added.
(capital.gr)
***
Il parere di un'ottimista ...
tommy271
Forumer storico
German Lawmaker: Greek Debt Restructuring Has Contagion Risk
BERLIN (Dow Jones)--A restructuring of Greek debt should be avoided as it bears a contagion risk for Ireland and Portugal, a high-ranking German government lawmaker said Wednesday, while a French minister also rejected such a step.
"A restructuring in the sense of a debt cut is the last resort," Klaus-Peter Flosbach, the financial spokesman in parliament for Chancellor Angela Merkel΄s Christian Democrats, told Dow Jones Newswires in an emailed statement.
"It can only be considered when it΄s unavoidable. For that, all reform measures would need to be exhausted and fruitless. I don΄t see that currently," Flosbach said, adding that a restructuring would shut Greece out of capital markets for years.
French Budget Minister Francois Baroin said a restructuring of Greek sovereign debt is "out of the question" after a weekly cabinet meeting in Paris Wednesday.
Instead, he pointed to the mechanisms already put in place by the European Union to help countries in fiscal difficulties that have "the objective of defending our currency."
Germany΄s Flosbach said a comment in April by German Deputy Foreign Minister Werner Hoyer that a Greek debt restructuring "would not be a disaster" is to narrowly focus on Greece.
"The decisive goal is to stabilize the euro zone as a whole," Flosbach said. "That aim we don΄t reach better through a restructuring, nor faster, nor cheaper. To the contrary. If we don΄t restructure, we limit the risks of a systemic contagion."
Flosbach said, however, that a voluntary reduction in interest rates on Greek debt, or a further extension of debt maturities could be considered. But to grant Greece lower interest rates on its debt, markets first will want to see the actual success of current fiscal and structural reforms, he said.
If additional aid measures for Greece were to be necessary, the euro zone΄s current rescue mechanism, the European Financial Stability Facility, could provide further loans, Flosbach said, but "only under very tight conditions."
Greece in May 2010 was granted an EUR110 billion rescue package by the International Monetary Fund and bilateral loans from euro-zone countries, while the EFSF was only set up after that.
Thomas Straubhaar, director of the Hamburg-based Institute for the World Economy, said Wednesday some kind of restructuring of Greek debt is unavoidable.
A rapid debt "haircut," however, could have incalculable consequences and trigger a domino effect and possibly even a banking crisis in Germany, he said. German banks hold large amounts of Greek sovereign debt.
A restructuring extended over several years, comparable to the Brady-bond program to help Latin American countries overcome their debt crisis in the 1990s, would cause less macro-economic harm, Straubhaar said.
BERLIN (Dow Jones)--A restructuring of Greek debt should be avoided as it bears a contagion risk for Ireland and Portugal, a high-ranking German government lawmaker said Wednesday, while a French minister also rejected such a step.
"A restructuring in the sense of a debt cut is the last resort," Klaus-Peter Flosbach, the financial spokesman in parliament for Chancellor Angela Merkel΄s Christian Democrats, told Dow Jones Newswires in an emailed statement.
"It can only be considered when it΄s unavoidable. For that, all reform measures would need to be exhausted and fruitless. I don΄t see that currently," Flosbach said, adding that a restructuring would shut Greece out of capital markets for years.
French Budget Minister Francois Baroin said a restructuring of Greek sovereign debt is "out of the question" after a weekly cabinet meeting in Paris Wednesday.
Instead, he pointed to the mechanisms already put in place by the European Union to help countries in fiscal difficulties that have "the objective of defending our currency."
Germany΄s Flosbach said a comment in April by German Deputy Foreign Minister Werner Hoyer that a Greek debt restructuring "would not be a disaster" is to narrowly focus on Greece.
"The decisive goal is to stabilize the euro zone as a whole," Flosbach said. "That aim we don΄t reach better through a restructuring, nor faster, nor cheaper. To the contrary. If we don΄t restructure, we limit the risks of a systemic contagion."
Flosbach said, however, that a voluntary reduction in interest rates on Greek debt, or a further extension of debt maturities could be considered. But to grant Greece lower interest rates on its debt, markets first will want to see the actual success of current fiscal and structural reforms, he said.
If additional aid measures for Greece were to be necessary, the euro zone΄s current rescue mechanism, the European Financial Stability Facility, could provide further loans, Flosbach said, but "only under very tight conditions."
Greece in May 2010 was granted an EUR110 billion rescue package by the International Monetary Fund and bilateral loans from euro-zone countries, while the EFSF was only set up after that.
Thomas Straubhaar, director of the Hamburg-based Institute for the World Economy, said Wednesday some kind of restructuring of Greek debt is unavoidable.
A rapid debt "haircut," however, could have incalculable consequences and trigger a domino effect and possibly even a banking crisis in Germany, he said. German banks hold large amounts of Greek sovereign debt.
A restructuring extended over several years, comparable to the Brady-bond program to help Latin American countries overcome their debt crisis in the 1990s, would cause less macro-economic harm, Straubhaar said.
tommy271
Forumer storico
Greek Finance Minister Says MPs Back Pay Claims Are ‘Insult’
By Maria Petrakis and Marcus Bensasson - May 4, 2011 4:11 PM GMT+0200 Wed May 04 14:11:03 GMT 2011
“The demand for back pay of pensions or salaries is an insult to a sense of justice, particularly at this particular time for the economy,” Papaconstantinou said in an e-mailed statement from the Athens-based ministry. “The ministry won’t meet any such demand and will take all necessary action in this direction.”
The group of about 800 former lawmakers, who sat in Greece’s parliament between 2003 and 2008, are claiming 80 million euros ($119 million) in back pay and benefits, Kathimerini reported today, citing a court official. They are basing their claim on a 2008 law that members of parliament should be paid the same as the country’s top judges, the Athens- based newspaper said.
Greece’s economy has been hurt by government cuts to wages and pensions and tax increases aimed at narrowing a budget deficit that reached 15.4 percent of gross domestic product in 2009. While Parliament voted for the pay rises not to come into effect, the former lawmakers are claiming they are not bound by this decision as they are no longer MPs, Kathimerini said.
(Bloomberg)
By Maria Petrakis and Marcus Bensasson - May 4, 2011 4:11 PM GMT+0200 Wed May 04 14:11:03 GMT 2011
“The demand for back pay of pensions or salaries is an insult to a sense of justice, particularly at this particular time for the economy,” Papaconstantinou said in an e-mailed statement from the Athens-based ministry. “The ministry won’t meet any such demand and will take all necessary action in this direction.”
The group of about 800 former lawmakers, who sat in Greece’s parliament between 2003 and 2008, are claiming 80 million euros ($119 million) in back pay and benefits, Kathimerini reported today, citing a court official. They are basing their claim on a 2008 law that members of parliament should be paid the same as the country’s top judges, the Athens- based newspaper said.
Greece’s economy has been hurt by government cuts to wages and pensions and tax increases aimed at narrowing a budget deficit that reached 15.4 percent of gross domestic product in 2009. While Parliament voted for the pay rises not to come into effect, the former lawmakers are claiming they are not bound by this decision as they are no longer MPs, Kathimerini said.
(Bloomberg)
sethi
Forumer storico
Nel senso che, con ogni probabilità, a partire dal 2013 i nuovi bond conterranno clausole CAC.
Che poi troveranno più o meno applicazione, non possiamo saperlo
A questo punto devo chiedere scusa ma queste regole sono state approvate o sono state ipotizzate?
ferdo
Utente Senior
le regole poste per quanto si è capito è che i bond dopo 2013 avranno clausola di azione collettiva;
che se un paese accede all'ESM, in dipendenza della sostenibilità del debito, scatta o meno tale clausola.
Il fatto che si siano sentiti in dovere di normare in tal senso lascerebbe supporre che i bond attuali non ricadano in tale situazione.
E' pur vero che occorrerebbe leggere i prospetti.
E' anche da chiedersi se una legge greca può cambiare le condizioni. O se una maggioranza può cambiarle.
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tommy271
Forumer storico
Sono solo ipotizzate.
Credo che possano trovare accoglimento durante la discussione a giugno sul ruolo del futuro ESM.
Ovviamente le condizioni saranno identiche a tutti i TdS emessi nell'area Euro ed altrettanto ovviamente non andranno ad impattare le triple AAA.
- Stato
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