Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Greek PM: Voluntary Debt Restructurings Won't Help Greece



ATHENS (Dow Jones)--Greece won't recover from its financial woes with "magic formulas" or "voluntary bankruptcies," the country's prime minister told lawmakers Friday.
A year after Greece narrowly avoided default with the help of an EUR110 billion bailout from the European Union and International Monetary Fund, yields on Greek government bonds have hit record highs as investors have progressively priced in the likelihood of a Greek debt restructuring.
But Greek officials continue to insist they will not seek to restructure the country's mountain of debt, seen peaking at close to 160% of GDP in 2013.
"The country won't emerge from its difficulties with magic formulas, opportunistic acts, or voluntary bankruptcies," Prime Minister George Papandreou said in remarks to parliament. "It will emerge with big reforms."
The bailout came with conditions that Greece introduce fiscal and structural reforms to cut its budget deficit and overhaul its hidebound economy. Since then, the Greek government has cut its deficit by about a third--to 10.5% of gross domestic product last year.



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Leonida/Papandreou ...

 

[sethi]

Anche qui siamo sui minimi ...

si quando li tocca riporto la diversificazione allo 0.4%.......però dovesse scendere ancora potrei incrementare allo 0.5% del capitale

 

[tommy271]

Roubini: 'Double dip risk' in eurozone

The European Central Bank (ECB) is risking a double dip recession in the periphery of the eurozone if it continues to increase interest rates, economist Professor Nouriel Roubini has warned.
Continuing economic contraction in Greece, Spain, Ireland, Portugal and Italy will be exacerbated by the ECB's policy of tightening its economic policy, he said.
"Unfortunately the ECB has started to increase interest rates, these increasing interest rates are leading to a strengthening of the euro," he argued on the Today programme.
"The euro becoming stronger and stronger is preventing the resumption of economic growth.
"If there is not going to be economic growth their [peripheral eurozone economies] own fiscal problems - too much public debt, too much private debt - will never be resolved.
"A weaker euro would help them to grow out of their own recessions. Maybe the ECB is tightening to much, too fast, too soon.

BBC News - Today - Roubini: 'Double dip risk' in eurozone

(audio)

 

[IL MARATONETA]

Ciao Maratoneta, certo è che fino ad oggi, dal mio post del 27 aprile, abbiamo recuperato, poco, ma recuperato.
Credo che la tranche sarà versata regolarmente e che la politica Greca e quella Europea facciano responsabilmente la loro parte .
Ciao, ciao, Giuseppe

ciao giuseppe, spero anch'io nel regolare versamento, anche se mi sembra che i funzionari che stanno esaminando i conti della grecia non stiano trovando, per il momento, corrispondenza tra le cifre stimate e quelle effettive.
Mi viene da pensare quindi che si possa arrivare anche al rinvio della tranche: lo chiedo a te, ma anche a tommy, come a tutti gli altri forumisti: un rinvio della tranche per quanto tempo sarebbe possibile senza creare problemi di default, quindi prima che le casse siano vuote???

 

[tommy271]

ciao giuseppe, spero anch'io nel regolare versamento, anche se mi sembra che i funzionari che stanno esaminando i conti della grecia non stiano trovando, per il momento, corrispondenza tra le cifre stimate e quelle effettive.
Mi viene da pensare quindi che si possa arrivare anche al rinvio della tranche: lo chiedo a te, ma anche a tommy, come a tutti gli altri forumisti: un rinvio della tranche per quanto tempo sarebbe possibile senza creare problemi di default, quindi prima che le casse siano vuote???

Non è possibile rinviare le tranche di pagamento.
Possono slittare per "ragioni tecniche" come a dicembre, con pagamento a gennaio.
Il programma non si può interrompere, pena la sua cessazione.

 

[tommy271]

Greece Won't Sell Power Co Stake At Bargain Price -Prime Minister



ATHENS (Dow Jones)--Greece won't sell a planned 17% stake in the country's dominant power company at a bargain price, the prime minister said Friday, adding that the further privatization of the utility represents an opportunity to find new strategic partners for the company.
Speaking in parliament, Prime Minister George Papandreou's remarks follow a government announcement last month that it will sell down its majority stake in former monopoly Public Power Corporation SA (PPC.AT) next year to reduce Greece's towering public debt.
"We are not simply counting on [the stake sale] for just narrow financial reasons," Papandreou said in response to a question by an opposition lawmaker. "I don't deny that there is also a financial imperative. But, as you correctly stated, it is not our first priority, nor, should it be sold at a bargain basement price."
A year ago last May, Greece narrowly avoided default with the help of a EUR110 billion bailout from the European Union and International Monetary Fund in exchange for a series of fiscal and structural reforms to cut its budget deficit and overhaul its hidebound economy.
Since then, the Greek government has cut its deficit by about a third--to 10.5% of gross domestic product last year--but is struggling to convince investors that it can service its giant public debt, which is seen peaking at close to 160% of GDP in 2013.
To assuage those concerns, Greece announced in April the first steps towards an ambitious five-year privatization program that it hopes will raise EUR50 bilion by 2015.
Among its plans is to reduce the government's current 51% stake in PPC to 34%, which would still give the state a controlling minority stake in the company. PPC has a total market capitalization of about EUR2.6 billion, implying that a 17% stake could raise about EUR400 million from the sale.
PPC shares currently trade around EUR10.15 per share, down from a 52-week high of EUR13.87 per share.
However, the company's militant workers' union, Genop, opposes further privatization and has threatened to call rolling strikes as early as this month when details of the government's plans are expected to be presented to parliament.

 

[tommy271]

FTSE20 Index Records Year Lows



FTSE20 index posts new lows for the year, retreating earlier to 615.42 units, as the Greek market seems unable to react substantially, following a four-day downward streak.

PPC stands out of FTSE20, with profits of 2.74%, while Bank of Cyprus, Coca-Cola 3E, Jumbo and OPAP move between gains and losses.

On the other hand, Titan bears the heaviest pressures, after the announcement of financial results for the first quarter of 2011 on Thursday, while ATEbank follows.

Hellenic Telecoms (OTE) moves downwards, following the publication of Q1 2011 results before the bell.

“Notable volatility of markets abroad and very weak corporate figures announced by specific large cap equities clearly limit the market΄s ascending boundaries, especially as long as investors perceive that the Greek State has done little to tackle structural domestic economy inefficiencies”, said Pegasus Securities in its morning report.

The absence of any positive domestic catalyst would limit the likelihood of an upward reaction, despite the significant negative hyperbole in most of the charts, Pegasus added.

Across the board, the General Index is at 1,378.55, posting marginal profits of 0.04%, moving into a margin of 13.5 units or 0.98%. The turnover stands at €30.5m, while a total amount of 70 shares decline, 34 rise and 42 remain unchanged.

Greek banks, which trimmed early losses of 0.85%, are at 1.014.77, down 0.07%.

(capital.gr)

 

[tommy271]

Greek PM: The State Will Maintain Control Over Public Power Corporation



The Greek State will not abrogate its control over Public Power Corporation, according to Greek law and business practices, said Prime Minister George Papandreou in response to the president of opposition party LAOS Giorgos Karatzaferis.

George Papandreou stated that there is fruitful debate within the cabinet and asked Giorgos Karatzaferis to read the entire statements of ministers which reportedly disagree with the further sale of government’s stake in public controlled enterprises.

Finally, he committed that government’s objective is not just the achievement of strategic alliances, but also the achievement of the most viable option for PPC, and called on unionists to agree with the proposed solutions.

(capital.gr)

 

[tommy271]

HSBC: Six Greece Restructuring Scenarios



The 2012-14 segment of the Greek curve is extremely cheap given the prospect that there will be no restructuring, voluntary or involuntary, for at least one year, said HSBC Holdings in a report.

It sees little chance of an involuntary restructuring before June 2013, when the European Stability Mechanism comes into effect, making more orderly work-outs possible.

Greek bond valuations have become disconnected from the policy communicated by European institutions and governments, according to HSBC, which outlines six possible scenarios for Greek debt:

1. No restructuring, benign

Under this scenario, Greece will continue to implement fiscal austerity until the budget is on a more stable footing, possibly with interim support from the EFSF, and then return to the debt markets to refinance maturing bonds at the earliest possibility. 20% probability.

2. No restructuring, extended support

Over time the Greek government debt will be gradually replaced by the loans from the IMF and Eurogroup and this means that the control of the economy will be passed to the EU institutions and IMF. If Greece fails to issue in public markets the official support will continue. 5% probability.

3. Near-term restructuring, involuntary and disruptive

For Greece to impose involuntary haircuts on creditors there would have to be a radical change of policy, either by Greece itself or the EU and its institutions. 5% probability.

4. Near-term, voluntary reprofiling

The unsustainability of Greece’s fiscal position has resulted in growing expectations of an imminent re-profiling, a softer form of restructuring. This scenario has recently gained favour so as not to contradict previous Eurogroup, ECB and EU5 promises that there would be no restructuring prior to 2013. It therefore keeps to the ‘letter of the law’ and the main advantage is that it would not trigger an event under the CDS and, therefore, avoid dramatic moves in the market. A number of precedents are available, including Uruguay in 2003. 30% probability.

5. Long-term, orderly, ESM and CACs used

This is consistent with the ESM term sheet5 and the numerous statements from European governments and institutions that support the official view. 35% probability.

6. Long-term disorderly, risk to Greece and EMU

In recognition of the risks to a voluntary restructuring there is always the possibility that either austerity fatigue or an eventual change of government in one of the countries results in a more radical approach. 5% probability.

(capital.gr)

 

[IL MARATONETA]

Non è possibile rinviare le tranche di pagamento.
Possono slittare per "ragioni tecniche" come a dicembre, con pagamento a gennaio.
Il programma non si può interrompere, pena la sua cessazione.

grazie