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

[tommy271]

Troika Asks For Privatizations, Public Enterprises’ Shutdowns, Mass Dismissals



Greece’s international lenders require tough measures to ensure the country’s willingness to proceed with bold decisions.

The negotiations continued intensively over the weekend, while Finance Minister Giorgos Papakonstantinou is leaving to attend Eurogroup meeting. The requirements for the 5th aid tranche and the new aid loan are many and major, while the sentiment is intense.

According to sources, the troika asks that €6b of the €26b of the new package should be raised within 2011. It is reported very displeased by Greek government’s laches in implementing the measures and budget deficit, while it has not yet approved the release of the 5th tranche.

It demands a medium-term program that will not just outline measures, but Greece will pledge to specific interventions with a detailed schedule. It also asks for immediate announcements of measures that will pass within May, possibly with increased majority (180 votes), before the troika announces its review for Greece’s progress.

Sources note that the troika’s unit requires the following:

-Immediate privatizations: the troika demands government’s commitment for full privatization of gas company DEPA and Hellenic Telecoms, while the cases of state-owned banks, betting company OPAP and Hellenic Post are under discussion.

-Loss-making state-owned enterprises should shutdown. This request is not new, but government’s delay has angered troika. It demands immediate announcement of public enterprises and entities which will stop their operations or merge with others.

-Mass dismissals: the shutdown of many public enterprises will make impossible the absorption of employees under the new rule of 1 recruitment for every 10 dismissals. The troika also asks for the abolishment of job permanence.

EU officials have stated repeatedly in past few days that Greece has adopted the measures but fails to implement them.

In addition, the IMF/EU/ECB unit asks for the publication of well-known names that are involved in major financial scandals. The objective is to prove that Greece intends to contend with established interests and reverse the strong social resentmen t.


This issue goes beyond the powers of Finance Ministry, which officiates talks with the troika and is expected to discuss it in the cabinet, after the Eurogroup meeting.

However, several government officials do not disagree with this aggressive stance, considering that it is the only way that the Greek society will be convinced of the government’s determination for bold changes.

(capital.gr)

 

[C.Bonacieux]

A proposito di Paesi indebitati.... (dal Figaro di ieri)

Les États-Unis à moins de trois mois de la faillite

Ce lundi, la dette américaine dépassera son plafond de 14.294 milliards de dollars, à partir duquel l'État fédéral ne peut plus emprunter. Sans compromis entre le Congrès et la Maison-Blanche avant le 2 août, les États-Unis seront en défaut de paiement.

Depuis plusieurs mois, le G20 et le FMI, mais aussi l'Europe, le Brésil, la Chine, et les agences de notations pressent les États-Unis d'assainir leurs déficit et dette publics démentiels. Aujourd'hui, l'État fédéral américain a le couteau sous la gorge: lundi, la dette américaine devrait toucher son plafond - déjà relevé en janvier dernier -, fixé à 14.294 milliards de dollars, et à partir duquel les États-Unis ne pourront plus emprunter.

Autrement dit, les États-Unis sont au bord de la faillite. Devant l'urgence de la situation, le secrétaire au Trésor, Tim Geithner, a donné un sursis de 30 jours supplémentaires pour permettre au Congrès de trouver un accord avec la Maison-Blanche. Ils ont donc jusqu'au 2 août prochain pour négocier un compromis : les républicains du Congrès n'accepteront pas de voter le relèvement du plafond de la dette tant que le gouvernement n'aura pas mis en place un plan de rigueur budgétaire. Les États-Unis enchaînent en effet trois années de déficit public supérieur à 10% et aucun programme concret et crédible de réduction des dépenses n'est envisagé. Pour Olivier Blanchard, chef économiste du FMI, le plan d'économies de 39 milliards de dollars accouché le 8 avril dernier est «insuffisant».

Barack Obama s'est fixé pour objectif de diminuer le déficit du budget américain de 4000 milliards de dollars au cours des douze prochaines années. Il fixe la réduction du déficit budgétaire à 2,5% du PIB en 2015, et veut qu'elle soit atteinte aux trois quart par des baisses de dépenses. Des objectifs, mais pas de moyen clairs pour les atteindre : lors d'une visite chez Facebook, le président a parlé réforme de la fiscalité.Sans donner trop de détails, il compte d'attaquer aux cadeaux fiscaux destinés aux Américains les plus riches, envisage de limiter les dépenses militaires et les aides à l'agriculture, et de tailler dans le programme de santé, pourtant très populaire, Medicare.

«L'équivalent financier d'un bombe nucléaire»
Que se passerait-il si les États-Unis ne pouvaient plus honorer leur dette, comme cela a été le cas pour la Grèce, l'Irlande, ou le Portugal ? Ce serait «l'équivalent financier d'une bombe nucléaire», s'alarme Aaron Kohli, spécialiste des bons du Trésor chez Nomura Securities. Le cataclysme mondial serait tel que les gens n'y croient pas. «Ils doivent trouver une solution, ils ne peuvent pas laisser la planète finance exploser», se rassure un analyste, qui note que les marchés financiers ne montrent pas de signes d'inquiétudes sur la capacité des autorités américaines à s'entendre.

Pour David Wyss, économiste en chef de l'agence de notation Standard and Poor's qui a récemment menacé le triple A américain, non seulement le Trésor «peut continuer à fonctionner jusqu'en août (via des manipulations comptables, NDLR)», laissant le temps au Congrès de s'entendre, mais de plus, en cas de situation critique, le gouvernement «fera passer le service de la dette en priorité».

 

[Nobody's]

Troika Asks For Privatizations, Public Enterprises’ Shutdowns, Mass Dismissals



Greece’s international lenders require tough measures to ensure the country’s willingness to proceed with bold decisions.

The negotiations continued intensively over the weekend, while Finance Minister Giorgos Papakonstantinou is leaving to attend Eurogroup meeting. The requirements for the 5th aid tranche and the new aid loan are many and major, while the sentiment is intense.

According to sources, the troika asks that €6b of the €26b of the new package should be raised within 2011. It is reported very displeased by Greek government’s laches in implementing the measures and budget deficit, while it has not yet approved the release of the 5th tranche.

It demands a medium-term program that will not just outline measures, but Greece will pledge to specific interventions with a detailed schedule. It also asks for immediate announcements of measures that will pass within May, possibly with increased majority (180 votes), before the troika announces its review for Greece’s progress.

Sources note that the troika’s unit requires the following:

-Immediate privatizations: the troika demands government’s commitment for full privatization of gas company DEPA and Hellenic Telecoms, while the cases of state-owned banks, betting company OPAP and Hellenic Post are under discussion.

-Loss-making state-owned enterprises should shutdown. This request is not new, but government’s delay has angered troika. It demands immediate announcement of public enterprises and entities which will stop their operations or merge with others.

-Mass dismissals: the shutdown of many public enterprises will make impossible the absorption of employees under the new rule of 1 recruitment for every 10 dismissals. The troika also asks for the abolishment of job permanence.

EU officials have stated repeatedly in past few days that Greece has adopted the measures but fails to implement them.

In addition, the IMF/EU/ECB unit asks for the publication of well-known names that are involved in major financial scandals. The objective is to prove that Greece intends to contend with established interests and reverse the strong social resentmen t.


This issue goes beyond the powers of Finance Ministry, which officiates talks with the troika and is expected to discuss it in the cabinet, after the Eurogroup meeting.

However, several government officials do not disagree with this aggressive stance, considering that it is the only way that the Greek society will be convinced of the government’s determination for bold changes.

(capital.gr)

Davvero dura

Mi spiace davvero per loro....

La lana si assottiglia....

Saran bravi a tenere il paese

 

[Nobody's]

A proposito di Paesi indebitati.... (dal Figaro di ieri)

Les États-Unis à moins de trois mois de la faillite

Ce lundi, la dette américaine dépassera son plafond de 14.294 milliards de dollars, à partir duquel l'État fédéral ne peut plus emprunter. Sans compromis entre le Congrès et la Maison-Blanche avant le 2 août, les États-Unis seront en défaut de paiement.

Depuis plusieurs mois, le G20 et le FMI, mais aussi l'Europe, le Brésil, la Chine, et les agences de notations pressent les États-Unis d'assainir leurs déficit et dette publics démentiels. Aujourd'hui, l'État fédéral américain a le couteau sous la gorge: lundi, la dette américaine devrait toucher son plafond - déjà relevé en janvier dernier -, fixé à 14.294 milliards de dollars, et à partir duquel les États-Unis ne pourront plus emprunter.

Autrement dit, les États-Unis sont au bord de la faillite. Devant l'urgence de la situation, le secrétaire au Trésor, Tim Geithner, a donné un sursis de 30 jours supplémentaires pour permettre au Congrès de trouver un accord avec la Maison-Blanche. Ils ont donc jusqu'au 2 août prochain pour négocier un compromis : les républicains du Congrès n'accepteront pas de voter le relèvement du plafond de la dette tant que le gouvernement n'aura pas mis en place un plan de rigueur budgétaire. Les États-Unis enchaînent en effet trois années de déficit public supérieur à 10% et aucun programme concret et crédible de réduction des dépenses n'est envisagé. Pour Olivier Blanchard, chef économiste du FMI, le plan d'économies de 39 milliards de dollars accouché le 8 avril dernier est «insuffisant».

Barack Obama s'est fixé pour objectif de diminuer le déficit du budget américain de 4000 milliards de dollars au cours des douze prochaines années. Il fixe la réduction du déficit budgétaire à 2,5% du PIB en 2015, et veut qu'elle soit atteinte aux trois quart par des baisses de dépenses. Des objectifs, mais pas de moyen clairs pour les atteindre : lors d'une visite chez Facebook, le président a parlé réforme de la fiscalité.Sans donner trop de détails, il compte d'attaquer aux cadeaux fiscaux destinés aux Américains les plus riches, envisage de limiter les dépenses militaires et les aides à l'agriculture, et de tailler dans le programme de santé, pourtant très populaire, Medicare.

«L'équivalent financier d'un bombe nucléaire»
Que se passerait-il si les États-Unis ne pouvaient plus honorer leur dette, comme cela a été le cas pour la Grèce, l'Irlande, ou le Portugal ? Ce serait «l'équivalent financier d'une bombe nucléaire», s'alarme Aaron Kohli, spécialiste des bons du Trésor chez Nomura Securities. Le cataclysme mondial serait tel que les gens n'y croient pas. «Ils doivent trouver une solution, ils ne peuvent pas laisser la planète finance exploser», se rassure un analyste, qui note que les marchés financiers ne montrent pas de signes d'inquiétudes sur la capacité des autorités américaines à s'entendre.

Pour David Wyss, économiste en chef de l'agence de notation Standard and Poor's qui a récemment menacé le triple A américain, non seulement le Trésor «peut continuer à fonctionner jusqu'en août (via des manipulations comptables, NDLR)», laissant le temps au Congrès de s'entendre, mais de plus, en cas de situation critique, le gouvernement «fera passer le service de la dette en priorité».

Ahh!! però!!

Bisogna affilare la lama allora

Bisogna trovare strumenti short allora

 

[AAAA47]

Ahh!! però!!

Bisogna affilare la lama allora

Bisogna trovare strumenti short allora

saranno una decina di anni che regolarmente ogni sei mesi circa, superano il limite max di indebitamento , il congresso approva un nuovo limite piu' alto, e si ricomincia a stampare
di che vi state a preoccupare?

 

[IL MARATONETA]

Non si muove un spillo

lo spread non scende, ma accontentiamoci che neppure sale....anche adesso sempre inchiodato nel range 1980-1990

 

[tommy271]

lo spread non scende, ma accontentiamoci che neppure sale....anche adesso sempre inchiodato nel range 1980-1990

700pb. in meno ...

 

[tommy271]

Fmi può ancora avere pieno ruolo in crisi euro zona- Germania

lunedì 16 maggio 2011 12:09






BERLINO, 16 maggio (Reuters) - Il Fmi può ancora svolgere pienamente il suo ruolo nella soluzione della crisi nell'eurozona, anche dopo l'arresto a New York del suo direttore generale accusato di violenza sessuale.
Lo ha detto un portavoce del governo tedesco che ha anche ribadito il supporto al governatore di Bankitalia per la presidenza della Bce.
"Il Fmi sarà in grado di svolgere pienamente il suo ruolo nella risoluzione dei problemi finanziari mondiali e nello specifico di quelli dell'eurozona, dove ricopre un ruolo veramente importante, senza alcuna limitazione", ha detto il portavoce della Cancelliera Angela Merkel.
Steffen Seibert ha anche aggiunto che è inopportuno ora discutere della successione per il capo del Fmi Dominique Strauss-Kahn e che l'Europa non ha un automatico diritto per quel posto, sebbene potrebbe esserci un buon candidato europeo.

 

[tommy271]

Athens Stocks Slide Ahead of Eurogroup Meeting



Athens market moves sharply downwards on Monday, ahead of European developments regarding the fate of Greek debt, amid uncertainty cause by the Strauss-Kahn’s arrest.

Greek banks post losses of 3.5%, while the General Index falls by more than 2%, recording a new intraday low for the year. FTSE20 also posts a new low, losing more than 2.9%, with only Titan and PPC moving in green. On the contrary, OPAP declines by more than 6%.

The head of IMF Dominique Straus-Kahn was about to return to Europe to meet with German Chancellor Angela Merkel and then attend another meeting in Brussels before being arrested, according to Bank of America Merrill Lynch, adding that the European crisis was on the agenda at a time when the nervous markets are seeking for direction.

BoA ML notes that although John Lipsky takes temporary charge of the IMF, a disruption to the fund’s function is inevitable along with a credibility problem that arises as a result of this incident.

Marfin Analystis expects a rather numb opening on the back of Strauss Kahn arrest and the developments that this could bring about in IMF. It thinks that it is quite soon to estimate the effects of the march of events in Greece.

“Some interest could be seen on Hellenic Exchanges due to the 1Q11 results that are going to be announced today post market close”, Marfin adds in its morning report.

Across the board, the General Index is at 1,324.52, down 2.34%, moving in negative territory from the start of the session. The turnover stands at €25 million, while a total amount of 104 shares decline, 34 remain unchanged and only 14 rise.

(capital.gr)

***
Profondo rosso.

 

[tommy271]

Privatizations Required As Collateral For New Aid Loan



Dominique Strauss-Kahn’s arrest has complicated discussions and preparations for the terms of a new aid loan to Greece, but it hasn’t change the overall direction.

Diplomatic sources told Capital.gr late Sunday that if Straus-Kahn hadn’t been arrested, he and Angela Merkel would agree on the establishment of a committee that would be responsible for privatizations (sale of state’s participation in public enterprises and development of real estate assets), and it would be collateralized for the new aid loan.

As Capital.gr had mentioned weeks ago, this proposal was initially raised by Finns and was reinstated by Germans after the meeting in Luxembourg last Friday. Dominique Strauss-Kahn would argue that Greece can not meet its obligations in 2012 without extending the loan of €110 billion.

Strauss-Khan’s arrest certainly delays developments, as this agreement would informally give the green light for the launch of the relevant preparation, as a condition for extending of Greece’s loan of €110b and agreeing on a new aid loan.

According to same sources, Strauss-Kahn would go to Berlin with the assessment that the Greek government is no longer able to continue the implementation of the Memorandum of Understanding, raising a political issue of who would implement the program.

However, Angela Merkel does not share this position, doubting whether early elections in Greece would solve the problem or would further complicate the situation.

He proposed to launch a revision of the Memorandum, without reversing last year’s agreement. This could be achieved only with the provision of a committee that would guarantee under direct supervision of troika the privatization of public property of €50b.

According to IMF, the package of €50 corresponds only to 1/5 of privatizations that Greece could implement.

In any case, Nemat Shafik, deputy director of IMF, will replace Straus-Kahn in Brussels, however no decisions are expected. An extraordinary Eurogroup meeting is very likely when a report about Greek debt sustainability is formally in the hands of finance ministers.

In other words, developments are expected within the next two weeks, regarding the release of the 5th aid trance and the overall revision of the Memorandum.

(capital.gr)

***
Da leggere.