Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (23 lettori)

[sethi]

ASCA) - Roma, 18 mag - La Bce punta i piedi contro l'ipotesi
di una ristrutturazione soft del debito pubblico della
Grecia. Il presidente dell'Eurogruppo nonche' premier del
Lussemburgo, Jean-Claude Juncker, ha aperto alla possibilita'
di una rimodulazione del debito di Atene allungando le
scadenze e prevedendo anche un taglio sui tassi di
interesse.
Il presidente della Commissione europea, Jose' Manuel
Barroso, ha chiarito che "la ristrutturazione del debito
della Grecia non puo' essere alternativa alle misure di
risanamento". Parole che non smentiscono un via libera di
Bruxelles alla ristrutturazione del debito greco.
Alla Bce l'ipotesi di riassetto del debito e' peggio del
fumo negli occhi. Da mesi all'Eurotower ripetono che si
trattarebbe di una soluzione che non funziona e che avrebbe
effetti pericolosi sull'intera area euro. Oggi ben tre
esponenti del board della Bce hanno ribadito la posizione
della banca centrale. "Si parla tutt'ora di ipotesi come
quella di ristrutturazioen soft - ha detto Lorenzo
Bini-Smaghi - come se non avesse effetti devastanti l'idea di
poter accettare che un paese dell'area euro possa venir meno
ai propri impegni". L'esponente italiano del board della Bce
e' stato anche piu' chiaro. "Se i cosiddetti Pigs e in
particolare la Grecia non dovessero rimborsare i propri
debiti sarebbe un fattore devastante per la stabilita'
finanziaria complessiva".
Anche Jurgen Stark, esponente tedesco nel board della Bce,
mette in guardia sul riassetto del debito pubblico. "Non
risolverebbe i problemi e sarebbe un disastro per le banche
greche". Non c'e' alternativa alle riforme e al rispetto
rigoroso delle misure definite nell'accordo tra Atene, UE e
Fondo Monetario Internazionale.
Il dossier Grecia ripropone le frizioni ancora vive tra
Bce e governi europei sulla riforma del patto di stabilita'.
L'Eurotower chiede piu' automatismi nel caso di sforamento
degli obiettivi sui conti pubblici mentre i governi dell'area
euro, in grande maggioranza, non intendono trasferire ai
tecnocrati non eletti della Bce decisioni ritenute
squisitamente politiche.
Il vice presidente della banca centrale europea, Vitor
Constancio, e' tornato a sollecitare "una riduzione degli
spazi di manovra della politica per sospendere o modificare
le procedure contro gli Stati membri che non rispattano il
patto di stabilita"'. Stark ha rincarato la dose. "Una
perdita di parte della sovranita' nazionale e' inevitabile
conseguenza del partecipare ai benefici di una moneta
comune".
In estrema sintesi, la Bce ritiene che la crisi del debitosi supera senza scorciatoie o soluzioni fantasiose. La Greciadeve fronteggiare la situazione realizzando le riforme. SeAtene realizza il programma il debito e' sostenibile e ilpaese e' solvibile. Solo cosi' si acquista fiducia ecredibilita' sui mercati. Il governatore di Bankitalia eprossimo presidente Bce, Mario Draghi, in una intervista afebbraio sottolineava l'importanza della fiducia. "IlGiappone ha un debito pubblico pari al 200% del pil manessuno ha mai messo in discussione la sua solvibilita'.L'Argentina invece e' diventata insolvente con un debitoinferiore al 50% del pil. E' una questione di fiducia".did/rf/ss

 

[tommy271]

Nonostante la buona partenza mattutina alla Borsa di Atene il pomeriggio è andato male, insieme ai nostri GGB.
L'indice ASE segna un nuovo arretramento dopo alcuni buoni spunti. Ci ritroviamo quindi ancora a 1328 punti con un - 1,39%.
Volumi normali a 108 MLN.

I nostri spread ritracciano un poco dai massimi, ma senza convinzione.
Ci troviamo ora a quota 1305 pb., aldifuori del trading range abituale.

 

[tommy271]

Greek Finance Minister Sees Room For Consensus With Opposition



Greek Finance Minister Giorgos Papakonstantinou made a step for consensus, stating that opposition party’s proposal includes provisions that the government has already integrated or could integrate in its program.

“We will invite the main opposition to a debate on a framework for joint action”, Giorgos Papakonstantinou said at the Economist conference in Lagonissi, south of Athens. “The Greek government fully assumes its responsibilities. We shall tell the truth and move forward”, he added.

The economic team had identified “some positive aspects” in the proposal of the main opposition party New Democracy last week, adding that they could form a basis for debate between government and opposition.

At the same time, the Minister didn’t rule out the possibility of further dismissals in the public sector as a result of state organisations’ mergers.

A year after the signing of the Memorandum of Understanding, things did not cleared out, and questions multiplied, Giorgos Papakonstantinou said.

A country cannot move along with a deficit of 15.5%, he noted, adding that the country still has not passed the tough situation.

Everyone realizes slowly but surely how tough was the project, as the government moves in an environment that has become more difficult than before, Papakonstantinou said.

He ruled out the possibility of debt restructuring, stating that Greece’s problem is structural.

The Minister of Finances referred to the next steps:

- There can be no relaxation of fiscal effort.

- Necessary measures to reduce the deficit to 7.5%.

- The Greek government will announce €6 billion measures in the coming days, regarding to expenditure reductions and revenue growth.

- Neither horizontal wage and pension reductions nor increases in VAT rates.

- Development will be an objective. Interventions of €26 billion by 2015, including measures in 2011.

- New payroll.


(capital.gr)


***
Un passo in avanti tra gli schieramenti politici greci.

 

[tommy271]

Stronger Euro May Signal Market Sees Greek Exit, Hambros Says

By Rodney Jefferson - May 18, 2011 4:52 PM GMT+0200 Wed May 18 14:52:03 GMT 2011

The strengthening euro this year may signal investors already expect Greece to leave the currency group, according to the investment chief of the U.K. private banking arm of France’s Societe Generale (GLE) SA.
The euro has gained 6.6 percent against the dollar since Jan. 3, making it the best performer among major currencies, according to data compiled by Bloomberg. At the same time, the situation remains “dismal” for peripheral members such as Greece and Ireland, said Andrew Popper, chief investment officer of SGPB Hambros.
“Things are not getting better in the euro zone but the euro is getting stronger, so it’s a mystery but perhaps the market expects countries like Greece to leave,” Popper said in a presentation at the firm’s Edinburgh office. “The euro zone is still the main risk we continue to face. It’s the only one that raises serious doubt about what happens in the market.”
European Central Bank officials ruled out a Greek debt restructuring, with executive board member Juergen Stark saying today it would be a “catastrophe.” The position is at odds with European politicians who have mooted the idea of extending the debt-repayment schedule as Greece struggles with the terms of last year’s 110 billion-euro ($156 billion) bailout.
Greek 10-year government bonds yielded 15.80 percent today, 1,271 basis points, or 12.71 percentage points, more than German bunds of a similar maturity. That so-called spread compares with 728 basis points for Ireland, which agreed a bailout in November, and 606 basis points for Portugal, which inked a 78 billion-euro rescue package this week.



‘Risk of Contagion’

“It’s nearly certain” that the maturity of Greece’s debt will be lengthened and there’s a “strong possibility” of bondholders taking a loss and a “risk of contagion” to Ireland, according to Popper, who will step down this year.
Greece may benefit in the short term from leaving the euro, even if that means remaining locked out of the international bond market for a decade like Argentina previously, he said. There’s less than a 50 percent probability that will happen and is an “extreme case scenario,” he said.
“The Greek people will be better off if Greece leaves the euro” because they can avoid harsh austerity measures, Popper said. “It’s better leaving the euro than never having the chance to recover because of their over-valued currency.”
Popper is responsible for about 4 billion pounds (6.4 billion) of investments. SGPB Hambros remains “relatively positive” on stock markets, preferring U.S. and Germany to emerging markets, where they have reduced exposure, he said.



(Bloomberg)


***
Pareri a ruota libera ...

 

[tommy271]

Q+A-Merkel's position on Greek debt crisis solutions






By Andreas Rinke
BERLIN | Wed May 18, 2011 11:13am EDT



BERLIN May 18 (Reuters) - German Chancellor Merkel will have the key say in whether the euro zone gives Greece further assistance to add to its 110 billion euro bailout last year and/or whether its debt undergoes some form of restructuring.
Following is a summary of her comments on the Greek debt crisis in recent days:



SHOULD GREEK DEBT BE RESTRUCTURED?


The chancellor strongly opposes any enforced restructuring of euro zone debt including in Greece's case, saying that changing the rules for private investors in the middle of the bailout plan for Greece, and for Ireland and Portugal under the European Financial Stability Facility (EFSF) that runs until 2013, "would cast doubt on our credibility".
It could cause a major capital flight from the euro zone and the private investors who lose out include life insurance policyholders and people with bank accounts, "so we could all be affected".




WHAT IF IT'S VOLUNTARY?


Merkel qualifies the above by saying some voluntary form of restructuring could be discussed in terms of a general agreement with investors to extend the maturities of the debt they hold. Some officials in the euro zone now term this a "reprofiling" or "soft" restructuring.



AND AFTER 2013?


Merkel has long insisted that the permanent bailout scheme or European Stability Mechanism (ESM), which comes into effect from 2013, must make it clear that private investors share the risk of sovereign default in the euro zone with taxpayers. "From 2013 anyone who buys European state debt must know that if that state becomes insolvent, the investor will be involved in the restructuring. The new rules of the game are clear," she says. Berlin accepts that this will mean paying higher interest rates in the euro zone, to reflect the higher risk.




DOES SHE BACK MORE AID FOR GREECE?


Merkel wants to see the findings of a fact-finding mission to Athens before committing herself to further help for Greece, whose bailout from the European Union and International Monetary Fund a year ago was not enough to sort out its debt problems. She admits there are risks to giving aid to Greece but thinks the alternative is even worse: "Our evaluation is that we would lose even more. We are trying to buy time via guarantees in the hope that these countries get can get back on their feet."




WOULD SHE DEMAND SOMETHING IN RETURN?


Merkel says Greece needs to carry out reforms to its welfare system because it is unacceptable that people in a country that is receiving a bailout financed to a large degree by taxpayers in Europe's largest economy -- Germany -- should be able to retire earlier and take longer holidays than German workers.



WHAT IF GREECE DOESN'T MEND ITS WAYS?


Merkel believes euro zone member countries who persist in breaking the fiscal rules of the Stability Pact should forgo their voting rights on certain issues or be barred from getting EU aid. She acknowledges this would be difficult to implement in the EU, but says: "It is difficult that someone who always breaks the rules should then be able to vote when we're deciding how to do things properly in the future."



COULD GREECE BE EXPELLED?


Merkel categorically dismisses talk of any heavily indebted euro zone country, such as Greece, having to leave the currency bloc, warning it would have a domino effect. "It is not in our interests," she has said. "What would it mean for the next weakest country? There could be pressure on that country. Then it would happen to one country after another." The chancellor says the euro zone should avoid giving the impression that its members can be divided.

 

[tommy271]

Borsa Atene: Ase chiude a -1,4% su prese di profitto



MILANO (MF-DJ)--L'indice Ase di Atene chiude la seduta in calo dell'1,4% a 1328 punti condizionato dalle prese di profitto che hanno costretto il listino ad una brusca virata in negativo dopo un avvio promettente.
Nel complesso si e' rivelata una giornata deludente per le blue-chip con Coca-Cola Hellenic e National Bank che hanno subito le perdite piu' consistenti chiudendo rispettivamente a -3,4% e -2,5%.

 

[tommy271]

Banks Suffer Heavy Losses After Volatile Session



After a nervous session and intensive fluctuation into a margin of 67 units or 6.7%, the banking index of ASE ended with heavy losses on Wednesday.

The General Index disappointed expectations for a second consecutive upward session, as it was forced to a new low for the year, despite intraday profits of 1.77%.

The budget deficit is increasing instead of decreasing, so the distrust of foreign investors towards Greek bonds and stocks is increasing instead of decreasing, said Guarding Trust Securities, adding that everyone is looking for positive news that could reverse the sentiment.

The publications for or against the Greek dent restructuring continue with the same driving pace, but the matter ceased to be news anymore, Guardian noted.

The emerging division within the troika and the delay in decision making could be harmful for the economy and the Greek exchange, said Merit Securities.
The General Index’s fall to a new 14-year low is not surprising, said Merit, noting that low turnovers rule out any positive reaction, as the majority of buyers maintain a wait-and-see stance until the arrival of positive news. It also estimates that increased volatility in bank shares is likely to continue as the situation is unstable.

Across the board, the General Index ended at 1,328.10 units, down 1.39%. Approximately 30.84 million units worth €108.35 million, while a total amount of 77 shares closed in positive territory, 58 declined and 146 remained unchanged.

Banks ended at 980.02 units, down 2.39%, despite early profits of 3.90%.

Ellaktor topped FTSE20 with profits of 2.77%, while Mytilineos gained 1.17%. Piraeus Bank and OTE rose by 0.97% and 0.86%, while Hellenic Postbank and Motor Oil move upwards by about 0.7%.

On the other hand, Viohalko and Marfin Popular Bank lost more than 4%, ATEbank and Alpha Bank fell by 3.64% and 3.56% respectively, while Coca-Cola 3E, MIG and Bank of Cyprus retreated by more than 3%.

(capital.gr)

 

[tommy271]

Ue,garanzia debito sovrano dopo 2013,Bce meglio di agenzia-Vegas

mercoledì 18 maggio 2011 17:48






ROMA, 18 maggio (Reuters) - Per garantire il debito sovrano nell'area dell'Unione europea è meglio rafforzare i poteri della Bce piuttosto che costituire l'Agenzia del debito proposta dal ministro dell'Economia Giulio Tremonti e dal presidente dell'eurogruppo Jean-Claude Junker.
E' quanto ha detto il presidente della Consob, Giuseppe Vegas, leggendo una lectio magistralis all'università La Sapienza e passando in rassegna le varie possibilità che l'Europa ha di aiutare, con il proprio rating, i paesi più deboli sotto il profilo finanziario.
Vegas ricorda che l'Efsf, la European financial stability facility, ha una dotazione di 440 miliardi a cui si possono sommare altri 60 miliardi raccolti e garantiti dal bilancio della Commissione europea più 250 miliardi forniti dal Fondo Monetario Internazionale, "per una cifra complessiva di 750 miliardi di euro".
Tuttavia, secondo il presidente della Consob le stime di fabbisogno di Grecia, Irlanda, Portogallo e Spagna "indicano la possibilità che le risorse possano essere insufficienti nel medio termine, anche alla luce dei fondi già stanziati per gli aiuti all'Irlanda e della necessità che l'Efsf mantenga nel tempo un attivo che garantisca il rating massimo alle sue emissioni.
"A livello comunitario si discute su come rendere più rigidi i meccanismi di controllo della stabilità dei conti pubblici dei paesi dell'area dell'euro, ma si tratta di misure che eventualmente potranno incidere nel medio periodo. Potrebbe essere necessario riflettere, invece, su meccanismi, anche temporanei, utili a gestire le difficoltà di breve periodo che i paesi più indebitati potrebbero sperimentare nell'accesso al mercato per il rifinanziamento del debito in scadenza", dice Vegas.
"Probabilmente la dotazione dell'Efsf può essere adeguata fino al 2013 e fino a quella data gli investitori in titoli di Stato dei paesi periferici possono essere relativamente sicuri di non dovere subire ristrutturazioni o haircut; ma ovviamente i tassi attuali dei titoli di Stato dei paesi periferici scontano tutta l'incertezza che potrà caratterizzare lo scenario post-2013".
Sembra dunque necessaria, secondo Vegas, una politica di intervento strutturale che consenta di "prevenire e di gestire in maniera ordinata i problemi di difficoltà di accesso al mercato dei capitali da parte dei paesi dell'area euro con debito elevato".
"Le proposte più strutturate e interessanti in tal senso prevedono la costituzione di un'agenzia del debito europea (proposta "Junker-Tremonti") che sostituisca l'Efsf a partire dal 2013. Tale agenzia sarebbe l'interfaccia dei singoli paesi sul mercato primario, emettendo titoli (eurobond) a tassi che potrebbero consentire di ottimizzare la spesa per interessi al livello aggregato".
Eppure, ha spiegato il presidente della Consob, "questa soluzione implica una redistribuzione di risorse in favore dei paesi più indebitati, che potrebbe essere accettata a livello politico solo nel caso in cui questi paesi rinunciassero interamente alla propria sovranità fiscale". Un'ipotesi che a Vegas non sembra praticabile tanto da suggerire un modello più agile, fatto di soluzioni "meno radicali sul piano politico e più pragmatiche".
Ad esempio, spiega Vegas, "potrebbe essere sufficiente che l'Agenzia compri sul primario i nuovi titoli dei paesi in difficoltà ovvero offra una garanzia a sottoscrivere in asta i titoli non sottoscritti dagli investitori privati, utilizzando il ricavato dell'emissione di Eurobond; naturalmente i paesi coperti da tale programma si impegnerebbero ad attuare rigorose politiche fiscali".
Questa alternativa avrebbe il vantaggio di non creare "nessun effetto di sussidio" in quanto i titoli verrebbero acquistati a prezzi di mercato. Certo, per assicurarsi un elevato rating l'Agenzia dovrebbe avere forme di garanzia da parte degli Stati che potrebbero essere remunerate lucrando sul differenziale fra rendimento dei titoli acquistati e il minor costo della raccolta.
Ma per Vegas la soluzione più "efficiente e trasparente, ma politicamente delicata", è quella di prevedere che sia "la Banca centrale a svolgere il ruolo appena descritto" anche se con qualche limitazione.
Si potrebbero prevedere "limiti quantitativi a questo tipo di operazioni perchè una quota eccessiva di titoli con basso rating nell'attivo della Bce finirebbe per compromettere la possibilità di mantenere il rating massimo".
La difficoltà, lascia intendere Vegas, è la necessità di passare per "una revisione del mandato della Bce" anche se si tratterebbe di far fare alla Banca centrale europea quello che ha già fatto in questo periodo di crisi.
(Alberto Sisto)

 

[tommy271]

Greek Restructure Can’t Be All Soft


By Matthew Dalton

Add another phrase to the lexicon of the euro-zone sovereign debt crisis: “Soft restructuring.” Some European officials have just started using it to describe how Greece might gather together its creditors and ask their blessing to be paid back later.
This harmonious process would involve the banks, pension funds, insurance companies and other investors that own Greek bonds agreeing to exchange them for debt with a later maturity. Greece would thus need less new financing in 2012 and the following five years, when it faces a cash crunch once €110 billion worth of rescue loans from euro-zone governments and the International Monetary Fund run out.
Why would creditors accept this offer? Not out of the goodness of their hearts. Usually the way this works is the creditors agree because they realize the company or country in question is at risk of defaulting, an outcome that could be avoided if they agree to extend maturities.
But the EU may face the following problem: “In pre-default situations, the threat of default may not be sufficiently credible, providing creditors with an incentive to gamble on continued repayment of claims,” according to the IMF. In other words, in the Greek case, bondholders may believe that the IMF or other official lenders would step in with cash to prevent default and repay them on time.
EU officials oppose a “large restructuring” — as Eurogroup Chairman Jean-Claude Juncker put it earlier this week — for Greece. The official position is still that all debt issued before June 2013 by any euro-zone government will be paid back in full. That means hair-cuts on Greek debt, an explicit reduction in the face value of the bonds, are off the table.
Complicating the situation is the fact that Greek bonds don’t contain collective-action clauses, which allow a large majority of bond holders to impose restructuring agreements on all holders.
For a soft restructuring to succeed, there will need to be a threat lurking in the background. Perhaps it could be the daunting political math of the debt crisis: Greece has over €340 billion in debt, and investors may figure out for themselves that euro-zone politicians will, sooner rather than later, refuse to continue paying it off.
Or the EU could alter its stance and put the threat of a “hard” restructuring on the table. But officials at the European Commission and the European Central Bank are terrified of the consequences for banks and sovereign debt markets of allowing Greece to default.
One interesting idea comes from Francis Fitzherbert-Brockholes, an attorney at White & Case in London who has worked on a number of sovereign debt restructurings. One way to encourage bondholders to accept this “voluntary” exchange would be for the European Central Bank to refuse to accept the old, shorter-maturity debt as collateral for ECB lending.
“If Greece decided to do a voluntary exchange, with some arm-twisting by the ECB, I would think that would be pretty effective,” Mr. Fitzherbert-Brockholes said.
One way or another, European authorities will need to get tough with Greece’s creditors for a soft restructuring to work.


A Greek Debt Restructuring Can't Be All Soft - Real Time Brussels - WSJ


***
Azz. ci voleva uno studio legale londinese per capire di far pressione sugli Istituzionali tramite l'utilizzo del collaterale ... .
E magari gli hanno rifilato una parcella mega per la consulenza ...

 

[tommy271]

Greek Bonds Lead Peripheral Debt Decline as Restructuring Concern Persists

By Garth Theunissen - May 18, 2011 5:55 PM GMT+0200 Wed May 18 15:55:57 GMT 2011

Greek 10-year bonds fell on concern the Mediterranean nation won’t avoid restructuring its borrowings, curbing demand for securities from indebted nations on the European Union’s periphery.
The spread, or yield difference, between benchmark Greek debt and German bunds widened for a third day, even as gains in Asian and European equities suggested investors’ appetite for risk was improving. Germany sold 4.91 billion euros ($7 billion) of five-year notes at auction. Portuguese bonds fell even as the nation successfully sold 1 billion euros of two-month bills and two days after European finance chiefs endorsed a 78 billion- euro bailout for the Iberian nation. Spanish debt also fell, while German bunds reversed gains.
“The periphery is underperforming, but it’s not a massive blowout,” said Norbert Aul, a strategist at Royal Bank of Canada in London. “The key topic is the concern about Greek restructuring in the market, which combined with the increased supply is making people a bit jittery.”
Yields on 10-year Greek debt rose 17 basis points to 15.79 percent as of 4:13 p.m. in London. Two-year note yields dropped 10 basis points to 24.88 percent.
Swaps on Greece signal a 67 percent likelihood the nation will default within five years, even as European Central Bank officials today ruled out the possibility. Their stance clashes with European Union finance ministers, who for the first time this week floated the idea of extending Greece’s debt-repayment schedule as the nation struggles to meet the terms of last year’s 110 billion-euro ($156 billion) rescue.



Restructuring ‘Catastrophe’

“A Greek debt restructuring is not the appropriate way forward -- it would create a catastrophe,” ECB Executive Board member Juergen Stark said today in Lagonissi, Greece. Fellow board member Lorenzo Bini Smaghi said in Milan that “a solution for reducing debt but not paying for it will not work.”
Luxembourg Prime Minister Jean-Claude Juncker this week proposed the “reprofiling” of Greek bonds, extending their maturities rather than forcing bondholders to take losses. European governments have thus far favored taxpayer-funded bailouts to stamp out the region’s sovereign-debt woes.
“The market has come to the conclusion that there has to be some form of restructuring at some point,” said Michael Markovic, a senior fixed-income strategist at Credit Suisse Group AG in Zurich. “That’s already priced into the market.”
Credit-default swaps on Greece surged 66 basis points to 1,335, those on Ireland rose 20 to 630 and swaps for Portugal jumped 20.5 to 626, according to CMA. The Markit iTraxx SovX Western Europe Index of swaps on 15 governments climbed 7 basis points to 185.



Portuguese Yields

Portuguese bonds fell for a second day, pushing 10-year yields up 17 basis points to 9.17 percent. Two-year Portuguese note yields increased 16 basis points to 10.63 percent.
“Yields have come up quite a bit in the ten-year segment,” said Viola Stork, a fixed-income analyst at Helaba Landesbank Hessen-Thueringen in Frankfurt. “They’ve got the bailout, but it remains to be seen how well they use the money, and whether they can successfully implement the financial reforms.”
Portugal’s unemployment rate rose in the first quarter, reaching the highest since at least 1998. The nation’s economy entered a recession amid government spending cuts that are being implemented to narrow the country’s budget deficit. The jobless rate climbed to 12.4 percent from 11.1 percent in the fourth quarter, the Lisbon-based National Statistics Institute said.
Spanish bonds fell for a second day, raising 10-year yields by four basis points to 5.35 percent. Yields on 10-year Italian debt rose two basis points to 4.62 percent.



German Reversal

German bunds fell, reversing earlier gains, with the 10- year bund yield climbing two basis points to 3.11 percent. It reached 3.07 percent on May 16, the lowest level since March 16. Yields on two-year notes were also two basis points higher at 1.81 percent.
German government bonds have handed investors a loss of 0.7 percent this year, according to indexes compiled by the European Federation of Financial Analysts Societies and Bloomberg, while Treasuries have returned 2.2 percent. Portuguese debt has lost 12.8 percent, Greek debt 10 percent, while Irish debt dropped 6.7 percent, the indexes show.



(Bloomberg)