Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (9 lettori)

[tommy271]

Most Greeks See Alternatives to EU-IMF Terms, Haircut on Debt

By Natalie Weeks - May 19, 2011 10:14 AM GMT+0200 Thu May 19 08:14:38 GMT 2011

More than two thirds of Greeks say there are alternatives to the European Union-led bailout package agreed on last year to exit the country’s economic crisis, a poll from Skai media group and Kathimerini newspaper shows.
Sixty-nine percent of those questioned said the memorandum of terms agreed on for the EU and International Monetary Fund loans isn’t the only way to deal with the crisis, the poll conducted by Public Issue showed. One quarter said it was the only option, down from one third last month, according to the poll. About 62 percent said the bailout deal has hurt the country.
Prime Minister George Papandreou’s government has slashed wages and pensions and raised taxes to bring down the deficit, which reached 15.4 percent of gross domestic product last year. In May 2010 Greece agreed to austerity measures in exchange for a 110 billion-euro ($156.8 billion) bailout from the EU and IMF.
Over half of those polled said a debt restructuring including losses for investors, or a haircut, is the best way to face the debt, with 17 percent saying implementation of the memorandum and repayment of the total debt is the right way and another 17 percent saying Greece should halt payments.
Greece’s government aims to raise 50 billion euros from state-asset sales and real-estate development through 2015 to help pay down its debt. That debt is likely to reach 166 percent of gross domestic product in 2012, according to European Commission estimates released on May 13.
Sixty-four percent said Greece is likely to default, up eight percentage points from a November poll. About 32 percent said a default is unlikely, compared with 39 percent of respondents in November. It will take over 20 years to tackle the debt problem, 40 percent of respondents said.
The survey had a 4.5 percentage point margin of error with 502 people polled between May 2 and May 10 and 521 polled between May 10 and May 12.



***
Un pò basso il campione intervistato.

 

[tommy271]

I TITOLI DEI GIORNALI:


Speculated layoffs in wider public sector and the ceiling on pensions in Public Utilities and Organisations (DEKO), and banks' and government's movements towards a rapid privatisation, dominated the headlines in Athens' newspapers on Thursday.

ADESMEFTOS TYPOS: "Government a tower of Babel over the measures".
AVGHI: "Eurogroup president Jean Claude Juncker's statement: 'What will happen in Greece is beyond imagination".
AVRIANI: "The sold out to the Troika - Government on the verge of collapse".
ELEFTHEROS TYPOS: "Mass layoffs and ceiling on pensions".
ELEFTHEROTYPIA: 'End to hirings - Start of layoffs".
ESTIA: "Consensus imperative".
ETHNOS: "Government opened the door for layoffs in public sector".
IMERISSIA: "Government starts privatisations - The listed DEKO first on the list".
KATHIMERINI: "Layoffs in public sector and 6 billion euros in measures".
NAFTEMPORIKI: "Privatisations package for immediate collection of 4.5 billion euros".
RIZOSPASTIS: "Communist Party of Greece leader Aleka Papariga's press conference: Popular manipulation by the policy of the capital".
TA NEA: "Pensions: Ceiling at 2,775 euros in DEKO and banks".
VRADYNI: "Retirement at the age of 67 and suspension of early pensions".


(ana.gr)

 

[tommy271]

Grecia, se ristrutturazione bond non più collateral - Bce

giovedì 19 maggio 2011 10:18




FRANCOFORTE, 19 maggio (Reuters) - Una ristrutturazione del debito sovrano greco renderebbe impossibile per la Banca centrale europea continuare ad accettare i titoli di Stato ellenici come collaterale nelle operazioni di liquidità.
Lo ha detto ieri il consigliere esecutivo Juergen Stark secondo quanto riferisce oggi un portavoce dell'istituto centrale di Francoforte.
"Una ristrutturazione del debito sovrano metterebbe a rischio la possibilità di consegnare i titoli di Stato greci come collaterale" riferisce il portavoce.
"Sarebbe impossibile proseguire nell'offerta di liquidità".
La Bce accetta governativi greci e irlandesi come collaterale delle operazioni pronti contro termine a dispetto del livello di rating.
Francoforte ritira titoli di Stato in cambio di fondi al valore di mercato meno uno sconto ('haircut') predeterminato; in caso di ristrutturazione il valore di mercato crollerebbe rendendone complicato l'utilizzo come collaterale.
Secondo l'edizione odierna del 'Financial Times Deutschland' il presidente Jean-Claude Trichet avrebbe avvertito che l'istituto centrale cesserebbe di accettare governativi greci come collaterale in caso Atene chiedesse agli obbligazionisti un'estensione volontaria delle scadenze.


***
In italiano.

 

[Baro]

Con quello accaduto in questi mesi uno come Tommy ,con le sue capacità,avrebbe materiale in abbondanza per scivere una specie di romanzo dove i vari Paesi europei stanno facendo una guerra psicologica, banche centrali e potentati di ogni genere oltreoceano si sfidano a colpi di cds, retail che non sa dove andare a parare, le opinioni pubbliche europee sempre più disomogenee e per non farci mancare nulla il giallo di DSK con la dietrologia del complotto....potrebbe diventare un best seller stile Dan Brown

 

[Baro]

Grecia, se ristrutturazione bond non più collateral - Bce

giovedì 19 maggio 2011 10:18




FRANCOFORTE, 19 maggio (Reuters) - Una ristrutturazione del debito sovrano greco renderebbe impossibile per la Banca centrale europea continuare ad accettare i titoli di Stato ellenici come collaterale nelle operazioni di liquidità.
Lo ha detto ieri il consigliere esecutivo Juergen Stark secondo quanto riferisce oggi un portavoce dell'istituto centrale di Francoforte.
"Una ristrutturazione del debito sovrano metterebbe a rischio la possibilità di consegnare i titoli di Stato greci come collaterale" riferisce il portavoce.
"Sarebbe impossibile proseguire nell'offerta di liquidità".
La Bce accetta governativi greci e irlandesi come collaterale delle operazioni pronti contro termine a dispetto del livello di rating.
Francoforte ritira titoli di Stato in cambio di fondi al valore di mercato meno uno sconto ('haircut') predeterminato; in caso di ristrutturazione il valore di mercato crollerebbe rendendone complicato l'utilizzo come collaterale.
Secondo l'edizione odierna del 'Financial Times Deutschland' il presidente Jean-Claude Trichet avrebbe avvertito che l'istituto centrale cesserebbe di accettare governativi greci come collaterale in caso Atene chiedesse agli obbligazionisti un'estensione volontaria delle scadenze.


***
In italiano.

Se quanto affermato dai vari esponenti della Bce è la vera linea di comportamento non sta indietreggiando nemmeno di un millimetro rigettando sempre con forza ogni ipotesi di ristrutturazione....secondo me è l'unica diga rimasta che ci può salvare ma se cede .....

 

[tommy271]

Con quello accaduto in questi mesi uno come Tommy ,con le sue capacità,avrebbe materiale in abbondanza per scivere una specie di romanzo dove i vari Paesi europei stanno facendo una guerra psicologica, banche centrali e potentati di ogni genere oltreoceano si sfidano a colpi di cds, retail che non sa dove andare a parare, le opinioni pubbliche europee sempre più disomogenee e per non farci mancare nulla il giallo di DSK con la dietrologia del complotto....potrebbe diventare un best seller stile Dan Brown

Un bel "giallo" in effetti verrebbe fuori ...
Senza dimenticare tutti i retroscena che non conosciamo.

 

[tommy271]

Se quanto affermato dai vari esponenti della Bce è la vera linea di comportamento non sta indietreggiando nemmeno di un millimetro rigettando sempre con forza ogni ipotesi di ristrutturazione....secondo me è l'unica diga rimasta che ci può salvare ma se cede .....

Credo che finchè Trichet rimarrà al suo posto (ottobre) la BCE manterrà la stessa linea di condotta.
Molto dipenderà poi dal prossimo Presidente...
Ora c'è poi il caso Strauss-Kahn che ha rivoluzionato ancora le carte.

 

[tommy271]

Public Power Says It’s Owed $192 Million by Greek State Bodies

By Paul Tugwell - May 19, 2011 10:25 AM GMT+0200 Thu May 19 08:25:57 GMT 2011

Public Power Corp. SA, Greece’s biggest electricity producer, said it’s owed a total of 134.8 million euros ($192 million) by the central government and other public bodies.
The Ministry of Infrastructure, Transport and Networks has built up a debt of 46.6 million euros since 1998 for traffic lights in the Athens metropolitan area, and municipal water and sewerage services throughout Greece have 20.9 million euros of unpaid bills, some of which date back to 2005, Public Power said in an e-mailed statement today.
Attiko Metro Operation Company SA, which runs the Athens underground metro train system, and the Greek police headquarters each owe 6.7 million euros from early last year, according to the statement.
The government said on April 15 that it will reduce its holding in Public Power next year to 34 percent from 51 percent, as part of a plan to raise 50 billion euros from sales of state assets by 2015 to reduce debt.



(Bloomberg)

 

[tommy271]

Which SOEs And Institutions Will Be “Sacrificed” Under MoU



The Greek government is called to make tough decisions within the next few days regarding state-owned enterprises and institutions of broader public such as hospitals, pension funds, universities, colleges.

The troika asks for very specific announcement in the form of obligation. It even requires the list to include not only loss-making enterprises, but also large listed companies, while staff reductions are required in order to be sold in higher price.

Note that Ministry of Finance had sent long ago a letter to listed companies, asking to consider adjusting salaries and operational costs. But nothing did happened, and now the troika is reportedly furious.

Officials note the troika’s attention is focused on Public Power Corp, because of its large number of employees (28,000 people against 22,000 totally in the 52 loss-making SOEs) and on other state-controlled companies (PPA, OLTH, EYDAP, EYATH, DEPA). Also companies in which the state owns a minority stake (OTE, ELPE, OPAP, TT) are in the same category.

The other category includes 1,600 state-owned enterprises and utilities, which are financed through the state budget and are counted in the state deficit. The ministries have been instructed to finalize decisions for mergers and shutdowns.

The list should be consolidated by the Ministry of Finance and the troika calls for immediate announcement. Government officials note that immediate announcement of a full list is impossible, and therefore the government considers proceeding with announcements regarding few but significant companies.

Meanwhile, the issue of staff is raised, as it is now assumed that the rule of 1 recruitment for 10 dismissals is not sufficient. Enterprises with staff that exceeds 1,000 people are ETHEL, EDISY, EAB, TRAINOSE, EAS and ILPAP.

Finance Minister Giorgos Papakonstantinou speaking at a conference on Wednesday, reinstated a voluntary retirement plan, but no incentives has been agreed. However, it is clear that many employees will be sacked:

-Employees in enterprises which will merger or shutdown, and they will be considered as ineffectual for a transfer.

-Employees under an expiring contract.

-At least 25,000 of 50,000 people planned to be recruited in companies, ministries, hospitals, universities and other institutions.

The objective is the reduction of civil servants by 150,000 people in the next four days, according to the minister.

(capital.gr)

 

[tommy271]

ECB Refuses To Guarantee A “Soft Restructuring” Of Greek Debt



A front has been opened between politicians and ECB bankers on occasion of the Greek problem.

The bankers, with Jean-Claude Trichet at the frontline, reject the idea of “soft” restructuring in a form of extension of the Greek debt, even for the debt that matures by 2013.

The silent clash had broken long ago, as Kefalaio Newspaper revealed last December, when ECB warned of its intention to withdraw emergency measures and stop buying government bonds in the secondary market.

The political pressure had forced it to postpone the implementation of the decision, but it proceeded with the reducing of purchases of troubled economies’ bonds, despite widening of spreads that led Portugal to resort to EFSF and Greece in big trouble.

European Central Bank rejects debt reprofiling (through extension of repayment period), as if it is done without any “third party” guarantor, then ECB should take up the liability, while a part of the expiring debt is in its portfolio.

Moreover, an IMF report in 2003, the threat of default is not considered a sufficient condition to convince lenders to accept a “soft” restructuring through an extension of repayment period.

ECB executive member Lorenzo Bini Smaghi called “soft” restructuring as “empty slogan”, without clearing whether a third-party guarantor is required.

The bankers have called the EFSF to take up the role of indirect guarantor. European Commission sources told Capital.gr that ECB is opposed to any regulation that could lead indirectly to taking up more liabilities. The even didn’t rule out threat of completely cessation of bond purchasing and drastic reducing of government bonds from Greek banks.

This threat, according to the same sources, will not be implemented because of its disastrous consequences, but even the vocalization of the threat could cause tremors in the Eurozone .

(capital.gr)

***
Acquisti sul secondario e collaterali.