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

[tommy271]

ECB's Kranjec: no talk of restructuring now






PORTOROZ, Slovenia | Fri May 27, 2011 4:46am EDT

PORTOROZ, Slovenia May 27 (Reuters) - There should be no talk of Greece restructuring its public debt at least until it balances its budget, European Central Bank Governing Council member Marko Kranjec said on Friday.
Kranjec, who heads the central bank of Slovenia, also warned his own country to get its budget in order to avoid contagion from the euro zone debt crisis.
"Even if restructuring would take place there would still be fiscal deficit and debt would continue rising until deficit is reduced," Kranjec said.
"Until then it is hard to expect that we would seriously debate reprogramming."
He said the ECB continued to expect countries to work towards sustainable public finances, adding that restructuring was not even being debated.
"That scenario (of debt restructuring) is not being considered seriously at the moment," he said.
Turning to Slovenia, he said the country was at a critical juncture.
"Slovenia should be aware that ... it is only a small step away from a critical situation," he said.
"If pension reform is rejected, if the state continues to take loans ... we can find ourselves in a similar situation to the countries mentioned before (countries with a debt crisis)," Kranjec told a bourse conference.

 

[tommy271]

Greek PM meets opposition in new bid for consensus






Fri May 27, 2011 5:35am EDT

* Greek political leaders meet on debt crisis
* EU has told Greece it needs consensus for extra aid
* Political opposition rejects new austerity policies



By George Georgiopoulos
ATHENS, May 27 (Reuters) - Greek Prime Minister George Papandreou began talks with opposition leaders on Friday in a fresh bid for consensus on the harsh policies needed to tackle the country's debt crisis.
EU policymakers have warned Athens it must have broad political backing for debt-cutting measures if they are to provide extra cash to plug a funding gap next year.
Papandreou's attempts so far have failed, with opposition parties rejecting his latest austerity package on the grounds that the belt-tightening agreed in return for a 110 billion euro bailout is choking the life out of the economy.
The leader of the conservative opposition, Antonis Samaras, who voted against the bailout deal struck last year, has said he will not consent to the government's policies which are killing the economy's ability to grow out of the debt mess.
Also participating in the meeting are the leaders of the communist KKE party, which often boycotts such events, the far-right LAOS party and the Coalition of the Left.
Jean-Claude Juncker, head of the grouping of euro zone finance ministers, alarmed investors on Thursday by saying the International Monetary Fund may withhold its next slice of aid to Greece due next month and that the European Union would not be able to fill the gap. [ID:nLDE74P1HC]
EU and IMF inspectors are examining new Greek measures before granting the next 12 billion euro tranche of the bailout. Without it, Greece will be unable to cover pressing funding needs of 13.4 billion euros and will go bust.
Athens kick-started a stalled privatisation programme on Monday and promised tougher austerity measures and tax hikes to meet EU/IMF conditions for the release of the next tranche of the bailout loan, but failed to win opposition support.
The risk that the global lender may bow out from paying its share of the money next month is intensifying the scramble for a solution with the European Central Bank firmly resisting ideas of a soft restructuring -- extending Greek bond maturities.
Analysts say Papandreou, who has a comfortable majority in parliament but is sliding in opinion polls, may have to water down tax policies to get the conservatives on board.

Failure to get consent could lead to snap elections if Papandreou sees no way out of the crisis, or at least a cabinet reshuffle.
An early election would likely lead to a hung parliament in Greece and is something Papandreou will seek to avoid if he possibly can, analysts say. Polls also show Greeks are against early elections.
"The prime minister does not intend to threaten with early elections or a referendum, his intention is to convince the political opposition on the need for consensus," daily Ta Nea said.

 

[tommy271]

Greece: Political Leaders To Meet On Economic Crisis



ATHENS (Dow Jones)--Greece's political leaders are due to meet Friday in a fresh bid to reach consensus on the country's economic crisis, amid growing fears of early elections and new worries of a potential Greek default.
The meeting, scheduled for 0930 GMT and called by Greece's president at the behest of Prime Minister George Papandreou, will include the heads of the four opposition parties and comes just days after similar talks failed to find common ground.
It also comes amid rising union and popular opposition to fresh austerity measures that Greece's Socialist government wants to take, and as European leaders exert pressure on Greece's opposition to back the reforms.
In a brief statement Thursday, President Karolos Papoulias called the extraordinary meeting for "a debate regarding the situation relating to the issue of the economy."
Earlier this week, Greece's cabinet broadly approved some EUR6.4 billion of new austerity measures to bring the budget deficit back on track this year, as well as steps to speed up the government's ambitious privatization drive.
By the second week of June, the government will also detail a further EUR22 billion in new spending cuts and tax increases to bring the budget deficit below 1% of gross domestic product by 2015.
The new measures are seen as a quid-pro-quo for further financial assistance to Greece, which last year received a EUR110 billion bailout from its fellow European Union members and the International Monetary Fund, and is now asking for another EUR60 billion aid package for the next two years.
European leaders, ranging from European Monetary Affairs Commissioner Olli Rehn to Dutch Finance Minister Jan Kees de Jager, have recently linked the issue of further aid to Greece contingent on the government and the main opposition party reaching consensus on the measures.
A visiting delegation of EU, IMF and European Central Bank officials--now in Athens to help hammer out the details of the austerity package--have also been pressuring opposition New Democracy leader Antonis Samaras to sign on to the package.
While Samaras has indicated his support for some elements of the Greek government's program, particularly privatizations and cuts in public spending, his rejection of the overall austerity program in a statement Tuesday rattled financial markets.
Currently, Greece's Socialist government holds a six-seat majority in the country's 300-member parliament, and enjoys some support from opposition parliamentarians in Greece's smaller parties.
But deep internal conflicts within the ruling party raise the specter of defections when the package comes up for a vote some time in early June, and could potentially even imperil the government's majority.
George Karatzaferis, head of the far-right Laos party--which has been conciliatory towards the government--put the Friday meeting in stark terms: "We either work together for Greece, or we go to elections."
In an effort to find common ground, Greek media reported that Papandreou may consider a cabinet reshuffle that would include individuals explicitly approved by Greece's opposition.
Meanwhile, Luxembourg Premier Jean-Claude Juncker, who is head of the informal eurogroup, the college of finance ministers from the 17 countries that use the euro, spooked financial markets Thursday raising doubts about the next installment of Greece's loan deal.
He said that the IMF, which is responsible for about a third of Greece's loan deal, may not be able to proceed with the next tranche if it concludes that Greece faces an uncovered financing gap next year.
Greece expects to receive that next installment of aid, about EUR12 billion, by June 29. The government says it has enough cash on hand to continue operating until July 15.

***
La riunione è iniziata ... seguiremo gli sviluppi.

 

[g.ln]

Grecia: grosso problema per gli europei

Questa lunga vicenda greca, che dura ormai da più di un anno a fasi alterne di ottimismo e cupo pessimismo, dimostra che l'Europa non può nascondere sbrigativamente il problema greco sotto il tappeto.
Se lo avesse potuto fare, lo avrebbe già fatto molti mesi fa, senza bisogno di chiedere ai propri cittadini sacrifici per mantenere in vita l'economia e la finanza greca, sacrifici che rischiano di essere stati fatti inutilmente, se si chiude la partita ora. E' un bel problema per l'Europa, e quindi per il mondo. Sapete come la penso io.
Ciao, ciao, Giuseppe

 

[canzian]

Ma anche far scendere in un anno il deficit/PIL del 5% non è un risultato da poco ... .

Purtroppo e' come scendere di peso.
I primi kg sono semplici ma poi diventa sempre piu' difficile.
Dal deficit del 15% al 10% e' "semplice" , e' dove tagliare per arrivare al
3% dal 10% che e' titanico.

Tra l' altro le famose privatizzazioni non sono un' entrata strutturale e
incidono strutturalmente solo se le usi per rimborsare bond ed abbassare il
costo per interessi , ma non penso proprio che i Greci utilizzeranno gli
eventuali soldi incassati per questo.

Certo che il 3% di disavanzo e' impossibile nel breve per molti paesi
ma il focus ora e' sull' olimpo.

 

[tommy271]

Purtroppo e' come scendere di peso.
I primi kg sono semplici ma poi diventa sempre piu' difficile.
Dal deficit del 15% al 10% e' "semplice" , e' dove tagliare per arrivare al
3% dal 10% che e' titanico.

Tra l' altro le famose privatizzazioni non sono un' entrata strutturale e
incidono strutturalmente solo se le usi per rimborsare bond ed abbassare il
costo per interessi , ma non penso proprio che i Greci utilizzeranno gli
eventuali soldi incassati per questo.

Certo che il 3% di disavanzo e' impossibile nel breve per molti paesi
ma il focus ora e' sull' olimpo.

Lo so anch'io ...
L'obiettivo per quest'anno è il 7,5% che verrà centrato con la nuova stretta fiscale.
Poi bisognerà tornare a crescere, non c'è altra soluzione per il 2012.

 

[IL MARATONETA]

Speriamo solo che questo venerdì non si risolva come quelli precedenti ...

sicuramente anche questo venerdi' non ci faremo mancare nulla....

 

[silverni]

Faccio non più di un post al giorno, è difficile creare flame.
Nel thread cerco informazioni, opinioni, commenti, non qualcuno che mi dica cosa devo fare: sono perfettamente in grado di sbagliare da solo.
Il prototipo dell'intervento critico corretto è quello di iMark (post #33072 e seguenti), ma ve ne sono molti altri nel thread, ad esempio quelli di Comandante Gerard.
Il post #33372 di Gaudente è molto utile.

 

[tommy271]

Athens Airport Passenger Traffic Declines 12% in First 4-Months

By Natalie Weeks - May 27, 2011 11:40 AM GMT+0200 Fri May 27 09:40:27 GMT 2011

Athens International Airport SA said passenger traffic dropped 12 percent in the first four months of the year as Greece’s economic crisis hurt domestic travel.
The number of people passing through the country’s biggest airport fell to 3.9 million, from 4.43 million a year earlier, according to a statement posted on the company’s website today.
Domestic passengers declined 22.4 percent, to 1.39 million, while international traffic fell to 2.51 million from 2.64 million, the statement said. In April, the number of domestic travelers was down 14.3 percent at 409,773, and international traffic rose for the first time this year to 816,772 from 780,694.
A volcanic eruption in Iceland last year, which caused disruptions to international air travel as Europe’s airspace was shut for days, affected last April’s foreign arrivals.
Greek travel spending has been hurt by government-imposed austerity measures, including wage cuts and higher sales taxes, agreed in exchange for 110 billion euros ($156.3 billion) of emergency loans from the European Union and the International Monetary Fund last May.
Domestic traffic figures aren’t fully comparable with last year, when disruption on the main highway linking the capital to Thessaloniki, Greece’s second-biggest city, and low-fare offers by Aegean Airlines SA (AEGN) and Olympic Air boosted air travel by 10 percent in the first quarter, according to the statement.
Tourism is Greece’s biggest industry. It will account for almost 16 percent of national income and almost one in five jobs in 2011, according to the London-based World Travel and Tourism Council.



(Bloomberg)

 

[tommy271]

ASE Attempts To Regain 1,300



In the wake of better than estimates results of National Bank, the liveliness in the sale of a stake in OTE and the political developments, ASE attempts again to regain 1,300 units on Friday.

“With political developments weighing heavily over the market’s course, it is only natural for the GI to continue to retreat, even if announced corporate results and positive news from the privatization front are beginning to see the light”, said Pegasus Securities in its morning report.

However, the better than expected results of National Bank and Marfin Popular Bank, along with government’s willingness to proceed with the sale of an OTE stake, would provide a cushion, by easing-off pressures asserted all across the Athens board, Pegasus added.

The session turns up for short-term moves, as Pegasus expects increase of volatility in a nervous environment, affected by the speculation ahead of critical political developments.

Across the board, the General Index moves upwards by 0.79%, at 1,297.06 units, moving in positive territory since the opening of the trade, with early gains of 1.4%.

The dashboard is the General Index at 1298.56 points, with gains 0.91%, moving upward from the opening of trade and profits reached earlier 1.40%. The turnover stands at €41.9m, while a total amount of 55 shares rise, 46 decline and 46 remain unchanged.

Banks are at 949.87 units, up 0.86%. National Bank gains 2.43%, while Alpha Bank rises by 1.52%. On the other hand, Marfin Popular declined by 1.52%, Bank of Cyprus post losses of 0.94%.

(capital.gr)