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

[tommy271]

IMF says reports on Greece missing fiscal targets untrue


ATHENS | Sun May 29, 2011 3:08am EDT

ATHENS (Reuters) - The International Monetary Fund on Sunday dismissed reports that an international inspection team had found that Greece has missed all its fiscal targets.
"Recent media reports claiming knowledge of the findings of the review mission are untrue," an IMF spokeswoman said in an e-mailed statement.
"Our discussions with the authorities continue, are making good progress and are expected to conclude soon," she said.
Weekly Spiegel magazine reported on Saturday that the IMF, the European Commission and the European Central Bank asserted in their report to be presented next week that Greece had missed all fiscal targets agreed under its bailout plan.


***
La smentita del FMI, relativo all'articolo dello Spiegel.

 

[tommy271]

Top Merkel advisor: Greek debt haircut may be needed- paper






ATHENS | Sat May 28, 2011 12:18pm EDT



ATHENS May 28 (Reuters) - The head of Germany's economic advisors said on Saturday a Greek debt restructuring may be necessary and, if so, he would favour a haircut -- or valuation discount -- on Greek bonds.
"Possibly, a debt restructuring would be necessary and in this case I am in favour of a haircut," the chairman of the 5-member panel of 'wise men' advising the German government told the Greek Real newspaper. "I am fully aware of the cost of such a measure."
Wolfgang Franz said it was unacceptable for taxpayers to bear the risks associated with Greek debt while bondholders enjoyed high interest.


***
Uno dei "saggi" di cui si circonda la Merkel.

 

[tommy271]

EU’s Barosso: Greece Has Commission’s Support

By Maria Petrakis - May 28, 2011 7:50 PM GMT+0200 Sat May 28 17:50:35 GMT 2011




European Commission President Jose Barroso said he expects the number of countries using the euro as a currency to increase rather than decrease, referring to scenarios that Greece would abandon the euro.
“Regarding rumors in recent weeks, I would like to say categorically that participation in the euro area is expected to increase further and not decrease,” Barroso wrote in an article published in Kathimerini newspaper.
Barroso said there was no easy options for Greece and that the only way to return to viable growth and job creation was to restore competitiveness and put public finances on a stable basis. He said the European Commission stood by Greece’s efforts and would continue to do so.

 

[giub]

Una bella analisi rassicurante



The Euro-Debt Crisis: Greece, Portugal, Spain. The Debts are Unpayable. Once the Lending Stops the Bottom Falls Out.

by Bob Chapman

Global Research , May 28, 2011

We hope all of our appearances on Greek TV, radio and in the press have helped the educational process and to allow the Greeks to identify who the real culprits are, and what to do about it. It has just been over a year since this tragedy became reality, but we reported on Greece and Italy ten years ago. They both bent the rules to enter the euro zone. We knew then that Goldman Sachs and JPMorgan Chase were assisting them by creating credit default swaps. There were a few European journalist who reported on the issue, but the elitists control the media and few noticed that Greece and Italy were beyond bogus. The events of the past year remind us of the onslaught of the credit crisis, which unfortunately is still with us. What finally brought about trouble for Greece and other euro zone countries was the zero interest rate policy of the Fed and slightly higher rates by the EC. These policies encouraged speculation and caused problems that would have never happened otherwise. In addition, the stimulus measures by both banks were embarked upon to save the financial sectors and in that process promote speculation by the people who caused thee problems in the first place. That began with QE1 and stimulus 1, which we now recognize as our inflation drivers. Wait until QE2 and stimulus 2 appear next year. It will be very shocking.
……………………………..

There are still fears as well regarding Greek debt fears and their CDS, Credit Default Swaps, and those of other euro zone members. They could still blow up in everyone’s faces in a partial if not total default, which is very likely. Banks are on the wrong side of this trade as well as the bond trade, not only with Greece, but with five other nations as well.

In the final analysis papering over the problem never works. The problems also reemerge with new additional problems. The combination of excessive speculation and liquidity and too big to fail is going to end badly, as it always has. De-leveraging will eventually rear its ugly head.

As we said, Greece and others could cause extensive bond and CDS problems and that is not only being reflected in a lower euro, but in higher Greek bond yields of 16-3/8% in their 10-year notes and 24-3/4% in two-year yields, and Portugal, Ireland and Spain are not far behind. The socialists just lost the latest election in Spain in a big way showing the public is fed up with the lies of government and the bankers. The euro is attempting to break $1.40 to the downside as a result of those election results and the Greek impasse. It is obvious that Greece cannot service its debt and reduce its deficit and the other deficient nations are in the same boat. The CDS marketplace would be severely disrupted if there were a sovereign debt default. That fear, of contagion, could be seen in higher rates in Spain, some .30%, the highest upward move this year. Greece, Ireland and Portugal have problems that can never be resolved and Spain, Italy and Belgium are not far behind.
Spain is implementing austerity, but that means like in recent weeks millions have demonstrated in 72 Spanish cities. The 17 autonomous regions have doubled their debt in the last 2-1/2 years. The socialists just did not know when to stop, now they are out of office. Spain is going down. There is no way they can sustain. That should bring the CDS situation front and center. It will also increase unemployment for those 18 to 35 to 40% or more. It is not surprising that half of the protestors were in that age group.

Greek PM George Papandreou, who secretly promised Europe’s elitists bankers that he would sell-off and or pledge Greek state assets, wants to sell stakes in Hellenic Telecommunications, Public Power Corp., Postbank, the ports of Piraeus and Thessaloniki and their local water company. All supposedly worth $70 billion. The bankers, of course, say they are worth far less. They want to buy them for 10% to 20% of what they are worth – so what else is new. The Cabinet went along with the giveaway, as expected, and without a whimper. The EU is demanding all the assets be sold off immediately, so the bankers can buy them as cheaply as possible. The threat by the bankers is if you do not sell and sell fast for a pittance, then we won’t fund loans of $42 billion over the next 2-1/2 to 3 years. If not funded it would be “re-profiled” another new euphemism for default and debt restructuring, or perhaps debt extension.

Then there is the threat that the bankers, the ECB-European Central Bank for the Euro Zone, would refuse to supply the Greek banking system with any further liquidity. They would then admit their new word refilling would mean default. This would end with Greece leaving the euro zone and the euro and total default, the issuance of a new drachma at 50% of the value of the euro and perhaps even leaving the EU, the European Union. Jens Weidmann, the Bundesbank’s new president said no compromise on monetary stability and a correction back to normality and a full separation between monetary and fiscal policy. It is obvious to us that in spite of debt of $620 billion that Germany wants to cut Greece loose. The German voters said that in last month’s elections. The Germans should have accepted default for $0.50 on the dollar offered by the Greeks a year ago. Even if the Greeks sold $50 billion in assets it would be a drop in the bucket, when they cannot possibly pay off the remainder of the debt ever. This shows you how derelict the bankers and sovereign countries were in allowing this debt to be accumulated. In addition Goldman Sacks and JPMorgan Chase hid their problems, via credit default swaps and now these same banks and others want to loot the country.

Tuesday Jean-Claude Junker, chair of the euro zone finance ministers committee had to admit he lied about the secret meeting the bankers had concerning Greece. He is another who says Greece cannot pay its debt under its current debt burden. Both he, and Lorenzo Bini Smaghi, Member of the Executive Board of the European Central Bank, said that any partial or total default would put all of Europe and the euro in jeopardy. In fact, some of these apologists for banks, especially the Germans, have entertained having Germany control Greek budgets and collect taxes. That means you would have a financial SS running things not only in Greece, but also in Ireland and Portugal and eventually in Belgium, Spain and Italy.

It should be noted the ECB paid in capital $14 billion and they hold $183 billion in Greek debt. We would say the ECB is already insolvent. It could be the Ponzi scheme, much like that of the Fed’s will soon come to an end. Some believe that a 50% markdown is in store for Greek debt. That could have worked a year ago, but not now. It is 2/3’s or more of a write down. We can just imagine Greece, Portugal, Ireland, Belgium, Spain and Italy recapitalizing the ECB – forget it. This is why partial or full debt default are out of the question. Just to buy time the ECB will kick the can down the road as long as they can. Those six nations in trouble should all go back to their currencies, default by at least 2/3’s and leave the euro zone.
European bondholders with a 50% debt write off are offside $1.2 trillion for Greek, Portuguese and Irish debt. If we include Spain, Italy and Belgium the 50% write off is $846 billion. That should easily destroy the ECB and the euro zone. We predict that by October changes will have to be made not only in the EU and euro zone, but in the UK and US as well. The battle rages in the euro zone, EU, UK and in the US over overwhelming debt. The debts are all unpayable. This dance of debt could go on for 4 or 5 months. Even a temporary solution is not going to work. The debts are unpayable. Once the lending stops the bottom falls out. The same is true in the US.

Bob Chapman is a frequent contributor to Global Research. Global Research Articles by Bob Chapman

 

[tommy271]

Ma nient'affatto.
Insistere con l'attuale politica di inasprimento fiscale nel futile tentativo di generare un gettito in grado di sostenere il servizio del debito e' un suicidio, porta solamente alla distruzione totale di quel poco di tessuto produttivo che e' rimasto, e che e' l'unica cosa che la Grecia deve realmente proteggere.

Qui mi trovo con Gaudente.
La realtà è che però bisogna fare "cassa"... nella assoluta indisponibilità di opzioni lo stesso Papandreou ha "beneficato" il settore turistico di diverse riduzioni di imposta proprio per cercare di far ripartire questo settore primario.
Bisognerà cercare di essere molto equilibristi.

Il "nero" al 35% del PIL rappresenta comunque la ricchezza occultata, il settore produttivo nascosto.

 

[tommy271]

Greek Socialists lose poll lead for first time since 2009






ATHENS | Sat May 28, 2011 12:25pm EDT

ATHENS May 28 (Reuters) - Greece's ruling Socialists lost their lead for the first time since the 2009 elections in one opinion poll but another showed them still slightly ahead of the opposition on Saturday.
Struggling to impose tough austerity measures to pull the country back from the brink of bankruptcy, the socialists had the support of 19 percent of those asked in a Pulse agency poll compared to 19.5 percent for the conservative New Democacy.
The poll for the centre-right Eleftheros Typos paper showed the socialists behind their opponents for the first time since their landslide election victory in October 2009, with 74 percent of respondents saying Greece should renegotiate the terms of an 110 billion euro EU/IMF bailout.
But a poll by ALCO agency for Proto Thema newsaper showed the ruling PASOK party still slightly ahead, with 20.7 percent versus 20.4 percent for the opposition New Democracy, the narrowest gap between the two Alco has polled since elections.

 

[C.Bonacieux]

Schiavetti nella rubrica Meteobond di Plus24 ci da ormai per spacciati
Grecia ormai fallita con conseguente taglio del debito fino al 70%.

l'ho letto anche io, però poi lo stesso plus24 nella rubrica sul bund dice che in qualche modo la Grecia sarà salvata.
Si mettessero d'accordo!!

 

[tommy271]

ECB's Paramo: Spain must finish labour reform






MADRID | Sun May 29, 2011 4:30am EDT

MADRID May 29 (Reuters) - Financial markets will remain sceptical that Spain can steer clear of the crisis until the country manages to finish its reform of the labour market, a senior European Central Bank policymaker said in an interview.
"Markets are surprised that the government may not be capable of concluding a much needed labour reform ... Until we finish that reform we won't see the end of market distrust," said Jose Manuel Gonzalez-Paramo, Executive Board member of the ECB, in an interview in La Vanguardia newspaper on Sunday.
Spain passed a labour reform last year, but labour unions, business leaders and the government have stalled over final parts of the process, including changes to the collective bargaining system whereby wages are fixed across entire sectors and linked to inflation. The government said on Friday it hoped to conclude a deal by June 6.
Gonzalez-Paramo also urged the government to finish off restructuring its financial system, and Spain's autonomous regions to meet new tough deficit targets.
Spain's economy is struggling to recover at a decent rate and unemployment has surged to over 21 percent, leaving some investors to fear it will be the next euro zone member following Portugal to call for a bailout.
Gonzalez-Paramo said Spain was the master of its own destiny with its future dependent on necessary reforms.
He also argued against a potential restructuring of Greece's debt, which many analysts see as inevitable. The country must meet its debt targets agreed with the EU and IMF.
"Greece needs to fulfill the pact already in place. If after a year later there is part of it that hasn't been met then it should take additional measures," he said.
"When people talk of restructuring its debt they are not aware of what it means."
The central bank has warned of dire consequences with effects worse than the fallout of Lehman Brothers if a restructuring took place.
He also urged Greece to make changes to its economic and tax models and to step up planned privatisations.
"Greece belongs to a club of advanced countries and with that comes demands," he said.

 

[tommy271]

l'ho letto anche io, però poi lo stesso plus24 nella rubrica sul bund dice che in qualche modo la Grecia sarà salvata.
Si mettessero d'accordo!!

Io ho più fiducia in Francesco Paglianisi.
"C'azzecca" parecchie volte...

 

[tommy271]

Canadian PM in Greece



Canadian Prime Minister Stephen Harper held talks with Greek Prime Minister George Papandreou, paid a visit to the Greek Parliament and attended a roundtable between Greek and Canadian business delegations in Athens on Saturday, during the first day of a two-day official visit to Greece.

Papandreou and the Canadian prime minister, who arrived in Greece after attending the G8 summit in Deauville, discussed bilateral relations and global economic developments, including those in the Eurozone and the economic difficulties faced by Greece. They also signed a bilateral agreement for promoting the mobility of young people in the two countries.

Arriving at the Greek Parliament on Saturday morning, Harper was received by Greek Parliament President Philippos Petsalnikos. Noting that relations between Greece and Canada were good, he said that an effort will be made to make improve them further.

Petsalnikos referred to the important role of the Greek expatriate community in Canada as a bridge between the two countries, noting that Canada had been a hospitable country for Greeks fleeing the seven-year military dictatorship of 1967-1974.

The Canadian premier noted that there were roughly 250,000 people of Greek background living in Canada, including government minister Tony Clement and MP Costas Menegakis that had accompanied him on his visit to Greece.

Petsalnikos presented Harper with the gold medal of Pericles, a symbol of Athens' Golden Age and of democracy.

After visiting Parliament, the Canadian premier addressed a roundtable meeting of Greek and Canadian business people at the city's Hilton Hotel. At this, he stressed the need to develop bilateral trade and business relations between the two countries.

He also underlined Canada's interest in concluding a free trade agreement with the European Union, now in the final stages of negotiation.

On Sunday, Harper and Papandreou are due to visit the historic visit of Kalavryta, site of a WWII Nazi massacre, in order to pay tribute to the Greeks slain by the 117th Commando Division on December 13, 1943.

(ana.gr)