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tommy271
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Fitch: Greece Ability To Deliver Targets Increasingly Doubtful
LONDON (MNI) - Ratings Agency Fitch has said that signs that Greece was struggling to meet its fiscal targets and the increasing likelihood that Athens will need more EU/IMF money to meet funding shortfalls were key factors behind the its downgrade of the country's sovereign ratings from 'BB+' to 'B+'.
"The scale of the challenge before the Greek authorities, including a new commitment to privatise EUR50bn of state assets by 2015, and their ability to deliver in the face of rising implementation and political risk is increasingly in doubt," Fitch said.
"These concerns, coupled with the recognition that new money will be needed to address a fiscal funding shortfall from 2012 and avert a sovereign default, were key factors behind the downgrade."
Incorporated into the 'B+' rating is Fitch's expectation that substantial new money will be forthcoming for Greece from the EU and the IMF and that Greek sovereign bonds will not be subject to a "soft restructuring" or "re-profiling" that would trigger a "credit event" and consequently a default rating from the agency," it added.
(imarketnews.com)
LONDON (MNI) - Ratings Agency Fitch has said that signs that Greece was struggling to meet its fiscal targets and the increasing likelihood that Athens will need more EU/IMF money to meet funding shortfalls were key factors behind the its downgrade of the country's sovereign ratings from 'BB+' to 'B+'.
"The scale of the challenge before the Greek authorities, including a new commitment to privatise EUR50bn of state assets by 2015, and their ability to deliver in the face of rising implementation and political risk is increasingly in doubt," Fitch said.
"These concerns, coupled with the recognition that new money will be needed to address a fiscal funding shortfall from 2012 and avert a sovereign default, were key factors behind the downgrade."
Incorporated into the 'B+' rating is Fitch's expectation that substantial new money will be forthcoming for Greece from the EU and the IMF and that Greek sovereign bonds will not be subject to a "soft restructuring" or "re-profiling" that would trigger a "credit event" and consequently a default rating from the agency," it added.
(imarketnews.com)
tommy271
Forumer storico
Labour Ministry Proceeds With €2b Interventions In Pensions
The Labour Ministry has finalized its €2b interventions, which would burden pensioners. The last package of measures, that was decided in fear of the non-disbursement of the fifth aid tranche, is not related just to “privileged” pensioners.
The measures have been already clarified by the leadership of the Ministry of Labour and would lead to lowering incomes, significant reduction in pensions by 15%, and also demise of social structures, cutting of healthcare costs and decrease of overall welfare benefits, valued at €9.5b.
In 2011, the reduction in main and supplementary pensions exceeds €250m, as the measure will apply no later than September. For the 2012-2015 period, the government expects to save a total amount of €2.1b.
Moreover, measures decided for 2011:
-Increase of special contribution by 6%-14% for the pensioners who receive more than €1,700.
-Additional special contribution for pensioners who are under 60 years old and receive more than €1,700. On average, the additional contribution will be 8%.
-Additional special contribution to supplementary pension, which exceed €300.
-Reduction in gratuity for the public and private sector. There are suggestion for reductions of 10%-30%. This is the only measure that was not finalized on Monday, as the services of the Labour Ministry examine all alternatives.
-Application of a cap for all pensions.
The ministry is also targeting on the so-called social policy, as benefits of €345m would be cut over the next 7 months. The benefits of the housing organization would be limited, new income and property criteria would be applied, while the conditions for allowances would be tighter. Similarly, tougher conditions would be applied also for the unemployment benefit, with the Deputy Minister committing that seasonality would be supported.
The ministry expects about €70m in 2011 through the increase of contribution by 1% in the private sector, apportioning the burden by 0.5% to employers and employees. A special contribution of 1% would weigh employees in the public sector, amounting to €300m annually.
(capital.gr)
The Labour Ministry has finalized its €2b interventions, which would burden pensioners. The last package of measures, that was decided in fear of the non-disbursement of the fifth aid tranche, is not related just to “privileged” pensioners.
The measures have been already clarified by the leadership of the Ministry of Labour and would lead to lowering incomes, significant reduction in pensions by 15%, and also demise of social structures, cutting of healthcare costs and decrease of overall welfare benefits, valued at €9.5b.
In 2011, the reduction in main and supplementary pensions exceeds €250m, as the measure will apply no later than September. For the 2012-2015 period, the government expects to save a total amount of €2.1b.
Moreover, measures decided for 2011:
-Increase of special contribution by 6%-14% for the pensioners who receive more than €1,700.
-Additional special contribution for pensioners who are under 60 years old and receive more than €1,700. On average, the additional contribution will be 8%.
-Additional special contribution to supplementary pension, which exceed €300.
-Reduction in gratuity for the public and private sector. There are suggestion for reductions of 10%-30%. This is the only measure that was not finalized on Monday, as the services of the Labour Ministry examine all alternatives.
-Application of a cap for all pensions.
The ministry is also targeting on the so-called social policy, as benefits of €345m would be cut over the next 7 months. The benefits of the housing organization would be limited, new income and property criteria would be applied, while the conditions for allowances would be tighter. Similarly, tougher conditions would be applied also for the unemployment benefit, with the Deputy Minister committing that seasonality would be supported.
The ministry expects about €70m in 2011 through the increase of contribution by 1% in the private sector, apportioning the burden by 0.5% to employers and employees. A special contribution of 1% would weigh employees in the public sector, amounting to €300m annually.
(capital.gr)
tommy271
Forumer storico
Greek Finance Minister: Finland will be repaid
Greek Minister of Finance George Papakonstantinou has assured Finns that bailout money paid to Greece has not been lost.
“First of all, the loan aid is not a donation. We will pay back all of the borrowed money as promised”, Papakonstantinou says in an interview with Helsingin Sanomat.
He points out that the countries that are being helped in their debt crisis are under constant scrutiny. “Without economic discipline the loans would not flow”, he says.
He emphasises that Greece will continue its regime of belt-tightening.
“We are implementing a privatisation programme of state-owned companies and we are cutting costs. As we are a responsible government, we will continue at any price.”
The political opposition is opposed to the privatisation programme, which is aimed at generating income worth EUR 50 billion.
“If we were to be left without aid for some reason, it would lead to a disaster, and a very strong and rapid shrinking of our economy, and the disappearance of financing. It is unfortunate that the opposition does not want to participate in saving Greece.”
Papakonstantinou believes that Greece will soon reach agreement with the European Union, the European Central Bank, and the International Monetary Fund on upcoming loan payments.
He admits that the negotiations have been difficult.
“All sides have been very cautious in the negotiations, but I am confident that we will reach a satisfactory outcome. It is still too early to talk about possible additional assistance.”
According to a report in the Financial Times newspaper on Monday, a new aid package for Greece is under preparation which would give outside decision-makers greater say in the supervision of taxation and the state privatisation programme.
“I will not comment on the report, because no decisions have been made. Decisions on possible additional aid will be made later. It depends on whether or not we can apply for a loan from the open market already next year. Now it looks difficult”, Papakonstantinou says.
According to sources quoted by the FT, Greece would need an additional EUR 30-35 billion in credit, in addition to the EUR 110 billion that has already been granted by the eurozone countries and the IMF.
Greece has cut pensions and raised the tax rate by four percentage points in its attempt to boost public finances. At the same time, domestic consumption has declined. This is a severe blow, because most of the country’s revenue comes from small enterprises and the service sector.
“A good sign is that our exports have started to move again. In the course of roughly six months exports have grown by about 20-30 per cent a month”, Papakonstantinou says.
Although he repeats several times that Greece will do everything it can to weather the crisis, he has one request of the Europeans, and of the Finns.
“We have chosen a common path in the eurozone. This is why we should not shout populist slogans or ridicule those who are in trouble. It is more important to stand behind the common economy.”
Papakonstantinou lets out a small laugh when asked if he was taking issue with Finland’s political situation.
“I am not taking a stand on the domestic politics of other countries. My colleague [Jyrki Katainen] has told me about Finland’s election result and the political situation there. In general I hope that Europe will think sensibly about the best interests of the whole area.”
(helsinginsanomat.fi)
Greek Minister of Finance George Papakonstantinou has assured Finns that bailout money paid to Greece has not been lost.
“First of all, the loan aid is not a donation. We will pay back all of the borrowed money as promised”, Papakonstantinou says in an interview with Helsingin Sanomat.
He points out that the countries that are being helped in their debt crisis are under constant scrutiny. “Without economic discipline the loans would not flow”, he says.
He emphasises that Greece will continue its regime of belt-tightening.
“We are implementing a privatisation programme of state-owned companies and we are cutting costs. As we are a responsible government, we will continue at any price.”
The political opposition is opposed to the privatisation programme, which is aimed at generating income worth EUR 50 billion.
“If we were to be left without aid for some reason, it would lead to a disaster, and a very strong and rapid shrinking of our economy, and the disappearance of financing. It is unfortunate that the opposition does not want to participate in saving Greece.”
Papakonstantinou believes that Greece will soon reach agreement with the European Union, the European Central Bank, and the International Monetary Fund on upcoming loan payments.
He admits that the negotiations have been difficult.
“All sides have been very cautious in the negotiations, but I am confident that we will reach a satisfactory outcome. It is still too early to talk about possible additional assistance.”
According to a report in the Financial Times newspaper on Monday, a new aid package for Greece is under preparation which would give outside decision-makers greater say in the supervision of taxation and the state privatisation programme.
“I will not comment on the report, because no decisions have been made. Decisions on possible additional aid will be made later. It depends on whether or not we can apply for a loan from the open market already next year. Now it looks difficult”, Papakonstantinou says.
According to sources quoted by the FT, Greece would need an additional EUR 30-35 billion in credit, in addition to the EUR 110 billion that has already been granted by the eurozone countries and the IMF.
Greece has cut pensions and raised the tax rate by four percentage points in its attempt to boost public finances. At the same time, domestic consumption has declined. This is a severe blow, because most of the country’s revenue comes from small enterprises and the service sector.
“A good sign is that our exports have started to move again. In the course of roughly six months exports have grown by about 20-30 per cent a month”, Papakonstantinou says.
Although he repeats several times that Greece will do everything it can to weather the crisis, he has one request of the Europeans, and of the Finns.
“We have chosen a common path in the eurozone. This is why we should not shout populist slogans or ridicule those who are in trouble. It is more important to stand behind the common economy.”
Papakonstantinou lets out a small laugh when asked if he was taking issue with Finland’s political situation.
“I am not taking a stand on the domestic politics of other countries. My colleague [Jyrki Katainen] has told me about Finland’s election result and the political situation there. In general I hope that Europe will think sensibly about the best interests of the whole area.”
(helsinginsanomat.fi)
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