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tommy271
Forumer storico
ECB Constancio: Open To Private Sector Contribution For Greece
AACHEN, Germany (MNI) - The European Central Bank does not exclude some form of private sector involvement in a new financial aid package for Greece, but it continues to reject any form of restructuring, ECB Vice President Vitor Contancio said Thursday.
"Some forms of private sector involvement that are voluntary we admitted as a possibility," Constancio told reporters at an event here. But a key condition is "avoiding a legal credit event," he said.
The ECB opposes any kind of restructuring or default, he said. "A default would be bad for Greece, bad for the Eurozone and bad for global financial markets."
EU officials appear to be moving closer to an agreement that could provide Greece with more than E60 billion in new funding to meet otherwise uncovered financing needs expected to arise in 2012 and 2013. One key sticking point has been -- and remains -- how to accommodate a demand by Germany and some other countries that private sector creditors bear some of the burden in the new package.
The ECB has vehemently opposed any haircut or maturity extension on Greek debt, saying that they would ultimately amount to the same thing
But senior ECB officials in recent days have said they may be open to the idea of a voluntary rollover of Greek bonds by banks and other creditors holding them. The idea would be for the creditors to agree in advance to take new Greek bonds, presumably at affordable rates, when the ones they are holding expire.
A similar approach, known as the "Vienna Initiative" was applied to Eastern European debt during the height of the financial crisis in 2008 and 2009.
However, it is unclear how private financial institutions will be induced to make such commitments given how high Greek yields are now and the market perception that a large haircut on Greek bonds -- as much as 50% -- is only a matter of time. It's also not certain that such a pre-commitment by banks would actually be enforceable when the time came to accept the new bonds, particularly if financial conditions in the interim had made their earlier promises seem financially unsound.
Constancio also supported a call by ECB President Jean-Claude Trichet for a common Eurozone Finance Ministry. Moves towards a "quasi-fiscal union" would be "clearly very helpful," he said.
Constancio and other members of the ECB Executive Board attended a ceremony here in which Trichet received the prestigious International Charlemagne Prize, awarded by the city of Aachen. In his acceptance speech, Trichet said he could envision the eventual creation of a common finance ministry for the euro area.
(imarketnews.com)
***
Forse sul "rollaggio" anche in BCE si muove qualcosa ...
AACHEN, Germany (MNI) - The European Central Bank does not exclude some form of private sector involvement in a new financial aid package for Greece, but it continues to reject any form of restructuring, ECB Vice President Vitor Contancio said Thursday.
"Some forms of private sector involvement that are voluntary we admitted as a possibility," Constancio told reporters at an event here. But a key condition is "avoiding a legal credit event," he said.
The ECB opposes any kind of restructuring or default, he said. "A default would be bad for Greece, bad for the Eurozone and bad for global financial markets."
EU officials appear to be moving closer to an agreement that could provide Greece with more than E60 billion in new funding to meet otherwise uncovered financing needs expected to arise in 2012 and 2013. One key sticking point has been -- and remains -- how to accommodate a demand by Germany and some other countries that private sector creditors bear some of the burden in the new package.
The ECB has vehemently opposed any haircut or maturity extension on Greek debt, saying that they would ultimately amount to the same thing
But senior ECB officials in recent days have said they may be open to the idea of a voluntary rollover of Greek bonds by banks and other creditors holding them. The idea would be for the creditors to agree in advance to take new Greek bonds, presumably at affordable rates, when the ones they are holding expire.
A similar approach, known as the "Vienna Initiative" was applied to Eastern European debt during the height of the financial crisis in 2008 and 2009.
However, it is unclear how private financial institutions will be induced to make such commitments given how high Greek yields are now and the market perception that a large haircut on Greek bonds -- as much as 50% -- is only a matter of time. It's also not certain that such a pre-commitment by banks would actually be enforceable when the time came to accept the new bonds, particularly if financial conditions in the interim had made their earlier promises seem financially unsound.
Constancio also supported a call by ECB President Jean-Claude Trichet for a common Eurozone Finance Ministry. Moves towards a "quasi-fiscal union" would be "clearly very helpful," he said.
Constancio and other members of the ECB Executive Board attended a ceremony here in which Trichet received the prestigious International Charlemagne Prize, awarded by the city of Aachen. In his acceptance speech, Trichet said he could envision the eventual creation of a common finance ministry for the euro area.
(imarketnews.com)
***
Forse sul "rollaggio" anche in BCE si muove qualcosa ...
tommy271
Forumer storico
EU Juncker: Expects New Aid Package For Greece By End Of June
AACHEN, Germany (Dow Jones)--Greece is likely to receive a new financial aid package by the end of June, as long as it can demonstrate its ability to implement tough reforms and privatizations, eurogroup head Jean-Claude Juncker said Thursday.
"My personal feeling and knowledge is that Greece will have a new program," Juncker said on the sidelines of a prize ceremony in Aachen.
But the new program will only be "submitted under strong conditionality."
"That means that Greece will have to prove it will be able to meet its budgetary goals for 2011, Greece will have to [actually] implement a privatization program," as well as structural reforms, Juncker said.
The decision on more aid will be made after the report on Greece's progress is concluded by the International Monetary Fund, European Central Bank and European Commission, Juncker said.
That report "will come out in the coming days," he said.
Juncker said he will meet with Greek representatives tomorrow in Luxembourg, but denied reports that he has called a crisis meeting of euro-zone finance ministers for Monday.
Greece's aid program is likely to be agreed by the end of June assuming IMF involvement and under strong conditionality, he added.
AACHEN, Germany (Dow Jones)--Greece is likely to receive a new financial aid package by the end of June, as long as it can demonstrate its ability to implement tough reforms and privatizations, eurogroup head Jean-Claude Juncker said Thursday.
"My personal feeling and knowledge is that Greece will have a new program," Juncker said on the sidelines of a prize ceremony in Aachen.
But the new program will only be "submitted under strong conditionality."
"That means that Greece will have to prove it will be able to meet its budgetary goals for 2011, Greece will have to [actually] implement a privatization program," as well as structural reforms, Juncker said.
The decision on more aid will be made after the report on Greece's progress is concluded by the International Monetary Fund, European Central Bank and European Commission, Juncker said.
That report "will come out in the coming days," he said.
Juncker said he will meet with Greek representatives tomorrow in Luxembourg, but denied reports that he has called a crisis meeting of euro-zone finance ministers for Monday.
Greece's aid program is likely to be agreed by the end of June assuming IMF involvement and under strong conditionality, he added.
Nobody's
Γένοιο οἷος εἷ
Temo che siano in alto mare
tommy271
Forumer storico
No, c'è un'apertura da parte BCE.
tommy271
Forumer storico
ECB not against private sector taking hit on Greece-Constancio
AACHEN, Germany, June 2 | Thu Jun 2, 2011 7:14am EDT
AACHEN, Germany, June 2 (Reuters) - The European Central Bank has never said it was against all forms of private sector involvement in a new package of aid for Greece but remains firmly opposed to outright debt restructuring, ECB Vice-President Vitor Constancio said on Thursday.
Constancio said the bank's concerns had always been about avoiding triggering a technical default of Greece's debt -- something European officials have been working to find a way round in talks on a second bailout for Athens.
***
Il rollaggio del debito a scadenza, a quanto pare non è considerato una "ristrutturazione" dalla BCE.
AACHEN, Germany, June 2 | Thu Jun 2, 2011 7:14am EDT
AACHEN, Germany, June 2 (Reuters) - The European Central Bank has never said it was against all forms of private sector involvement in a new package of aid for Greece but remains firmly opposed to outright debt restructuring, ECB Vice-President Vitor Constancio said on Thursday.
Constancio said the bank's concerns had always been about avoiding triggering a technical default of Greece's debt -- something European officials have been working to find a way round in talks on a second bailout for Athens.
***
Il rollaggio del debito a scadenza, a quanto pare non è considerato una "ristrutturazione" dalla BCE.
tommy271
Forumer storico
Greece To Raise Funds Through OTE’s Privatization Soon
The first revenues from the ambitious package of privatizations will be raised by late June through the sale of a 10% stake in Hellenic Telecoms (OTE) to Deutsche Telekom. This is the assessment of market sources, following the meeting of Finance Minister Giorgos Papakonstantinou with German representatives on Wednesday.
The same sources told Capital.gr that yesterday is considered the official date counting back 20 days in order to provide an average stock price. DT is agreed to pay a premium of 15% over that price. OTE share has been moving upwards recently, reaching €7.18 on Wednesday, however the country can not expect to raise more than €395-400m.
The procedures should be completed soon, as Deutsche Telekom is ready at any moment to acquire an additional stake of 10%, while it states officially its intention to obtain full control of OTE, changing substantially the environment in Greek telecommunications sector.
These procedures should be completed immediately, as DT is ready at any moment to go to acquire a further 10%, while most states and formally positive to ensure full control of OTE΄s share, substantially changing the overall data in the Greek telecommunications.
Yesterday’s meeting focused on the option of 10%. Thus, the German unit is expected to revisit Athens soon to negotiate on the remaining 6% stake of Greece.
This development would set the negotiations on a different basis, as the elimination of Greece’s participation means the termination of the shareholders’ agreement. Thus, the Greek government wouldn’t have veto rights, while Germans would be able to acquire OTE shares through the Athens Exchange. Labour and regulatory issues remain the obstacles in the negotiations, with German officials asking for a better price in return.
Theoretically, with a 46% stake, DT wouldn΄t be obliged to submit a public squeeze out bid, legal sources told Capital.gr.
(capital.gr)
***
Telekom/Privatizzazioni.
The first revenues from the ambitious package of privatizations will be raised by late June through the sale of a 10% stake in Hellenic Telecoms (OTE) to Deutsche Telekom. This is the assessment of market sources, following the meeting of Finance Minister Giorgos Papakonstantinou with German representatives on Wednesday.
The same sources told Capital.gr that yesterday is considered the official date counting back 20 days in order to provide an average stock price. DT is agreed to pay a premium of 15% over that price. OTE share has been moving upwards recently, reaching €7.18 on Wednesday, however the country can not expect to raise more than €395-400m.
The procedures should be completed soon, as Deutsche Telekom is ready at any moment to acquire an additional stake of 10%, while it states officially its intention to obtain full control of OTE, changing substantially the environment in Greek telecommunications sector.
These procedures should be completed immediately, as DT is ready at any moment to go to acquire a further 10%, while most states and formally positive to ensure full control of OTE΄s share, substantially changing the overall data in the Greek telecommunications.
Yesterday’s meeting focused on the option of 10%. Thus, the German unit is expected to revisit Athens soon to negotiate on the remaining 6% stake of Greece.
This development would set the negotiations on a different basis, as the elimination of Greece’s participation means the termination of the shareholders’ agreement. Thus, the Greek government wouldn’t have veto rights, while Germans would be able to acquire OTE shares through the Athens Exchange. Labour and regulatory issues remain the obstacles in the negotiations, with German officials asking for a better price in return.
Theoretically, with a 46% stake, DT wouldn΄t be obliged to submit a public squeeze out bid, legal sources told Capital.gr.
(capital.gr)
***
Telekom/Privatizzazioni.
Nobody's
Γένοιο οἷος εἷ
Non trovi invece che tutti dicano la sua??
Anche se il fatto detto da te c'è effettivamente......
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