Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (56 lettori)

[tommy271]

ECB’s Weidmann Favors Voluntary Investor Help, Sueddeutsche Zeitung Says

By Matthew Brockett - Jun 14, 2011 1:00 AM GMT+0200 Mon Jun 13 23:00:01 GMT 2011

European Central Bank council member Jens Weidmann said any private-sector involvement in a second Greek bailout must be voluntary, Sueddeutsche Zeitung reported, citing a guest commentary.
“Participation of private investors is basically sensible and right” and “there can’t be any objection to a voluntary extension of maturities” on Greek bonds, Weidmann wrote in the commentary. “But it remains to be seen how obliging the investors will actually be,” he said, adding: “if a maturity extension is forced upon investors, the risks are significantly greater than the possible benefits. Then a credit event would be unleashed, which would pose great risks for financial stability.”
Weidmann, who also heads Germany’s Bundesbank, said it’s up to governments to fix the problem and the ECB cannot take on any more risk, Sueddeutsche Zeitung reported.
“If additional tasks and financial risks are continuously heaped upon monetary policy, this can endanger its purpose, namely securing price stability,” he said. “It’s important now for monetary policy that the risks already taken are reduced and absolutely not increased, so that credibility is not put at stake.”
Weidmann said private ownership of Greek sovereign bonds is “no longer as high as often supposed.” He also said governments can’t assume that euro-area central banks “will approve of maturity extensions for the bonds in their possession or accept as collateral bonds from states that are rated insolvent,” Sueddeutsche reported.
Weidmann said any further aid for Greece must be sufficient to cover the needs of the country’s banking sector, according to the newspaper.



(Bloomberg)

 

[EDESMO]

CORRETTO-MONETARIO - Cosa succede oggi martedì 14 giugno
Reuters - 14/06/2011 07:53:11
Chiarisce riferimento a prezzi alla produzione Cina

* Mentre resta alta l'attenzione per gli sviluppi della crisi greca - con un nuovo declassamento del rating del paese - si tiene stasera a Bruxelles una cena informale tra i ministri finanziari dell'Unione Europea, tra cui Tremonti, per cercare di raggiungere un accordo in vista dell'Ecofin del 20 giugno e della riunione dei leader europei del 24 giugno dove dovranno essere decisi i dettagli definitivi sul fondo Efsf, Esm e sulla Grecia. Ieri sera S&P's ha tagliato la Grecia a CCC, con outlook negativo, spiegando che una ristrutturazione del debito è sempre più probabile. Sempre ieri sera Clearnet ha alzato il margine richiesto sulla negoziazione di titoli Portoghesi e Irlandesi, rispettivamente al 65% dal 45% e al 75% dal 65%.


* Intanto, in un'interivsta di questa mattina sul Sueddeutsche Zeitung, l'eurocommissario Olli Rehn conferma che i colloqui per un secondo pacchetto di aiuti alla Grecia si stanno avvicinando a conclusione, con la Commissione che spinge per una soluzione di swap di titoli di stato su base volontaria. "Stiamo preparando un accordo sulla base dell'iniziativa di Vienna', in cui le banche mantengono in portafoglio i loro bond per un tempo più lungo, in maniera di fatto volontaria" ha detto Rehn al quotidiano tedesco.


* In questa situazione di tensione, oggi sono anche in agenda le aste in Grecia (su titoli di stato a 26 settimane) e Spagna (a 12 e 18 mesi), oltre a quelle di Belgio (a 3 e 12 mesi), Olanda (a 3 anni), Francia (a 13, 24 e 50 settimane). L'Italia ha in offerta un titolo più lungo, il Btp quinquennale per 2,5-3,5 miliardi.

 

[tommy271]

Oggi si preannuncia una giornata molto incerta: la Grecia si ripresenta all'appuntamento mensile con l'asta dei semestrali, insieme ad emissioni spagnole, italiane e belghe.
Insomma tutta la periferia sarà ben rappresentata.
Ieri S&P si è allineata a Moody's nell'assegnare le tre CCC agli ateniesi.
Oggi si terrà l'attesa riunione tra i ministri delle finanze dell'Eurogruppo, non è prevista nessuna comunicazione ufficiale forse solo una dichiarazione in appoggio alla Grecia. Il resto rimarrà riservato.
La tensione rimane palpabile su tutto il gruppo ed è ben visualizzata dal differenziale dello spread raggiunto da tutti i componenti:

Grecia 1404 pb. (1392)
Irlanda 842 pb. (831)
Portogallo 769 pb. (769)
Spagna 255 pb. (251)
Italia 182 pb. (184)
Belgio 118 pb. (118)

 

[tommy271]

Papandreou edges toward reshuffle



Change of ministers could happen this week or after vote on midterm fiscal plan, sources say

Prime Minister George Papandreou will soon conduct a Cabinet reshuffle but has not yet decided if it will be before or after the government’s medium-term fiscal plan is voted through Parliament, sources told Kathimerini.
The two options being discussed by Papandreou and his closest advisers are either to shakeup his team of ministers as soon as possible, possibly even as early as this week, or to make changes to his Cabinet after the government’s economic proposals have been debated and voted on in Parliament. This would mean that the reshuffle would happen in early July.
Papandreou and his aides appear confident that PASOK MPs will not scupper the midterm fiscal plan in Parliament. The government has a six-seat majority and while it is expected that one or two deputies might vote against the proposals, which include further cuts to public spending and more tax hikes, there will not be a large rebellion.
However, the passage of the fiscal plan through Parliament will mark a crucial few days for the government. A parliamentary committee is due to begin reviewing the bill tomorrow. This process will last until the end of the week and the committee is due to sit again for a second review a week later. The draft law is likely to be submitted in Parliament on June 27 or 28 before a vote on June 30. It is possible that the vote will be delayed by a week.
It is expected that one of the casualties of the reshuffle will be Finance Minister Giorgos Papaconstantinou, who has been severely criticized by PASOK deputies in recent weeks, both because of the measures he has adopted and due to claims that he has failed to consult with them.
A number of people have been linked to the role of finance minister, including the former vice president of the European Central Bank Lucas Papademos, who has recently been acting as an informal adviser to Papandreou. However, sources suggested that the prime minister might opt to place one of the government’s better communicators in the post, which could mean either Regional Development Minister Michalis Chrysochoidis or Education Minister Anna Diamantopoulou taking over.
In an interview with Sunday’s To Vima newspaper, Papandreou said he was open to the idea of bringing people with “wide appeal” into the government, suggesting that he may look to recruit ministers from outside of his party.






ekathimerini.com , Monday June 13, 2011 (21:57)

***
Rimpasto in vista nell'esecutivo di Atene.
Sul piede di partenza Papaconstantinou.
La situazione sarà da monitorare con attenzione.

 

[tommy271]

Italian census of the Dodecanese douses Turkish claims

Censuses of the Dodecanese islands carried out by Italian authorities when they ruled the southeastern Aegean region between 1912 and 1943, are said to strengthen Greece’s legal position in regards to recent efforts by Turkey to challenge Greek sovereignty, according to information seen by Sunday's Kathimerini.
The documents, part of the official state archives, are currently kept on the island of Rhodes. They contain extensive details about the makeup of the population at the time, as well as economic activity and land ownership on small islets and rocks that Ankara has in the past listed as “gray areas,” or territories of questionable sovereignty.
Syrna, a tiny islet off the more famous Astypalaia, for example, is described in a 1922 census as having an exclusively Orthodox Christian -- meaning Greek -- population.
Claims in the past by Turkish diplomats did not just concern islets off the coast of the former Ottoman country, but also some in the middle of the Aegean Sea. Greece has proposed an appeal to the International Court of Justice in The Hague if the two states fail to settle an ongoing disagreement about the delineation of the continental shelf.
The Dodecanese islands, which were controlled by the Ottomans before they were ousted by the Italians in 1912, were officially returned to Greece in 1947.






ekathimerini.com , Monday June 13, 2011 (21:55)

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Diatribe greco/turche.

 

[tommy271]

Political leaders need to jointly convince EU of viable plan



Government faces tremendous opposition from within party ranks to do the right thing

By Dimitris Kontogiannis


If some pundits are right, the impact of a Greek sovereign default on the eurozone economy and the world markets could be equivalent to Lehman Brothers multiplied by a factor of five or 10. Unfortunately, Greece and the EU are not run by an efficient administration and an effective central bank as is the United States, which acted quickly and effectively to deal with the crisis after Lehman Brothers crashed. So, a disorderly Greek default becomes more probable and much more undesirable.
It is clear by now, even to its staunch supporters, that the Memorandum Greece agreed to on May 3, 2010 with the European Commission, the IMF and the ECB (European Central Bank) has not worked. The fact that it has to be revamped and that Greece has to be given an additional loan to make it until mid-2014 proves just that. Whether this occurred because it was not implemented properly by the Greek government or/and because of its own shortcomings is a matter of debate.
In our view, it was due to both factors. The Greek government willingly implemented the agreed fiscal measures but was unable or perhaps unwilling to do the same with the structural reforms that often pitted it against its own party members in trade unions and elsewhere.
In addition, the economic program did not make privatizations and other asset sales a priority because it wrongly assumed that Greece faced a liquidity crisis and not a solvency crisis requiring a reduction in the amount of public debt upfront.
The midterm fiscal strategy program unveiled by the government last week tries to correct some of the shortcomings of the Memorandum by placing greater emphasis on privatizations and proceeds from the development of public property as a means of lowering the state’s debt by 50 billion euros by 2015 and reinvigorating the economy by a more efficient allocation of capital and investments.
However, valuable time has been wasted and the rate at which some of the privatizations will have to be implemented points to fire sales, increasing the stakes for the politicians who will take the responsibility and sign, losing crucial support.
Even worse, the government has decided to hit the private economy with a new wave of taxes because it either does not want to or cannot cut state spending deeper to meet the budget deficit goals. In doing so, it repeats the same mistake it made in the economic policy program signed in May 2010, where it tried to slash the budget deficit by relying equally on tax hikes and spending cuts.
It is obvious that the government faces tremendous opposition from within its party ranks to do the right thing and overhaul the public sector, the source of Greece’s economic crisis. Meanwhile, calling on the conservative opposition New Democracy party for consensus, namely to support the new restrictive measures and help share the political cost, will not make the hardline trade unionists of any party change their mind.
Moreover, put aside the push for structural reforms, especially the privatizations and the liberalization of the so-called closed professions, the fiscal side of the midterm fiscal strategy appears to aim to cut the budget deficit by hurting more the engine of the Greek economy, that is, the private sector, rather than taking care of the big sick man, that is, the public sector.
This means it risks hurting the growth prospects of the Greek economy and protracting the vicious cycle of recession and ever-rising public debt.
It is therefore imperative that the government listens to the proposal of Antonis Samaras, the leader of the conservative party, and joins forces in a bid to change the means of attaining the goals of the midterm economic program in consultation with Greece’s EU partners and the IMF. In so doing, it will hold a major card in its hand -- the threat of contagion -- but to play it, the country needs strong leadership.
The two leaders will have to convince Greece’s partners of the country’s commitment to reforms and fiscal discipline by laying out a simple plan.
First they need to rely primarily on spending cuts to meet the budget deficit goals, even if it means layoffs in the public sector, and proceed with selective tax cuts but not consumption taxes. If this is not done, tens of thousands of jobs in the private sector will be lost and finally even more jobs will be lost in the public sector since the economy is likely to collapse.
Second, the two leaders should make a commitment to carry out the privatization plan within the agreed timeframe.
Third, they should ask that the EU frontloads the structural funds earmarked for Greece for the next few years to have a greater impact on economic activity and seek greater financing from the EIB for infrastructure projects.
Fourth, they should convince their counterparts that new EU and IMF loans will not do the economy much good if they do not help the liquidity of the banking sector. This means going for a Brady type bond solution now instead of going for straight loans to the public sector that leave the private sector cash-starved. The Brady bonds could be used by local banks as collateral to fund themselves in the repo markets and get the economy back on its feet.
Undoubtedly, Greeks bear the responsibility for their fiscal mess and high public debt, and should be the first to pay for cleaning up their house. However, it is highly probable that Greece may indeed turn out to be worse than Lehman Brothers to the eurozone and to the world economy, and some of the leaders of the eurozone may be blamed for failing to live up to the task.
It is, therefore, in everyone’s interest to help Greece. Perhaps the biggest help will come if eurozone leaders understand why US President Barack Obama has urged them repeatedly to help Greece so that it does not go belly-up.






ekathimerini.com , Monday June 13, 2011 (23:38)

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Un commento.

 

[tommy271]

EURO GOVT-Bunds lower, debt-troubled states under pressure






LONDON, June 14 | Tue Jun 14, 2011 2:19am EDT



LONDON, June 14 (Reuters) - Bund futures opened slightly lower on Tuesday, while bonds issued by the euro zone's lower-rated states were likely to remain under pressure at least until the next step in Greece's debt crisis becomes more clear.
At 0610 GMT, the Bund future FGBLc1 was 17 ticks at 125.77, tracking falls in Treasuries in the Asian session. [US/]
But euro zone uncertainty will likely cap losses. The bloc's policymakers remain divided over how to involve the private sector in Greece's next bailout package, which is expected to be finalised at a Brussels summit on June 23-24.
Standard & Poor's cut Greece's ratings by three notches to CCC with a negative outlook on Monday, saying the country is increasingly likely to restructure its debt in a way the ratings agency would consider a default.
"The Greece downgrade came out last night and I don't think markets picked up on it," one trader said. "The question is who comes next, we think Portugal and Ireland are going to be cut aggressively ... It's all periphery negative stuff." "Bunds are tracking Treasuries weaker, but (the Greek crisis) underpins things underneath."
Unnerved markets are likely to make for a difficult sale of 1.25 billion euros worth of Greek T-bills later in the day. A Spanish short-term debt auction will also be closely watched for any signs of contagion from the Greek debt crisis to stronger fringe economies.
"You feel that domestic (investors) will take it (the Greek auction) down, but it will be watched," the trader said.

 

[giub]

Italian census of the Dodecanese douses Turkish claims

***
Diatribe greco/turche.

Pensate allo scenario...Grecia fuori dall'euro...mentre entra la Turchia...
Turchia: elezioni impulso per adesione all'Ue

Dai risultati delle elezioni in Turchia dovrebbe scaturire "un nuovo impulso ai negoziati di adesione" all'Unione europea. E' quanto auspicano, in una dichiarazione congiunta, il presidente della Commissione europea Josè Manuel Barroso e il presidente del Consiglio Ue, Herman Van Rompuy, congratulandosi con il primo ministro Erdogan per il successo riportato ieri. I risultati elettorali, si legge nel messaggio di Barroso e Van Rompuy, "aprono la strada ad un ulteriore rafforzamento delle istituzioni democratiche, così come alla continua modernizzazione del Paese, in linea con i valori e gli standard europei". I progressi in questi campi dovrebbero anche dare nuovo impulso ai negoziati di adesione con l'Unione europea".Lunedì 13 giugno 2011 10.35

 

[tommy271]

Grecia, Commissione Ue prepara piano estensione scadenze - Rehn

martedì 14 giugno 2011 08:42




BERLINO, 14 giugno (Reuters) - I colloqui per un secondo pacchetto di aiuti alla Grecia si stanno avvicinando alla conclusione, con la Commissione che spinge per una soluzione di swap di titoli di stato su base volontaria.
Lo ha detto in un'intervista al Sueddeutsche Zeitung, pubblicata questa mattina, il commissario europeo agli Affari economici e monetari Olli Rehn, spiegando che una soluzione per la crisi debitoria greca non è così lontana come alcuni possono pensare.
"Stiamo preparando un accordo sulla base dell'iniziativa di Vienna', in cui le banche mantengono in portafoglio i loro bond per un tempo più lungo, in maniera di fatto volontaria", ha detto Rehn al quotidiano tedesco, riferendosi all'ipotesi di un 'rollover' del debito, in cui le banche che detengono governativi greci vengono incoraggiate a rimpiazzare i titoli che giungono a scadenza acquistandone di nuovi.
"Siamo preparati a valutare una soluzione che sia basata su un'estensione volontaria delle maturità dei bond e che in nessun caso porti ad un default sul credito" ha aggiunto l'eurocommissario.

 

[stefanofabb]

Banche possono prolungare volontariamente crediti ad Atene
(Il Sole 24 Ore Radiocor) - Francoforte, 14 giu - La
Commissione europea sta lavorando a un progetto di accordo
in base al quale le banche possono prolungare
volontariamente i loro crediti alla Grecia, la soluzione
sostenuta dalla Germania. Lo ha dichiarato il Commissario
Ue, Olli Rehn nel corso di un'intervista al quotidiano
tedesco Sueddeutsche Zeitung uscita martedi'. "Non siamo
troppo lontani da una soluzione comune, come alcuni
pensano," ha detto il commissario europeo per gli affari
economici. "Alcuni Paesi europei condividono la posizione
tedesca, altri no", ha detto. "Stiamo preparando un accordo
sulla base dell'iniziativa di Vienna, sotto la quale le
banche potranno estendere la durata dei loro prestiti, e
questo volontariamente", ha detto Rehn.
buon giorno