tommy271
Forumer storico
Dicembre 2011.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (42 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Dicembre 2011.
tommy271
Forumer storico
Eurogroup: In Search Of A Greek Debt Guarantor
An extraordinary meeting of Eurogroup is meeting on Tuesday in Brussels under increased pressures exerted by the rating agencies, after S&P further downgraded Greece’s debt ratings on yesterday.
The consecutive downgrades by rating agencies are directly related to the persistent position of the German government to force institutional investors to participate voluntarily in the roll over of the Greek debt, with new bonds of longer duration.
The pressures exerted by the agencies aim to make European officials adopt ECB’s position on rescue fund EFSF getting the role of guarantor in this process, either directly or by issuing Eurobond.
European Commission officials admitted that the new aid package to Greece (new loan of €34-40b, €25b privatizations in three years, holding and roll over of €20b bonds) is stuck in which would be the guarantor, in order to provide private investors a incentive to participate.
The issue will be discussed at the Eurogroup meeting, but no final decisions are expected.
European FinMins should seek to issue a reassuring statement regarding this crucial difference between “bankers” and “politicians”.
Sources told Capital.gr that a “Task Force” of technocrats, set up several weeks ago to formulate proposals, has prepared and will present its planning at the Eurogroup, but no decision will be made (as this is an extraordinary meeting).
According to same sources, even if a “solution” will be finalized into a “technical level”, the discussion will continue at the European Union Summit next week .
(capital.gr)
***
La discussione secondo fonti greche...
An extraordinary meeting of Eurogroup is meeting on Tuesday in Brussels under increased pressures exerted by the rating agencies, after S&P further downgraded Greece’s debt ratings on yesterday.
The consecutive downgrades by rating agencies are directly related to the persistent position of the German government to force institutional investors to participate voluntarily in the roll over of the Greek debt, with new bonds of longer duration.
The pressures exerted by the agencies aim to make European officials adopt ECB’s position on rescue fund EFSF getting the role of guarantor in this process, either directly or by issuing Eurobond.
European Commission officials admitted that the new aid package to Greece (new loan of €34-40b, €25b privatizations in three years, holding and roll over of €20b bonds) is stuck in which would be the guarantor, in order to provide private investors a incentive to participate.
The issue will be discussed at the Eurogroup meeting, but no final decisions are expected.
European FinMins should seek to issue a reassuring statement regarding this crucial difference between “bankers” and “politicians”.
Sources told Capital.gr that a “Task Force” of technocrats, set up several weeks ago to formulate proposals, has prepared and will present its planning at the Eurogroup, but no decision will be made (as this is an extraordinary meeting).
According to same sources, even if a “solution” will be finalized into a “technical level”, the discussion will continue at the European Union Summit next week .
(capital.gr)
***
La discussione secondo fonti greche...
StockExchange
Forumer storico
Comunque trovo eccessivo il discredito che si getta su come la Grecia abbia affrontato la questione dal 2009 con i due Papas...
Le manovre di austerity sono state feroci e che siano state in parte controproducenti, c'era da aspettarselo. Ma c'è voluto un grande coraggio politico, di questo si deve dare atto all'attuale governo.
E poi credo che si deve dare tempo per consentire all'economia Greca, specie relativamente alla domanda interna, di trovare un nuovo punto di equilibrio.
Purtroppo è evidente che non si potrà prescindere da una riequilibratura di tipo deflazionistico. Ma la buona notizia è che non saranno i soli in Europa. Sono in tante le nazioni, noi compresi, che devono cominciare a stringere la cinghia e imparare a vivere riducendo i consumi. Noi per esempio dovremo procedere a manovre da quaranta miliardi l'anno per chissà quanti anni a venire.
Per quanto riguarda l'inerzia nelle privatizzazioni è normale che se chiedi ai tacchini di anticipare il Giorno del Ringraziamento (citando un simpatico aforisma usato da Tremonti nei giorni scorsi) troverai molte difficoltà....
La troika invece di fare questa patetica kermesse di andare a trovarli ogni tre mesi presentandosi all'uscio della porta come tre novelli "Chiarchiaro" di Pirandelliana memoria, poteva da subito affiancarli istituendo una commissione per le privatizzazioni.
Ammettiamolo che tutte le istituzioni hanno peccato di ottimismo.
Dall'altro lato dell'Atlantico, basti vedere quali politiche si sono adottate contro la crisi: stampare moneta da immettere nei circuiti finanziari, dove è rimasta, alimentando ulteriori speculazioni su tutto ciò su cui si potesse speculare. Ma la FED mi potrebbe ricordare che questo si chiama "sostenere le quotazioni degli asset finanziari". Io la chiamo bolla.
Ultima modifica:
tommy271
Forumer storico
UPDATE 1-ECB's Noyer open to Greek solution that avoids default
Tue Jun 14, 2011 4:32am EDT
* Private sector role that avoids default "appropriate" -Noyer * Idea has added to mkt nerves, increased risk of contagion * Rescheduling debt won't ease budget adjustments * Determined needed over commodity inflation
(Combines earlier stories)
PARIS, June 14 (Reuters) - Private sector investors can be drawn into paying for the cost of a second bailout of Greece as long as any such moves avoid a debt default, European Central Bank Governing Council Member Christian Noyer said on Tuesday.
Noyer, also France's central bank governor, stuck with the ECB's central line on the issue at a news conference, saying that any private sector involvement in a Greek bailout package must be strictly voluntary.
"If a solution regarding the debt can be found which avoids the risk of default, that would seem to be suitable. If you cant find it, it would seem better to avoid touching the debt," Noyer said.
"If there is an operation it must be purely and solely voluntary. It must not lead to a credit event ... It must not lead to a default, even a partial one."
He said concern about private sector involvement in euro zone bailout packages was raising market interest rates and increasing the risk of the crisis spreading.
"The idea of involving the private sector in the management of crises has had a destabilising effect," Noyer said.
"Indeed, the uncertainty it created has deterred private creditors from continuing to finance countries in temporary difficulty, exacerbating the damage to the economy as a result of extreme tensions on market interest rates and ultimately making the public support needed and the risks of contagion even greater."
European Union leaders are scrambling to agree on terms for a second bailout package for Greece, with Germany pushing for private bondholders to be held to extend their exposure to Greek government debt for several years.
Noyer said that compliance with "strict and rigorous conditionality" was crucial to the design and implementation of adjustment plans.
"It is a dangerous illusion to think that such conditionality can be relaxed by virtue of debt reduction or rescheduling," he said.
"Such operations ... always lead, at least initially, to a further drop in confidence and lower capital inflows, which increases the adjustment effort needed."
Regarding the economy generally, Noyer said the ECB needed to show determination in preventing energy and commodity inflation spilling over into general prices.
In a June 9 letter to French President Nicolas Sarkozy that presents the Bank of France's annual report, Noyer said there was no pre-commitment regarding the pace of monetary adjustment in the euro zone, given "the numerous uncertainties affecting the monetary environment."
He said monetary policy reflected in interest rates would remain separate from liquidity provision, which was aimed at securing smooth functioning of markets and financial stability.
Tue Jun 14, 2011 4:32am EDT
* Private sector role that avoids default "appropriate" -Noyer * Idea has added to mkt nerves, increased risk of contagion * Rescheduling debt won't ease budget adjustments * Determined needed over commodity inflation
(Combines earlier stories)
PARIS, June 14 (Reuters) - Private sector investors can be drawn into paying for the cost of a second bailout of Greece as long as any such moves avoid a debt default, European Central Bank Governing Council Member Christian Noyer said on Tuesday.
Noyer, also France's central bank governor, stuck with the ECB's central line on the issue at a news conference, saying that any private sector involvement in a Greek bailout package must be strictly voluntary.
"If a solution regarding the debt can be found which avoids the risk of default, that would seem to be suitable. If you cant find it, it would seem better to avoid touching the debt," Noyer said.
"If there is an operation it must be purely and solely voluntary. It must not lead to a credit event ... It must not lead to a default, even a partial one."
He said concern about private sector involvement in euro zone bailout packages was raising market interest rates and increasing the risk of the crisis spreading.
"The idea of involving the private sector in the management of crises has had a destabilising effect," Noyer said.
"Indeed, the uncertainty it created has deterred private creditors from continuing to finance countries in temporary difficulty, exacerbating the damage to the economy as a result of extreme tensions on market interest rates and ultimately making the public support needed and the risks of contagion even greater."
European Union leaders are scrambling to agree on terms for a second bailout package for Greece, with Germany pushing for private bondholders to be held to extend their exposure to Greek government debt for several years.
Noyer said that compliance with "strict and rigorous conditionality" was crucial to the design and implementation of adjustment plans.
"It is a dangerous illusion to think that such conditionality can be relaxed by virtue of debt reduction or rescheduling," he said.
"Such operations ... always lead, at least initially, to a further drop in confidence and lower capital inflows, which increases the adjustment effort needed."
Regarding the economy generally, Noyer said the ECB needed to show determination in preventing energy and commodity inflation spilling over into general prices.
In a June 9 letter to French President Nicolas Sarkozy that presents the Bank of France's annual report, Noyer said there was no pre-commitment regarding the pace of monetary adjustment in the euro zone, given "the numerous uncertainties affecting the monetary environment."
He said monetary policy reflected in interest rates would remain separate from liquidity provision, which was aimed at securing smooth functioning of markets and financial stability.
tommy271
Forumer storico
Non dobbiamo, infatti, dimenticare che nel giro di un anno hanno tagliato del 5% il deficit/PIL.
Già questo era considerato impossibile dai "soloni"...
Ultima modifica:
Baro
Umile contadino
Si sa il bid-cover ?
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