Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (6 lettori)

[tommy271]

ASE Ended Higher, Turnover Remained Moderate



With net turnover of €56m, the General Index of Athens Exchange ended in positive territory on Tuesday, amid downgrade of Greece’s credit ratings by S&P, record-breaking widening of bond spreads and the auction of Greek treasury bills by the Public Debt Management Agency.

The trading activity was moderate, caused by the fluidity of the situation in both economic and political level, according to analysts, who do not expect the situation to change substantially in the coming days.

“As long as uncertainty persists, volatility should be reiterated”, said Marfin Analysis in its morning report, adding that “some interest could be seen on stocks that found themselves among government’s privatization plans”.

Pegasus Securities commented that S&P downgrade and Eurogroup extraordinary meeting weigh heavily on the market΄s course, increasing its volatility, “with pressure asserted on banking equities continuing to be significant”.

Across the board, the General Index ended at 1,266.93 units, with profits of 1.16%, after fluctuations of 37.55 units or 3%, recovering from an intraday low for year, at 1,238.19.

Approximately 25.02 million units worth €78.89m (€22.73m in pre-agreed trade), while a total amount of 84 shares declined, 52 rose and 144 remained unchanged.

Banks ended at 948.50 units, with profits of 1.18%. ATEbank jumped by 4.50%, whule National Bank gained 2.32%. Piraeus Bank, Alpha Bank and Eurobank rose by 0.99%, 0.95% and 0.66% respectively.

(capital.gr)

 

[Baro]

Schaeuble, si' a contributo privati ma oggi nessuna decisione

Economia

B
ruxelles, 14 giu. - (Adnkronos/Aki) - I privati dovranno contribuire al secondo pacchetto di aiuti per salvare la Grecia, ma oggi non verra' presa ancora nessuna decisione sulla natura di questa partecipazione. Lo ha affermato il ministro tedesco delle finanze Wolfgang Schaeuble al suo arrivo a Bruxelles per la riunione informale dell'Eurogruppo e dell'Ecofin.
"Non abbiamo previsto di raggiungere un accordo oggi, e' piu' che altro una preparazione in vista delle prossime riunioni" dei ministri delle finanze Ue, ha precisato il ministro tedesco. I prossimi Eurogruppo ed Ecofin formali si terranno infatti a Lusssemburgo la prossima settimana il 19 e il 20 giugno.
In discussione e' non solo il via libera all'assegnazione della quinta tranche del prestito Ue-Fmi da 110 miliardi di euro complessivi, ma un secondo salvataggio il cui ammontare e' stato stimato tra gli 80 e i 120 miliardi di euro dopo il 2012. "Naturalmente una parte di questo futuro programma di aiuti ulteriori dovrebbe essere un contributo del settore privato, della cui natura dovremo discutere e che deve ancora essere finalizzato", ha messo in chiaro Schaeuble. Berlino spinge infatti per una partecipazione obbligatoria dei privati e uno riscadenzamento del debito di Atene.

Si sono dimenticati di scrivere che dopo la spinta di Berlino al riscadenziamento obbligatorio e quantaltro arriva anche S&P che appioppa una bella D...

 

[tommy271]

ma questi addizionali aiuti si sommano ai precedenti o li sostituiscono?
perchè 340 - 110 - 100 (media tra 80 e 120) + 30 (vengono dai privati ma sono ancora debito in essere) - 50 (BCE) = 110 mld che restano in giro ?!?
dove sbaglio?

alla fine 2/3 del debito saranno in mano a UE , BCE , IFM ?!

Al termine completo del programma avremo i 120 MLD + 80 MLD = 200 MLD in mano agli istituzionali.
Oltre alla BCE, circa 45 MLD.
La partecipazione al rollaggio dei privati sarà intorno ai 35 MLD. Pare ...

 

[tommy271]

ECB Update: Stark Hawkish After Rate Meeting, Firm On Greece



FRANKFURT (MNI) - European Central Bank Executive Board member Juergen Stark sounded some hawkish notes after Thursday's rate setting meeting, suggesting that markets trimming back ECB rate hike expectations on the back of benign 2012 ECB staff forecasts for inflation may have overreacted.
"Please consider the underlying assumptions of these projections," Stark said. These assumptions include rising short-term interest rates, no major second-round effects and no major increase in oil prices, he said during a press briefing.
In his view, at least the last of these assumptions may well be too optimistic. "Strong economic growth in emerging markets likely contributes further to commodity price rises," he said in a speech held moments later.
The latest staff forecast, issued Thursday, assume average short-term rates of 2.3% in 2012 and put HICP inflation at 1.7%. That short-term rate assumption implies additional increases in the ECB's official rate between now and then, even after one in July, which is widely considered a virtual fait accompli.
Furthermore, should commodity prices rise further, the ECB would presumably have to push up short-term rates above 2.3% if the 2012 inflation forecast were to remain unchanged.
To be sure, Stark is one of the staunchest hawks on the Council and the central bank has certainly not precommitted to any rate hike path, but Stark's comments suggest that reactions to the staff forecasts may have been premature. Rates must be hiked "in a gradual and timely" manner, Stark said.
Council member Jens Weidmann also cautioned Monday that "monetary policy in the Eurozone is rather loose, and that is despite overall solid economic growth." Against this backdrop, "in the ECB Governing Council we see higher price risks over the medium term that is relevant for us. We are correspondingly vigilant," he stressed.
For July, a rate hike can be safely expected, comments on Monday by President Jean-Claude Trichet suggested. While he said that a hike was "possible" and "not certain", he added that observers should "know what we mean because they had experienced what we have done in the past." Council member Jozef Makuch said Tuesday a July hike is "very likely."
Meanwhile, the ECB so far stands firmly by its pledge not to lend additional support in case of a Greek debt restructuring. Europe's top financial officials are meeting in Brussels Tuesday afternoon to discuss a private sector contribution to the new Greek bailout package.
On Monday, Standard & Poor's cut Greece's long-term sovereign credit rating by three notches to triple C and noted that a default appears increasingly likely. According to the rating agency, Greece is now the lowest-rated sovereign in the world, inching closer to default status.
But for the ECB, a default remains out of the question. "No credit event, no selective default," Trichet reiterated on Monday. "I said we exclude ourself from all concepts that would not be purely voluntary without any element of compulsion."
While conceding that the decision is in the hands of governments, Council members warned against expecting any participation from the ECB.
Suggestions floated thus far "implicitly consider to some extent the involvement of the ECB," Stark observed. Such involvement -- either pertaining its own debt holdings or it collateral policies -- may not be forthcoming, Stark and others cautioned.
The ECB is well aware that any notable private sector involvement that meets its condition of being entirely voluntary and free of coercion is near-impossible. "It's not very likely that a substantial involvement of the private sector will happen" on an entirely voluntary basis, Stark said.
Although German Finance Minister Wolfgang Schaeuble has pushed hard for a deal that involves private creditors, he has also said that the no deal would be possible without the approval of the IMF and, above all, the ECB "It must not in any way come to a conflict with the European Central Bank," he said.
For once in this crisis, the ECB may actually not be the one to blink first in a stand-off between fiscal and monetary authorities. Given hardening positions on either side, however, it is unlikely that deal will be reached today that may confirm that the ECB is getting its way.

 

[tommy271]

Greece Govt Deficit E3.1 Billion Above Target In January-May



ATHENS (MNI) - Greece's government budget deficit was E12.2 billion in the five months through May, exceeding the target under the country's EMU-IMF adjustment plan by E3.1 billion, according to figures released Tuesday afternoon by the Greek Finance Minister and the General Accounting Office.
If the government's public investment program is figured into the data, the January-May deficit drops to E10.275 billion. But this method of accounting is transitory and not accepted by Eurostat, the EU's statistical agency.
Despite the adjustment program, and whether or not the public investment program is included in the accounting, Greece's deficit is going in the wrong direction. In the corresponding period of 2010, it was E9.1 billion.
The Finance Minister said the gap between the target and the actual outcome was attributable largely to a harder-than-expected recession in Greece. The country's economy contracted a staggering 5.5% in the first quarter. Another reason, the ministry said, was the expiration of a special tax on a number of items.
Government spending increased by 6.4% in January-May, and was E1.1 billion above target, according to the data.



***
Dati negativi.

 

[tommy271]

Belgian Fin Min: Must Convince Creditors To Maintain Greek Exposure



BRUSSELS (Dow Jones)--Euro-zone finance ministers should seek to convince Greece's private creditors to maintain their Greek exposure but without going against the will of the European Central Bank, Belgian Finance Minister Didier Reynders said Tuesday.
Speaking on his way into an emergency meeting of Euro-zone finance ministers on Greece, Reynders said "a strong commitment from Greece" to implement its bailout plan is necessary, as is some assistance from the European Union and the International Monetary Fund.
"But we must also convince all our partners in the financial sector to participate. It's a voluntary participation to maintain their commitments in terms of credit," he said.
Germany has been urging its Europeans counterparts to ensure there is some private sector burden-sharing in exchange for further help, calling for Greece's private creditors to allow Greek debt that matures between 2012 and 2014 to be extended for seven years.
That idea has met stiff resistance from the European Central Bank, whose President Jean-Claude Trichet warned that that the ECB wouldn't accept any compulsory restructuring or support a plan that prompted a Greek "credit event." A bond exchange could amount to a selective default by Greece.
Reynders said it makes "no sense" for finance ministers to come up with a plan that works "against what the European Central Bank wants."
"We must work on monetary and fiscal policy together," he said. "We should convince the banks, pension funds and insurance companies to participate and remain present in financing Greece," he added.

 

[tommy271]

Bondholders Should Supply 30% of Greek Aid, Netherlands’ De Jager Says

By Jurjen van de Pol and Martijn van der Starre - Jun 14, 2011 5:34 PM GMT+0200 Tue Jun 14 15:34:13 GMT 2011

Private-sector investors should contribute at least 30 percent of possible additional refinancing aid for Greece, Dutch Finance Minister Jan Kees de Jager said.
“It’s important that the private sector, which benefits much from this program, makes a contribution” of more than 30 percent, he told parliament in The Hague today. “It depends on the financing gap, so I can’t mention any amounts.”
While the European Central Bank has said it could accept a plan in which creditors voluntarily agree to buy Greek bonds to replace maturing debt, the monetary policy makers have warned against a German proposal that maturities on Greek debt be extended for seven years, an outcome that rating companies said would be considered a default.
“There are ways to make it attractive for private parties to participate voluntarily in extending debt,” De Jager said before a meeting with European counterparts in Brussels. “For instance new bonds, which replace old ones, can be given new special rights the old bonds lack.”
European finance chiefs began the final stage of hammering out a Greek rescue to prevent the euro area’s first sovereign default after the country was slapped with the world’s lowest credit rating by Standard & Poor’s. German Finance Minister Wolfgang Schaeuble said there won’t be a decision today on an aid package for Greece.
“We need to make it as voluntary as possible to prevent triggering scenarios that cost more and make financial markets lose all confidence in the euro zone,” De Jager said.



(Bloomberg)

 

[tommy271]

Spain Fin Min: Greek Situation Affecting Whole Euro Area



BRUSSELS (Dow Jones)--Greece's debt woes are affecting the whole of the euro-zone and a solution needs to be found quickly, Spanish Finance Minister Elena Salgado said Tuesday.
"Greece's situation is affecting everyone" in the euro zone, she said. "Urgency is an issue."
Speaking on her way to an emergency meeting of euro-zone finance ministers, Salgado said they would "explore [the] many possibilities" for Greece, reiterating that there are other options besides a debt restructuring.

 

[tommy271]

Draghi: no defaut Grecia,no nuova Lehman

per futuro presidente Bce prematura emissione eurobond

14 giugno, 18:03



(ANSA) - ROMA, 14 GIU - Durante il suo intervento al Parlamento Europeo, Mario Draghi, candidato unico alla presidenza Bce, si e' detto contrario ''alla ristrutturazione'' del debito greco e ha escluso ''tutto quello che non sia volontario''. ''Ci sono molti operatori di mercato che sarebbero lietissimi di sfruttare un default'' ha aggiunto, ma ''non vogliamo ripetere'' gli errori del fallimento Lehman ''il piu' caro della storia''.

 

[paologorgo]

Greece's ruling PASOK party loses 2 from its 6 vote majority as one MP leaves the party and another says he will vote against new austerity measures.