Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (4 lettori)

[tommy271]

Greek PM makes rival finance chief to shore up support


ATHENS/BERLIN, June 17 (Reuters) - Greek Prime Minister George Papandreou sacrificed his unpopular finance minister on Friday and put his main socialist party rival into the job in a bid to force through an austerity plan to avert bankruptcy.
The appointment, which analysts said was a second-best after Papandreou failed to persuade respected former European Central Bank vice-president Lucas Papademos to come aboard, came just before a crucial Franco-German summit to discuss future aid to Athens.
The elevation of Defence Minister Evangelos Venizelos to the finance ministry was aimed at securing party backing for crucial tax rises, spending cuts and sell-offs of public assets required for the EU and IMF to disburse emergency loans to keep Greece afloat next month and avoid a default which could unleash global financial turmoil.
Outgoing Finance Minister George Papaconstantinou, who negotiated a first 110 billion euro bailout for Athens last year and had the confidence of international lenders and financial markets, was shunted aside to the environment ministry in a crisis-driven reshuffle.
"Venizelos is politically powerful and that might bode well for the implementation of fiscal consolidation, even though he has no track record in financial matters," UBS analyst Alexander Kyrtsis said.
Initial Greek market reaction was positive with bank shares .FTATBNK rising by as much as 4 percent and the Athens stock market index up 2 percent.
But bond markets remain spooked by fears of a Greek default and most economists are overwhelmingly sceptical that Greece can ever repay its debt mountain, which has reached 340 billion euros or 150 percent of the country's annual economic output.
Reuters' calculations based on 5-year credit default swap prices from Markit show an 81 percent probability of Greece eventually defaulting on its debt based on a 40 percent recovery rate.
In Berlin, German Chancellor Angela Merkel and French President Nicolas Sarkozy will try to overcome sharp differences on how to involve private investors in the second rescue plan without sparking carnage in financial markets.
A German minister said he expected them to strike a compromise after weeks of wrangling that has rattled markets.
"I believe the meeting today will yield a solution," German Deputy Foreign Minister Werner Hoyer told ZDF television. "I am sure they will come to a compromise.
The European Central Bank and European Commission have warned that any form of private sector involvement that causes a "credit event" or a downgrading of Greek debt to default status could wreak devastating damage on the euro zone.

 

[tommy271]

Greece Announces Major Cabinet Reshuffle, Replaces Fin Min



(Adds market reaction, quotes from University of Athens professor.)

By Costas Paris and Alkman Granitsas
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Greece's Socialist government announced a sweeping cabinet reshuffle Friday, replacing the country's finance minister in an effort to shore up support for unpopular economic reforms.
In a statement, spokesman George Petalotis said the government had appointed Evangelos Venizelos as finance minister, replacing George Papaconstantinou.
Papaconstantinou, seen as the architect of those economic reforms, was appointed as environment minister and remains within the government's inner cabinet.
A university law professor who now heads the defense ministry, Venizelos is an old party hand from the 1980s. He has served as justice minister and government spokesman and stood against Prime Minister George Papandreou for the Socialist party leadership.
"Papaconstantinou is considered both a hero and a villain. A hero by Papandreou for holding probably the most difficult cabinet position in the world, and, unfortunately a villain by many of his colleagues in the cabinet and a big part of the Greek population. I am sure Venizelos will use his advice on how to deal with our creditors," a senior party official told Dow Jones Newswires.
The announcement comes after two days of dramatic developments in Greece that included mass protests on the streets of Athens against new austerity measures and an open revolt against those measures within the Socialist party.
The government refit also came after signs of growing discontent inside Papandreou's party, whose parliamentary deputies had grown increasingly uneasy over the stormy public protests. Two of his party's deputies resigned Thursday. Two others defected from the party line earlier in the week.
"This reshuffle is a response to the internal party revolt," said Panagiotis Petrakis, head of the economics department at the University of Athens. "If you look at the appointees, most of the close advisers and friends that Papandreou had appointed to positions have now been removed and replaced with elected Socialist deputies."
"This reshuffle doesn't look like a cabinet really designed to address the current crisis; rather, it looks like a cabinet designed to prepare [the Socialists] for elections," Petrakis added. "On the other hand, the mid-term austerity package will surely pass now and that is clearly a success for Papandreou. It has helped rally the party base, so that has strengthened Papandreou politically compared with where he was just a few days ago."
Papandreou chose Venizelos to take the finance portfolio after finding few suitable candidates willing to accept the post, the official said.
"The first choice for finance minister was [former European Central Bank vice president Lucas] Papademos, but he declined the offer," the official said. "He told the prime minister he would have accepted to participate if a national unity government could be formed," the official said, referring to Papandreou's unsuccessful efforts earlier in the week to form an all-party government.
"Finding someone to replace Papaconstantinou was very difficult. Nobody wanted the job," the official added.
He said Venizelos is widely respected within the party and "hopefully his presence will calm down the Greeks" who by the tens of thousands have been holding daily anti-government protests for the past month in Athens and other big cities.
Venizelos will try to negotiate a second bailout loan with Greece's euro-zone partners and the International Monetary Fund this month. As a prerequisite, Greece must adopt a EUR28 billion austerity package that includes deep spending cuts and a series of new taxes.
Set against a volatile political scene in Greece, finance ministers from euro-zone governments are to meet Sunday and Monday in Luxembourg to debate a new bailout deal, which hinges on Greece adhering to its rigid austerity plan.
A senior IMF official said it was a "precondition" of continued financing that Greece pass the budget measures. These measures imply massive job cuts and squeezed household finances affecting Greeks of all ages.
The stock market has reacted favorably to the reshuffle. At 0826 GMT, the Athens Stock Exchange general index was up 2.3% at 1,235.65 points in moderate turnover.

 

[Imark]

Solo per dire che l'OTC marcia di conserva rispetto al nostro MOT ed ai mercati retail tedeschi, con chiusura attorno a quota 41 per i 2037 ed i 2041.

Cali robusti su tutte le lunghezze, fra il punto e mezzo ed i due punti pct per i titoli in scadenza fino al 2013 incluso e fra i due punti circa ed i tre punti e mezzo sulle altre...

Papandreu mette sul piatto la sua carriera politica, mi viene da dire, con la mossa dell'esecutivo a coloritura tecnica, e fa un ultimo sforzo nel tentativo di evitare lo scompaginamento del PASOK.

E' possibile che il tentativo abbia successo, ma il governo sembra indirizzato a durare settimane, giusto il tempo di varare un nuovo programma di austerity che impedisca un default immediato.

Poi è probabile che si vada ad elezioni, per chiedere ai greci se vogliono il default ed il ritorno alla dracma oppure ancora misure di austerità, considerato che l'outlook della congiuntura economica globale è per un rallentamento nei prossimi mesi, e prevede per la Grecia un calo del PIL per quest'anno del 5%, anziché del 3,5% sul quale si basavano le stime del vecchio piano di rientro del governo greco.

Insomma, c'è il rischio più che fondato che a fine settembre la Grecia possa essere chiamata a varare ulteriori manovre correttive.

La strada per guadagnare tempo fino a dopo le elezioni USA a questo punto sembra assai accidentata...

Ieri tipica giornata in cui i timori di un default disordinato, con avveramento nelle prossime settimane, prendono il sopravvento sulle aspettative di un default spostato in là nel tempo, possibilmente dopo le elezioni americane.

Sul mercato ciò ha comportato un andamento differente rispetto a quello dei giorni precedenti, in cui i titoli lunghissimi calavano in misura più accentuata di quelli corti e medi.

ieri è successo il contrario, con il 2040 che ha addirittura chiuso positivo, il 2037 pressoché fermo e tutti gli altri in rosso, con i corti in calo fra i 2 ed i 3 punti pct.

In queste situazioni infatti la prospettiva di un default immediato spinge all'appiattimento dei prezzi su tutta la curva nonché ad ipotizzare sui lunghissimi qualche chance di recovery maggiore di quella che si avrebbe nel caso di default posticipato.

Le vendite sono state comunque disordinate ed in situazioni di scarsa liquidità del mercato, al punto che - in caso riuscisse ad andare in cantiere un nuovo piano di salvataggio per la Grecia - è da prevedere che vi siano buone opportunità per arbitraggi lungo la curva dei rendimenti, specie nel tratto che include le scadenza comprese fra il 2014 ed il 2026.

 

[tommy271]

Diplomatic Battle For Aid Tranche And New Loan Rages



In the shadow of the vote of confidence next Tuesday, Brussels anticipate the newly appointed Greek Finance Minister Evangelos Venizelos at Eurogroup meeting on Sunday.

The Troika is studying intensively the constitutional law recently, trying to estimate how likely is the voting of the Medium Term Fiscal Program. Its officials are frustrated by the lack of consensus among the political parties in Greece and now try to figure out the new government’s time to live.

European officials fancied a person with experience in EU negotiations. Although the refusal of former ECB member Lukas Papademos led to the appointment of Evangelos Venizelos as a politician with great experience and influence in the parliament. He has also been appointed as Deputy Prime Minister, as a response to Troika’s request for coordination in implementing the Memorandum of Understanding.

The adjustment period is almost zero, because the critical negotiations at the Eurogroup meeting resume two days after his inauguration.

Troika’s main concern on Sunday, besides the ensuring of the release of the fifth aid trance, is deciding on the Fund that would administrate privatizations of €50b.

President of Council of Economic Advisers G. Zanias is expected to be the link at the two-day meeting, who also runs the issue of negotiations on the new loan. However, it remains unclear if the new FinMin could carry government commitments, as the new government has not yet obtain the vote of confidence by the House.

The scenario of a three-month postponement in decision-making, that Germany wishes, is still possible, with the ostensible object to give time to political forces in Greece to regroup. In this case, the agony about the possibility of a default, a word that Commissioner Rehn pronounced yesterday for the first time publically, would be postponed for September.

Olli Rehn is believed to insist on agreeing on a new loan in July, while IMF also intensifies pressures. Germany appears to have softened its stance regarding the participation of private investors in the new loan .

(capital.gr)

 

[Orwell]

Occhio alla sparata dell' EUR/USD.
Ora a 1,4231.

 

[Topgun1976]

Occhio alla sparata dell' EUR/USD.
Ora a 1,4231.

Market talk that the latest Greek bailout could amount to EUR 150bln

 

[tommy271]

Occhio alla sparata dell' EUR/USD.
Ora a 1,4231.

Lo spread recupera qualcosa, ora a 1512 pb.
Borsa di Atene sempre in rimbalzo tecnico a + 2,12%.

 

[Nobody's]

Va proprio cosi male ragazzi?

 

[giutrader]

sulla 18 a 47 ci sono 400k in denaro da + di mezz'ora

 

[Nobody's]

sulla 18 a 47 ci sono 400k in denaro da + di mezz'ora

Sulla 26 come siamo messi?