Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Euro zone finance ministers' statement on Greece





LUXEMBOURG | Mon Jun 20, 2011 1:19am BST

LUXEMBOURG (Reuters) - Euro zone finance ministers issued the following statement on Greece after talks on Sunday:
"The Greek authorities are embarking on a significant and necessary adjustment effort.
Ministers recognised the considerable progress achieved by the Greek authorities over the last year, particularly in the area of fiscal consolidation. Ministers are also conscious of the serious challenges that Greek citizens are facing in these difficult times.
Ministers took note of the debt sustainability assessment prepared by the Commission and the IMF. The assessment showed that debt sustainability hinges critically on Greece sticking to the agreed fiscal consolidation path, the plans of collecting 50 billion euro in privatisation proceeds until 2015, and the structural reform agenda which will promote medium-term growth.
Ministers look forward to the Commission's Compliance Report, that requires the finalisation of the updated Memorandum of understanding, which is expected in the coming days, reflecting the outcome of the ongoing negotiations between the Greek government and the European Commission, in liason with the ECB, and the IMF.
This, together with the passing of key laws on the fiscal strategy and privatisation by the Greek parliament, will pave the way for the next disbursement by mid-July.
However, given the difficult financing circumstances, Greece is unlikely to regain private market access by early 2012.
Ministers agreed that the required additional funding will be financed through both official and private sources and welcome the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of the required year by year funding within the programme, while avoiding a selective default for Greece.
On these conditions, ministers decided to define by early July the main parameters of a clear new financing strategy.
Ministers call on all political parties in Greece to support the programme's main objectives and key policy measures to ensure a rigorous and expeditious implementation. Given the length, magnitude and nature of required reforms in Greece, national unity is a prerequisite for success."


***
La dichiarazione approvata ieri dall'Eurogruppo.

 

[tommy271]

La pressione sugli spread inizia a farsi sentire piuttosto forte: ora a 1464 pb.

 

[giutrader]

La pressione sugli spread inizia a farsi sentire piuttosto forte: ora a 1464 pb.

obbiettivo 1500

 

[Nobody's]

MARKET TALK BOND: pesa mancanza decisionismo su Grecia (B.Carige)

MF-Dow Jones - 20/06/2011 10:22:16

MILANO (MF-DJ)--La mancanza di decisionismo da parte dei leader europei sulla situazione della Grecia "pesa" sui mercati. Lo sostiene Luca Fava, trader per il settore fixed income di Banca Carige, rilevando che lo spread decennale Btp/Bund tratta nei pressi dei 194 punti base, anche in seguito alla decisione di Moody's di porre il rating italiano in revisione per un possibile downgrade.

Come dicevo io insomma......

 

[tommy271]

Grecia: fiducia sblocco prestito

Approvazione nuovo piano austerithy prevista per il 28 giugno

20 giugno, 09:28



(ANSA-AFP) - ATENE, 20 GIU - Il governo greco ''non prevede problemi'' per il versamento, agli inizi di luglio, della quinta tranche del prestito accordato al paese da Fmi e Unione Europea e condizionato ad un nuovo piano di austerita' e di privatizzazioni. E' quanto ha fatto sapere una fonte del ministero delle Finanze che si e' detta ''fiduciosa dell'approvazione di tale piano da parte del Parlamento'' il 28 giugno.

 

[EDESMO]

Edesmo, cos'è quell'avatar?

è un modellino animato del meccanismo di azionamento delle valvole nei motori delle moto Ducati
la particolarissima e praticamente unica "distribuzione desmodromica" in produzione di serie
è una distribuzione in cui è comandata sia la chiusura sia l'apertura delle valvole in modo "guidato" con il camme
mentre in genere l'apertura è comandata con il camme mentre la chiusura da molle

grazie alla genialità realizzativa dell'Ing Taglioni

 

[tommy271]

Financial News: Fear Of Greek 'Non-Default' Creates CDS Chaos



By Elena Moya
Of FINANCIAL NEWS

Desperate attempts by the European Central Bank and the European Union to avoid a Greek default are creating confusion in the market for credit default swaps, which provide a form of insurance against an issuer defaulting on its debt, and are likely to lead to a significant overhaul of the way the market operates in future.
At issue is the definition of a so-called "credit event," which could mean that credit default swaps will not pay out on their insurance, even if Greece has defaulted, according to market participants.
This could trigger legal disputes between buyers and sellers of CDS on Greek debt, undermine the $264 billion sovereign CDS market, and increase the cost of borrowing for peripheral European countries such as Ireland and Portugal at a time when their borrowing capacity is already under pressure.
Gary Jenkins, head of fixed income at Evolution Securities, said: "It calls into question the practical use of sovereign CDS, because clearly you are paying for protection but, when you need it, you don't receive it. Potentially this could have a knock-on effect of increasing funding costs for the likes of Spain and Ireland."
Jonathan Compton, a portfolio manager at Bedlam Asset Management, said: "This situation will destroy the confidence in the value of sovereign bond insurance. It's not just Greece. We know what will happen in Greece will affect what others do."
The International Swaps and Derivatives Association, the main derivatives industry association that sets standards for CDS contracts, admitted to Financial News that its definition of a "credit event" is too vague.
David Geen, general counsel of ISDA, said: "Our definitions have been out there for many years, but if members think we should review and update them, we would do that [although no member has asked for this yet]. But I don't think anybody expected that the restructuring definition would cover all possible events."
The organization has already been asked to offer more clarity on whether a "bail-in" --Germany's favoured solution to Greece's woes, which would involve sovereign bondholders sharing the pain of any restructuring--would trigger a payout.
Geen said: "Over the past few weeks, people have asked us about whether the definitions should cover bail-ins. We have started looking at it as, at the moment, 'bail-in' is not necessarily completely covered in our definitions of credit events."
The ECB is keen to avoid any kind of restructuring and shield European banks--which are the main holders of Greek sovereign debt--from suffering losses that they might struggle to shoulder.
Some market participants are also concerned that European Union lawmakers will do anything to avoid CDS paying out to buyers of protection. Some politicians, including Greek prime minister George Papandreou, have claimed that CDS speculators are distorting the market.
Ashok Shah, chief investment officer at London & Capital, said: "Trying to avoid a default by various means will become self-defeating, as it would lead to a sell-off in the bond market too--a reaction to the contracts not providing the protection they were meant to.
This would raise borrowing costs of the peripheral countries, tipping them into further chaos and leading to potential defaults."
The final word on whether the payments will be made lies with ISDA's determinations committee, formed by 10 banks [including Goldman Sachs and Credit Suisse], five buyside investors [such as BlackRock and Citadel], and two consultative dealers.
Bedlam's Compton said: "CDSs were created by investment banks as an extremely profitable toy. And who is going to determine in practice whether this will be a default or not? It will be the banks that issued this paper. The big owners of these CDSs are bound to litigate. It's going to be an enormous mess."
Such problems could be avoided--at least in the short term --if Greece's creditors agree to a "soft" restructuring, which might involve a voluntary debt extension or something similar.
David Watts, a senior analyst at CreditSights, said: "I suspect the losses will come, unless the EU is prepared to lend at very cheap rates for a very long time.
If they want to have any chances of making Greek debt sustainable, other than funding it themselves, they will have to impose losses to other creditors."
Watts said policymakers are attempting to delay such a scenario in order to calm turbulence in the markets. He added: "The EU is worried implementing a mandatory restructuring could undermine Spain's ability to fund itself."
Watts said: "Even in a mandatory restructuring, they would have some leeway to avoid a restructuring event.
Then, I wonder if CDSs will continue to be seen as an effective hedging tool when the underlying entity is sufficiently important to the government that they will look at the way that they structure debt resolutions and they may change the rules of the game."

 

[EDESMO]

Dovrebbero essere pezzi del motore ducati desmo4 forse....

[OT]
non sono molto sicuro, ma dalla forma e struttura direi che
il modellino raffigura la distribuzione o dei monocilindrici 250/350/450 primi anni settanta o dei bicilindrici a "elle" 750 tipo quelli sella vittoria di Smart e Spaggiari a Imola 1972

ps salvo il parere di un vero esperto
[/OT]

 

[tommy271]

Eurozone Uses Stick And Carrot Approach In Greek Problem



Eurozone Finance Minister said that the fifth tranche of the loan to Greece would be released in mid July, after the country votes for the medium-term fiscal program.

At his meeting with European Council President Herman Van Rompuy and European Commission President José Manuel Barroso on Monday, Greek PM George Papandreou (who is accompanied by former ECB member Loukas Papademos) has to commit that the medium-term program should be passed on June 28.

The Greek government had hoped that it could obtain an announcement for the fifth instalment before June 28, in order to strengthen its position during the debate in the Greek House, while the initial negotiations about the new aid loan start at European Union Summit on June 23-24.

However, Greece did not get its own way in Brussels, as new Finance Minister Evangelos Venizelos was forced to accept all the terms of the Eurogroup regarding the disbursement of the €12b tranche.

But his counterparts have “enhanced” his position by asking again for national consensus, intensifying pressure on main opposition party New Democracy.

At the same time, the procedures for the new bailout loan launch, as the risk of a domino effect in Eurozone is at the centre of attention in both Brussels and Washington.

Athens’ attempt for a “political blackmail” seems to have failed, as the Greek government and House would decide on the passing of mid-term package on June 28, under the threat of a default.

Eurogroup is expected to discuss (and agree) on Monday on the conditions for the participation of private investors in the new loan to Greece, as European government are willing to remove risks of a Greek default for the next three years (under very strict financial terms) for fear that it could cause the collapse of euro currency and EU.

The troika representatives arrive on Wednesday in Athens to assess the recent alternations in the medium-term program, as they consider that they could change the fiscal results. Capital.gr understands that the troika officials may ask for additional measures or adjustment, minimizing the potential political maneuvering of the Greek government .

(capital.gr)

***
Alcuni importanti "rumors" da Atene ...

 

[Nobody's]

Cds, salgono Italia e Grecia dopo rinvio Eurogruppo e Moody's

Reuters - 20/06/2011 10:26:48