Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (40 lettori)

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tommy271

Forumer storico
oG: Greek Bond Yields Rose In May 2011



On the electronic secondary securities market for Greek government bonds (HDAT), prices fell and yields rose in May, with the exception of the 5- and 7-year benchmark bonds that recorded significant gains.

In the rest of the so-called “peripheral” euro area government securities markets, prices exhibited a similar trend while, on the contrary, prices increased in countries with the highest sovereign credit rating, according to the Bank of Greece.

In particular, with regard to Greek government benchmark bond prices, the 3-year bond price fell to 60.79 at the end of May from 61.29 at the end of April, the 10-year bond price declined to 54.59 from 55.94 and the 30-year bond price to 44.23 from 50.16, respectively.

In contrast, the 5-year bond price rose to 61.68 at the end of May from 59.68 at the end of April and the 7-year bond price rose to 58.00 from 56.04 respectively.

As for Greek government bond yields, the 3-year benchmark bond yield increased by 94 basis points (bps) to 24.61% at the end of May, the 10-year benchmark bond yield rose by 52 bps to 16.11% and the 30-year benchmark bond yield by 124 bps to 11.06%.

On the contrary, the 5- and the 7-year benchmark bond yields declined respectively by 73 bps, to 20.40%, and by 69 bps, to 18.04%. As a result, the yield curve remained inverted and flattened slightly, with the difference between the 30- and the 3-year bond yields reaching the level of -1,354 bps at the end of May from -1,384 bps at the end of April.

The average monthly spread between the Greek and the German 10-year bond yields was 1,281 bps in May, compared with 1,049 bps in April.

Trading volume on HDAT in May declined to EUR 695 million compared with EUR 1.40 billion in the previous month and EUR 1.39 billion in May 2010.

The daily average turnover was EUR 31.6 million compared with EUR 73.9 million during the previous month. Investors’ interest was mainly focused on bonds with maturities under 5 years, which attracted EUR 514 million worth of transactions, or 74% of the overall trading volume. Out of the 639 orders executed on HDAT, 62.4% were “sell” orders and 37.6% “buy” orders.

(capital.gr)

***
A maggio, sul mercato di Atene, i volumi di scambio sui nostri titoli sono ai minimi con 695 MLN intermediati. La metà rispetto ad aprile.
 

tommy271

Forumer storico
EU Leaders Confident Greece Will Agree To Reforms



BRUSSELS (Dow Jones)--European Union leaders expressed confidence Monday at a meeting in Luxembourg that Greece will concede on the necessary economic reforms in order to receive the next tranche of aid due and avoid default.

A formal decision to disburse EUR12 billion to Greece should be taken by early July, after the Greek government commits to a new austerity package, said Eurogroup President Jean-Claude Juncker, who also serves as prime minister of Luxembourg, and European Union Economic Affairs Commissioner Olli Rehn. The Eurogroup will convene on July 3 for an extraordinary session to tackle the issue.

"These measures should ensure that Greece continues to correct its public finances and reform its economy to create the conditions for sustainable growth and job creation," said Rehn.

Euro-zone finance ministers also agreed Monday that the "preferred creditor status" for the currency area΄s permanent rescue fund as of 2013, the European Stability Mechanism, be dropped for countries already participating in a bailout program.

There were fears this status would disincentivize private investors from buying the bonds because the euro-zone institution would be paid first in the case of default.

"It΄s good news for Greece. It΄s good news for Ireland. It΄s good news for Portugal," said Juncker.


The ministers agreed on a treaty for the mechanism, paving the way for national governments to vote in the coming days.

Leaders repeated that access to the ESM will come with strict conditions and that private creditors will play a role.

Private sector involvement "will be the rule" for the ESM, said Klaus Regling, head of the European Financial Stability Facility, the ESM΄s precursor.


However, leaders added that private investor involvement in Greece΄s rescue will be voluntary to avoid default.
 

Nobody's

Γένοιο οἷος εἷ
BREAKINGVIEWS - Roma può sciogliere il nodo Italia nel board Bce
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Reuters - 20/06/2011 16:20:35
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L'autore è un editorialista di Reuters Breakingviews. Le opinioni espresse sono le sue personali.


di Pierre Briançon
LONDRA, 20 giugno (Reuters Breakingviews) - Con l'arrivo di Mario Draghi al posto di Jean-Claude Trichet, la Banca centrale europea potrebbe trovarsi con due italiani nel consiglio esecutivo dal momento che Lorenzo Bini Smaghi sembra intenzionato a non dimettersi prima del tempo per far posto a un francese.

In modo decisamente inusuale, il governo italiano ha chiesto pubblicamente al banchiere fiorentino di farsi da parte, invocando lo spirito di solidarietà che sta alla base dell'unione monetaria. Nella storia dell'euro, i paesi più grandi della zona euro hanno finora sempre potuto indicare un consigliere della propria nazionalità nel board anche se, in base al trattato, i banchieri centrali non rappresentano i loro governi, ma piuttosto l'interesse generale della zona euro.

Se Bini Smaghi rimarrà al suo posto, come gli consente il mandato che termina solo a maggio 2013, allora Parigi non vedrà nessun francese seduto al board per un po' di tempo.

Di principio il banchiere fiorentino ha ragione. Se fosse forzato a dimettersi per le pressioni dei politici, prima del 2013, si configurerebbe una violazione dell'indipendenza dei consiglieri della Bce.

Il presidente francese Nicholas Sarkozy potrebbe allora pentirsi di aver appoggiato la candidatura di Draghi alla presidenza Bce prima di assicurarsi che l'accordo con il premier italiano Silvio Berlusconi su Bini Smaghi fosse realizzabile. Tuttavia, Sarkozy può fare ben poco adesso, non essendo praticabile per lui ritirare l'appoggio a Draghi anche se le sue resistenze a due italiani nel board Bce trovano orecchie attente anche in Germania.

La migliore soluzione sarebbe la nomina, da parte del governo italiano, di Bini Smaghi alla presidenza della Banca d'Italia, al posto di Draghi. Ma l'esecutivo italiano non ha mostrato finora intenzione di fare questa scelta, provocando l'empasse attuale.

Sembra che Berlusconi sia a favore del direttore generale della Banca d'Italia Fabrizio Saccomanni, mentre il ministro dell'Economia Giulio Tremonti sosterrebbe il direttore generale del Tesoro Vittorio Grilli.

Il primo sarebbe nominato grazie alla sua "seniority" nella banca centrale, il secondo in base alla "vicinanza".

D'altra parte, Bini Smaghi ha le migliori credenziali ed è noto per essere uno tra i falchi della Bce. La sua nomina dimostrerebbe che il governo italiano è serio riguardo all'indipendenza della Banca centrale e intenzionato a mantenere un equilibrio nazionale all'interno del board.
 

giub

New Membro
America's Debt Crisis
Is the U.S. like Greece?



NEW YORK (CNNMoney) -- Deficit hawks often cite Greece's debt nightmare as a cautionary tale for the United States.
But is the United States really like Greece?
The differences between the countries, after all, give the United States some built-in advantages when it comes to managing its debt.
The U.S. economy? Gargantuan. Greece's economy? Tiny.
Plus, the United States' earning capacity is greater since it has a more diverse economy than Greece does, said Barry Anderson, who used to run a budgeting and public expenditures division at the Organization for Economic Cooperation and Development.
The pain of Greece's crisis

There are also big differences in the countries' currencies.
The dollar is the world's reserve currency and is managed by a single government.
The euro, by contrast, is used by 17 sovereign countries. Therefore, Greece's monetary policy is set not according to Greece's needs but by the needs of stronger economies -- especially Germany -- that prefer higher interest rates as a bulwark against inflation.(See correction below.)
The OECD, meanwhile, estimates that U.S. net debt will reach 75% of the country's economy this year. That number includes federal, state and local debt but excludes debt owed to government trust funds such as Social Security.
Greece's debt, by contrast, will be around 125%.
So what's the concern for the United States exactly?
"The real fundamental similarity is trend. Both [countries' fiscal situations] are bad and getting worse," Anderson said.
That's because both the United States and Greece have aging populations and mature economies that aren't likely to grow as much as they have in the past.
Simply assuming that the United States will remain forever immune from the perils of too much debt is not a winning strategy, deficit hawks warn.
Of course, that's a hard case to make when investors embrace Treasuries every time they get spooked by turmoil in Europe. Events in Greece in recent days have driven the 10-year Treasury yield below 3%.
In other words, the United States continues to get the benefit of being a "safe haven" compared to the rest of the world.
But experts believe that investors won't always give Americans the benefit of the doubt.
"The markets do react late, but when they react they react pretty sharply," said Carlos Cottarelli, director of fiscal affairs at the International Monetary Fund, during a Committee for a Responsible Federal Budget conference this week.
A little over a year ago, investors' fears that Greece would ever default were considerably lower than they are today. So it's not surprising that the yield on 10-year Greek bonds is now pushing 18%, up from 6% at the start of 2010, according to Bloomberg markets data.
But even if U.S. rates don't rise soon -- and some say they won't because investors fear slower economic growth -- that doesn't mean markets can't find other ways to hurt the United States, Anderson said.
Investors might choose to punish the dollar if they start to believe Congress doesn't have the political will to do what's required to put the U.S. budget on a more sustainable track.
And a substantially weaker dollar would have all sorts of negative repercussions, including a possible credit downgrade from ratings agencies, said Michael Pond, managing director of fixed income strategy at Barclays Capital, at the CRFB conference.
The bottom line: The U.S. is not Greece in many ways. But it's also not immune from the punishing effects of debt.
-- Fortune.com's Colin Barr contributed to this report.
Correction: The original version of this article incorrectly stated the number of countries that use the euro.
First Published: June 16, 2011: 11:13 AM ET
 

PASTELLETTO

Guest
:VTe li dò, non te li dò, ma si che te li dò, però se faccio vedere che li dò con facilità poi si sentono tutti autorizzati a fare come ca**0 gli pare.
E te li devo anche dare IO e non qualcun altro, che poi sennò ti si compra.:V

Francia e Germania, affari d'oro con obbligazioni ad alto rendimento e, come il peggiore degli investitori, adesso si meravigliano. Noi non sapevamo niente, ma guarda un po' che è successo... Si rivolgessero alla Consob.

[ame]http://www.youtube.com/watch?v=yaiH2lGIvVw[/ame]
 
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IlPorcospino

Forumer storico
Sempre per ragionare sul prox futuro

- Papa fa rimpasto (fatto)
-il governo approva il piano dei sacrifici (oggi?)
- ECB eroga 12 mld euro (luglio)
- grecia paga cedole (urrah!)
- il governo prepara consultazione popolare (referendum; autunno)
- ECB si riserva di erogare ulteriori aiuti in autunno dopo risultati consultazione (è compatibile con le esigenze delle banche greche e con le scadenze delle cedole?)
- il popolo greco rifiuta il piano (autunno, il punto più basso per i tds greci)
- il governo chiede a ECB la ripresa delle trattative oppure il governo si dimette per procedere a elezioni
 

giub

New Membro
June 16, 2011, 11:55 a.m. EDT
Greece poses $41 billion risk to U.S. banks
SAN FRANCISCO (MarketWatch) — As fears stirred by Greece’s deepening debt crisis raced through global financial markets Wednesday, a quick check of U.S. banks showed they risk losses of tens of billions of dollars should the Mediterranean nation default on its payments.
U.S. banks had total exposure of $41 billion to Greece by the end of 2010, according to the latest figures, issued June 9, from the Bank for International Settlements. Most of the financial commitments appear to be indirect.
About 83% is tied to “guarantees” that range from protection for sellers of credit-derivative contracts to other obligations owed to third parties. Still the data are murky, according to economic consultant Kash Mansori.
Click to Play
Why Greece is like Lehman

Carl Weinberg of High Frequency Economics discusses possible solutions to the Greek financial crisis and why there are similarities to the 2008 situation at Lehman Brothers.

“We don’t know exactly what the form of exposure is,” said Mansori, who authors the Street Light blog. “We can only make educated guesses.”
He thinks U.S. banks are mostly exposed to Greek’s financial crisis through credit-default swaps, which essentially are insurance contracts, he said. Mansori said he believes U.S. banks largely sold these deals to European banks, which own bonds issued by Greek banks and the Greek government.
The BIS report is one of the best gauges of the direct and indirect exposure of banks around to the world to Greece. Banks are required to file quarterly reports with the Swiss-based financial institution.
French banks had the most exposure, at $65 billion, the bulk of which was in the form of debt issued by the Greek government, Greek banks and corporations.

On Wednesday, Moody’s Investors Service put the financial-strength ratings and long-term debt and deposit ratings of Credit Agricole SA FR:ACA -1.06% , BNP Paribas SA FR:BNP -1.44% and Societe General SA FR:GLE -1.18% on review for possible downgrades.
“The primary focus of all three reviews will be the banks’ credit exposures to Greek government debt and the Greek private sector and the potential for inconsistency between the impact of a possible Greek default or restructuring and current rating levels,” Moody’s said
In the United States, Bank of America Corp. BAC -0.28% had direct financial exposure to Greece of $477 million as of last Dec. 31, according to the bank’s annual report. The nature of the financing commitments isn’t clear.
Neither J.P. Morgan Chase & Co. JPM -0.22% or Citigroup Inc. C +0.81% listed their specific financial exposure to Greece in the cross-border-risk sections of their annual reports. The Securities and Exchange Commission only requires banks to disclose cross-border commitments if they exceed a certain percentage of a bank’s total assets.
Euro-zone officials appear divided over a second bailout package for Greece, but on Thursday the European Union’s economy minister said euro-zone governments would be able to come to an agreement at a Sunday meeting in Luxembourg. See related story on Sunday meeting at WSJ.com and Market Pulse item on ongoing IMF backing for Greece plus MarketWatch Topics: Greece .
On Wednesday, Greek citizens took to the streets in protests that turned violent over measures the government plans to take to shore up the country’s worsening financial situation.
Two days earlier, Standard & Poor’s Ratings Services downgraded Greece’s credit rating to CCC. S&P said there was “a significantly higher likelihood of one or more defaults,” as defined according to S&P criteria as failure to make full and timely payments on debt.
U.S. banks can ill afford another blow. Their stocks have fallen hard over the past four months as Europe’s fiscal outlook worsened and the American economic recovery started to sputter. See Economy and Politics section for all the latest U.S. data .
The S&P 500’s financial sector has dropped by a mid-double-digit percentage since peaking in February, meeting the technical definition of a correction, and pummeling popular exchange-traded funds that track the sector such as the Financial Select Sector SPDR Fund
The sector’s 10% decline for the quarter has made financials the worst-performing sector in the S&P 500. Matt Andrejczak is a reporter for MarketWatch in San Francisco.
 
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amorgos34

CHIAGNI & FOTTI SRL

- il governo prepara consultazione popolare (referendum; autunno)
- i

Ciao, conosco abbastanza bene l'umore ellenico: il referendum (con mio dispiacere)sarebbe molto probabilmente(per non dire certamente) bocciato (e diverrebbe un ottimo alibi per molti anche del PASOK).
Chi spera nella stampella di ND, come detto in passato, si sbaglia di grosso.
Fanno i loro (legittimi) calcoli (elettorali).
Un conto è vedere le cose da Roma , un altro andare a fare un comizio in un sobborgo a 9 km dal centro di Atene (30% disoccupazione, incavolati col mondo)
 
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IlPorcospino

Forumer storico
Ciao, conosco abbastanza bene l'umore ellenico: il referendum (con mio dispiacere)sarebbe molto probabilmente bocciato (e diverrebbe un ottimo alibi per molti anche del PASOK).
Chi spera nella stampella di ND, come detto in passato, si sbaglia di grosso.
Fanno i loro (legittimi) calcoli (elettorali).
Un conto è vedere le cose da Roma , un altro andare a fare un comizio in un sobborgo a 9 km dal centro di Atene (30% disoccupazione, incavolati col mondo)

Ci vorrebbe un colpo di scena che rendesse il referendum superfluo, ma non so cosa potrebbe essere!
 
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