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

[tommy271]

No choice but to buy time for Greece -Merkel on TV






BERLIN, June 24 | Fri Jun 24, 2011 12:02pm EDT

BERLIN, June 24 (Reuters) - Euro zone countries have no choice but to "buy time" for Greece to look for a way out of its debt crisis, Chancellor Angela Merkel said in an interview with German television on Friday.
"Greece has a very high level of debt and does not have the necessary economic strength, but when someone simply says there should be a haircut, then I have to reply that we need to consider the side-effects," she said, according to a transcript of the interview by ARD television released to the media.
"We still don't have the right tools at the moment to be able to do something like that in a controlled fashion that would avoid pulling in many, many others in Europe," she said.
"Consequently it is in Europe's common interest to give Greece time, naturally under tough conditions imposed by us, to find its way to a reasonable path," Merkel said.

 

[tommy271]

ECB Stark: Rollover Could Spark "Next Dramatic Phase" Of Crisis



FRANKFURT -(Dow Jones)- Voluntary involvement of private bondholders in Greece's new bailout package could unleash the "next dramatic phase of the crisis", with "very negative" effects in Greece and other countries, European Central Bank executive Board member Juergen Stark said in an interview to be published Saturday.
Greece's new rescue program represents a "last chance" for the country, and must not be allowed to become a "bottomless pit", Stark added in an interview with Frankfurter Allgemeine Zeitung.
Stark warned that voluntary involvement of private bondholders in Greece's rescue could be classed as a credit event and lead to credit downgrades by ratings agencies.
"That would be the next dramatic phase of the crisis," he said. "We would have to fear very negative effects on the Greek banking system, the economy and of course on other countries."
Banks' capital positions would weaken and many would become insolvent as they wrote down bond holdings, he said.
Stark reiterated that the ECB will no longer accept Greek bonds as collateral in the event of a credit event or default.
Greece can pay its debts on time, and must push through needed reforms, Stark said.

 

[tommy271]

Investors pull cash from U.S. money funds on Greece worries






NEW YORK | Fri Jun 24, 2011 12:49pm EDT

NEW YORK (Reuters) - Investors are pulling cash from some U.S. money market funds on worries about the funds' investments in European banks in case of a Greek sovereign default that they fear could roil the $2.7 trillion industry.
Despite signs of progress on a rescue for Greece, assets of non-Treasury money market funds -- which are perceived as riskier than funds that own only U.S. government securities -- declined by $3.6 billion on Thursday, while assets of Treasury-only funds rose by $5.2 billion, according to Crane Data.
There were reports on Friday that banks and policymakers moved closer to an aid deal for Greece in advance of a parliamentary vote on drastic deficit reduction next week, but investors remained on edge.
Investors are scrambling for U.S. Treasury bills, a move that pushed T-bill rates into negative territory this week, analysts said.
But there is no evidence yet of strain in the financial system as seen during the 2007-2009 global credit crunch.
European banks are still raising short-term funds through sales of U.S. commercial paper and certificates of deposits with a miniscule rise in borrowing costs.
"The market is just waiting," said Jim Lee, head of short-term markets and futures strategy at RBS Securities in Stamford, Connecticut. "If there were a situation where there was a restructuring of Greek debt, then the contagion would start."
Corporate treasurers and money managers are withdrawing funds from institutional money market funds that invest in commercial paper and other debt issued by European banks. They are putting some of the cash into bank accounts and less risky money funds that own only U.S. government securities, analysts said.
Assets of institutional Treasury money market funds rose by $5.23 billion to $601.5 billion in the week ended Wednesday, while assets of non-Treasury money funds plunged by $16.62 billion to $1.069 trillion, the Investment Company Institute reported Thursday.

 

[sethi]

E anche io devo ringraziare mio padre perche' avendo un anno piu' di te'
ricordo ancora che mi portava a 16 anni con lui in banca a decidere dove mettere i risparmi che aveva .
Mi responsabilizzo da subito con la frase "dove li mettiamo , tanto domani saranno comunque tuoi , quindi incomincia a ragionarci".
Li crebbe la mia passione per la finanza e quando poveretto se ne ando'
(ormai da 13 anni) mi sentivo abbastanza rodato sui mercati.

Purtroppo il problema dei debiti sovrani lo sostenevo dal 2009 con i piani di
aiuti alle banche , ed ora non mi sembra ci sia una gran via d' uscita.

I debiti sovrani erano gia' dagli anni 90 a punti di non ritorno ora purtroppo
prendendone coscienza nessuno stato sa' piu' che fare.

anche mio padre è mancato nel 1998 ............. e ne patisco ancora adesso.....i debiti degli stati sono interconnessi tra di loro se non decidono loro stessi di andare in default le soluzioni si trovano ..........parliamo di stati di economie avanzate naturalmente

 

[tommy271]

Ieri altra giornata da dimenticare sul fronte periferico, con le banche italiane esposte in prima fila.
La situazione in Grecia rimane stazionaria con il barometro che volge verso il bel tempo. Ieri l'Eurogruppo e la Commissione UE hanno approvato la manovra a favore della Grecia che si concretizzerà in un nuovo piano di aiuti da 110 MLD che dovrebbe garantire il fabbisogno sino al 2014.
Accanto a questa nuova forte manovra è previsto il rollaggio dei titoli in scadenza da qui al 2015.
Il tutto dovrà ora essere approvato dal Parlamento di Atene.

Sugli altri membri del Club Med, ormai allargato, meglio stendere un pietoso velo... avremo modo di riparlarne.

Grecia 1399 pb. (1414)
Irlanda 925 pb. (915)
Portogallo 871 pb. (870)
Spagna 286 pb. (279)
Italia 216 pb. (206)
Belgio 134 pb. (129)

 

[Baro]

Tommy, scusa l'OT, ma del Portogallo non sento più parlare....è un buon segno o viceversa ? Se salvano la Grecia credo vada di pari passo anche il salvataggio portoghese o mi sbaglio ?

 

[tommy271]

Tommy, scusa l'OT, ma del Portogallo non sento più parlare....è un buon segno o viceversa ? Se salvano la Grecia credo vada di pari passo anche il salvataggio portoghese o mi sbaglio ?

In Portogallo la coalizione uscita dal voto degli inizi di giugno è ben coesa.
Ma siamo solo agli inizi, la strada è tutta in salita.
Il meccanismo messo in atto per "salvare" il Portogallo (e Irlanda) è leggermente diverso rispetto a quello greco.
Qui opera direttamente l'EFSF che tramite i bond di propria emissione provvede a fornire le tranche di finanziamento assieme al FMI.
Procedura più spedita e meno farraginosa.

Ogni paese è strettamente legato al destino degli altri.
Come in una cordata di montagna, se cade uno c'è il serio rischio per tutti.
Ma potrebbe farsi male da solo.

 

[locco68]

Euro titoli venduti apiene mani....


June 24, 2011 6:16 pm
Flight from money market funds exposed to EU banks

By Michael Mackenzie and Nicole Bullock in New York


Investors are withdrawing cash from money market funds heavily exposed to short-term debt issued by European banks out of fear that a Greek default could spark contagion across the region’s financial sector.
At the same time there is increasing reluctance among US banks to lend to their European counterparts in the past two weeks because of growing worries over Greece, according to brokers and bank traders.
Investors have not forgotten how some money market funds, viewed as cash-like holdings, had short-dated Lehman Brothers debt and lost money after the bank declared bankruptcy in September 2008.
In the past two weeks, $51bn has been pulled out of US funds that own non-government securities, according to data from the Investment Company Institute, as concerns mount that banks in Europe could face potential losses from holdings of Greek debt. Dealers say investors are instead seeking the relative safety of funds owning government debt such as US Treasuries.
Yet the withdrawals, while significant, are still dwarfed by the sums withdrawn following the collapse of Lehman in 2008 when institutional investors pulled more than $400bn from US money market funds exposed to non-government debt over the ensuing month.
Brad Golding, a managing director at Christofferson Robb, a hedge fund, said that the bad memories from Lehman were spooking some money market investors more than a real risk of a repeat of a fund “breaking the buck”.
“It makes sense to review your holdings of cash at a time like this,” added a hedge fund trader.
“Derision, circumspection and just plain fear are the hallmarks of today’s investor attitudes toward the markets,” said William O’Donnell, strategist at RBS Securities.
Fitch Ratings estimates that the paper issued by the 15 largest banks comprises more than 40 per cent of total money market fund assets ($2,700bn). “Of the top 15, ten are European institutions that in aggregate account for 30 per cent of total money market fund assets,” said Fitch.
In turn, the shift into “havens” has pulled yields on four-week Treasury bills below zero this week, while three-month bills yield less than 1 basis point, with investors willing to forgo any return in order to preserve their capital.
Similar concerns are driving activity at US banks, which are switching out of eurozone government bonds and into US Treasuries amid worries that Greece could default.
One broker said: “US banks don’t want to lend to the Europeans because of counterparty risk. There is a fear that the eurozone crisis could get worse because of the problems over the Greek rescue.”
A trader at a big bank in London added: “US banks don’t want eurozone government bonds. Frankly, few institutions want eurozone government bonds, except for German Bunds. But it is mainly the US banks that want to reduce exposure.”
Additional reporting by David Oakley

 

[Baro]

Grazie Tommy sei sempre molto disponibile e competente....credo che ora starai mettendo assieme le idee per il tuo articolo del sabato...

 

[tommy271]

Grazie Tommy sei sempre molto disponibile e competente....credo che ora starai mettendo assieme le idee per il tuo articolo del sabato...

Esatto, ci stò pensando.
Sarà sui default tedeschi, visto che si parla tanto di quello greco .
Poi un'occhiata alla politica interna greca e agli avvenimenti degli ultimi due giorni.