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European Banks Closer to 70% Greek Rollover Deal
By Aaron Kirchfeld and Helene Fouquet - Jun 27, 2011 2:21 PM GMT+0200 Mon Jun 27 12:21:33 GMT 2011
France's President Nicolas Sarkozy. Photographer: Jock Fistick/Bloomberg
Greek creditors may be headed toward an agreement to roll over 70 percent of their bonds into longer maturity debt to prevent a default and meet politicians’ calls that they contribute to Greece’s second rescue in as many years.
“We’ve been working on this,” and hope other countries will join the proposal, French President Nicolas Sarkozy said today at a press conference in Paris. Germany’s biggest banks and insurers are weighing the French proposal, a person familiar with the matter said today.
German and French lenders are the biggest European holders of Greek debt and their participation in the plan is key to achieving a European Union goal to get banks to roll over at least 30 billion euros ($43 billion) of bonds. The rollover is part of a broader aid package that EU leaders have pledged to pass next month to prevent the euro-region’s first default a year after the 110 billion-euro Greek bailout that failed to stop the debt crisis.
The Markit iTraxx SovX WE gauge of default swaps on 15 governments rose 5.5 basis points to 247.5, after earlier reaching a record, and contracts tied to Greece climbed 23 basis points to 2,138, signaling an 84 percent probability of default within five years, according to CMA. Swaps insuring Irish bonds added 27 basis points to an all-time high 832 and Portugal increased 21 to a record 859.
Eligible Bonds
European banks hold 17.2 billion euros of Greek bonds maturing by the end of 2013, Citigroup Inc. (C) estimated in a June 23 report. Greek banks, which will join a rollover, hold almost 22 billion euros of bonds maturing in that period and the country’s central bank owned 5.1 billion euros of the debt likely eligible for the rollover, Citigroup estimated.
France’s proposal for a 70 percent participation target came after separate talks last week with German, Dutch, Belgian and French banks on the rollover. “The German government welcomes it when proposals come from the private sector, including those on private-creditor participation that are now coming out of France,” German Finance Ministry spokesman Martin Kreienbaum told reporters in Berlin today. Talks with German financial institutions are ongoing, he said.
“If the private sector is voluntarily getting involved then that would be seen as positive because it would help avert a Greek default,” said Orlando Green, a fixed-income strategist at Credit Agricole SA (ACA) in London.
Special Fund
Under the French plan, 50 percent of the Greek debt held would be rolled over into 30-year bonds. The remaining 20 percent would go into a special purpose vehicle used to guarantee the 30-year debt, a person familiar with the plan said yesterday.
Negotiations shifted to Rome today where Director General of the Treasury Vittorio Grilli hosted representatives of some of the world’s biggest banks. Grilli is chairing the meeting in his capacity as the head of the European Union’s Economic and Finance Committee, which helps prepare policy for European finance ministers. He is in discussion with a group of bank executives and Charles Dallara, managing director of the Institute of International Finance, which represents more than 400 of the worlds’ biggest financial services companies.
EU, ECB
The European Commission and the euro zone were represented at a technical level at the Rome meeting, commission spokesman Amadeu Altafaj said today in Brussels. The European Central Bank, the biggest holder of Greek debt, was also taking part in the Rome talks, according to a person familiar with the negotiations.
Sarkozy insisted that any participation by banks had to be voluntary. Credit rating companies have threatened to rule Greece in default if banks are coerced into rolling over debt, a move that would devastate the country’s banking system and possibly drag down other high-debt nations such as Portugal, Ireland and Spain.
“If it wasn’t voluntary, it would be viewed as a default, with huge risks of catastrophic results,” Sarkozy said.
The European Commission also insisted that “there is no coercive element envisioned,” Altafaj said. “We don’t want under any circumstances there to be any kind of selective default.”
By Aaron Kirchfeld and Helene Fouquet - Jun 27, 2011 2:21 PM GMT+0200 Mon Jun 27 12:21:33 GMT 2011
France's President Nicolas Sarkozy. Photographer: Jock Fistick/Bloomberg
Greek creditors may be headed toward an agreement to roll over 70 percent of their bonds into longer maturity debt to prevent a default and meet politicians’ calls that they contribute to Greece’s second rescue in as many years.
“We’ve been working on this,” and hope other countries will join the proposal, French President Nicolas Sarkozy said today at a press conference in Paris. Germany’s biggest banks and insurers are weighing the French proposal, a person familiar with the matter said today.
German and French lenders are the biggest European holders of Greek debt and their participation in the plan is key to achieving a European Union goal to get banks to roll over at least 30 billion euros ($43 billion) of bonds. The rollover is part of a broader aid package that EU leaders have pledged to pass next month to prevent the euro-region’s first default a year after the 110 billion-euro Greek bailout that failed to stop the debt crisis.
The Markit iTraxx SovX WE gauge of default swaps on 15 governments rose 5.5 basis points to 247.5, after earlier reaching a record, and contracts tied to Greece climbed 23 basis points to 2,138, signaling an 84 percent probability of default within five years, according to CMA. Swaps insuring Irish bonds added 27 basis points to an all-time high 832 and Portugal increased 21 to a record 859.
Eligible Bonds
European banks hold 17.2 billion euros of Greek bonds maturing by the end of 2013, Citigroup Inc. (C) estimated in a June 23 report. Greek banks, which will join a rollover, hold almost 22 billion euros of bonds maturing in that period and the country’s central bank owned 5.1 billion euros of the debt likely eligible for the rollover, Citigroup estimated.
France’s proposal for a 70 percent participation target came after separate talks last week with German, Dutch, Belgian and French banks on the rollover. “The German government welcomes it when proposals come from the private sector, including those on private-creditor participation that are now coming out of France,” German Finance Ministry spokesman Martin Kreienbaum told reporters in Berlin today. Talks with German financial institutions are ongoing, he said.
“If the private sector is voluntarily getting involved then that would be seen as positive because it would help avert a Greek default,” said Orlando Green, a fixed-income strategist at Credit Agricole SA (ACA) in London.
Special Fund
Under the French plan, 50 percent of the Greek debt held would be rolled over into 30-year bonds. The remaining 20 percent would go into a special purpose vehicle used to guarantee the 30-year debt, a person familiar with the plan said yesterday.
Negotiations shifted to Rome today where Director General of the Treasury Vittorio Grilli hosted representatives of some of the world’s biggest banks. Grilli is chairing the meeting in his capacity as the head of the European Union’s Economic and Finance Committee, which helps prepare policy for European finance ministers. He is in discussion with a group of bank executives and Charles Dallara, managing director of the Institute of International Finance, which represents more than 400 of the worlds’ biggest financial services companies.
EU, ECB
The European Commission and the euro zone were represented at a technical level at the Rome meeting, commission spokesman Amadeu Altafaj said today in Brussels. The European Central Bank, the biggest holder of Greek debt, was also taking part in the Rome talks, according to a person familiar with the negotiations.
Sarkozy insisted that any participation by banks had to be voluntary. Credit rating companies have threatened to rule Greece in default if banks are coerced into rolling over debt, a move that would devastate the country’s banking system and possibly drag down other high-debt nations such as Portugal, Ireland and Spain.
“If it wasn’t voluntary, it would be viewed as a default, with huge risks of catastrophic results,” Sarkozy said.
The European Commission also insisted that “there is no coercive element envisioned,” Altafaj said. “We don’t want under any circumstances there to be any kind of selective default.”
tommy271
Forumer storico
Greek Reform Implementation Most Important - ECB Stark
(Adds quote in third paragraph.)
By Patrick McGroarty
Of DOW JONES NEWSWIRES
BERLIN -(Dow Jones)- European Central Bank directors' board member Juergen Stark said Monday that Greece's implementation of long-term economic reforms is more important than aid from its neighbors and the International Monetary Fund.
"Long-term economic reforms are what are decisive," Stark told a conference in Berlin. He also said that a first package of EUR110 billion in aid for Greece and a second now in negotiation would be successful if they were implemented completely.
Referring to Chinese officials' announcement that they will continue to buy European government bonds, Stark said: "I don't see China as the savior of the euro. They can't save the euro because the euro doesn't need to be saved."
(Adds quote in third paragraph.)
By Patrick McGroarty
Of DOW JONES NEWSWIRES
BERLIN -(Dow Jones)- European Central Bank directors' board member Juergen Stark said Monday that Greece's implementation of long-term economic reforms is more important than aid from its neighbors and the International Monetary Fund.
"Long-term economic reforms are what are decisive," Stark told a conference in Berlin. He also said that a first package of EUR110 billion in aid for Greece and a second now in negotiation would be successful if they were implemented completely.
Referring to Chinese officials' announcement that they will continue to buy European government bonds, Stark said: "I don't see China as the savior of the euro. They can't save the euro because the euro doesn't need to be saved."
tommy271
Forumer storico
Germany Rejects Greece Exiting The Euro
Germany rejects the idea of Greece exiting the euro, a country’s finance ministry spokesman said on Monday.
It would be a “bad sign” for the Eurozone and also wouldn΄t serve as a "Plan B" in the event that current measures for Greece fall through or prove insufficient, according to the German official.
Reform measures agreed with Greece are a difficult and sometimes painful process which has already shown first successes, he said.
Additionally, another spokesman said that talks between the German government and private sector creditors regarding their participation in a debt extension or rollover plan for Greece are ongoing and in general "welcome”.
"The German government generally welcomes suggestions from the private sector on private creditor participation, like the ones that have come from France," he said at a press conference.
(capital.gr)
Germany rejects the idea of Greece exiting the euro, a country’s finance ministry spokesman said on Monday.
It would be a “bad sign” for the Eurozone and also wouldn΄t serve as a "Plan B" in the event that current measures for Greece fall through or prove insufficient, according to the German official.
Reform measures agreed with Greece are a difficult and sometimes painful process which has already shown first successes, he said.
Additionally, another spokesman said that talks between the German government and private sector creditors regarding their participation in a debt extension or rollover plan for Greece are ongoing and in general "welcome”.
"The German government generally welcomes suggestions from the private sector on private creditor participation, like the ones that have come from France," he said at a press conference.
(capital.gr)
lorixnt2
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Grecia, contagio crisi sarebbe peggio di Lehman - AD Deutsche
Reuters - 27/06/2011 15:28:16
FRANCOFORTE, 27 giugno (Reuters) - Un diffondersi della crisi greca avrebbe effetti più gravi del crac di Lehman Brothers dell'autunno 2008, ma prima di valutare qualsiasi opzione a favore di Atene è necessaria una stabilizzazione del disavanzo pubblico.
Lo sostiene l'amministratore delegato Deutsche Bank (DBK.FRA) Josef Ackermann, aggiungendo che va valutata l'ipotesi di un ingresso nel capitale da parte delle banche.
Guardare alla crisi greca unicamente in termini di rischio sovrano, avverte l'AD, è però una visione limitata, dal momento che vanne tenute in considerazione le conseguenze a livello dei 'credit default swap' utilizzati per assicurarsi sul rischio.
Non si sa, conclude, se i circa 5 miliardi di contratti 'cds' siano uniformemente diffusi sul mercato.
Lo sostiene l'amministratore delegato Deutsche Bank (DBK.FRA) Josef Ackermann, aggiungendo che va valutata l'ipotesi di un ingresso nel capitale da parte delle banche.
Guardare alla crisi greca unicamente in termini di rischio sovrano, avverte l'AD, è però una visione limitata, dal momento che vanne tenute in considerazione le conseguenze a livello dei 'credit default swap' utilizzati per assicurarsi sul rischio.
Non si sa, conclude, se i circa 5 miliardi di contratti 'cds' siano uniformemente diffusi sul mercato.
tommy271
Forumer storico
Grecia, banche hanno perso 8% depositi in 2011 - Moody's
lunedì 27 giugno 2011 15:20
NEW YORK, 27 giugno (Reuters) - Le banche greche hanno perso circa l'8% dei depositi dei clienti del settore privato da inizio anno. Lo ha detto oggi l'agenzia di rating Moody's, avvertendo che tali istituti di credito si esporrebbero ad una "grave penuria" di liquidità se i depositi scendessero di oltre il 35%.
L'agenzia di rating ha detto inoltre che i deflussi hanno accelerato in maggio e giugno a causa delle tensioni politiche e delle incertezze sull'impegno dei finanziatori internazionali.
lunedì 27 giugno 2011 15:20
NEW YORK, 27 giugno (Reuters) - Le banche greche hanno perso circa l'8% dei depositi dei clienti del settore privato da inizio anno. Lo ha detto oggi l'agenzia di rating Moody's, avvertendo che tali istituti di credito si esporrebbero ad una "grave penuria" di liquidità se i depositi scendessero di oltre il 35%.
L'agenzia di rating ha detto inoltre che i deflussi hanno accelerato in maggio e giugno a causa delle tensioni politiche e delle incertezze sull'impegno dei finanziatori internazionali.
tommy271
Forumer storico
Grecia: due settimane di confronto con Ue-Fmi-Bce su secondo prestito
Bruxelles, 27 giu - Due settimane di tempo prima di decidere per il secondo piano di aiuti per la Grecia.
Questo e' il calendario di lavoro della 'troika' (Commissione Ue-Fmi-Bce). Le modalita' "continueranno a essere discusse nelle prossime due settimane", ha indicato il portavoce del commissario Ue Olli Rehn, parallelamente al negoziato in corso tra i governi Eurozona e le banche.
(corriere.it)
Bruxelles, 27 giu - Due settimane di tempo prima di decidere per il secondo piano di aiuti per la Grecia.
Questo e' il calendario di lavoro della 'troika' (Commissione Ue-Fmi-Bce). Le modalita' "continueranno a essere discusse nelle prossime due settimane", ha indicato il portavoce del commissario Ue Olli Rehn, parallelamente al negoziato in corso tra i governi Eurozona e le banche.
(corriere.it)
tommy271
Forumer storico
General Bank of Greece: Resolutions of the Annual General Assembly
Resolutions ()
The Ordinary General Meeting of Shareholders of Geniki Bank, which was held on 22.6.2010 at 12:00, was attended in person or by proxy by 42 Shareholders, representing 127.159.715 common, nominal, paperless, voting shares, out of a total of 141.999.464 namely 89,55% of the share capital of the Bank. Therefore the quorum achieved, allowed the General Meeting to deliberate on all items of the Agenda.
***
Corporate, a chi interessa ...
Resolutions ()The Ordinary General Meeting of Shareholders of Geniki Bank, which was held on 22.6.2010 at 12:00, was attended in person or by proxy by 42 Shareholders, representing 127.159.715 common, nominal, paperless, voting shares, out of a total of 141.999.464 namely 89,55% of the share capital of the Bank. Therefore the quorum achieved, allowed the General Meeting to deliberate on all items of the Agenda.
***
Corporate, a chi interessa ...
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