Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
tommy271
Forumer storico
EURO GOVT-Bunds ease, investors await for Greek vote
Tue Jun 28, 2011 8:08am EDT
* Bonds flat as euro zone officials try to find solutions
* Concerns about conditions, austerity vote limits downside
* Italian debt auction meets lacklustre demand
By Ana Nicolaci da Costa
LONDON, June 28 (Reuters) - German debt eased slightly in choppy trade on Tuesday as jitters before a key Greek parliament vote on austerity measures were offset by efforts by euro zone officials to find a solution to Greece's debt crisis.
Some progress made by officials in involving the private sector in a Greek rescue plan offered some relief to riskier assets in early trade but uncertainty over how this would be done as well as over the upcoming vote limited the downside for Bunds.
The fact that European Union officials were working on a contingency plan for Greece, if it fails to get the austerity package through parliament, was reassuring and disturbing at the same time, analysts said.
"What it says is that they are really scared that it's not going to go through," said John Davies, fixed income strategist at WestLB.
Greece needs to approve a 5-year austerity package and legislation to implement it in votes on Wednesday and Thursday in order to secure additional international funding and avoid the euro zone's first default.
The Bund future FGBLc1 was down 6 ticks at 126.84, having dipped in and out of negative territory in morning trading. It briefly fell 20 ticks as European Central Bank President Jean-Claude Trichet again flagged a July rate hike by saying the bank was in "strong vigilance mode" on inflation.
The Bund sold off some 55 ticks in the previous session on news that French banks and authorities had reached a draft agreement on a voluntary rollover of some maturing Greek bonds for 30 years.
But any new financial rescue for Athens depends on the Greek parliament approving the austerity plan -- no easy feat as thousands of demonstrators start a two-day strike to protest against even more painful cuts.
"If you don't get the austerity package through, then you don't get a second aid package. Then it doesn't really matter whether you have got some agreement with the French banks or not," Davies said.
CONTAGION
Short-dated Greek bonds came under pressure and the cost of insuring Greek debt against default rose 35 basis points to 2,100 bps -- showing worries over its debt crisis persisted. Two-year bond yields rose 30 bps to 29.45 percent.
Investors feared that a bailout would only delay an eventual default, given the size of Greece's debt burden, with far-reaching consequences for other peripheral debt markets.
"The underlying problems still remain. You still have a heavy debt load," said one London trader, expressing skepticism about the recent bout of optimism over Greece.
In a sign of such contagion risks, a sale of 2021 Italian debt only met with lacklustre demand, attracting a bid-to-cover ratio of 1.334 percent compared with 1.504 percent previously. That was part of 7.9 billion euros worth of Italian debt put on auction on Tuesday.
There are growing concerns that Italy and Spain may no longer be immune to contagion from the debt crisis that prompted Greece, Ireland and Portugal to seek financial help.
Tue Jun 28, 2011 8:08am EDT
* Bonds flat as euro zone officials try to find solutions
* Concerns about conditions, austerity vote limits downside
* Italian debt auction meets lacklustre demand
By Ana Nicolaci da Costa
LONDON, June 28 (Reuters) - German debt eased slightly in choppy trade on Tuesday as jitters before a key Greek parliament vote on austerity measures were offset by efforts by euro zone officials to find a solution to Greece's debt crisis.
Some progress made by officials in involving the private sector in a Greek rescue plan offered some relief to riskier assets in early trade but uncertainty over how this would be done as well as over the upcoming vote limited the downside for Bunds.
The fact that European Union officials were working on a contingency plan for Greece, if it fails to get the austerity package through parliament, was reassuring and disturbing at the same time, analysts said.
"What it says is that they are really scared that it's not going to go through," said John Davies, fixed income strategist at WestLB.
Greece needs to approve a 5-year austerity package and legislation to implement it in votes on Wednesday and Thursday in order to secure additional international funding and avoid the euro zone's first default.
The Bund future FGBLc1 was down 6 ticks at 126.84, having dipped in and out of negative territory in morning trading. It briefly fell 20 ticks as European Central Bank President Jean-Claude Trichet again flagged a July rate hike by saying the bank was in "strong vigilance mode" on inflation.
The Bund sold off some 55 ticks in the previous session on news that French banks and authorities had reached a draft agreement on a voluntary rollover of some maturing Greek bonds for 30 years.
But any new financial rescue for Athens depends on the Greek parliament approving the austerity plan -- no easy feat as thousands of demonstrators start a two-day strike to protest against even more painful cuts.
"If you don't get the austerity package through, then you don't get a second aid package. Then it doesn't really matter whether you have got some agreement with the French banks or not," Davies said.
CONTAGION
Short-dated Greek bonds came under pressure and the cost of insuring Greek debt against default rose 35 basis points to 2,100 bps -- showing worries over its debt crisis persisted. Two-year bond yields rose 30 bps to 29.45 percent.
Investors feared that a bailout would only delay an eventual default, given the size of Greece's debt burden, with far-reaching consequences for other peripheral debt markets.
"The underlying problems still remain. You still have a heavy debt load," said one London trader, expressing skepticism about the recent bout of optimism over Greece.
In a sign of such contagion risks, a sale of 2021 Italian debt only met with lacklustre demand, attracting a bid-to-cover ratio of 1.334 percent compared with 1.504 percent previously. That was part of 7.9 billion euros worth of Italian debt put on auction on Tuesday.
There are growing concerns that Italy and Spain may no longer be immune to contagion from the debt crisis that prompted Greece, Ireland and Portugal to seek financial help.
Ultima modifica:
tommy271
Forumer storico
IIF’s Dallara: French proposal on Greece has stimulated thinking…
By Joe Brown || June 28, 2011 at 11:46 GMT
By Joe Brown || June 28, 2011 at 11:46 GMT
- Some ingredients of it highly likely to be in what emerges
- Discussions on how to blend French ideas on Greece crisis with some debt buy-backs “hold some real promise”
- Need to find a multiple set of techniques to solve Greek debt crisis.
tommy271
Forumer storico
Exclusive: Up to 15 EU banks to fail stress test: sources
Tue Jun 28, 2011 8:12am EDT
By Marc Jones and John O'Donnell
FRANKFURT/BRUSSELS (Reuters) - Up to one in six European banks is set to fail an EU-wide financial health check, according to euro zone sources close to the stress-testing, as officials scramble to set up backstops for those at risk.
The result, which the European Central Bank (ECB) and others hope will persuade investors that the EU is finally coming clean about the extent of its banks' problems, will put pressure on reluctant states to prop up lenders if they cannot raise money themselves.
Euro zone sources said the European Banking Authority is set to announce within weeks that between 10 and 15 of the 91 banks being scrutinized in the tests had failed, with casualties expected in Greece, Germany, Portugal and Spain.
The checks will provide the first picture of the health of the region's banks since a previous round a year ago was deemed too lax. In that round, Ireland's banks were all given a clean bill of health -- just months before their difficulties drove the country to seek an international bailout.
The new checks will measure how well the core capital that banks rely on to absorb losses such as unpaid loans holds up when exposed to an economic dip or fall in property prices.
They also gauge the impact on banks should the bonds they own issued by states such as Greece lose value. But the tests stop short of assessing the full impact of a country default including the likely resultant freeze in interbank lending.
In the drive for credibility, the European Banking Authority (EBA), which runs the tests and the ECB, which sets the macro economic scenarios, are pushing for more banks to fail than last year's seven.
"How many do we expect to fail? I would say 10 to 15," said one senior euro zone central banking source.
The EBA wants the number of banks that do not pass the tests to be around that level to show the examinations are serious, said a second source, adding that the authority did not want to push for more, for fear it could spark panic and intensify the euro zone's debt crisis.
"In order to demonstrate that it is credible, the EBA would need to show that the number of bank failures is significant, without being substantial," said the source. "A number in the teens is about right."
A spokeswoman for the EBA said testing was still under way and declined to comment on what she called speculation about the outcome.
TECHNICAL AND POLITICAL
The tests are technical, as well as political. While the EBA and ECB want to show up the failures, national regulators want to stop their banks appearing on the list, concerned they would look incompetent for having failed to spot such problems themselves.
EU authorities want to expose failures around the EU, said the second source, avoiding too many problems in weak countries, such as Spain, as that could prompt international lenders to shun the country and its banks.
"They are going to find a way of preventing one center ... from sticking out," said the source. "If it were to be Spain, it would be very bad news. Failing German banks in a stress tests would be much safer."
The EBA, which is due to announce the results in mid-July to coincide with a meeting of EU finance ministers, also faces pressure from governments wanting to avoid failures that may force them to come up with financial support.
A dispute with Germany for failing to apply the stress-test criteria as strictly as it should recently delayed the conclusion of the stress tests by some weeks, said one EU official.
"Every national regulator will be fighting for none of their banks to be on the list," said the source. "It's a mark of incompetence. It's a reputational issue and it's an issue of money."
High-level officials from European finance ministries are now working on how to help those given a failing grade.
Andrea Enria, head of the EBA, called on governments last week to put plans in place to help banks that fail or are shown to be vulnerable.
On Tuesday, a spokeswoman for the EBA emphasized that governments must not be slow to plug any capital holes exposed in the checks.
"It is important that concrete and decisive actions by the banks and authorities are taken following the results, including ensuring that credible capital plans ... are taken to address deficiencies."
Although the EBA is insisting on the publication of each bank's sovereign debt holdings by maturity as well as size, it is ultimately the number of banks to fail that will establish the credibility of the checks.
"If it was the same as last time -- when seven failed, next to nothing -- then no one would believe it," said one source. "But you cannot fail 50, or the banking system would collapse."
Tue Jun 28, 2011 8:12am EDT
By Marc Jones and John O'Donnell
FRANKFURT/BRUSSELS (Reuters) - Up to one in six European banks is set to fail an EU-wide financial health check, according to euro zone sources close to the stress-testing, as officials scramble to set up backstops for those at risk.
The result, which the European Central Bank (ECB) and others hope will persuade investors that the EU is finally coming clean about the extent of its banks' problems, will put pressure on reluctant states to prop up lenders if they cannot raise money themselves.
Euro zone sources said the European Banking Authority is set to announce within weeks that between 10 and 15 of the 91 banks being scrutinized in the tests had failed, with casualties expected in Greece, Germany, Portugal and Spain.
The checks will provide the first picture of the health of the region's banks since a previous round a year ago was deemed too lax. In that round, Ireland's banks were all given a clean bill of health -- just months before their difficulties drove the country to seek an international bailout.
The new checks will measure how well the core capital that banks rely on to absorb losses such as unpaid loans holds up when exposed to an economic dip or fall in property prices.
They also gauge the impact on banks should the bonds they own issued by states such as Greece lose value. But the tests stop short of assessing the full impact of a country default including the likely resultant freeze in interbank lending.
In the drive for credibility, the European Banking Authority (EBA), which runs the tests and the ECB, which sets the macro economic scenarios, are pushing for more banks to fail than last year's seven.
"How many do we expect to fail? I would say 10 to 15," said one senior euro zone central banking source.
The EBA wants the number of banks that do not pass the tests to be around that level to show the examinations are serious, said a second source, adding that the authority did not want to push for more, for fear it could spark panic and intensify the euro zone's debt crisis.
"In order to demonstrate that it is credible, the EBA would need to show that the number of bank failures is significant, without being substantial," said the source. "A number in the teens is about right."
A spokeswoman for the EBA said testing was still under way and declined to comment on what she called speculation about the outcome.
TECHNICAL AND POLITICAL
The tests are technical, as well as political. While the EBA and ECB want to show up the failures, national regulators want to stop their banks appearing on the list, concerned they would look incompetent for having failed to spot such problems themselves.
EU authorities want to expose failures around the EU, said the second source, avoiding too many problems in weak countries, such as Spain, as that could prompt international lenders to shun the country and its banks.
"They are going to find a way of preventing one center ... from sticking out," said the source. "If it were to be Spain, it would be very bad news. Failing German banks in a stress tests would be much safer."
The EBA, which is due to announce the results in mid-July to coincide with a meeting of EU finance ministers, also faces pressure from governments wanting to avoid failures that may force them to come up with financial support.
A dispute with Germany for failing to apply the stress-test criteria as strictly as it should recently delayed the conclusion of the stress tests by some weeks, said one EU official.
"Every national regulator will be fighting for none of their banks to be on the list," said the source. "It's a mark of incompetence. It's a reputational issue and it's an issue of money."
High-level officials from European finance ministries are now working on how to help those given a failing grade.
Andrea Enria, head of the EBA, called on governments last week to put plans in place to help banks that fail or are shown to be vulnerable.
On Tuesday, a spokeswoman for the EBA emphasized that governments must not be slow to plug any capital holes exposed in the checks.
"It is important that concrete and decisive actions by the banks and authorities are taken following the results, including ensuring that credible capital plans ... are taken to address deficiencies."
Although the EBA is insisting on the publication of each bank's sovereign debt holdings by maturity as well as size, it is ultimately the number of banks to fail that will establish the credibility of the checks.
"If it was the same as last time -- when seven failed, next to nothing -- then no one would believe it," said one source. "But you cannot fail 50, or the banking system would collapse."
Nobody's
Γένοιο οἷος εἷ
Grecia, proposta francese offre due opzioni a banche - bozza
Reuters - 28/06/2011 14:38:50
LONDRA, 28 giugno (Reuters) - La proposta francese per la ristrutturazione del debito greco prevede due opzioni possibili per i detentori di titoli di Stato, da scegliere in un periodo compreso tra il 2011 e il 2014.
È quanto emerge da una bozza del documento di proposta, visionata da Reuters oggi e datata 24 giugno.
La prima opzione prevede un finanziamento di 30 anni alla Grecia, in cui chi aderisce investirebbe un minimo del 70% dei proventi ricevuti in nuovi governativi greci. Questi avrebbero scadenza trentennale e sarebbero garantiti sull'intero capitale attraverso una società veicolo (Special purpose vehicle) "collateralizzata da bond zero-coupon acquistati tra uno o più emittenti tripla-A sovrani, sovranazionali o europei".
La seconda opzione prevede l'investimento di almeno il 90%, preferibilmente il 100%, dei proventi ricevuti in nuovi governativi greci a 5 anni con tasso del 5,5%.
La bozza spiega che il piano è condizionato al via libera informale delle agenzie di rating e che non provocherebbe un downgrade a livello di default o simili per i bond greci esistenti e di nuova emissione.
È quanto emerge da una bozza del documento di proposta, visionata da Reuters oggi e datata 24 giugno.
La prima opzione prevede un finanziamento di 30 anni alla Grecia, in cui chi aderisce investirebbe un minimo del 70% dei proventi ricevuti in nuovi governativi greci. Questi avrebbero scadenza trentennale e sarebbero garantiti sull'intero capitale attraverso una società veicolo (Special purpose vehicle) "collateralizzata da bond zero-coupon acquistati tra uno o più emittenti tripla-A sovrani, sovranazionali o europei".
La seconda opzione prevede l'investimento di almeno il 90%, preferibilmente il 100%, dei proventi ricevuti in nuovi governativi greci a 5 anni con tasso del 5,5%.
La bozza spiega che il piano è condizionato al via libera informale delle agenzie di rating e che non provocherebbe un downgrade a livello di default o simili per i bond greci esistenti e di nuova emissione.
Nobody's
Γένοιο οἷος εἷ
Bce sta guardando a proposta francese su debito greco - Trichet
Reuters - 28/06/2011 14:43:13
AMSTERDAM, 28 giugno (Reuters) - Il presidente della Bce ritiene che sia responsabilità dei governi discutere di qualsiasi coinvolgimento del settore privato per trovare una soluzione ai problemi di debito di Atene.
Alla domanda di un commento sulla proposta ieri della Francia di rollover del settore privato, Jean-Claude Trichet ha dichiarato ai giornalisti che la Bce sta guardando a questo, aggiungendo: "E' responsabilità dei governi... è da esaminare, ci sono diverse proposte che devono essere esaminate. Vedremo quando abbiamo i risultati di questo studio, ma ancora stiamo osservando ciò che succede".
Trichet, parlando in occasione di una conferenza stampa ad Amsterdam, ha aggiunto che "la posizione del consiglio governativo Bce non è cambiata. Vedremo che cosa ci sarà di preciso della proposta presentata e che tipo di giudizio viene fatto dai governi, perchè è loro responsabilità, poi noi avremo la nostra posizione".
Il ministero delle Finanze e gli istituti di credito francesi hanno trovato ieri un compromesso sul piano per rinnovare i titoli greci in scadenza. (news).
Alla domanda di un commento sulla proposta ieri della Francia di rollover del settore privato, Jean-Claude Trichet ha dichiarato ai giornalisti che la Bce sta guardando a questo, aggiungendo: "E' responsabilità dei governi... è da esaminare, ci sono diverse proposte che devono essere esaminate. Vedremo quando abbiamo i risultati di questo studio, ma ancora stiamo osservando ciò che succede".
Trichet, parlando in occasione di una conferenza stampa ad Amsterdam, ha aggiunto che "la posizione del consiglio governativo Bce non è cambiata. Vedremo che cosa ci sarà di preciso della proposta presentata e che tipo di giudizio viene fatto dai governi, perchè è loro responsabilità, poi noi avremo la nostra posizione".
Il ministero delle Finanze e gli istituti di credito francesi hanno trovato ieri un compromesso sul piano per rinnovare i titoli greci in scadenza. (news).
Ataru98
Nuovo forumer
Il fatto che più mi preoccupa è che anche i politici Greci vogliono essere rieletti e se chi voterà per il piano di Austerity dovesse essere massacrato dai giornalisti, per lui la carriera politica sarà finita.
Com'è la situazione sul fronte dell'informazione in Grecia? Si capisce da come passano le notizie i mass media se c'è una generale ostilità dell'informazione alla legge oppure le decisioni del sindacato dei giornalisti non conta nulla? Si sa quanti giornalisti hanno aderito allo sciopero?
Ultima modifica:
tommy271
Forumer storico
Greek Debt Rollover Likely Treated As Default - Fitch Repeats
LONDON -(Dow Jones)- Fitch Ratings reiterated Tuesday it will likely judge Greece to have defaulted if the private sector voluntarily agrees to a rollover of Greek debt.
Under the bailout plan supported by French and German leaders, Greek bondholders would buy new Greek debt when existing bonds mature.
"Fitch would very likely view such a 'scenario' as a sovereign default event and place the Greek sovereign rating into 'Restricted Default' (RD)," wrote David Riley, Fitch's head of sovereign ratings, in a letter to the Financial Times.
"If it looks like a default, we will rate it as a default," he said, pointing to two recent Fitch reports on the subject.
The comment comes amid a positive market tone after French banks drafted a proposal to roll over the majority of their Greek debt exposure ahead of the parliamentary austerity vote Wednesday in the heavily-indebted country.
"In many respects it is surprising and unfortunate that so much effort appears to have been invested in circumventing a particular rating outcome," Riley wrote.
He added: "By far the most important and beneficial outcome for Greece and its creditors is securing a credible solution to the current crisis. In light of the market focus on a rating outcome, we would like to take the opportunity to make clear that Fitch is guided by the spirit as well as the letter of its criteria."
LONDON -(Dow Jones)- Fitch Ratings reiterated Tuesday it will likely judge Greece to have defaulted if the private sector voluntarily agrees to a rollover of Greek debt.
Under the bailout plan supported by French and German leaders, Greek bondholders would buy new Greek debt when existing bonds mature.
"Fitch would very likely view such a 'scenario' as a sovereign default event and place the Greek sovereign rating into 'Restricted Default' (RD)," wrote David Riley, Fitch's head of sovereign ratings, in a letter to the Financial Times.
"If it looks like a default, we will rate it as a default," he said, pointing to two recent Fitch reports on the subject.
The comment comes amid a positive market tone after French banks drafted a proposal to roll over the majority of their Greek debt exposure ahead of the parliamentary austerity vote Wednesday in the heavily-indebted country.
"In many respects it is surprising and unfortunate that so much effort appears to have been invested in circumventing a particular rating outcome," Riley wrote.
He added: "By far the most important and beneficial outcome for Greece and its creditors is securing a credible solution to the current crisis. In light of the market focus on a rating outcome, we would like to take the opportunity to make clear that Fitch is guided by the spirit as well as the letter of its criteria."
tommy271
Forumer storico
ECB Trichet: Observing Government Discussions On Greek Debt
AMSTERDAM -(Dow Jones)- European Central Bank President Jean-Claude Trichet said Tuesday that he is observing discussions between banks and euro-zone governments on how the private sector may be involved in a new aid package for Greece.
Trichet also said that he is in "a strong vigilance mode" on inflation, echoing comments of other ECB members. The phrase signals that the ECB may be preparing to raise its main interest rate at its meeting July 7, after raising rates to 1.25% in April from a record-low 1%.
At a press conference, Trichet said the ECB's governing council is still against a restructuring of Greek sovereign debt. He said he is observing discussions among euro-zone governments on involving the private sector to share part of the burden in providing a new bailout for Greece.
Trichet declined to comment on a proposal made by French banks to extend the maturity of Greek bonds in order to give the debt-troubled country more fiscal breathing space. "This proposal is the responsibility of [the French] government," he said.
When asked about the upcoming vote in Greek parliament on the country's new austerity package, Trichet said it is of "utmost importance" that the "Greek democracy" takes "appropriate decisions."
AMSTERDAM -(Dow Jones)- European Central Bank President Jean-Claude Trichet said Tuesday that he is observing discussions between banks and euro-zone governments on how the private sector may be involved in a new aid package for Greece.
Trichet also said that he is in "a strong vigilance mode" on inflation, echoing comments of other ECB members. The phrase signals that the ECB may be preparing to raise its main interest rate at its meeting July 7, after raising rates to 1.25% in April from a record-low 1%.
At a press conference, Trichet said the ECB's governing council is still against a restructuring of Greek sovereign debt. He said he is observing discussions among euro-zone governments on involving the private sector to share part of the burden in providing a new bailout for Greece.
Trichet declined to comment on a proposal made by French banks to extend the maturity of Greek bonds in order to give the debt-troubled country more fiscal breathing space. "This proposal is the responsibility of [the French] government," he said.
When asked about the upcoming vote in Greek parliament on the country's new austerity package, Trichet said it is of "utmost importance" that the "Greek democracy" takes "appropriate decisions."
tommy271
Forumer storico
German banks back French plan on Greece -sources
FRANKFURT, June 28 | Tue Jun 28, 2011 8:27am EDT
FRANKFURT, June 28 (Reuters) - German banks have agreed in principle to use a French proposal as a basis for negotiating private-sector participation in a Greek debt rollover, two sources close to the negotiation told Reuters on Tuesday.
"The French proposal should form the basis for working out a German decision," one of the sources said.
However, a third source said other approaches were still on the table.
The final details of the agreement, such as the volume of any rollover and the coupon payments of new bonds, still need to be finalised, the sources also said.
The French proposal for restructuring Greek debt involves two options for bondholders to choose during a period from July 2011 to June 2014, according to a draft seen by Reuters on Tuesday.
France offered a radical solution on Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.
It remains unclear whether the agreement would also be backed by German insurance companies, another person familiar with the discussions said.
***
I tedeschi ne discuteranno giovedì insieme ai francesi.
Periodo interessato luglio 2011/ giugno 2014.
FRANKFURT, June 28 | Tue Jun 28, 2011 8:27am EDT
FRANKFURT, June 28 (Reuters) - German banks have agreed in principle to use a French proposal as a basis for negotiating private-sector participation in a Greek debt rollover, two sources close to the negotiation told Reuters on Tuesday.
"The French proposal should form the basis for working out a German decision," one of the sources said.
However, a third source said other approaches were still on the table.
The final details of the agreement, such as the volume of any rollover and the coupon payments of new bonds, still need to be finalised, the sources also said.
The French proposal for restructuring Greek debt involves two options for bondholders to choose during a period from July 2011 to June 2014, according to a draft seen by Reuters on Tuesday.
France offered a radical solution on Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.
It remains unclear whether the agreement would also be backed by German insurance companies, another person familiar with the discussions said.
***
I tedeschi ne discuteranno giovedì insieme ai francesi.
Periodo interessato luglio 2011/ giugno 2014.
- Stato
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