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

[PASTELLETTO]

Come nelle fasi precedenti, se la situazione riesce ad essere ingessata ci sarà un rinvio delle decisioni. Altrimenti avremo un'accelerazione.
Questa "famosa" scadenza di agosto 2011 rientrava già da subito nella proposta di rollaggio formulata dall'IIF.
Del resto, avrebbe senso escluderla se l'accordo viene fatto prima?

Faccio un po' di confusione con l'ipotesi francese bocciata da Moody's.
Lì si parlava di riacquisto e riscadenzamento (rollover) o tutt'e due?
A me pareva di aver capito solo riacquisto.
Cmq un riscadenzamento è sempre meglio di un haircut.
Il mercato vede male il riscadenzamento perchè non si sa da qui a n anni cosa succederà?

 

[tommy271]

Faccio un po' di confusione con l'ipotesi francese bocciata da Moody's.
Lì si parlava di riacquisto e riscadenzamento (rollover) o tutt'e due?
A me pareva di aver capito solo riacquisto.
Cmq un riscadenzamento è sempre meglio di un haircut.
Il mercato vede male il riscadenzamento perchè non si sa da qui a n anni cosa succederà?

La proposta francese prevedeva il rollaggio dei titoli GGB sino al 2014 (poi anche 2015) tramite il complicato meccanismo che abbiamo più volte descritto.
Ricordo, comunque, che l'adesione rimaneva su base volontaria per il retail ma con qualche "pressione" in più sugli istituzionali.

Il riacquisto (o buy-back) è un'opzione uscita in questi giorni nelle discussioni in seno all'IIF.

 

[tommy271]

Bond euro, futures poco variato, attesa dato lavoro Usa

venerdì 8 luglio 2011 08:38



LONDRA, 8 luglio (Reuters) - Dopo un'apertura in leggero
rialzo, i futures sul Bund si muovono attorno alla parità, con
possibilità di indebolimento se l'atteso dato sugli occupati Usa
dovesse confermare un miglioramento del mercato del lavoro nella
prima economia mondiale.

"Si gioca tutto sui payroll" ha detto un trader.

I mercati attendono infatti il dato Usa sugli occupati non
agricoli di giugno. Dopo che nel settore privato sono emersi più
occupati del previsto, le stime per il dato di oggi sono per un
aumento di 90.000 posti di lavoro dopo i +54.000 del mese
precedente. I dati di ieri sulle richieste settimanali di
sussidio e sugli occupati del settore privato hanno alimentato
le aspettative di cifre favorevoli.

Quanto alle periferie, i 'non-core' della zona euro
potrebbero tornare sotto pressione dopo il sollievo innescato
ieri dalla Bce che ha detto che sospenderà i requistiti minimi
di rating per i titoli del Tesoro portoghesi, una reazione alla
bocciatura di Moody's, per cui Lisbona è ormai caduta a livello
di 'junk'.

 

[tommy271]

Euro in rialzo a 1,4343 dollari


Sale a 116,57 Yen



(ANSA) - ROMA, 8 LUG - Euro in rialzo nei confronti di dollaro e yen. Nei primi scambi sui mercati valutari europei, la moneta unica passa di mano a 1,4343 dollari, contro la quotazione Bce di ieri di 1,4247 dollari, ed a 116,57 yen (115,64 yen la Bce di ieri).

08 Lug 08:18

 

[tommy271]

Βarroso: task force on Greece





BRUSSELS (ANA-MPA) -- European Commissioner Jose Manuel Barroso on Thursday replied to a letter from Prime Minister George Papandreou on accelerating the disbursement of Community funds to Greece, saying he intends to set up a special task force to provide technical assistance to the EU member-state and to improve absorption of EU structural and cohesion funds.

Barroso also asked Papandreou to name a contact person that will coordinate the efforts of the Commission and Greek authorities to this end, with the Greek prime minister forwarding the name of former top European Commission official Giorgos Glynos.

The first meeting between Glynos and a delegation sent by the European Commission president will take place next week, after the Eurogroup meeting on Monday.

(ana.gr)

***
Dare priorità alla crescita.

 

[tommy271]

Investors sought for land registry



Ministry heralds bid to form partnerships with investors from Greece and abroad

After years of trying to establish a comprehensive record of landownership on its own, Greece has decided to hand part of the task of creating a complete land registry to private companies.
Environment Minister Giorgos Papaconstantinou said on Thursday that the government would seek to form partnerships with investors, including those from abroad, who are willing to help draw up Greece’s as yet incomplete cadastre.
“We have to look at cooperating with the private sector,” he said. “If we continue at the current pace, the registry will not be completed on time. We are in discussions about how we might attract investment from other countries so the project can speed up.”
With the help of European Union funding, Greece first launched the project to record the use and ownership of land in 1995, but it ran into repeated delays and government indifference.
Both the previous New Democracy government and the current PASOK administration have tried to kick-start the project, with only limited success. The cadastre could play a significant part in the government’s privatization scheme when it comes to selling or leasing public land, whose ownership might be in dispute.
“We are examining a number of options, even the participation of a strategic partner in the share capital of the land cadastre,” Papaconstantinou said in response to a question from Kathimerini.
Sources said that companies have expressed an interest in conducting the land surveys necessary for the details of property ownership to be recorded on the cadastre. The next phase of the project is due to focus on parts of Evia, Viotia and Attica.
During Thursday’s news conference, Papaconstantinou confirmed his plans to proceed with a scheme to allow owners of illegally built properties to pay a fine that would protect those homes and offices from demolition. The details of the scheme have yet to be agreed.






ekathimerini.com , Thursday Jul 7, 2011 (22:55)

***
L'annosa questione catastale ...

 

[tommy271]

Parliament to vote on new loan deal by end of September



Government hoping to wrap up talks with EU and IMF about second bailout by September 20

Negotiations between the government, the European Union and the International Monetary Fund over a second loan deal - or memorandum - for Greece, should be wrapped up by September 20 so the agreement can be approved by Parliament by the end of the month, sources told Kathimerini on Thursday.
The issue was raised during yesterday’s cabinet meeting, when ministers also discussed whether the second memorandum, like the first, should be approved by a simple majority in the 300-seat Parliament or by a qualified majority of 180 MPs.
Government spokesman Ilias Mossialos indicated that PASOK, which has 154 seats in Parliament, would stick with its tactic of asking for a simple majority. However, sources said that Prime Minister George Papandreou is keen on the idea of getting 180 MPs to vote for the agreement. Finance Minister Evangelos Venizelos and Interior Minister Dimitris Reppas are known to favor a qualified majority.
The IMF is due to meet on Friday to rubber-stamp its share of Greece’s 12-billion-euro loan installment for July, after which discussions about a new deal can begin in earnest. Greece’s initial loan package was worth 110 billion euros but Athens has only received about half of this money so far. A second deal is likely to be worth about 85 billion euros, which is set to include private sector participation.
While negotiations are taking place, the government will have to ensure the implementation of the latest package of austerity measures while pushing through structural reforms as well. Sources said that PASOK intends to have ready by September bills concerning the overhaul of public healthcare, universities, town-planning offices and tax collection.
Meanwhile, European Commission President Jose Manuel Barroso wrote to Papandreou to arrange for the creation of a task force from Brussels that will provide “technical assistance” to Greece so it can make better use of EU structural funds.
Barroso pledged last month to release early 1 billion euros of EU funds for projects in Greece. The Commission chief asked Papandreou to form his own team or to appoint one official to act as a liaison with the EU task force to ensure the best possible use of the funds.






ekathimerini.com , Thursday Jul 7, 2011 (23:12)

 

[PASTELLETTO]

La proposta francese prevedeva il rollaggio dei titoli GGB sino al 2014 (poi anche 2015) tramite il complicato meccanismo che abbiamo più volte descritto.
Ricordo, comunque, che l'adesione rimaneva su base volontaria per il retail ma con qualche "pressione" in più sugli istituzionali.

Il riacquisto (o buy-back) è un'opzione uscita in questi giorni nelle discussioni in seno all'IIF.

Sì, si non volevo assolutamente ritornare sulla questione, solo che nella proposta mi pareva di aver capito che le banche ricompravano porprio debito GGB alla scadenza.
Era solo per avere le idee chiare, per il resto nulla cambia.

 

[tommy271]

IOBE insists local banks should not merge



It also recommends a PPC breakdown into subsidiaries

By Sotiris Nikas
The non-merger of local banks and the proposal of splitting the Public Power Corporation along the lines of Italy’s Enel are among the eight key reforms that form the blueprint for Greece’s exit from the crisis prepared by the Foundation for Economic and Industrial Research (IOBE).
The institute’s quarterly report calls for political consensus on the eight pillars proposed, with the first being a 10-year growth program including an emphasis on sectors with a comparative advantage.
The second concerns the gradual reduction of the fiscal deficit below 2 percent of gross domestic product in 2015, mostly through cutting expenditure and containing tax evasion, as opposed to imposing more taxes.
Broad-scale privatizations and use of state properties, even in the agricultural sector, form the third pillar, which includes breaking down PPC into subsidiary companies.
IOBE further proposes measures for bolstering cash flow in the market, with the use of European Union funds, while warning against the merging of domestic lenders as that could reduce liquidity in the economy at such a crucial juncture.
The counterincentives for entrepreneurship and investment must be lifted, IOBE states, estimating that this could benefit the economy with a 17 percent increase to GDP. The institute says there ought to be some very flexible concession contracts for roads, airports, ports, marinas etc.
Finally, it says the labor market must become more flexible, justice must act faster, particularly on tax evasion cases, and the civil service will need to appoint permanent general secretaries or deputy ministers.






ekathimerini.com , Thursday Jul 7, 2011 (23:02)

 

[fabriziof]

ma il crollo dell'altro giorno è in corrispondenza del downgrade?