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Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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tommy271
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German MOF: Schaeuble, Baroin Discussed Greek Aid Program
BERLIN (Dow Jones)--German Finance Minister Wolfgang Schaeuble and France's new finance minister, Francois Baroin, discussed a new aid package for Greece at a private dinner here Thursday, Schaeuble's office said Friday.
"Naturally Greece was a topic, a followup aid package for Greece," German finance ministry spokesman Martin Kotthaus told reporters Friday.
Kotthaus declined to provide more details of the ministers' discussion, adding only that they are pleased that banks have signalled their willingness to participate in a new aid program in some way.
"At the moment multiple models are being discussed," Kotthaus said. "Until further notice, it's positive that the private sector has said it is ready and will participate."
The dinner was Baroin's first official visit to Berlin since assuming his post from Christine Lagarde, who recently became managing director of the International Monetary Fund.
BERLIN (Dow Jones)--German Finance Minister Wolfgang Schaeuble and France's new finance minister, Francois Baroin, discussed a new aid package for Greece at a private dinner here Thursday, Schaeuble's office said Friday.
"Naturally Greece was a topic, a followup aid package for Greece," German finance ministry spokesman Martin Kotthaus told reporters Friday.
Kotthaus declined to provide more details of the ministers' discussion, adding only that they are pleased that banks have signalled their willingness to participate in a new aid program in some way.
"At the moment multiple models are being discussed," Kotthaus said. "Until further notice, it's positive that the private sector has said it is ready and will participate."
The dinner was Baroin's first official visit to Berlin since assuming his post from Christine Lagarde, who recently became managing director of the International Monetary Fund.
tommy271
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Germany Fin Min: Confident To Agree On PSI For Greece By Sept
BERLIN (MNI) - The German finance ministry said Friday it is confident that a model for a private sector involvement in a new Greek fiscal aid package will be found by September.
"I'm optimistic that we will find a solution by September with which everybody can live," ministry spokesman Martin Kotthaus said at a regular government press conference here.
Private sector involvement (PSI) will also be a main discussion point at Monday's Eurogroup meeting, he said. The German proposal that Greece's creditors agree to a one-off swap of their sovereign bonds for paper with longer maturities will also be discussed amongst other PSI models, he said.
The ministry spokesman again criticized the recent downgrade of Portugal by the rating agency Moody's. "This is not fully comprehensible," he argued, noting that Portugal now has a stable government and is implementing more measures than required under the country's austerity and structural reform package.
The ministry sees the oligopolistic situation in the rating sector "as not positive," Kotthaus said, and would welcome anything that brings about more competition in the sector.
BERLIN (MNI) - The German finance ministry said Friday it is confident that a model for a private sector involvement in a new Greek fiscal aid package will be found by September.
"I'm optimistic that we will find a solution by September with which everybody can live," ministry spokesman Martin Kotthaus said at a regular government press conference here.
Private sector involvement (PSI) will also be a main discussion point at Monday's Eurogroup meeting, he said. The German proposal that Greece's creditors agree to a one-off swap of their sovereign bonds for paper with longer maturities will also be discussed amongst other PSI models, he said.
The ministry spokesman again criticized the recent downgrade of Portugal by the rating agency Moody's. "This is not fully comprehensible," he argued, noting that Portugal now has a stable government and is implementing more measures than required under the country's austerity and structural reform package.
The ministry sees the oligopolistic situation in the rating sector "as not positive," Kotthaus said, and would welcome anything that brings about more competition in the sector.
tommy271
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Progress Is Seen in Greece Discussions
By STEPHEN FIDLER
BRUSSELS—A senior figure in discussions between governments and the private sector about how to deal with Greece's debt problems said talks had broadened to look at ways of cutting Greece's stock of debt.
Charles Dallara, managing director of the Institute of International Finance, said following a meeting in Rome on Thursday that the discussions were making "meaningful progress" and had broadened beyond proposals to deal with Greece's debt maturities in the next three years.
"We are making I think meaningful progress toward reorienting the approach toward Greece's debt. We are exploring a broader set of options that would not only address near-term cash flow requirements but would also look at a range of techniques to reduce the stock of debt," Mr. Dallara said in a telephone interview from Italy.
He said some of the options under discussion would involve credit enhancements, techniques that provide investors with guarantees of a repayment of capital or payments of some interest.
Mr. Dallara said that, while some government officials present were sympathetic with proposals for cutting Greece's debt, euro-zone governments hadn't agreed to shift policy in that direction.
Mr. Dallara, other representatives from the Institute International of Finance, and other investors met in Rome Thursday to discuss Greece's debt with Vittorio Grilli, chairman of the euro zone's Economic and Finance Committee. The group held a meeting in Paris on Wednesday.
(The Wall Street Journal)
By STEPHEN FIDLER
BRUSSELS—A senior figure in discussions between governments and the private sector about how to deal with Greece's debt problems said talks had broadened to look at ways of cutting Greece's stock of debt.
Charles Dallara, managing director of the Institute of International Finance, said following a meeting in Rome on Thursday that the discussions were making "meaningful progress" and had broadened beyond proposals to deal with Greece's debt maturities in the next three years.
"We are making I think meaningful progress toward reorienting the approach toward Greece's debt. We are exploring a broader set of options that would not only address near-term cash flow requirements but would also look at a range of techniques to reduce the stock of debt," Mr. Dallara said in a telephone interview from Italy.
He said some of the options under discussion would involve credit enhancements, techniques that provide investors with guarantees of a repayment of capital or payments of some interest.
Mr. Dallara said that, while some government officials present were sympathetic with proposals for cutting Greece's debt, euro-zone governments hadn't agreed to shift policy in that direction.
Mr. Dallara, other representatives from the Institute International of Finance, and other investors met in Rome Thursday to discuss Greece's debt with Vittorio Grilli, chairman of the euro zone's Economic and Finance Committee. The group held a meeting in Paris on Wednesday.
(The Wall Street Journal)
tommy271
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Greece’s March Construction Activity Declines 44% Year-on-Year
By Paul Tugwell - Jul 8, 2011 12:29 PM GMT+0200 Fri Jul 08 10:29:46 GMT 2011
Greek public and private building activity, measured by the number of permits issued, was almost 44 percent lower in March than a year earlier, the Hellenic Statistical Authority said.
The number of permits fell 43.9 percent to 2,747. The surface area of planned buildings dropped 45 percent to 471,900 square meters and their volume fell 40 percent to 1.7 million cubic meters, the agency said today in an e-mailed statement.
Building slowed most in the western Macedonia region of northern Greece and in the southern region of Peloponnisos. In Athens and its metropolitan area, construction dropped almost 40 percent. Private building activity in the country as a whole was down 44 percent.
Greece’s property crisis will last for another two or three years, according to 56 percent of Greek real-estate agents. The figure is contained in a July 4 report by the Athens University of Economics and Business.
Austerity measures the government agreed to last year in return for 110 billion euros ($157 billion) of emergency loans have deepened Greece’s recession, as unemployment has risen and people have bought less. Last month, parliament approved further budget cuts to obtain more financial aid.
***
Recessione.
By Paul Tugwell - Jul 8, 2011 12:29 PM GMT+0200 Fri Jul 08 10:29:46 GMT 2011
Greek public and private building activity, measured by the number of permits issued, was almost 44 percent lower in March than a year earlier, the Hellenic Statistical Authority said.
The number of permits fell 43.9 percent to 2,747. The surface area of planned buildings dropped 45 percent to 471,900 square meters and their volume fell 40 percent to 1.7 million cubic meters, the agency said today in an e-mailed statement.
Building slowed most in the western Macedonia region of northern Greece and in the southern region of Peloponnisos. In Athens and its metropolitan area, construction dropped almost 40 percent. Private building activity in the country as a whole was down 44 percent.
Greece’s property crisis will last for another two or three years, according to 56 percent of Greek real-estate agents. The figure is contained in a July 4 report by the Athens University of Economics and Business.
Austerity measures the government agreed to last year in return for 110 billion euros ($157 billion) of emergency loans have deepened Greece’s recession, as unemployment has risen and people have bought less. Last month, parliament approved further budget cuts to obtain more financial aid.
***
Recessione.
tommy271
Forumer storico
ASE In Declining Mood, Turnover Remains Low
Greek banks stand new pressures on Friday, after cumulative losses of 8% in the previous three sessions.
Amid consultations on the rollover plan of Greek debt, the General Index moves in a declining mood, following four consecutive downward sessions.
Although the climate abroad could be described as optimistic, the lack of any domestic catalyst and the low trading volume will continue to refuel nervousness and volatility in the majority of the shares, Pegasus Securities said in a report.
Focus today is going to be on the expected formal approval for the release of the 5th loan tranche to Greece by the IMF and the U.S. non-farm payrolls report, according to Eurobank Securities. Following the encouraging U.S. private sector jobs report released yesterday, improved international market sentiment may help the ASE move in positive territory today, it added.
On the board, the General Index is at 1,250.26 units with losses of 1.16%. The turnover stands at €23m, while a total amount of 66 shares decline, 26 rise and 33 remain unchanged.
Banks post losses of 2.32% at 925.57 units. Only Bank of Cyprus is on positive grounds, with minor profits of 0.52%. On the other hand, ATEBank falls by 8%, while Alpha Bank, Piraeus Bank, National Bank and Eurobank decline by 3.24%, 2.91%, 2.89% and 2.45% respectively.
(capital.gr)
Greek banks stand new pressures on Friday, after cumulative losses of 8% in the previous three sessions.
Amid consultations on the rollover plan of Greek debt, the General Index moves in a declining mood, following four consecutive downward sessions.
Although the climate abroad could be described as optimistic, the lack of any domestic catalyst and the low trading volume will continue to refuel nervousness and volatility in the majority of the shares, Pegasus Securities said in a report.
Focus today is going to be on the expected formal approval for the release of the 5th loan tranche to Greece by the IMF and the U.S. non-farm payrolls report, according to Eurobank Securities. Following the encouraging U.S. private sector jobs report released yesterday, improved international market sentiment may help the ASE move in positive territory today, it added.
On the board, the General Index is at 1,250.26 units with losses of 1.16%. The turnover stands at €23m, while a total amount of 66 shares decline, 26 rise and 33 remain unchanged.
Banks post losses of 2.32% at 925.57 units. Only Bank of Cyprus is on positive grounds, with minor profits of 0.52%. On the other hand, ATEBank falls by 8%, while Alpha Bank, Piraeus Bank, National Bank and Eurobank decline by 3.24%, 2.91%, 2.89% and 2.45% respectively.
(capital.gr)
tommy271
Forumer storico
Trichet’s Position Reverses New Loan Plans
ECB President’s opposition against the possibility of a selective Greek default causes the redeployment of initiatives for a solution with the participation of the private sector. President Jean-Claude Trichet restated on Thursday that the bank’s position has not changed and is still against any kind of partial failure or credit event, indicating the governments’ responsibilities in discussing with private investors and insisted that any participation should be strictly voluntary.
These statements have exacerbated the climate that had been created recently after the modest outcome of the bankers’ meetings in Paris and Rome and the downgrade of Portugal’s ratings, which indicates that the debt crisis has crossed Greek borderlines. Petros Christodoulou, head of the Greek debt management agency, attended the meetings.
European Union officials noted that decisions shouldn’t delay, expressing fear of contagion in Spain. Under the new conditions, sources said that earlier proposals have revived in order to reach decisions at the new Eurogroup meeting on Monday.
They also note that these developments are related to the visit of FinMin Evangelos Venizelos in Germany, while such a meeting with French officials is possible before the critical meeting of Eurogroup, as now the burden is on Eurozone government to reach a solution that would be welcomed by the markets.
The solution should be sustainable, and not causing a “credit event” according to Trichet. It should also not increase the cost of servicing of loans, as the debt would continue to grow rather than solving the problem.
The proposal of involvement of the European rescue fund has been revived. The head of Institute of International Finance, Charles Dallara, said on Thursday that the venture would have greater changes of success if it included the retiring of outstanding debt through organized buybacks.
(capital.gr)
ECB President’s opposition against the possibility of a selective Greek default causes the redeployment of initiatives for a solution with the participation of the private sector. President Jean-Claude Trichet restated on Thursday that the bank’s position has not changed and is still against any kind of partial failure or credit event, indicating the governments’ responsibilities in discussing with private investors and insisted that any participation should be strictly voluntary.
These statements have exacerbated the climate that had been created recently after the modest outcome of the bankers’ meetings in Paris and Rome and the downgrade of Portugal’s ratings, which indicates that the debt crisis has crossed Greek borderlines. Petros Christodoulou, head of the Greek debt management agency, attended the meetings.
European Union officials noted that decisions shouldn’t delay, expressing fear of contagion in Spain. Under the new conditions, sources said that earlier proposals have revived in order to reach decisions at the new Eurogroup meeting on Monday.
They also note that these developments are related to the visit of FinMin Evangelos Venizelos in Germany, while such a meeting with French officials is possible before the critical meeting of Eurogroup, as now the burden is on Eurozone government to reach a solution that would be welcomed by the markets.
The solution should be sustainable, and not causing a “credit event” according to Trichet. It should also not increase the cost of servicing of loans, as the debt would continue to grow rather than solving the problem.
The proposal of involvement of the European rescue fund has been revived. The head of Institute of International Finance, Charles Dallara, said on Thursday that the venture would have greater changes of success if it included the retiring of outstanding debt through organized buybacks.
(capital.gr)
tommy271
Forumer storico
Average Interest Rate On New Deposits Increased In May
In May 2011 average interest rates on new deposits and loans generally increased, with the main exception being the rate on corporate loans over EUR 1 million with floating rate or with an initial rate fixation period of up to one year which decreased, the Bank of Greece said in a report.
More specifically, in May 2011, the average interest rate on overnight deposits from households remained basically unchanged at 0.46%, while the corresponding rate on deposits from non-financial corporations decreased by 3 basis points to 0.35%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year increased further by 7 basis points to 3.95%.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) increased in May 2011 by 15 basis points to 14.89%. The average interest rate on corporate loans without a defined maturity increased by 8 basis points to 7.34% and the corresponding rate on loans to sole proprietors increased by 7 basis points to 9.98%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year increased to 7.31% for loans up to EUR 250,000 , to 6.10% for loans above EUR 250,000 and up to EUR 1 million, while for loans above EUR 1 million it decreased by 7 basis points to 5.48%. Finally, the average interest rate on housing loans remained basically unchanged at 4.26% for loans at a floating rate or with an initial rate fixation period of up to one year and increased by 25 basis points to 4.05% for loans with an initial fixation period of over 1 and up to 5 years.
Interest rates on outstanding amounts of Euro-denominated deposits and loans
In May 2011 the average interest rates on outstanding amounts of deposits and loans increased, except for the average rate on deposits with an agreed maturity of up to 2 years from non-financial corporations which remained basically unchanged.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased in May 2011 by 8 basis points to 3.72%, while the corresponding rate on deposits from non-financial corporations remained basically unchanged at 3.74%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity increased by 6 basis points to 3.83%.
The corresponding rate on corporate loans increased by 10 basis points to 4.89%, and the rate on loans to sole proprietors by 23 basis points to 5.94%.
(capital.gr)
In May 2011 average interest rates on new deposits and loans generally increased, with the main exception being the rate on corporate loans over EUR 1 million with floating rate or with an initial rate fixation period of up to one year which decreased, the Bank of Greece said in a report.
More specifically, in May 2011, the average interest rate on overnight deposits from households remained basically unchanged at 0.46%, while the corresponding rate on deposits from non-financial corporations decreased by 3 basis points to 0.35%. On the contrary, the average interest rate on deposits from households with an agreed maturity of up to 1 year increased further by 7 basis points to 3.95%.
In the case of loans, the average interest rate on consumer loans without a defined maturity (a category which includes credit card debt, open account loans and debit balances on current accounts) increased in May 2011 by 15 basis points to 14.89%. The average interest rate on corporate loans without a defined maturity increased by 8 basis points to 7.34% and the corresponding rate on loans to sole proprietors increased by 7 basis points to 9.98%. The average interest rate on corporate loans with a defined maturity at a floating rate or with an initial rate fixation period of up to one year increased to 7.31% for loans up to EUR 250,000 , to 6.10% for loans above EUR 250,000 and up to EUR 1 million, while for loans above EUR 1 million it decreased by 7 basis points to 5.48%. Finally, the average interest rate on housing loans remained basically unchanged at 4.26% for loans at a floating rate or with an initial rate fixation period of up to one year and increased by 25 basis points to 4.05% for loans with an initial fixation period of over 1 and up to 5 years.
Interest rates on outstanding amounts of Euro-denominated deposits and loans
In May 2011 the average interest rates on outstanding amounts of deposits and loans increased, except for the average rate on deposits with an agreed maturity of up to 2 years from non-financial corporations which remained basically unchanged.
In particular, the average interest rate on outstanding amounts of deposits from households with an agreed maturity of up to 2 years increased in May 2011 by 8 basis points to 3.72%, while the corresponding rate on deposits from non-financial corporations remained basically unchanged at 3.74%. The average interest rate on outstanding amounts of housing loans with over five years’ maturity increased by 6 basis points to 3.83%.
The corresponding rate on corporate loans increased by 10 basis points to 4.89%, and the rate on loans to sole proprietors by 23 basis points to 5.94%.
(capital.gr)
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