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PM calls for EU to show greater urgency



Papandreou says eurozone must act on fresh bailout but leaders’ talks to be delayed


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Prime Minister George Papandreou on Wednesday turned his fire on the International Monetary Fund and the European Union in particular for failing to agree on the details of a second bailout for Greece and allowing the uncertainty within the eurozone to exacerbate the debt crisis.
Speaking to the German online edition of the Financial Times, Papandreou said that the lack of agreement within the EU over what elements would make up the new loan package for Greece due to an ongoing debate about private sector participations was having a damaging effect.
This uncertainty is scaring off investors,” he said. “The more decisive the signal given now… the quicker we will be able to return to the markets.”
Papandreou was due to have the chance to air his concerns about the slow pace of decision making in Europe at an emergency summit of eurozone leaders’ in Brussels tomorrow but it looks as if these talks will be delayed. Sources in the Belgian capital said that the meeting might be held at the start of next week.
It appears that Germany was unhappy that European Council President Herman Van Rompuy suggested the meeting would take place without first consulting with Berlin.
Significantly, German government sources indicated yesterday that Berlin is warming to one of the ideas put forward as a way of easing the debt burden on Greece, which was for the European Financial Stability Facility (EFSF) to be bolstered and to then buy back a considerable amount of Greek bonds to allow Athens to borrow from the market at better rates.
However, concerns remain about adopting a strategy that would lead Greece to selective default. Nevertheless, there are growing calls from economists and other experts for the eurozone to move quickly to shore up Greece to prevent contagion from the debt crisis afflicting other countries, like Italy.
In an op-ed, financier George Soros said Europe’s politicians and financiers had to show more urgency. “Yet Europe’s political establishment continues to argue that there is no alternative to the status quo,” he wrote. “Financial authorities resort to increasingly desperate measures in order to buy time.
“But time is working against them: Two-speed Europe is driving member countries further apart. Greece is heading towards disorderly default and/or devaluation with incalculable consequences.”






ekathimerini.com , Wednesday Jul 13, 2011 (22:40)
 
State company losses drop, but so do revenues





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State companies and corporations saw a reduction in losses in the first five months of the year, as well as a considerable drop in income.
The Finance Ministry published on Wednesday data concerning 17 major state corporations, including the public transport companies, broadcaster ERT and the Hellenic Railways Organization among others, showing their total losses had been trimmed by 51 percent year-on-year, from 627.2 million euros in 2010 to 309.4 million this year.
This is attributed to cuts in salaries, staff and operating expenses, as these companies now have 3,357 fewer employees.
However, their earnings also dropped by a steep 17 percent on an annual basis, or 94.4 million euros, with transport companies seeing their proceeds fall despite the significant rise in fares.
There was also a 29 percent drop in grants from the state budget, from 317.7 million euros last year to May to 224.3 million this year.






ekathimerini.com , Wednesday Jul 13, 2011 (22:56)
 
Grecia: Berlino rinvia vertice salvataggio (MF)




MILANO (MF-DJ)--Mentre la crisi greca precipita, la Germania continua a perdere tempo. Il vertice straordinario di Eurolandia, che il presidente del Consiglio europeo Herman Van Rompuy avrebbe voluto convocare per domani (giorno in cui verranno pubblicati i risultati dei nuovi stress test sulle banche), si terra' non prima di lunedi' prossimo.
Lasciando spalancata una finestra di incertezza che rischia di scatenare di nuovo la speculazione.
Colpevole del rinvio, si legge in un articolo di MF, e' ancora una volta Berlino, secondo cui non c'e' alcuna fretta, visto che fino a settembre Atene non avra' problemi di finanziamento.
Poiche' sono ancora forti le divisioni tra Germania e Francia sul coinvolgimento dei privati nel nuovo piano di salvataggio della Grecia, che secondo il Fondo Monetario Internazionale (Fmi) dovrebbe ammontare a 104 miliardi di euro (71 miliardi dall'Ue e 33 dai creditori privati), Berlino e' convinta che sia meglio rimandare il vertice in quanto, se finisse con un nulla di fatto, l'impatto sui mercati sarebbe molto pesante.
 
EURO: APRE SOPRA QUOTA 1, 41 DOLLARI




08:26 14 LUG 2011

(AGI) Roma - L'euro apre sopra quota 1,41 dollari, mentre non si sblocca la questione del coinvolgimento dei privati al salvataggio delle Grecia, in vista del vertice dei leader europei della prossima settimana. La moneta europea passa di mano a 1,4179 dollari. Euro/yen a 112 e dollaro/yen a 78.98.
L'euro tocca un nuovo minimo record sul franco svizzero a 1,1494, per poi risalire sopra 1,15 .
 
Spain's Salgado says quick action needed on Greece






BERLIN, July 14 | Thu Jul 14, 2011 2:26am EDT

BERLIN, July 14 (Reuters) - Euro zone countries must take quick action to resolve Greece's debt crisis to prevent contagion from spreading through the currency bloc, Spain's Economy Minister Elena Salgado said.
Speaking in an interview published in German newspaper Sueddeutsche Zeitung on Thursday, Salgado said countries that share the euro would do all that was needed to guarantee the currency's stability, but that fast leadership was required.
"The markets attack all countries that have low growth or high debt, like Italy or Belgium," she said. "Therefore an answer must be quick, determined, and clear."
Euro zone officials have struggled even to set a date for leaders to meet to agree a way forward on the debt crisis, raising fears financial markets might exploit a policy vacuum with a new onslaught on the bloc's high debtors.
An impasse on how and when to grant the country urgent aid remains, although a new sense of urgency may now drive leaders to push for a solution after markets started to focus attention on Spain and Italy.
Most policymakers and the European Central Bank agree a Greek default should be avoided, a positioned echoed by Salgado in the interview, although some countries have acknowledged that a selective default may be needed to untie the knot.
"Everything must be done to prevent such a thing. A default, that is a default of the bonds, would be bad news, especially for Greece," Salgado said.
Investors fear that a Greek default would ripple through global markets, pushing up sovereign debt yields and weakening Europe's banking system -- requiring more bank bailouts that would stretch public finances to the breaking point.
 
Spiace dirlo, perchè non era una cosa bella la guerra fredda, ma ricordo che Andreotti, quando la Germania si stava unificando, disse a bassa voce, che preferiva la Germania divisa, per il bene dell'Europa.
Allora non capii. Festeggiavo per la fine della dittatura comunista.
Buonanotte, Giuseppe

il pensiero portava anche ad un parallelo...
La Germania è stata responsabile delle ultime due Guerre Mondiali. La sua volontà di egemonia ha fatto decine e decine di milioni di vittime e danni incalcolabili.
Ora sembra che voglia essere causa della terza guerra mondiale. Questa volta non convenzionale ma combattuta con le moderne armi di distruzione di massa: la finanza.
Detiene l'esercito più forte (l'economia più solida....i sesterzi) ma non è sua intenzione farsi portatrice dello sviluppo europeo ma egoisticamente vuole imporre la sua visione con il solo obiettivo di proteggere il contribuente tedesco. La razza economicamente eletta contro gli indisciplinati periferici. E' partita la campagna odio verso i Greci...."non vogliono lavorare e noi siamo stanchi di pagare" anche se fino ad ora non hanno speso un solo cent. Ma il popolo tedesco è convinto di essere usurato dai greci, neri e piccoli....ricordano una razza inferiore.....

Questa sua politica porterà alla distruzione dei periferici e al dominio incontrastato in Europa e parte del mondo da parte della Germania. Ciò che non sono riusciti con due guerre mondiali, forse riuscirà con la terza, prossima ventura?

Per quanto iperbolica e dettata da risentimento "speculativo".......
 
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