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

[tommy271]

US Secretary of State due in Athens on Sunday, Monday

US Secretary of State Hillary Clinton is due in Athens on Sunday for a two-day official visit that is to include talks with Greek government officials on a range of issues of bilateral concern.
Clinton is due to hold talks with her Greek counterpart Stavros Lambrinidis on Sunday morning that are expected to cover developments in the Middle East, Libya and the Balkans as well as Greek-Turkish relations, the Cyprus peace process, Turkey’s prospects for accession to the European Union and the debt crisis in Greece and the broader eurozone.






ekathimerini.com , Thursday Jul 14, 2011 (21:30)

 

[tommy271]

Europe-wide appeal to investors



Venizelos planning to mobilize EU governments to pique entrepreneurs’ interest in Greek privatizations

By Sotiris Nikas
Finance Minister Evangelos Venizelos is set to issue a Europe-wide appeal to governments asking them to persuade investors to participate in the Greek privatizations program.
The government is hoping to banish any market fears of a lack of interest in the country’s sell-off of state assets.
Sources suggest that the letters Venizelos plans to send to European capitals will contain the privatizations timetable, as well as briefings on the new fund and its operation. He will then ask them to encourage their local business communities to invest in Greece, effectively creating a roadshow under the auspices of the other governments in the European Union.
The new fund for the state sell-offs will play a key role in convincing foreign investors to bring their capital to Greece. Now that the fund’s board is in place, there are two more issues to be solved before it can start operating.
First, it will need to organize its accounting department in order to register the state’s assets and draft its founding charter so that it can get things moving, and, second, it must find a way to assess the value of the state property assets in its hands.
Already Germany’s Minister of Economics and Technology Philipp Roesler has thrown his hat into the ring, arguing that his ministry will make its own contribution toward the streamlining of the Greek economy.
In an interview with the Rheinische Post newspaper on Thursday, Roesler stated that his federal ministry would assist in the development of new economic structures in Greece. “We have specific support proposals for the Greek economy,” he stated, adding that “on the other hand, German enterprises will also need to draw benefits from the future growth of Greece.”
The Greek Finance Ministry wishes to get the sell-off process under way even before the privatizations fund gets started on its work. It intends to have completed the renewal of contracts for the OPAP state betting agency and Athens International Airport as well as the utilization of the state lottery by the end of September. The target is for these projects to fetch 1.3-1.5 billion euros.






ekathimerini.com , Thursday Jul 14, 2011 (22:05)

 

[tommy271]

Greek Gov’t Considers Options To Climb Out Of Turmoil



Friday, 15 July 2011

Greece sees a buyback of Greek bonds by a eurozone bailout scheme and private sector involvement, or PSI, in exchanging bonds as the two most likely solutions to its crisis, Greek newspapers reported on Thursday. The reports came a day after Fitch Ratings downgraded Greece deeper into junk territory.

Citing official sources, newspapers Ethnos, Eleftherotypia and Eleftheros Typos said that the government was focusing on these options following a meeting of Prime Minister George Papandreou with some of his most senior ministers.

One of the most likely options in the eyes of the Greek government is using the European Financial Stability Facility, or EFSF, to buy back bonds worth 15-40 billion euros at a discount of 30 percent, Eleftherotypia and Eleftheros Typos said. Athens estimates that this would reduce its debt burden by at least 20 percent without creating complications with credit rating agencies, they added.

The second most likely option from the government’s point of view is the German proposal of exchanging Greek bonds with new Greek sovereign paper of longer maturities and lower interest rates, a move that would require PSI, the newspapers added.

Meanwhile, Fitch Ratings on Wednesday cut Greece’s sovereign debt rating, citing the absence of a fully funded financing program for the country.

Heightened uncertainty surrounding the role of private creditors in any future funding programs from the European Union and the International Monetary Fund also weighed on the decision, as well as Greece’s weakening macroeconomic outlook, Fitch said.

The ratings agency cut Greece’s rating by four notches to CCC, a rating that implies a substantial risk of default.

A few hours before downgrading Greece, Fitch gave Italy a vote of confidence, saying the country’s debt will remain on a sustainable path as long as the government adheres to its “ambitious” fiscal targets.

(turkishweekly.net)

 

[Baro]

secondo me tra un po' mollano la pressione ...
ma sotto i 200 il ns. spread non ci torna
e poi a novembre nuovo attacco magari su Spagna,
e trascinano tutti i pigs di nuovo giù

Altro che fast market....i libri di scienza della finanza dell'università dovrebbero iniziare ad essere riformati a partire dal caso Grecia...

 

[tommy271]

Qualche rumors inizia a trapelare intorno alla riunione di ieri dell'IIF.
Pare assodato che andremo verso un'iniziativa per ridurre l'enorme debito pubblico greco.
Gli scenari su cui ci si è confrontati sono quelli che abbiamo prospettato sul thread.
Secondo il "Naftemporiki" la prima ipotesi prevede un prestito alla Grecia da parte del Fondo europeo di stabilità finanziaria (EFSF) per riacquistare le obbligazioni sul mercato secondario a prezzi molto inferiori al loro valore nominale.
La seconda ipotesi si basa sulle proposte della banca tedesca Commerzbank: scambiare le obbligazioni per il 70% del loro valore nominale, con nuovi bond trentennali al tasso del 3,5%, ma con garanzia della zona euro. Si suppone EFSF.
Questo si tradurrà in un haircut del 30% sul nominale.

 

[tommy271]

Bond euro aprono in rialzo, cautela in attesa esito stress test

venerdì 15 luglio 2011 08:57






LONDRA, 15 luglio (Reuters) - Apertura in rialzo per i
futures Bund, che dovrebbero rimanere ben sostentui lungo tutta
la seduta, in un clima di cautela che precede la pubblicazione,
alle 18,00, dei risultati degli stress test bancari europei.

Un recente sondaggio condotto da Goldman Sachs indica una
previsione di nove istituti, sui 90 analizzati, con requisiti di
capitale insufficienti.

"Con dieci banche bocciate il risultato non sarà molto
positivo, ma ad ogni modo ci sono dubbi in abbondanza su quanto
stringenti siano i test, quindi, anche dovesse venire fuori un
numero inferiore non mi aspetterei comunque che il risultato
vada ad alleggerire di molto le tensioni" spiega un trader.

In giornata gli operatori guarderanno anche a Roma, al voto
della Camera sulla manovra correttiva che ieri ha già ottenuto
il via libera del Senato. L'approvazione definitiva del
pacchetto di aggiustamento dei conti pubblici potrebbe, secondo
alcuni operatori, dare qualche sollievo al debito italiano,
ormai da oltre una settimana sotto forte pressione.

D'altra parte a dare sostegno al Bund, nel corso della
seduta, potrebbe contribuire anche il secondo creditwatch
negativo in due giorni sul rating Usa, da S&P dopo quello di
Moody's di ieri. Le agenzie di rating sono preoccupate per la
mancanza di un acocrdo tra Casa bianca e Congresso
sull'innalzamento del tetto massimo di indebitamento del paese.

Le pressione sul rating Usa rendono più appetibili le
triple-A tedesche agli occhi degli investitori che cercano
protezione dal rischio.

 

[asterix967]

Qualche rumors inizia a trapelare intorno alla riunione di ieri dell'IIF.
Pare assodato che andremo verso un'iniziativa per ridurre l'enorme debito pubblico greco.
Gli scenari su cui ci si è confrontati sono quelli che abbiamo prospettato sul thread.
Secondo il "Naftemporiki" la prima ipotesi prevede un prestito alla Grecia da parte del Fondo europeo di stabilità finanziaria (EFSF) per riacquistare le obbligazioni sul mercato secondario a prezzi molto inferiori al loro valore nominale.
La seconda ipotesi si basa sulle proposte della banca tedesca Commerzbank: scambiare le obbligazioni per il 70% del loro valore nominale, con nuovi bond trentennali al tasso del 3,5%, ma con garanzia della zona euro. Si suppone EFSF.
Questo si tradurrà in un haircut del 30% sul nominale.

..e in alcuni casi, del 50% circa delle cedole (vedi 2019 al 6,5%)..

 

[tommy271]

Germany Finmin: Greek Crisis Threatens Eurozone As A Whole



FRANKFURT (MNI) - The debt crisis enveloping Greece threatens to engulf the whole of the euro region, Germany's Finance Minister Wolfgang Schaeuble warned in an interview with Westdeutsche Allgemeine Zeitung.
He again stressed the importance of tackling the crisis in a convincing manner, but refused to elaborate on how this might be best achieved.
Turning to the threat of contagion, and Italy in particular, Schaeuble said: "Italy is in reasonable shape and cannot be compared to Greece. While Italy's debt levels do not currently meet the Eurozone standard, they are not of undue concern and can quickly be returned to acceptable levels," Herr Schaeuble told the paper.
He said that with unsustainable levels of debt seen in some parts of the region, "it is important we draw the right lessons." The region needed to strengthen the coordination of fiscal policy, place more emphasis on sound financial markets, and subject governments to more oversight in order to achieve greater transparency, he said.
Schaeuble described Moody's decision to downgrade Portugal as "incomprehensible," adding that leaders needed to consider whether current rules on rating agencies are adequate. He said he supported the idea of a European based rating agency to act as a counterweight to the Anglo Saxon firms. He said he had asked the EU Commission to see whether the influence of the agencies could be limited.
Asked whether it might be more sensible for the Eurozone to issue its own bonds, Schaeuble said he thought that would be a mistake. "Such bonds would remove the incentive to ensure sound domestic finances by passing this responsibility onto the group as a whole," he said.
He also said the political establishment must reduce the scope available for speculative manoeuvre within the market place.

 

[giub]

no, penso che sarebbe drammatico per tutti

lo sappiamo...ma quando vedi che il tuo vicino non ti aiuta a spegnere l'incendio a casa tua, allora magari ti viene la rogna di dire "che bruci anche lui!"....anche se questo porterebbe solo danno anche a te...discorso stupido ma fatto con le @@ girate

 

[tommy271]

..e in alcuni casi, del 50% circa delle cedole (vedi 2019 al 6,5%)..

Maggiormente penalizzati saranno, in questo caso, i titoli ad alto flusso cedolare.

Io comunque propendo sempre per la prima ipotesi: buy-back.