Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (8 lettori)
- Creatore Discussione Imark
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giub
New Membro
cioè vuoi dire che hai già venduto tutto?
tommy271
Forumer storico
EFSF: The New Guarantor Of European Debt
The risk of contagion in the central Eurozone economies has forced Germany to a major retraction at the Thursday’s EU Summit, as European leaders agreed to assign temporary rescue fund EFSF a role of guarantor of state debt of troubled Eurozone economies.
After seven-month pressure by the ECB and under the threat of rapid and uncontrollable spread of the crisis in Italy, Spain and France, the German government agreed to give the EFSF the capability to intervene in the primary or secondary bond market.
After the crisis broke out in 2008, this “job” was undertaken by the ECB, which has been buying government bonds in the secondary market to support prices, but ceased to do that 16 weeks ago, refusing to act as an indirect guarantor of government bonds. Capital.gr and Kefalaio newspaper revealed last December that the administration of ECB has asked from Eurozone governments that EFSF or even governments should assume this role, but faced Germany’s strong opposition.
The crisis in Greece and the risk of contagion broke German resistance and a new environment is created in the currency bloc, with the reaction of the markets still unknown. However, the final decision of the Summit provides that the new role of EFSF would be performed in cooperation with the ECB.
The first test would normally be the launch of the package through the rollover of Greek debt, as the “presence” of EFSF in the bond market would create incentives for banks to participate.
It is not certain whether this triangular rollover would exclude the downgrade of Greek ratings to “selective default”. For this reason, the EFSF has a 24-hour right to lend member countries for the recapitalization of the banks, if necessary.
(capital.gr)
The risk of contagion in the central Eurozone economies has forced Germany to a major retraction at the Thursday’s EU Summit, as European leaders agreed to assign temporary rescue fund EFSF a role of guarantor of state debt of troubled Eurozone economies.
After seven-month pressure by the ECB and under the threat of rapid and uncontrollable spread of the crisis in Italy, Spain and France, the German government agreed to give the EFSF the capability to intervene in the primary or secondary bond market.
After the crisis broke out in 2008, this “job” was undertaken by the ECB, which has been buying government bonds in the secondary market to support prices, but ceased to do that 16 weeks ago, refusing to act as an indirect guarantor of government bonds. Capital.gr and Kefalaio newspaper revealed last December that the administration of ECB has asked from Eurozone governments that EFSF or even governments should assume this role, but faced Germany’s strong opposition.
The crisis in Greece and the risk of contagion broke German resistance and a new environment is created in the currency bloc, with the reaction of the markets still unknown. However, the final decision of the Summit provides that the new role of EFSF would be performed in cooperation with the ECB.
The first test would normally be the launch of the package through the rollover of Greek debt, as the “presence” of EFSF in the bond market would create incentives for banks to participate.
It is not certain whether this triangular rollover would exclude the downgrade of Greek ratings to “selective default”. For this reason, the EFSF has a 24-hour right to lend member countries for the recapitalization of the banks, if necessary.
(capital.gr)
AAAA47
Forumer storico
tommy271
Forumer storico
Dallara Sees Greek Selective Default As Temporary
BRUSSELS (Dow Jones)--The leading private-sector negotiator in talks over Greece΄s new bailout deal said he expects Greece will be placed in selective default by rating agencies, but it will last for only a short time.
Charles Dallara, managing director of the Institute of International Finance, said his organization, which represents more than 400 financial institutions worldwide, had spent a lot of time looking at the risks associated with Greece being declared in selective default by rating agencies
"We are quite comfortable that, given the breadth of the program and the overall improvement of the outlook for Greece, that selective default is a temporary passage for Greece that will be over fairly quickly," he said in a telephone interview.
He said he expects the agreement to put an end "to the uncertainty swirling around the future that was hindering any capacity for the Greek economy to grow."
He said the combination of concessions on Greece΄s official loans and "quite generous" private sector contributions is "going to give breathing space to Greece and allow the government to focus on what needs to be done at home."
He said the next steps were to fix further technical details and explain the program to other investors.
He said the work would move as fast as possible but would probably not be concluded by mid-August, when a large repayment of a Greek benchmark bond is due. Nonetheless, there is adequate financing to repay this in full, he said.
BRUSSELS (Dow Jones)--The leading private-sector negotiator in talks over Greece΄s new bailout deal said he expects Greece will be placed in selective default by rating agencies, but it will last for only a short time.
Charles Dallara, managing director of the Institute of International Finance, said his organization, which represents more than 400 financial institutions worldwide, had spent a lot of time looking at the risks associated with Greece being declared in selective default by rating agencies
"We are quite comfortable that, given the breadth of the program and the overall improvement of the outlook for Greece, that selective default is a temporary passage for Greece that will be over fairly quickly," he said in a telephone interview.
He said he expects the agreement to put an end "to the uncertainty swirling around the future that was hindering any capacity for the Greek economy to grow."
He said the combination of concessions on Greece΄s official loans and "quite generous" private sector contributions is "going to give breathing space to Greece and allow the government to focus on what needs to be done at home."
He said the next steps were to fix further technical details and explain the program to other investors.
He said the work would move as fast as possible but would probably not be concluded by mid-August, when a large repayment of a Greek benchmark bond is due. Nonetheless, there is adequate financing to repay this in full, he said.
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Topgun1976
Guest
robinson
Forumer storico
Ciao Maratoneta, anche tu hai certamente contribuito a mantenere i nervi saldi, peccato che qualcuno abbia ceduto, ma credo che se non ci fosse stata la presenza costante dei ragionevolmente positivi, (e dei coraggiosi) e soprattutto del grande Tommy, sul campo sarebbero rimasti più caduti.
L'Europa, come speravo e scrivevo da mesi, si è fermata come al solito prima del baratro ed ha ritrovato uno scatto di orgoglio, grazie alla Francia, ma anche agli altri Paesi che hanno alla fine supportato velocemente questa soluzione.
Debbo dire che la crisi, che sembrava aver investito in pieno l'Italia e la Spagna, ha aiutato a trovare una soluzione e una nuova solidarietà, pena la scomparsa dell'Europa e del suo Euro!!!
Ciao, ciao, Giuseppe
Ho già ringraziato Tommy,
e voglio anche ringraziare Te, Giuseppe;
mi ricordi la pubblicità del Tè Ati:
"la forza dei nervi distesi" !!
Beh, la dico:
ti vedrei bene come presidente della repubblica;
con Tommy a capo del governo
e Karl 1 ministro dell' economia.
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