Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (12 lettori)

[tommy271]

Buongiorno Tommy e Tutti ;
Ho provato a leggere buona buona parte dei post ma non ho capito quali sono le opzioni per i privati riguardo GGB 2013 e 2015 ? ce' una linea dominante ? grazie e ciao.

Se per "privati" intendi il retail (cioè noi) potremo stare comodamente sull'aia della cascina di Karl, godendo delle cedole e della salita delle quotazioni sul secondario poi - per chi non ha fretta - si porterà a scadenza i titoli con rimborso a 100.
Nel frattempo ci penserà Gaudente a spazzolare i cavalli e a pulire il maneggio...

 

[tommy271]

Altra giornata di fortissimi recuperi sui nostri ellenici, solo cinque giorni fa eravamo con chiusure a 1565 pb.
Il rimbalzo seguito alle conclusioni dell'Eurogruppo traina le posizioni più esposte ma non facilita il gruppetto di coda.
Le attenzioni speculative sono ormai rivolte verso Spagna e Italia, a cascata verso Belgio e in lontananza Francia.
Bisognerà rendere operative nel più breve tempo possibile le decisioni prese, senza aspettare settembre.
Il mese di agosto potrebbe rivelarsi molto critico, quindi accelerare lo svincolo all'acquisto sul secondario da parte dell'EFSF.

Grecia 1191 pb. (1366)
Irlanda 915 pb. (971)
Portogallo 841 pb. (881)
Spagna 297 pb. (289)
Italia 258 pb. (248)
Belgio 144 pb. (134)

 

[tommy271]

(ANA-MPA) -- The yield spreads between the 10-year Greek and German benchmark bonds shrank spectacularly on the domestic electronic secondary bond market early Friday, as the market reacted positively to a decision reached at a Eurozone summit on Thursday on a new support package for Greece.
The yield spread fell to 12.6 percent, from 13.18 pct the previous day.

 

[tommy271]

LA POSIZIONE DI "NUOVA DEMOCRAZIA"



The decisions for Greece's debt taken by Eurozone heads of state and government were a "positive step" but not enough, main opposition New Democracy leader Antonis Samaras said in Athens on Friday. He stressed that the main priority had to be restoring economic growth, without which the bailout package would only be prolonging the "slow death of an economy in recession".
He also termed Thursday's decision as an "admission that the policies of the Memorandum and Medium-Term Fiscal Policy adopted until now had failed utterly". This was why new measures and new loans were needed and why the date when Greece could once more borrow on the markets was being pushed back, he added.
"A decision to improve the terms of lending is not enough if the deep recession is not overcome and we do not enter into recovery and growth," he said.
According to Samaras, the likelihood of a selective default by Greece in the near future was now extremely high and this would act as a stigma for the Greek economy and raise issues about supporting liquidity.
"This also seems to be covered by the agreement but we don't know how long it will last nor how the Greek economy will react, nor how international markets will react in the other countries of [Europe's] periphery," he added.
While welcoming the boost to liquidity for banks and insurance funds, Samaras noted that there was not a similar measure to ensure liquidity for the real economy. He also pointed out that the European Financial Stability Facility (EFSF), while now enabled to buy bonds on the secondary market, would need significantly higher funds at its disposal in order to do this and that no provision for such an increase had been made.
In further criticism of the new bailout plan, Samaras said that there were several points that were very unclear and, especially for Greece, inadequate:
"If foresees a small reduction of the overall debt of about 26 billion euro. Before the Memorandum, Greece's debt was 127 percent of GDP. With the first Memorandum, this was seen rising to 149 percent of GDP before it started to fall off. Afterward, this target was revised upward many times. Before the Medium-Term Fiscal Strategy it had reached 200 percent of GDP. With the Medium-Term strategy it ended up at 160 percent. Now it returns to 149 percent of GDP, roughly. Here we simply have a confession and correction of the mistake of the Memorandum," he said.
The main opposition leader also expressed concern over the collateral guarantees demanded for the new loans and repeated that this was not acceptable to ND, "as it had not been up until now for Mr. Papandreou".
He further questioned the government's claim that the new package had stopped any further growth in Greece's debt, stressing that the growth of the debt was a result of the deficits generated each year.
"Until yesterday, for the first half of this year the deficit should have fallen 4 percent and it had risen 28 percent. As long as the deficit does not fall, the debt will grow," he emphasised, predicting that this would continue to happen as long as the economic policies of the Memorandum and Medium-Term strategy remained and caused a recession.
"For us, the priority today is the same as yesterday: a change of policy to kickstart the economy. The battle for the sustainability of Greece's debt will be judged mainly within Greece from the battle for growth. And this primarily requires a change of policy," he concluded.


(ana.gr)

 

[tommy271]

PM lauds eurozone deal, challenges opposition



Papandreou says agreement was victory for Greek people and a vindication for him

Prime Minister George Papandreou has hailed the agreement Greece achieved with fellow eurozone members on a second, improved rescue package as a victory for the Greek people and a moment of personal vindication for himself.
Speaking in a televised address at the start of a cabinet meeting on Friday, Papandreou began by lauding the Greek people, who have endured more than a year of austerity measures, for the part they played in the new deal being agreed.
He said it was “a vindication of our efforts, of the efforts of a whole nation that found itself close to collapse due to the errors of the past,” and thanked Greeks for their “patience, persistence and self-sacrifice.”
“I want all of you to be proud of what we are, for our struggle, for our country,” added Papandreou. “Your sacrifices have not gone to waste.”
However, the prime minister also suggested that the deal agreement in Brussels on Thursday had vindicated his stance.
“This struggle over the last few months was a big personal bet,” he said. “I took part in this struggle with no regard for myself, often confronting criticism that was disproportionate to my share of the responsibility for the country’s problems.”
Papandreou had in recent weeks publicly pressured eurozone leaders to come up with an assistance package that would help alleviate the pressure on Greece. President Karolos Papoulias greeted Papandreou during a meeting between the pair on Friday afternoon by saying: “Prime Minister, a historic moment. Europe woke up.”
The premier warned his Cabinet against complacency in the wake of the agreement. Greece will need its next tranche of emergency funding in September and is likely to have to agree to new fiscal measures by then.
“All will go to waste if we don’t continue with our reforms program. Greece will change,” he said. “We want a different Greece and once the changes are implemented, we will have a different Greece,” Papandreou said, referring to a raft of austerity measures and reforms that were voted through Parliament last month.
Papoulias also noted that “the time has come for the work that needs to be done to start.” “From this point on, we all have to get down to work,” responded Papandreou.
Papandreou also used the opportunity to fire broadsides at the opposition parties, particularly New Democracy, who he accused of “hypocrisy, populism, conspiracy theories and endless criticism.” But he did indicate that he was open to the prospect of finding common ground.
“Despite our constant appeals, New Democracy missed out on the opportunity to take part in this national effort,” he said. “It bet on failure in order to benefit as a party. I hope that all the parties that followed this tactic will be able to draw conclusions from their failed opposition and will in the future contribute to the national effort.”






ekathimerini.com , Friday Jul 22, 2011 (22:48)

***
Sempre acceso il dibattito politico interno.

 

[tommy271]

A bottom for Greece’s debt barrel



Finance Minister Venizelos voices optimism, but observers not yet sure about new bailout package

Finance Minister Evangelos Venizelos said on Friday that decisions reached in Brussels on Thursday regarding Greece’s second rescue package will change the landscape of the country’s economy in the coming years, as “a bottom has been attached to the barrel of the public debt.”
Venizelos stated that “the Greek banking system is perhaps the most guaranteed in Europe, if not further afield,” as “there is a very large umbrella of protection,” he told a press conference.
He added that Greek social security funds will participate in the rollover package, exchanging holdings of government bonds for new ones with 30-year maturities. He also mentioned that their portfolios contain bonds to the amount of 20 billion euros, whose value will remain the same.
He went on to call for the shipping community and diaspora Greeks to contribute to the rebound of the economy with their capital. “Unless we make a national effort, we will not make it,” Venizelos said, reiterating his aim for Greece to return to growth in 2012.
However, despite the original excitement of the markets that sent stocks higher and bond spreads lower early yesterday, economists, bankers, journalists and investors began growing more reserved regarding the success of the package as they took a closer look at its details, with the euro shedding some of the gains it had registered on Thursday.
The question arising is whether this second package will be enough to stem the debt crisis in Greece after all, as well as the rest of the eurozone in general.






ekathimerini.com , Friday Jul 22, 2011 (21:55)

 

[PASTELLETTO]

Se per "privati" intendi il retail (cioè noi) potremo stare comodamente sull'aia della cascina di Karl, godendo delle cedole e della salita delle quotazioni sul secondario poi - per chi non ha fretta - si porterà a scadenza i titoli con rimborso a 100.
Nel frattempo ci penserà Gaudente a spazzolare i cavalli e a pulire il maneggio...

Vediamo se riesco a fare un riassunto semplice (si sbaglio mi corigerete, lo faccio anche per chiarire le idee a me stesso).
Il buco lasciato dalla Grecia è grosso e lasciarla fallire o ristrutturarla usando haircut o buyback operato da parte delle banche tedesche e francesi gli sarebbe costato troppo (anche se si erano liberate di parte del debito vendendolo, ancora non si sa a chi, magari a noi).
Prolungamento delle scadenze e taglio cedolare già era più indolore, ma magari, con scadenze più lunghe e cedole ridotte, il prezzo dei bond greci sarebbe andato a picco.
Quindi credo che abbiano agito su due fronti: 1- garantirsi il recupero di capitale il più possibile, 2- mantenere i bond appetibili sul mercato.
A tutto va sommato l'imbarazzo della UE e, nella fattispecie, Francia e Germania che, come i ragazzini discoli, sono state scoperte con il "sorcio in bocca" cioè piene di obbligazioni di uno stato che avrebbe dovuto essere aiutato a migliorare anzichè cedolarmente sfruttato.
E quindi la Merkel, per questo conscia del siluro che si dirigeva verso di lei, ha iniziato la sua campagna elettorale personale, fregandosene abbondantemente di tutto il resto,ma, alla fine, ha dovuto semi-capitolare, perchè, hei! se crolla pure l' Italia, la Spagna, ad malas feminas ci andiamo pure noi del reich millenario.
A tutto va aggiunta la novità del concetto di stato che fallisce, conosciuto ai tempi dell'Argentina, ma considerato uno scenario impossibile da noi.

La soluzione è stata trovata in un fritto misto, ma senza tagli cedolari o haircut; unici tagliati sono stati gli interessi che la Grecia e altri stati insolventi dovranno pagare per il prestito concesso per aiutarli a ripianare.

Molti sostengono, anche su stampa estera, che il problema della Grecia si sia risolto, quindi, con la modica restituzione, in qualche forma, di circa 300G€ da parte di tutta la UE, della serie: "Ok, non ci eravamo accorti che il buco era grosso, restituiamo il "maltolto" ".

I catastrofisti, però, dicono (e secondo me a buon diritto): se è stato un tale casino per la Grecia, cosa succederà quando l'Italia dovrà onorare i suoi trilinioni (non miliardi)?
E del buco complessivo dell'Europa?
Se tutta la UE è indebitata, dove li trovano i soldi per queste operazioni di salvataggio?
Hanno truccato i bilanci (fantafinanza), non sono indebitati e hanno nascosto i soldi in Svizzera?
Tutta la situazione del debito, quindi, è solo una facciata per rastrellare soldi?
Ma sia che debbano davvero essere finanziati o che stiano mentendo:
rastrellarli da chi? Dai paesi Arabi? Dagli oligarchi russi? Dalla Cina?

 

[tommy271]

La Bundesbank attacca il piano per la Grecia - Il Sole 24 ORE

 

[tommy271]

Le agenzie di rating guardano le perdite in capo ai privati:


http://www.ilsole24ore.com/art/noti...g-guardano-perdite-081211.shtml?uuid=AaUz3WqD

 

[mezzalira]

Buongiorno a tutti vorrei sapere se sono state accreditate le cedole del Hellenic 2018 4,60% ISIN GR0124030645 perchè a me ancora non risulta. Grazie a tutti per l'imenso lavoro che fate.

Solo oggi è stata accreditata la cedola. Meglio tardi che mai.