Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (26 lettori)

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tommy271

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Greece Says It’s Working With IMF, Hasn’t Requested for More Financial Aid

By Ian Katz - Jul 26, 2011 4:17 AM GMT+0200 Tue Jul 26 02:17:05 GMT 2011



Greek Finance Minister Evangelos Venizelos said his country is working with the International Monetary Fund on “procedural issues” regarding financing, while a debt official said the nation hasn’t made an additional loan request to the international lender.
Our goal is to return to positive growth and create primary surpluses by 2012,” Venizelos said during a speech in Washington yesterday. “Together we will succeed in rebuilding our country, restoring its fiscal independence and achieving the competitive position Greece deserves in the international market.”
Greece’s credit rating was cut three steps by Moody’s Investors Service, which said the European Union’s rescue for the debt-laden nation will cause substantial losses for investors and amount to a default. EU leaders on July 21 reached an agreement on a second rescue package for Greece worth 159 billion euros ($229 billion).
“The important point is the positive and constructive position of the staff, and first of all, of Madame Lagarde,” Venizelos said after the speech. Christine Lagarde is the managing director of the Washington-based IMF.
Petros Christodoulou, head of the Athens-based Public Debt Management Agency, appearing with Venizelos at the Peterson Institute for International Economics, said Greece hasn’t requested additional financial help from the IMF.
There has not been a request. And even had there been a request you wouldn’t know it now anyhow,” Christodoulou told a panel discussion after the finance minister’s speech.
Venizelos also met yesterday with U.S. Treasury Secretary Timothy F. Geithner and said in a statement after the meeting that the two had “very positive” talks.
“Secretary Geithner welcomed the progress Greece has already made toward strengthening its public finances and underscored the need for continued and full implementation of the program,” Natalie Wyeth, a Treasury spokeswoman, said in a statement sent by e-mail.

(Bloomberg)
 
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tommy271

Forumer storico
PM seeks to build momentum



Papandreou urges ministers to press on with reforms before end of August


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In a bid to capitalize on the positive mood and momentum created by Greece’s agreement last week for a second support package from the eurozone, Prime Minister George Papandreou is going to step up the pressure on his ministers to progress with reforms over the next few weeks.
Papandreou has written to all his ministers asking them to be able to show results by the end of August, ahead of fresh negotiations with the European Union and the International Monetary Fund and his appearance at the Thessaloniki International Fair on September 10, when he will unveil key economic measures, including a growth strategy.
To do this, his government will have to be on track in terms of meeting the target set by the midterm fiscal plan, passed last month. This is the only way that Greece can secure continued funding from the EU and the IMF.
The prime minister will hold cabinet meetings today and tomorrow in a bid to settle a number of outstanding issues, including a bill on illegally built properties and referendums for constitutional reform and on cleaning up Greek soccer.
The government will also attempt to defuse its standoff with the taxi drivers, which has threatened to cause a rift within the ruling PASOK party. Papandreou is keen to close as many open wounds as possible within PASOK so the government can focus on the reforms it needs to carry out and because he wants to use the securing of the eurozone deal as a springboard for winning back the support of the public.
Papandreou is due to meet with opposition leaders tomorrow to brief them on the eurozone negotiations. Sources suggested that the government, buoyed by the outcome of talks in Brussels, feels that it can adopt a more aggressive stance toward New Democracy, which has been highly critical of its handling of the economy. The conservatives intend to focus their criticism on the government’s failure to meet its targets, the difficulties in the real economy and any disagreements within PASOK.






ekathimerini.com , Monday Jul 25, 2011 (22:40)
 

tommy271

Forumer storico
Bond rollover ball gets rolling




Greece wants to quickly wind up talks on private sector involvement; Germans eyes local power industry
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The Greek government is expected to launch talks with its bondholders on Thursday aimed at making the country’s massive debt load sustainable.
Greece hopes to wind up discussions with private creditors interested in swapping existing government paper for 15- to 30-year bonds by September in a bid to trim the period where ratings agencies have a selective default rating, or restricted default rating, slapped on the country.
The government is in the process of appointing financial and legal advisers concerning the debt swap-over.
Finance Minister Evangelos Venizelos is in Washington for a two-day visit where he met with Charles Dallara, managing director of the Institute of International Finance, whose members include most large global banks.
Meanwhile, Germany’s Economy Ministry said on Monday it will hold an investor conference for debt-laden Greece this week. It said that top representatives of German industry and Economy Minister Philipp Roesler will discuss on Tuesday on how to foster investment and growth in Greece.
German industry representatives met Greek Development Minister Michalis Chrysochoidis last week to explore investment possibilities and ways of improving the country’s competitiveness.
Sources have told Kathimerini that Germany is interested in investing in Greece’s renewable energy sector after its recent decision to ban nuclear power by 2022. Boosting Germany’s energy supply by importing electricity from Greece is believed to be a viable plan given that the network needed to transport the power will not require undersea cables, therefore making the proposal more financially attractive.
Increased demand for renewable power may give a boost to the local economy, providing much needed investments; however, market sources pointed out that the extra demand for power generated in Greece may boost the cost of electricity, weighing on consumers that have already seen a large drop in purchasing power recently.






ekathimerini.com , Monday Jul 25, 2011 (21:45)

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tommy271

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Venizelos meetings in Washington 'positive'





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Finance Minister Evangelos Venizelos described the meetings he had in Washington on Monday with his US counterpart Timothy Geithner and the managing director of the International Monetary Fund, Christine Lagarde, as «positive» and «interesting.»
Venizelos provided no details about the meetings, but he appeared satisfied and suggested that both the US administration and the IMF are fully backing Athens in its effort to streamline Greece’s economy in the wake of last Thursday’s eurozone agreement on a second bailout package to the country.
"The discussion I had today with US Treasury Secretary Geithner was very specific, very practical and very positive. The US administration supports the new program for Greece and will express its support to the markets and the international community.
"This is an act of support for Greece and its citizens, who are making sacrifices in order for us to restructure our country... as we have a new opportunity in our hands.
"We mustn’t relax, but we do have to grab this opportunity ahead of us.»
After his meeting with the IMF's new managing director, Venizelos said: «I have had a very interesting and lengthy meeting with Mrs Lagarde and her staff. We discussed all issues. The IMF's attitude toward us is very positive, but everything depends on us and our ability to implement the program and register specific results.
"If we do that, then the IMF and the international community will continue to support Greece until it regains its fiscal sovereignty and independence, until it conquers the position that reflects its history and the abilities of the Greek nation. In this respect, the meeting was full of optimism and support [for Greece]."






ekathimerini.com , Monday Jul 25, 2011 (22:42)
 

PASTELLETTO

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Come dicevo l'altro ieri (che la situazione dei debiti sovrani non era risolta per niente) se non mettono un freno a Moody's si rischia di aumentare a dismisura gli spread e mandare anche l'Italia verso la Grecia.
Il buco c'è, ok, ma qui si assiste anche ad una sorta di marketing negativo cioè parlano di morte al capezzale dell'ammalato senza proporre nulla di positivo per guarirlo.
Neanche un commento sugli USA, manco 1 e i TBILL ancora quotano 100 e oltre.

PARTE FARNETICANTE DEL MIO POST:

La mia paura è che qui sia in atto una sorta di "congiura" interplanetaria contro l'€ che parte dai più deboli della catena, chiaramente, con Francia e Germania complici.
Il tutto sembra un disegno quasi perfetto, piani che "non convincono" costruiti sul filo di lana, dichiarazioni della DB che dice: nonostante la crisi siamo andati benissimo, Merkel come capro espiatorio e agnello sacrificale.
Potrebbero essere già tutti d'accordo per fare un taglio generalizzato al debito Europeo intero della serie: signori abbiamo scherzato i soldi non ci sono dividiamoci le perdite e ricominciamo da zero.
E questo semplicemente perchè il buco c'è e, ho letto da qualche parte, per riempirlo servirebbe una crescita europea, nei prossimi anni, che esula da qualsiasi legge fisica.

FINE FARNETICAZIONE.
 
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