Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (24 lettori)
- Creatore Discussione Imark
- Data di Inizio
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PASTELLETTO
Guest
Sì, di questa "cena" se ne era già parlato.
Almeno adesso c'è un riferimento bibliografico.
E' il solito problema di mettere un freno agli arricchimenti smodati di certi soggetti.
Impedire all'uomo di arricchirsi oltre una certa misura è etico?
Controllare l'uomo in modo che non possa comprarsi l'intero debito di uno stato è giusto?
Ai posteri l'ardua sentenza.
EDESMO
GGB: Est!, Est?, Est.....
per chiederci cosa ???
se collaborativamente accettiamo il rimborso anticipato a 100 ???
tommy271
Forumer storico
Penso che non tralasceranno le briciole, purchè di una certa entità.
Dato che puntano ad un'operazione "veloce" potrebbero, come diceva ieri AAA47, fissare un tetto minimo di accesso.
tommy271
Forumer storico
Greek Finance Minister: Pressure Eased With New Financing Deal
--Venizelos says Greece is determined to take full advantage of reprieve.
--Venizelos wants to expand debt buy-back program.
--Ratings downgrade provides incentive to fully implement program.
(Adds context, background and Venizelos' comments throughout starting in the fourth paragraph.)
By Ian Talley
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- A new European and private sector financing package bought Greece critical reprieve from its oppressive debt burden, giving the beleaguered economy fresh momentum for growth, Greece's finance minister said Monday.
"After this major intervention that ensures the sustainability of the Greek public debt, we can breathe easier" and be more determined to implement a tough economic restructuring program, said minister Evangelos Venizelos.
He was speaking at the Peterson Institute for International Economics after meeting with U.S. Treasury Secretary Timothy Geithner, International Monetary Fund chief Christine Lagarde, and key IMF executive board members earlier in the day.
Last week, European Union leaders agreed to a new EUR109 billion ($156.7 billion) assistance program for Greece to cover its financing needs for the next several years and that foresees the country's private-sector creditors exchanging their current holdings of Greek government bonds for new, long-term debt over the next few months. That's on top of the existing EUR110 billion program. Lagarde indicated last week the IMF would boost its lending, too, despite some board members remaining skeptical that the program is ultimately sustainable.
Also on Monday, ratings agency Moody's Investors Service cut Greece's credit rating three notches deeper into junk territory, warning that such an exchange would constitute a default. On Friday, rival agency Fitch issued a similar warning.
Venizelos noted the downgrade comes in a transition to the new financing package, saying it would provide incentive for the country to implement all the necessary reforms Athens has vowed to implement as a condition for the new loans.
The Greek minister said the deal reached last week, which includes private sector participation, is "giving a new momentum for Greece."
"We are determined to fully exploit this opportunity," he said.
Several IMF board members have expressed skepticism the Greek program is sustainable without a package that significantly reduces Athens's mountain of debt. Given the high risk of contagion spreading and the systemic nature of the crisis, the fund is widely expected to approve new cash for Greece, even though it is still an open question whether the new financing package will slash Greece's debt enough to allow it to reach levels that the IMF board believes are sustainable. That point was particularly important for some board members concerned about leveraging the IMF's resources to unprecedented levels, based on Greece's contributions to the fund.
Under the former program, Greece's debt was expected to peak at over 170% of GDP. The bond buy-back program, one of the ways the private sector is involved in the new program, will only shave off a little over ten percentage points, and will do little to make the country's debt sustainable, some economists say.
"Debt sustainability to me, at the end of the day, is not a very scientific concept," said Charles Dallara, head of the Institute for International Finance, the banking trade group that represents the world's leading banks and which is spearheading talks with Greece, criticizing one of the IMF's central tenets for assessing loan programs. Greater focus should be on Greece's improved cash flows created by the private sector participation, and the growth that could help put the debt-to-GDP ratio on a path downward toward 100%, he said.
The EU has said a 60% ratio is a tolerable level.
George Zanias, a senior advisor to Venizelos, said the entire proposed program should directly cut that ratio to around 138% of GDP. But, along with stronger growth Greece hopes to realize, an expanded effort to privatize state assets and a bigger debt buy-back program could yield a much bigger reduction in the country's debt. The IMF, for example, says it has found an estimated EUR300 billion in state assets that could be privatized.
Venizelos said he wants to expand the debt buy-back program. The current agreement, which Athens says should retire over EUR20 billion of the state's debt, "is just the first step."
Dallara said after a meeting with Greek Finance Minister Evangelos Venizelos that with private-sector participation, the outlook for Greece has fundamentally changed. If Athens implements all its promised economic overhauls, Greece's debt could be reduced by more than 10% of gross domestic product, its annual debt rollover needs would fall to around EUR28 billion a year from around EUR38 billion, and the country could see an extra boost in growth of around 0.75 percentage point, he said. Under this most optimistic of scenarios, Greece could return to private markets within two years, he said.
Still, the IMF and U.S. are concerned that the Greek government may fail to fully push through all the promised economic measures, given the political stress the program is putting on the country, or that opposition parties may take control and renege on vowed structural changes and privatization plans.
There are major political hurdles ahead for Greece, including getting its citizens to pay more taxes, undoing entrenched union policies and privatizing many of Greece's public assets.
Ultimately, however, many economists say IMF and European authorities are buying time for other governments in the Euro zone that need put their fiscal houses in order, and for banks to recapitalize to levels that insulate them against what many expect are likely restructurings, or haircuts, for bondholders.
--Venizelos says Greece is determined to take full advantage of reprieve.
--Venizelos wants to expand debt buy-back program.
--Ratings downgrade provides incentive to fully implement program.
(Adds context, background and Venizelos' comments throughout starting in the fourth paragraph.)
By Ian Talley
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- A new European and private sector financing package bought Greece critical reprieve from its oppressive debt burden, giving the beleaguered economy fresh momentum for growth, Greece's finance minister said Monday.
"After this major intervention that ensures the sustainability of the Greek public debt, we can breathe easier" and be more determined to implement a tough economic restructuring program, said minister Evangelos Venizelos.
He was speaking at the Peterson Institute for International Economics after meeting with U.S. Treasury Secretary Timothy Geithner, International Monetary Fund chief Christine Lagarde, and key IMF executive board members earlier in the day.
Last week, European Union leaders agreed to a new EUR109 billion ($156.7 billion) assistance program for Greece to cover its financing needs for the next several years and that foresees the country's private-sector creditors exchanging their current holdings of Greek government bonds for new, long-term debt over the next few months. That's on top of the existing EUR110 billion program. Lagarde indicated last week the IMF would boost its lending, too, despite some board members remaining skeptical that the program is ultimately sustainable.
Also on Monday, ratings agency Moody's Investors Service cut Greece's credit rating three notches deeper into junk territory, warning that such an exchange would constitute a default. On Friday, rival agency Fitch issued a similar warning.
Venizelos noted the downgrade comes in a transition to the new financing package, saying it would provide incentive for the country to implement all the necessary reforms Athens has vowed to implement as a condition for the new loans.
The Greek minister said the deal reached last week, which includes private sector participation, is "giving a new momentum for Greece."
"We are determined to fully exploit this opportunity," he said.
Several IMF board members have expressed skepticism the Greek program is sustainable without a package that significantly reduces Athens's mountain of debt. Given the high risk of contagion spreading and the systemic nature of the crisis, the fund is widely expected to approve new cash for Greece, even though it is still an open question whether the new financing package will slash Greece's debt enough to allow it to reach levels that the IMF board believes are sustainable. That point was particularly important for some board members concerned about leveraging the IMF's resources to unprecedented levels, based on Greece's contributions to the fund.
Under the former program, Greece's debt was expected to peak at over 170% of GDP. The bond buy-back program, one of the ways the private sector is involved in the new program, will only shave off a little over ten percentage points, and will do little to make the country's debt sustainable, some economists say.
"Debt sustainability to me, at the end of the day, is not a very scientific concept," said Charles Dallara, head of the Institute for International Finance, the banking trade group that represents the world's leading banks and which is spearheading talks with Greece, criticizing one of the IMF's central tenets for assessing loan programs. Greater focus should be on Greece's improved cash flows created by the private sector participation, and the growth that could help put the debt-to-GDP ratio on a path downward toward 100%, he said.
The EU has said a 60% ratio is a tolerable level.
George Zanias, a senior advisor to Venizelos, said the entire proposed program should directly cut that ratio to around 138% of GDP. But, along with stronger growth Greece hopes to realize, an expanded effort to privatize state assets and a bigger debt buy-back program could yield a much bigger reduction in the country's debt. The IMF, for example, says it has found an estimated EUR300 billion in state assets that could be privatized.
Venizelos said he wants to expand the debt buy-back program. The current agreement, which Athens says should retire over EUR20 billion of the state's debt, "is just the first step."
Dallara said after a meeting with Greek Finance Minister Evangelos Venizelos that with private-sector participation, the outlook for Greece has fundamentally changed. If Athens implements all its promised economic overhauls, Greece's debt could be reduced by more than 10% of gross domestic product, its annual debt rollover needs would fall to around EUR28 billion a year from around EUR38 billion, and the country could see an extra boost in growth of around 0.75 percentage point, he said. Under this most optimistic of scenarios, Greece could return to private markets within two years, he said.
Still, the IMF and U.S. are concerned that the Greek government may fail to fully push through all the promised economic measures, given the political stress the program is putting on the country, or that opposition parties may take control and renege on vowed structural changes and privatization plans.
There are major political hurdles ahead for Greece, including getting its citizens to pay more taxes, undoing entrenched union policies and privatizing many of Greece's public assets.
Ultimately, however, many economists say IMF and European authorities are buying time for other governments in the Euro zone that need put their fiscal houses in order, and for banks to recapitalize to levels that insulate them against what many expect are likely restructurings, or haircuts, for bondholders.
gualberto
Charlie don't Surf
questa notizia postata sul Fol da vnik come la commentate?
ATENE, 26 luglio (Reuters) - Le procedure per realizzare uno scambio volontario di bond greci detenuti da privati con titoli a scadenza più lunga partiranno ad agosto, secondo quanto ha riferito il viceministro delle Finanza greco.
"Sì, questa procedura inizierà ad agosto", ha detto Filippos Sachinidis alla Tv.
I creditori privati subiranno una perdita del 21% sui bond detenuti, come parte del contributo da 37 miliardi di euro nei prossimi tre anni per portare avanti il piano di salvataggio del Paese.
ATENE, 26 luglio (Reuters) - Le procedure per realizzare uno scambio volontario di bond greci detenuti da privati con titoli a scadenza più lunga partiranno ad agosto, secondo quanto ha riferito il viceministro delle Finanza greco.
"Sì, questa procedura inizierà ad agosto", ha detto Filippos Sachinidis alla Tv.
I creditori privati subiranno una perdita del 21% sui bond detenuti, come parte del contributo da 37 miliardi di euro nei prossimi tre anni per portare avanti il piano di salvataggio del Paese.
PASTELLETTO
Guest
Da quanto ho capito si parla sempre dello swap obbligazionario volontario delle banche ed è proprio quel 21% che sarà la causa del declassamento di Moody's probabilmente ad agosto o prima.
Declassamento che dovrebbe durare il tempo dello swap.
Chi non aderirà si sobbarcherà il rischio Grecia.
tommy271
Forumer storico
Già postata due ore fa ...
Tutto regolare, procedono più speditamente le operazioni ...
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