Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)

[tommy271]

Italy puts sixth loan tranche at risk



Parliaments may not have approved EFSF powers in time for the mid-September installment

Reports suggesting that Italy and Spain may not be able to contribute their share to the European Financial Stability Facility (EFSF) are generating worries about the payment of the sixth tranche of Greece’s bailout, due in September. At the same time there is continued uncertainty regarding the participation of the private sector.
The sixth installment will amount to 8 billion euros, of which 5.8 billion will come from the eurozone and the rest from the International Monetary Fund. However, the payment of the tranche by mid-September now appears to be at risk, particularly after the increase in the cost of borrowing for Italy.
It is not clear whether all eurozone parliaments will have ratified the new powers given to the EFSF, which according to the decisions of the eurozone summit in mid-July will be the body that will issue the new loans.
As a result, Eurogroup spokesman Guy Schuller confirmed on Friday that the next tranche could be paid through bilateral loans, assuring that there will be no problem with the process in the end. “The troika will only be in Athens from mid-August onwards and deliver their report at the beginning of September and that is when the decision will be taken,” Schuller said.
However, the likelihood of the next installment coming to Athens in the form of bilateral loans is reduced by Italy’s situation as the country is reviewing its participation in the process. On Thursday Italian officials informed financial officers from eurozone countries in a teleconference that Italy would opt out in September if its borrowing rate is higher than that of Greece’s.
As for the participation of the private sector in the restructuring of the Greek debt, there are more and more estimates that the cost for non-state bondholders will above 21 percent. Rabobank International claimed that the so-called haircut would amount to no less that 40 to 50 percent, while JP Morgan puts it at up to 34 percent.
On the other hand, by calculating the average loss from both bailouts packages, Barclays estimates that the haircut may not reach 21 percent, leading to a cut of just 10 percent instead.






ekathimerini.com , Friday Jul 29, 2011 (21:49)

***
Una questione tecnica da non sottovalutare quella di Spagna e Italia ...

 

[tommy271]

French, German ministers insist Greek deal will work

French Finance Minister Francois Baroin and his German counterpart Wolfgang Schauble have insisted that despite doubts, the eurozone’s plan for assisting Greece to overcome its debt problems will work.
“Greece can succeed in making its debt sustainable in the long term if it succeeds in both increasing growth and reducing its debt ratio,” the pair wrote in an op-ed in the Financial Times. “Greece has committed itself to additional drastic consolidation measures, with the goal of bringing its budget deficit below 3 per cent of gross domestic product by 2014.
“It has also committed itself to profound structural reforms to strengthen growth and competitiveness, as well as extensive privatisation. European Union structural funds for Greece will also be more closely targeted at increasing growth and competitiveness. On this basis, Greece will be able to overcome its debt problems and return to growth.”
Baroin and Schauble said that the private sector will also play an important part in helping Greece.
“The EFSF will extend its loan periods to between 15 and 30 years, and lower its interest rates. Additional funding of about €109bn will also be made available,” they wrote. “The private sector, meanwhile, will voluntarily extend bonds repayment periods, substantially reducing Greece’s refinancing needs and, over time, taking losses of 21 per cent – the substantial contribution for which we have strived.
“The bonds will be extended by 30 years, and their nominal value will be guaranteed by the EFSF. This will give Greece time to implement reforms and to resume more solid economic growth.”
The finance ministers said the strengthening of the EFSF would also improve Greece’s position.
“The EFSF and ESM must be enhanced to allow both funds to engage in precautionary programmes, to recapitalise financial institutions and act on secondary markets if necessary to counter contagion risks in a timely fashion,” they wrote.
“Purchases may only be possible when the European Central Bank determines that exceptional circumstances prevail in financial markets and that there are risks to financial stability. And we will look further into the role of the rating agencies, starting from questions of transparency and oversight and ending with the limited number of global players in the field.”
Baroin and Schauble, however, said that it will take some time to get the eurozone back on track.
“Rebuilding confidence in the eurozone will require patience, considerable stamina and vision. We have embarked on a way to ever closer co-ordination and co-operation of our national fiscal policies.
“Only by evolving the European monetary union’s institutional structures in such a way that euro members are obliged to adopt a fiscal and economic policy that reflects their joint responsibility for the common currency will we master the challenges that lie ahead.”






ekathimerini.com , Friday Jul 29, 2011 (10:32)

 

[tommy271]

Da leggere:

Comma-22 Greco | Rassegna dall'Estero | Investireoggi.it

 

[Grisù]

The decisions of the July 21 Eurozone Summit
The Eurozone had to send –and it did- a strong message of support for itself and its currency. The Eurozone Summit of July 21 took impressive decisions in collaboration with the private sector. Thus, public and private sector together guarantee entirely and finally the viability of the Greek public debt through interventions of large-scale:
- Greece’s borrowing needs are covered until 2020
- The servicing cost of the Greek public debt is significantly reduced. To average servicing cost of Greece’s public debt for the next 30 years is stabilized at levels below 5%
- For the first five years, until 2016, there is provision for an even lower rate that facilitates the annual budgets
- The new official aid given with EFSF rates of 3.5% and a ten-year grace period
- A debt retirement mechanism in the secondary market becomes operable with an initial yield of € 26 billion (US $ 31 billion) which equal to 12% of Greece’s GDP.
- The private sector participates by rolling over (in majority for 30 years) or exchanging Greek government bonds of a face value of € 135 billion (US $ 194 billion) that expire in 2020, with an anticipated participation of 90%. This is guaranteed by the public sector provided through EFSF.
Greece is committed to implementing the program
After this major intervention that ensures the sustainability of the Greek public debt we can breath easier, be more determined and turn our attention to:
- executing the budget,
- implementing the reconstruction program,
- proceeding with the structural changes,
- speeding up the privatizations.
Our goal is to return to positive growth and create primary surpluses by 2012.
Everyone has also realized that apart from intervening at a fiscal level, a powerful push for development at the level of the real economy is absolutely necessary.

Public address of the Deputy Prime Minister and Minister of Finance of Greece, Prof. Evangelos Venizelos, at the Peterson Institute for International Economics, on "The Greek Debt Crisis: Prospects and Opportunities"

 

[Grisù]

 

[Grisù]

China Interested In Taking Part In Greek Bond Buyback Plan-Official

http://greece.greekreporter.com/files/China.jpgChina has shown interest in taking part in a European Union-led bond buyback program aimed at easing Greece’s debt burden, a finance ministry official said Friday.
“There is an interest from China,” the Greek official said but gave no details.
In comments to a Greek parliamentary committee Thursday, Greek Finance Minister Evangelos Venizelos said non-European governments–such as China–could help finance the buyback program.

 

[PASTELLETTO]

Da leggere:

Comma-22 Greco | Rassegna dall'Estero | Investireoggi.it

Leggendo l'articolo, uno dovrebbe sentirsi autorizzato a "dormire tranquillo" tra 8 guanciali.
E' davvero stupefacente, scenario a cui non avevo minimamente pensato.

 

[500$]

qualcuno di voi è dentro GR2012??

 

[PASTELLETTO]

qualcuno di voi è dentro GR2012??

Io, maggio 2012 x la precisione.
Ma per sapere se sei pazzo come me devi chiedere a Tommy, che ti farà una robusta disamina dei pro e dei contro.

 

[Orwell]

qualcuno di voi è dentro GR2012??

Sono dentro anch io con la 20-08-2012 !

387 giorni all'alba !