Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (10 lettori)
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tommy271
Forumer storico
EC task force to oversee reforms
Team of 25 to arrive in Athens later this month to monitor implementation of measures
The European Commission has set up a task force to oversee the implementation of austerity measures and structural reforms, according to documents seen by Kathimerini.
The task force, an initiative of European Commission President Jose Manuel Barroso, is to have two headquarters - in Athens and Brussels - and direct contact with Barroso’s office and that of Prime Minister George Papandreou. The Athens office will be the point of reference for all visiting inspectors currently offering technical advice to different ministries.
An additional 25 officials, members of the new task force, are to start arriving in Athens in the second half of August. The officials are to make any recommendations deemed necessary in terms of additional technical assistance and to issue three-monthly reports and warnings if the ministries are found to be diverging from targets.
The head of the new task force will be Horst Reichenbach, vice president of the European Bank for Reconstruction and Development and a former EC director general. Earlier this month, Barroso appointed Reichenbach to chair a committee that would help Greece use EU structural funds to boost growth. It appears that the remit of that task force has been broadened significantly.
According to sources, the decision to create the task force was prompted by the government’s failure to implement measures pledged in exchange for the first 110-billion-euro bailout in May last year. Greece’s creditors - the EC, European Central Bank and International Monetary Fund - clearly deemed that a foreign task force would help push through a new slew of measures approved.
Greece creditors have insisted that a cross-party consensus would facilitate the implementation of the measures but the head of the main conservative opposition New Democracy, Antonis Samaras, has rebuffed a series of overtures by Papandreou.
In an interview with Sunday’s Kathimerini, Samaras said he would also vote against a second bailout hammered out in Brussels last month. “As long as I refuse to enter a consensus on an erroneous policy, the door is open for a renegotiation,” Samaras said.
The ND leader added that the latest Brussels pact had allowed bond holders to get off lightly, noting that Greece had been saddled with the status of “selective default in exchange for a very small haircut.”
ekathimerini.com , Sunday Jul 31, 2011 (22:51)
Team of 25 to arrive in Athens later this month to monitor implementation of measures
The European Commission has set up a task force to oversee the implementation of austerity measures and structural reforms, according to documents seen by Kathimerini.
The task force, an initiative of European Commission President Jose Manuel Barroso, is to have two headquarters - in Athens and Brussels - and direct contact with Barroso’s office and that of Prime Minister George Papandreou. The Athens office will be the point of reference for all visiting inspectors currently offering technical advice to different ministries.
An additional 25 officials, members of the new task force, are to start arriving in Athens in the second half of August. The officials are to make any recommendations deemed necessary in terms of additional technical assistance and to issue three-monthly reports and warnings if the ministries are found to be diverging from targets.
The head of the new task force will be Horst Reichenbach, vice president of the European Bank for Reconstruction and Development and a former EC director general. Earlier this month, Barroso appointed Reichenbach to chair a committee that would help Greece use EU structural funds to boost growth. It appears that the remit of that task force has been broadened significantly.
According to sources, the decision to create the task force was prompted by the government’s failure to implement measures pledged in exchange for the first 110-billion-euro bailout in May last year. Greece’s creditors - the EC, European Central Bank and International Monetary Fund - clearly deemed that a foreign task force would help push through a new slew of measures approved.
Greece creditors have insisted that a cross-party consensus would facilitate the implementation of the measures but the head of the main conservative opposition New Democracy, Antonis Samaras, has rebuffed a series of overtures by Papandreou.
In an interview with Sunday’s Kathimerini, Samaras said he would also vote against a second bailout hammered out in Brussels last month. “As long as I refuse to enter a consensus on an erroneous policy, the door is open for a renegotiation,” Samaras said.
The ND leader added that the latest Brussels pact had allowed bond holders to get off lightly, noting that Greece had been saddled with the status of “selective default in exchange for a very small haircut.”
ekathimerini.com , Sunday Jul 31, 2011 (22:51)
tommy271
Forumer storico
Police raze tents in Syntagma Square
Raid completed without any major resistance by campers
Employees of the City of Athens, in cooperation with the police, early Saturday cleared dozens of tents from Syntagma Square - the remnants of two months of protests by self-proclaimed Indignant protesters.
The process was completed without any major resistance by the campers, though eight people - four Greeks, two French nationals, a German and a Romanian - were briefly detained.
The removal of the tents - most of which had been unoccupied at the time - began at 4 a.m. and concluded four hours later when municipal trucks carted away the tents and banners.
According to Athens Mayor Giorgos Kaminis, most of the people camping at the square were not part of the hard core of anti-austerity protesters. Last week, first instance prosecutor Eleni Raikou launched an investigation to establish whether the campers have broken any laws.
ekathimerini.com , Sunday Jul 31, 2011 (22:38)
Raid completed without any major resistance by campers
Employees of the City of Athens, in cooperation with the police, early Saturday cleared dozens of tents from Syntagma Square - the remnants of two months of protests by self-proclaimed Indignant protesters.
The process was completed without any major resistance by the campers, though eight people - four Greeks, two French nationals, a German and a Romanian - were briefly detained.
The removal of the tents - most of which had been unoccupied at the time - began at 4 a.m. and concluded four hours later when municipal trucks carted away the tents and banners.
According to Athens Mayor Giorgos Kaminis, most of the people camping at the square were not part of the hard core of anti-austerity protesters. Last week, first instance prosecutor Eleni Raikou launched an investigation to establish whether the campers have broken any laws.
ekathimerini.com , Sunday Jul 31, 2011 (22:38)
tommy271
Forumer storico
Return to the markets by 2014
IIF head Charles Dallara estimates Greece can become solvent enough within the next 18-30 months
By Katerina Sokou
The head of the Institute of International Finance (IIF) Charles Dallara, who negotiated for banks the manner in which private creditors will participate in the bailout package for Greece, is so certain about the success of the plan that he predicts the country will be able to obtain credit from the international markets within a couple of years.
In an exclusive interview with Kathimerini, Dallara said: “I have witnessed a number of cases in the last three decades. One must make a considerable replanning or a restructuring of the public debt, with a reduction of the debt. In that case the average time of return to the markets is 18 months. The markets believe that Greece’s problems are serious, which is why I am adding six to 12 months to that.
“Yet I do not see any reason why Athens cannot return to the markets within 18 to 30 months. This is a matter of momentum and of regaining credibility.”There are, however, certain analysts who believe that the forecast reduction of the public debt will not be sufficient to render it sustainable.
I do not agree with that. I think you need to see the sustainability of the debt as a concept that includes serving the debt, the growth prospects and in general the investment environment of the country.
We have this agreement, with which we will immediately, within the next few months, reduce the loan debt of Greece by 10 percent of the gross domestic product, or 25 billion euros. This will constitute a major reduction, and these are but conservative estimates.
There is also the reduction of the interest rate by the European Union and the private creditors, which will reduce the weight of serving the Greek debt in the coming years. Private investors also commit themselves to a long flow of funding of 135 billion euros, with interest rates that are far lower than those in the market.
When you combine these elements, even without the highest growth prospects, you will see that the ratio of the debt to GDP will go down from 142 percent last year to 126 percent of the GDP in 2015.
In the future, again without higher growth, based on the forecasts of the International Monetary Fund (IMF), you can easily bring the ratio down to 100 percent of GDP by 2020, while with a growth of 1 percent of GDP more, down to below 90 percent.
In my view, therefore, this is a very strong package for the sustainability of the Greek debt. The analysts just need to look more carefully into the data.
&?nbsp;
The success of the agreement depends on the participation of 90 percent of the private sector. Are you certain this target can be met?
Yes, I am positive that this target can be met, provided that everyone do their job and cooperate in harmony. That includes the Greek government, the companies that will administer the agreement, the European leadership and the IMF.&?nbsp;
We have a strong group of private investors, major banks and insurance companies who have already committed themselves to it. It is also important that the European leadership continues to encourage their participation on a voluntary basis, as well as that the companies recognize its significance for the long-term stability of Europe, and not see it in narrow terms, whether they lose money or not.
There is also the worry that Greek banks may be nationalized or bought out owing to the losses they will incur. Do you consider that a possibility?
I do not consider this to be a likely scenario. Of course, every lender will have to evaluate its capital basis under the condition of its own participation in the restructuring plan.
The way we view it, using also the results of the recent stress tests as a basis, the majority of Greek banks will be able to manage their losses from this agreement without resorting to a major capital increase. They may require some new funds, but I would hope that in most of the cases this will be done through the market.
A nationalization would be exceptionally unfortunate and unnecessary. The role of the state in the Greek economy will have to be reduced, not increased.
Would the process be affected by a downgrade to a selective default?
No, and it is actually encouraging for us that all three international rating agencies have acknowledged that in the future the agreement will be able to augment the potential for growth and the sustainability of the Greek debt.
This is exactly what really matters now: Not whether there is a technical assessment for a selective default for a few days or weeks, but whether, once the transactions are completed and the reforms are being implemented, the solvency of Greece improves.
There is no disagreement on this: If the Greek government implements the program and we are successful in the transactions, then the country will become one of the most credible and solvent locations for investors.
ekathimerini.com , Sunday Jul 31, 2011 (22:41)
IIF head Charles Dallara estimates Greece can become solvent enough within the next 18-30 months
The head of the Institute of International Finance (IIF) Charles Dallara, who negotiated for banks the manner in which private creditors will participate in the bailout package for Greece, is so certain about the success of the plan that he predicts the country will be able to obtain credit from the international markets within a couple of years.
In an exclusive interview with Kathimerini, Dallara said: “I have witnessed a number of cases in the last three decades. One must make a considerable replanning or a restructuring of the public debt, with a reduction of the debt. In that case the average time of return to the markets is 18 months. The markets believe that Greece’s problems are serious, which is why I am adding six to 12 months to that.
“Yet I do not see any reason why Athens cannot return to the markets within 18 to 30 months. This is a matter of momentum and of regaining credibility.”There are, however, certain analysts who believe that the forecast reduction of the public debt will not be sufficient to render it sustainable.
I do not agree with that. I think you need to see the sustainability of the debt as a concept that includes serving the debt, the growth prospects and in general the investment environment of the country.
We have this agreement, with which we will immediately, within the next few months, reduce the loan debt of Greece by 10 percent of the gross domestic product, or 25 billion euros. This will constitute a major reduction, and these are but conservative estimates.
There is also the reduction of the interest rate by the European Union and the private creditors, which will reduce the weight of serving the Greek debt in the coming years. Private investors also commit themselves to a long flow of funding of 135 billion euros, with interest rates that are far lower than those in the market.
When you combine these elements, even without the highest growth prospects, you will see that the ratio of the debt to GDP will go down from 142 percent last year to 126 percent of the GDP in 2015.
In the future, again without higher growth, based on the forecasts of the International Monetary Fund (IMF), you can easily bring the ratio down to 100 percent of GDP by 2020, while with a growth of 1 percent of GDP more, down to below 90 percent.
In my view, therefore, this is a very strong package for the sustainability of the Greek debt. The analysts just need to look more carefully into the data.
&?nbsp;
The success of the agreement depends on the participation of 90 percent of the private sector. Are you certain this target can be met?
Yes, I am positive that this target can be met, provided that everyone do their job and cooperate in harmony. That includes the Greek government, the companies that will administer the agreement, the European leadership and the IMF.&?nbsp;
We have a strong group of private investors, major banks and insurance companies who have already committed themselves to it. It is also important that the European leadership continues to encourage their participation on a voluntary basis, as well as that the companies recognize its significance for the long-term stability of Europe, and not see it in narrow terms, whether they lose money or not.
There is also the worry that Greek banks may be nationalized or bought out owing to the losses they will incur. Do you consider that a possibility?
I do not consider this to be a likely scenario. Of course, every lender will have to evaluate its capital basis under the condition of its own participation in the restructuring plan.
The way we view it, using also the results of the recent stress tests as a basis, the majority of Greek banks will be able to manage their losses from this agreement without resorting to a major capital increase. They may require some new funds, but I would hope that in most of the cases this will be done through the market.
A nationalization would be exceptionally unfortunate and unnecessary. The role of the state in the Greek economy will have to be reduced, not increased.
Would the process be affected by a downgrade to a selective default?
No, and it is actually encouraging for us that all three international rating agencies have acknowledged that in the future the agreement will be able to augment the potential for growth and the sustainability of the Greek debt.
This is exactly what really matters now: Not whether there is a technical assessment for a selective default for a few days or weeks, but whether, once the transactions are completed and the reforms are being implemented, the solvency of Greece improves.
There is no disagreement on this: If the Greek government implements the program and we are successful in the transactions, then the country will become one of the most credible and solvent locations for investors.
ekathimerini.com , Sunday Jul 31, 2011 (22:41)
tommy271
Forumer storico
Fineco è un pò lunghetta ...
Nobody's
Γένοιο οἷος εἷ
tommy271
Forumer storico
Meglio aspettare ... intanto dovranno rollare i treasury di agosto. Poi vediamo.
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