Topgun1976
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Io compricchio la 5,5% 2014 intorno ai 60-61 e sto mollando le 17-18
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
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Io compricchio la 5,5% 2014 intorno ai 60-61 e sto mollando le 17-18
tommy271
Forumer storico
L'obiettivo è stato raggiunto sulle entrate nel mese di luglio
(capital.gr)
Πηγή:www.capital.gr
***
Traduzione poco "ortodossa" ...
Τρίτη, 02/08/2011
Martedì 2011/02/08 Του Σπύρου Δημητρέλη
Spyros DimitrelisΧαμόγελα για πρώτη φορά μετά από πολλούς μήνες εμφανίστηκαν στο υπουργείο Οικονομικών για την πορεία των φορολογικών εσόδων.
Sorrisi per la prima volta in molti mesi si è verificato nel Ministero delle Finanze per le entrate fiscali dello Stato.Τα προκαταρκτικά στοιχεία έδειξαν ότι τον Ιούλιο ουσιαστικά επετεύχθη ο στόχος των κρατικών εισπράξεων που προβλέπεται στον προϋπολογισμό, και αυτό παρά το γεγονός ότι ήταν ο πρώτος μήνας που τέθηκε σε ισχύ η πληρωμή του ΦΠΑ σε δόσεις.
I dati preliminari hanno mostrato che nel mese di luglio in realtà raggiunto l'obiettivo di entrate dello Stato nel bilancio, nonostante il fatto che lui era il primo mese, che è entrato in vigore il pagamento delle imposte a rate.Η καλή πορεία των φορολογικών εσόδων τον περασμένο μήνα δημιουργεί εύλογη αισιοδοξία στο επιτελείο της Καραγιώργη Σερβίας ότι οι επιδόσεις του εισπρακτικού μηχανισμού σταθεροποιήθηκαν και ότι από το τέλος Αυγούστου που θα αρχίσουν ουσιαστικά οι εισπράξεις των νέων φορολογικών μέτρων του μεσοπρόθεσμου προγράμματος (π.χ. έκτακτη εισφορά, τέλος επιτηδεύματος) θα σημειωθεί ραγδαία βελτίωση της εικόνας των εσόδων του προϋπολογισμού.
Il buon andamento delle entrate fiscali lo scorso mese, crea una squadra Karageorghis ragionevole ottimismo della Serbia che le prestazioni dei meccanismi di raccolta e stabilizzato entro la fine di agosto per iniziare le ricevute sostanziale delle nuove misure fiscali nei programmi a medio termine (ad esempio il contributo speciale Infine sulle attività produttive) sarà un rapido miglioramento dell'immagine delle entrate di bilancio. Σύμφωνα με αποκλειστικές πληροφορίες του Capital.gr τον Ιούλιο σημειώθηκαν οι εξής επιδόσεις στις επιμέρους πηγές των φορολογικών εσόδων:
Secondo informazioni esclusive Capital.gr nel mese di luglio ha mostrato le seguenti prestazioni in singole fonti di entrate fiscali: - τα έσοδα από τα τελωνεία παρουσίασαν αύξηση που ξεπέρασε το 10% σε σχέση με τον αντίστοιχο μήνα του 2010.
- Proventi doganali hanno mostrato un aumento che supera il 10% rispetto al mese corrispondente del 2010.Η αύξηση αυτή οφείλεται κυρίως στην εντυπωσιακή άνοδο των εισπράξεων από τον Ειδικό Φόρο Κατανάλωσης καυσίμων.
Tale incremento è dovuto principalmente alla crescita impressionante dei ricavi dal carburante delle accise. - τα έσοδα από το ΦΠΑ παρουσιάζουν οριακή πτώση σε σχέση με το αντίστοιχο περυσινό μήνα (περίπου 60 εκατ. ευρώ) και αυτό παρά το γεγονός ότι χιλιάδες επιχειρήσεις και καταναλωτές έκαναν χρήση του δικαιώματός τους να πληρώσουν το ΦΠΑ σε δόσεις καταβάλλοντας μόνο το 40% του ποσού που τους είχε βεβαιωθεί.
- I ricavi dall'IVA sono marginali diminuzione rispetto allo stesso mese dello scorso anno (60 milioni), nonostante il fatto che migliaia di imprese e consumatori hanno usato il loro diritto di pagare l'imposta a rate, pagando solo il 40% quantità che avevano stabilito.Οι υπόλοιπες δυο δόσεις (30% η καθεμιά) θα καταβληθούν τον Αύγουστο και το Σεπτέμβριο.
Le altre due dosi (30% ciascuno) sarà pagato in agosto e settembre. - τα έσοδα από το λεγόμενο «υπόλογο συμψηφισμού» παρουσίασαν εντυπωσιακή αύξηση τον Ιούλιο λόγω της αύξησης των απολήψεων από την Ευρωπαϊκή Ένωση αλλά και την καταγραφή στο σχετικό λογαριασμό των εισπράξεων από την παρακράτηση του φόρου εισοδήματος των δημοσίων υπαλλήλων που πληρώνονται μέσω της ενιαίας αρχής πληρωμών (ο αριθμός τους αυξάνεται συνεχώς).
- Entrate provenienti dalla cosiddetta "ufficiale compensazione" ha mostrato un drammatico aumento nel mese di luglio a causa di rilasciare acqua passando da l'Unione europea e la registrazione in un conto delle entrate da ritenute di funzionari del fisco sul reddito che sono pagati tramite l'Autorità unica di pagamento ( il loro numero è in crescita). - τα έσοδα των εφοριών παρουσίασαν σταθεροποιητικές τάσεις σε σχέση με τα έσοδα του αντίστοιχου μήνα του 2010.
- Le autorità imposte sul reddito hanno la tendenza di stabilizzazione dei ricavi ogni mese del 2010. Συνολικά τα έσοδα του Ιουλίου εκτιμάται ότι έφθασαν οριακά ή και ξεπέρασαν τα 5 δισ. ευρώ μετά από πολλούς μήνες που κινούνταν σε εξαιρετικά χαμηλά επίπεδα.
I ricavi totali nel mese di luglio si stima abbia raggiunto e marginalmente superato i 5 miliardi dopo diversi mesi trasferito a livelli molto bassi. (capital.gr)
Πηγή:www.capital.gr
***
Traduzione poco "ortodossa" ...
Ultima modifica:
Imark
Forumer storico
Lunedì, il punto: giornata dall'intonazione positiva. Quantomeno, nella bagarre sui tds periferici dell'area euro, la Grecia gode di una fase di temporanea calma, in attesa degli eventi.
I movimenti sui prezzi non sono granché significativi, con salite comprese fra 0,1 e 0,9 punti pct distribuite variamente su titoli posizionati lungo i differenti tratti della curva dei rendimenti, la quale nel suo insieme resta incoerente.
Continuano le scommesse sui corti, con il riposizionamento sulla marzo 2012, non a caso in salita di 1,2 punti pct (il maggiore incremento di prezzo vistosi ieri sui titoli monitorati), mentre i 2 titoli in scadenza al maggio 2013 segnano i due soli cali in tabella, seppure lievissimi, nell'ordine di 0,2-0,4 punti pct.
La 20 agosto 2011 continua la lunga marcia verso la parità, chiudendo in risalita a quota 98,1 (BBML) e 98,26 (XT).
tommy271
Forumer storico
Greece’s Sprider Reaches Wage-Cut Deal With Staff, Imerisia Says
By Tom Stoukas - Aug 2, 2011 10:36 AM GMT+0200 Tue Aug 02 08:36:34 GMT 2011
Sprider SA, a Greek clothing retailer, and its employees agreed on wage cuts of between 17 percent and 20 percent in exchange for no layoffs, Imerisia reported, without citing anyone.
The labor agreement for the company’s 1,546 employees, both at its retail outlets and central offices, is effective from Aug. 1 to the end of 2012, the newspaper said, adding that it follows a similar one between Opap SA (OPAP) and its employees.
(Bloomberg)
By Tom Stoukas - Aug 2, 2011 10:36 AM GMT+0200 Tue Aug 02 08:36:34 GMT 2011
Sprider SA, a Greek clothing retailer, and its employees agreed on wage cuts of between 17 percent and 20 percent in exchange for no layoffs, Imerisia reported, without citing anyone.
The labor agreement for the company’s 1,546 employees, both at its retail outlets and central offices, is effective from Aug. 1 to the end of 2012, the newspaper said, adding that it follows a similar one between Opap SA (OPAP) and its employees.
(Bloomberg)
tommy271
Forumer storico
EURO GOVT-Periphery pounded as growth worries hit risky assets
Tue Aug 2, 2011 4:57am EDT
* Italian, Spanish yields rise to 14-year highs
* U.S. growth worries hit risky assets globally
* Bunds hit highest since last October, no end to rally in sight
By William James
LONDON, Aug 2 (Reuters) - Peripheral bond yields soared and German Bunds rallied on Tuesday as a grim U.S. economic outlook added to the concerns of investors as the spread of the euro zone's debt crisis showing no signs of slowing.
Bunds rallied to their highest since last October and equities suffered with a last-gasp deal to avert U.S. default and raise the country's borrowing limit bringing no lasting relief to financial markets.
Yields on lower-rated euro zone debt rose to new highs as concerns about the knock-on effect of weak growth in the world's largest economy and the lingering threat of a rating downgrade took over from worries about a default on U.S. Treasuries.
"The fear of the market is that the world is going into recession again...and in the euro zone the peripheral markets are the ones that will suffer most," said Alessandro Giansanti, strategist at ING in Amsterdam
A hit to global growth would hurt the euro zone's weaker economies hard, hampering their efforts to grow out from under increasingly unsustainable debt burdens, analysts said.
Yields on 10-year Italian and Spanish debt rose sharply, surpassing recent peaks to reach their highest since 1997, while the risk premium over German debt on both countries' bonds hit the highest since the launch of the euro.
"We think some of the recent selloff (in Spain and Italy) is not justified in terms of fundamentals but sentiment is so negative at the moment, investors are increasing short positions," said Nick Stamenkovic, strategist at RIA Capital Markets. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Euro zone crisis in graphics r.reuters.com/hyb65p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Traders turned against riskier assets on Monday after weak U.S. manufacturing data which fanned worries about the country's economic health, particularly in the face of fresh spending cuts agreed as part of the new debt ceiling agreement.
Bund futures FGBLc1 rallied past the previous day's highs to 131.84, and the yield on 10-year German bonds sank to 2.41 percent -- the lowest since last November.
"In this environment, Bunds are a buy on dips. Don't look at the yields, just go for the quality," a trader said.
Two-year German yields were 1.6 basis points lower on the day at 1.07 percent, closing in on a drop below 1 percent for the first time since January.
PRESSURE ON PERIPHERY
The selloff in Italian debt pushed the country's 10-year yield further past the 6 percent mark, above which concerns about the cost of refinancing Italy's huge debt start to spiral. The yield was last at 6.18 percent, up 18 bps on the day.
"Six percent was seen as a line in the sand for Italian yields and now that that's gone people don't want any risk apart from Germany," a second trader said.
The cost of insuring Italian and Spanish government debt against default also climbed -- less than two weeks after policymakers sought to stop the spread of the euro zone debt crisis by enhancing the region's rescue fund.
Short-term relief after the eagerly-anticipated deal, which also took steps to rescue Greece, has given way to concerns about how the plans will be implemented.
With little immediate clarity expected on that front, uncertainty remained high and supply out of Spain -- seen as one of the most fragile states -- should keep peripheral euro zone debt under pressure in the medium term.
Tue Aug 2, 2011 4:57am EDT
* Italian, Spanish yields rise to 14-year highs
* U.S. growth worries hit risky assets globally
* Bunds hit highest since last October, no end to rally in sight
By William James
LONDON, Aug 2 (Reuters) - Peripheral bond yields soared and German Bunds rallied on Tuesday as a grim U.S. economic outlook added to the concerns of investors as the spread of the euro zone's debt crisis showing no signs of slowing.
Bunds rallied to their highest since last October and equities suffered with a last-gasp deal to avert U.S. default and raise the country's borrowing limit bringing no lasting relief to financial markets.
Yields on lower-rated euro zone debt rose to new highs as concerns about the knock-on effect of weak growth in the world's largest economy and the lingering threat of a rating downgrade took over from worries about a default on U.S. Treasuries.
"The fear of the market is that the world is going into recession again...and in the euro zone the peripheral markets are the ones that will suffer most," said Alessandro Giansanti, strategist at ING in Amsterdam
A hit to global growth would hurt the euro zone's weaker economies hard, hampering their efforts to grow out from under increasingly unsustainable debt burdens, analysts said.
Yields on 10-year Italian and Spanish debt rose sharply, surpassing recent peaks to reach their highest since 1997, while the risk premium over German debt on both countries' bonds hit the highest since the launch of the euro.
"We think some of the recent selloff (in Spain and Italy) is not justified in terms of fundamentals but sentiment is so negative at the moment, investors are increasing short positions," said Nick Stamenkovic, strategist at RIA Capital Markets. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Euro zone crisis in graphics r.reuters.com/hyb65p ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Traders turned against riskier assets on Monday after weak U.S. manufacturing data which fanned worries about the country's economic health, particularly in the face of fresh spending cuts agreed as part of the new debt ceiling agreement.
Bund futures FGBLc1 rallied past the previous day's highs to 131.84, and the yield on 10-year German bonds sank to 2.41 percent -- the lowest since last November.
"In this environment, Bunds are a buy on dips. Don't look at the yields, just go for the quality," a trader said.
Two-year German yields were 1.6 basis points lower on the day at 1.07 percent, closing in on a drop below 1 percent for the first time since January.
PRESSURE ON PERIPHERY
The selloff in Italian debt pushed the country's 10-year yield further past the 6 percent mark, above which concerns about the cost of refinancing Italy's huge debt start to spiral. The yield was last at 6.18 percent, up 18 bps on the day.
"Six percent was seen as a line in the sand for Italian yields and now that that's gone people don't want any risk apart from Germany," a second trader said.
The cost of insuring Italian and Spanish government debt against default also climbed -- less than two weeks after policymakers sought to stop the spread of the euro zone debt crisis by enhancing the region's rescue fund.
Short-term relief after the eagerly-anticipated deal, which also took steps to rescue Greece, has given way to concerns about how the plans will be implemented.
With little immediate clarity expected on that front, uncertainty remained high and supply out of Spain -- seen as one of the most fragile states -- should keep peripheral euro zone debt under pressure in the medium term.
tommy271
Forumer storico
Greek Stocks Near Fresh Lows
Greek stocks fluctuate between gains and losses on Tuesday after a six-day losing streak.
“Sentiment remains largely unchanged and we expect the market will continue on the same trajectory today as well, with volumes remaining thin” Eurobank Securities says today.
“It seems that the domestic market will be further pestered as unconstructive (and far worse than anticipated) US announced macroeconomic figures increase investors΄ concern that America΄s recovery is just not picking up as initially expected” Pegasus Securities comments.
“The timing of the Athens market could not have been worse as, following the resolutions of the EU Summit that settled the Greek economy΄s immediate liquidity issues, it seems that the domestic bourse will find itself correlating its course with the foreign markets at a time when the latter will start to correct. In this context, and until official announcements concerning the Government΄s successful implementation of the medium-term fiscal strategy plan begin to see the light, we consider that the Athens market will trade at the same levels, even re-testing its 14-year lows (1,165 units)” Pegasus adds.
The General Index is down 0.41% at 1.17.91 points while turnover stands at 13 million euro.
(capital.gr)
Greek stocks fluctuate between gains and losses on Tuesday after a six-day losing streak.
“Sentiment remains largely unchanged and we expect the market will continue on the same trajectory today as well, with volumes remaining thin” Eurobank Securities says today.
“It seems that the domestic market will be further pestered as unconstructive (and far worse than anticipated) US announced macroeconomic figures increase investors΄ concern that America΄s recovery is just not picking up as initially expected” Pegasus Securities comments.
“The timing of the Athens market could not have been worse as, following the resolutions of the EU Summit that settled the Greek economy΄s immediate liquidity issues, it seems that the domestic bourse will find itself correlating its course with the foreign markets at a time when the latter will start to correct. In this context, and until official announcements concerning the Government΄s successful implementation of the medium-term fiscal strategy plan begin to see the light, we consider that the Athens market will trade at the same levels, even re-testing its 14-year lows (1,165 units)” Pegasus adds.
The General Index is down 0.41% at 1.17.91 points while turnover stands at 13 million euro.
(capital.gr)
tommy271
Forumer storico
EU deal will only slightly reduce Greek debt - OECD
Tue Aug 2, 2011 5:01am EDT
* Greece will need generation to get debt under control
* Summit deal gives time to implement reforms
* Greece seen likely to miss privatisation target
By Ingrid Melander
ATHENS, Aug 2 (Reuters) - The European Union's rescue deal for Greece will only slightly reduce the country's debt and it will take a generation to cut it down to more sustainable levels, the OECD said on Tuesday.
"Initial analysis suggests that the (EU) package would decrease the debt burden only slightly," the OECD said in a report on Greece, commenting on the rescue deal agreed by the EU last month, based on new and cheaper loans and bond swaps.
"The additional official financial support agreed and the maturity extensions, both public and private, provide the time needed for Greece to continue to implement fundamental fiscal and structural reforms, and for those reforms to bear fruit," the report said.
Reducing Greece's funding needs is different from cutting its debt mountain to levels that the markets will consider safe and sustainable over the long term.
The Organisation for Economic Cooperation and Development sees Greek debt dropping to 100 percent of GDP in 2035 from about 140 percent in 2010 under its baseline scenario, in which the debt-choked country would widely miss an EU/IMF target to raise 50 billion euros from privatisations by 2015.
Under a more optimistic scenario where Greece meets its privatisation target with only a slight delay, the country's debt would shrink to 60 percent of GDP by 2035 -- the ceiling set by EU treaties -- the report says.
"We came here to give a vote of confidence but we are also here to say we will support the Greek government for a full generation, which is what it is going to take to get to those numbers of lower debt-to-GDP (ratio)," Angel Gurria, head of the OECD club of industrialised nations, told Reuters in an interview on Tuesday.
Many private analysts think that at the very least, the debt/GDP ratio needs to be cut below 100 percent, and some suggest 80 percent.
GREECE CAN DO BETTER
"The baseline scenario may not be your more desirable scenario," Gurria said, adding that Greece is capable of doing better on privatisations and structural changes. "It is doable, it is possible," he said.
In its report, the OECD said Greece had made substantial progress on reforms but urgently needed to improve tax collection. It also criticised Athens for not doing enough to open up closed professions and the job market.
"Despite the impressive record on structural reform, the government has backtracked on reforms related to wage agreements at firm level, the full opening up of the professions of lawyers and pharmacists, and has hesitated on the privatisation programme," the report says.
It adds that the Greek banking sector is in a difficult situation because of exposure to government debt and says banks will continue to be reliant on ECB funding.
"Attempts to reduce banks' dependence on ECB liquidity thus need to be approached with caution, as they could trigger a liquidity crunch," the report says, adding that further consolidation could be an option to increase access to liquidity.
"The managers and shareholders should, however, explore the option of partnerships or mergers with foreign banks, while the authorities should refrain from imposing protectionist impediments," it said.
Tue Aug 2, 2011 5:01am EDT
* Greece will need generation to get debt under control
* Summit deal gives time to implement reforms
* Greece seen likely to miss privatisation target
By Ingrid Melander
ATHENS, Aug 2 (Reuters) - The European Union's rescue deal for Greece will only slightly reduce the country's debt and it will take a generation to cut it down to more sustainable levels, the OECD said on Tuesday.
"Initial analysis suggests that the (EU) package would decrease the debt burden only slightly," the OECD said in a report on Greece, commenting on the rescue deal agreed by the EU last month, based on new and cheaper loans and bond swaps.
"The additional official financial support agreed and the maturity extensions, both public and private, provide the time needed for Greece to continue to implement fundamental fiscal and structural reforms, and for those reforms to bear fruit," the report said.
Reducing Greece's funding needs is different from cutting its debt mountain to levels that the markets will consider safe and sustainable over the long term.
The Organisation for Economic Cooperation and Development sees Greek debt dropping to 100 percent of GDP in 2035 from about 140 percent in 2010 under its baseline scenario, in which the debt-choked country would widely miss an EU/IMF target to raise 50 billion euros from privatisations by 2015.
Under a more optimistic scenario where Greece meets its privatisation target with only a slight delay, the country's debt would shrink to 60 percent of GDP by 2035 -- the ceiling set by EU treaties -- the report says.
"We came here to give a vote of confidence but we are also here to say we will support the Greek government for a full generation, which is what it is going to take to get to those numbers of lower debt-to-GDP (ratio)," Angel Gurria, head of the OECD club of industrialised nations, told Reuters in an interview on Tuesday.
Many private analysts think that at the very least, the debt/GDP ratio needs to be cut below 100 percent, and some suggest 80 percent.
GREECE CAN DO BETTER
"The baseline scenario may not be your more desirable scenario," Gurria said, adding that Greece is capable of doing better on privatisations and structural changes. "It is doable, it is possible," he said.
In its report, the OECD said Greece had made substantial progress on reforms but urgently needed to improve tax collection. It also criticised Athens for not doing enough to open up closed professions and the job market.
"Despite the impressive record on structural reform, the government has backtracked on reforms related to wage agreements at firm level, the full opening up of the professions of lawyers and pharmacists, and has hesitated on the privatisation programme," the report says.
It adds that the Greek banking sector is in a difficult situation because of exposure to government debt and says banks will continue to be reliant on ECB funding.
"Attempts to reduce banks' dependence on ECB liquidity thus need to be approached with caution, as they could trigger a liquidity crunch," the report says, adding that further consolidation could be an option to increase access to liquidity.
"The managers and shareholders should, however, explore the option of partnerships or mergers with foreign banks, while the authorities should refrain from imposing protectionist impediments," it said.
tommy271
Forumer storico
Greek Banks Should Merge With Foreign Institutions to Win Funds, OECD Says
By Marcus Bensasson - Aug 2, 2011 11:00 AM GMT+0200
Tue Aug 02 09:00:00 GMT 2011
Greek banks should look at mergers with foreign lenders to help them tap market funding and shouldn’t rush to reduce their reliance on the European Central Bank, according to the Organization for Economic Cooperation and Development.
“Further bank consolidation could be one option to increase access to market liquidity,” the Paris-based OECD said in a report today. “Managers and shareholders should, however, explore the option of partnerships or mergers with foreign banks.”
Greek banks have been left largely reliant on emergency support from the ECB amid a shrinking economy, downgrades by credit-ratings companies and concern over their holding of Greek government bonds. The country has received two international bailouts and its banks own about 48.4 billion euros ($69 billion) of the country’s sovereign debt.
The OECD said the financial system will remain “hobbled” until the public finances are strengthened and risks related to the economy decrease. The banking system is in a “difficult situation” and a balance must be found between “adequate prudential restraints” and allowing enough credit to fuel an economic recovery, it said.
“Until greater market confidence can be achieved, continued reliance on ECB facilities to maintain sufficient liquidity seems inevitable,” the report said. “Attempts to reduce banks’ dependence on ECB liquidity thus need to be approached with caution, as they could trigger a liquidity crunch.”
Greek banks’ reliance on ECB liquidity rose to 103 billion euros in June from 97.5 billion euros in May, according to data from the country’s central bank.
Adjustment Program
The OECD sees Greece’s economy contracting 3.5 percent this year and growing 0.6 percent in 2012. The European Commission estimates Greece’s debt will peak at 161 percent of gross domestic product in 2012.
“Under conservative assumptions regarding growth and interest rates, and if fiscal and structural reforms are fully implemented, the debt-GDP ratio could peak in 2013 and fall below 60 percent in the next two decades,” the OECD said.
Prime Minister George Papandreou cut the deficit to 10.5 percent of GDP in 2010 from 15.4 percent in 2009, and aims to reduce it to 7.5 percent this year. The OECD said Greece should boost privatization to reduce the debt burden, reform the labor market and “decisively” attack tax evasion.
“Authorities should continue this vigorous reform process and their efforts to convince markets of their capacity to implement fundamental economic adjustments,” the OECD said.
“Although very challenging, a similar significant consolidation effort has been achieved in the past in Belgium, Denmark and Finland, albeit in more propitious circumstances,” the report said. “This long overdue reform program will have long-term benefits despite short term costs.”
(bloomberg)
By Marcus Bensasson - Aug 2, 2011 11:00 AM GMT+0200
Tue Aug 02 09:00:00 GMT 2011
Greek banks should look at mergers with foreign lenders to help them tap market funding and shouldn’t rush to reduce their reliance on the European Central Bank, according to the Organization for Economic Cooperation and Development.
“Further bank consolidation could be one option to increase access to market liquidity,” the Paris-based OECD said in a report today. “Managers and shareholders should, however, explore the option of partnerships or mergers with foreign banks.”
Greek banks have been left largely reliant on emergency support from the ECB amid a shrinking economy, downgrades by credit-ratings companies and concern over their holding of Greek government bonds. The country has received two international bailouts and its banks own about 48.4 billion euros ($69 billion) of the country’s sovereign debt.
The OECD said the financial system will remain “hobbled” until the public finances are strengthened and risks related to the economy decrease. The banking system is in a “difficult situation” and a balance must be found between “adequate prudential restraints” and allowing enough credit to fuel an economic recovery, it said.
“Until greater market confidence can be achieved, continued reliance on ECB facilities to maintain sufficient liquidity seems inevitable,” the report said. “Attempts to reduce banks’ dependence on ECB liquidity thus need to be approached with caution, as they could trigger a liquidity crunch.”
Greek banks’ reliance on ECB liquidity rose to 103 billion euros in June from 97.5 billion euros in May, according to data from the country’s central bank.
Adjustment Program
The OECD sees Greece’s economy contracting 3.5 percent this year and growing 0.6 percent in 2012. The European Commission estimates Greece’s debt will peak at 161 percent of gross domestic product in 2012.
“Under conservative assumptions regarding growth and interest rates, and if fiscal and structural reforms are fully implemented, the debt-GDP ratio could peak in 2013 and fall below 60 percent in the next two decades,” the OECD said.
Prime Minister George Papandreou cut the deficit to 10.5 percent of GDP in 2010 from 15.4 percent in 2009, and aims to reduce it to 7.5 percent this year. The OECD said Greece should boost privatization to reduce the debt burden, reform the labor market and “decisively” attack tax evasion.
“Authorities should continue this vigorous reform process and their efforts to convince markets of their capacity to implement fundamental economic adjustments,” the OECD said.
“Although very challenging, a similar significant consolidation effort has been achieved in the past in Belgium, Denmark and Finland, albeit in more propitious circumstances,” the report said. “This long overdue reform program will have long-term benefits despite short term costs.”
(bloomberg)
tommy271
Forumer storico
GRECIA: OCSE, PIANO PUO' AVERE SUCCESSO SE RIFORME ATTUATE IN PIENO
(ASCA) - Roma, 2 ago - Il Piano di salvataggio della Grecia puo' avere successo se le riforme saranno attuate in maniera impeccabile. Questo il giudizio dell'Ocse in un rapporto sulla Grecia. Per l'organizzazione internazionale, il Piano di aiuti da 109 miliardi di euro, approvato dai leader europei il mese scorso, potrebbe concedere al paese il tempo necessario per attuare le riforme strutturali.
''La chiave del successo sara' nella attuazione, che dovra' essere impeccabile'', spiega l'Ocse riferendosi al programma di austerity varato dalla Grecia, anche in previsione della contrazione del Pil per quest'anno stimata del 3,5% e con una lieve ripresa dello 0,6% nel prossimo anno.
(ASCA) - Roma, 2 ago - Il Piano di salvataggio della Grecia puo' avere successo se le riforme saranno attuate in maniera impeccabile. Questo il giudizio dell'Ocse in un rapporto sulla Grecia. Per l'organizzazione internazionale, il Piano di aiuti da 109 miliardi di euro, approvato dai leader europei il mese scorso, potrebbe concedere al paese il tempo necessario per attuare le riforme strutturali.
''La chiave del successo sara' nella attuazione, che dovra' essere impeccabile'', spiega l'Ocse riferendosi al programma di austerity varato dalla Grecia, anche in previsione della contrazione del Pil per quest'anno stimata del 3,5% e con una lieve ripresa dello 0,6% nel prossimo anno.
- Stato
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