Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

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La tensione è ancora alta, alternata a giornate di relativa tregua, sul Club Med.
I nostri ellenici tornano di nuovo sottopressione ma grazie alla illiquidità dei titoli non abbiamo sintomi particolarmente pesanti sulle quotazioni.
Ormai gli spread dei periferici che non hanno fatto richiesta di aiuti, sono chiaramente insostenibili sul lungo periodo. Quindi è necessaria un'azione decisa.
Ieri dall'Italia il premier Berlusconi non ha aggiunto nulla di nuovo rispetto a quanto già deciso. Tante chiacchere, ma nessun provvedimento.
E' anche vero che la partita si gioca a livello europeo, quindi Berlusconi rimane sempre una piccola pedina poco influente sullo scacchiere.
Da questo punto di vista, è molto più attesa la conferenza stampa di Trichet di oggi pomeriggio.
Il differenziale tra Italia e Spagna si riduce sempre più, il Portogallo paga la tensione sull'asta dei lusitan/bot, Belgio e Francia in allargamento. Rimane in tenuta l'Irlanda.
Questa mattina asta in Spagna.
Intanto non ci restano che i numeri ...

Grecia 1263 pb. (1247)
Portogallo 911 pb. (866)
Irlanda 835 pb. (831)
Spagna 388 pb. (391)
Italia 371 pb. (379)
Belgio 205 pb. (198)
Francia 80 pb. (76)
 
PM tries to stay on track with reforms



Across-the-board uniform pay structure in the civil service to be unveiled next week


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Prime Minister George Papandreou used Wednesday’s cabinet meeting as another opportunity to remind his ministers that they have to keep on top of the reforms the government has promised to carry out this month as part of its commitment to the European Union and the International Monetary Fund.
It appears that the next major change the government is planning to announce is the creation of an across-the-board uniform pay structure in the civil service. Sources said that this is likely to be unveiled next week.
Labor Minister Giorgos Koutroumanis said that the government would launch 2.7 billion euros worth of schemes next month to boost employment. He said that 600,000 people would benefit from the programs.
Some 250,000 existing jobs would be retained through schemes such as subsidizing employers’ social security contributions, Koutroumanis said. The minister added that the government would also change legislation to provide greater benefits for the long-term unemployed who are aged between 45 and 65.
However, the government came in for criticism from the main opposition New Democracy party for failing in its promise to reduce the size of the public sector. “They have to stop fooling us at some point,” said conservative spokesman Yiannis Michelakis. “The Papandreou government has been promising that it will shrink the state but, at the same time, it is making it bigger.”
He referred to the creation over the last 20 months of 41 new secretariats and other services and accused the government of failing to live up to its pledge last year to shut down 30 public organizations. “Now it is saying that most of these closures will be postponed for another nine months,” said Michelakis.






ekathimerini.com , Wednesday August 3, 2011 (23:06)
 
EU president urges fast approval of Greek aid



As debt crisis grips Spain and Portugal, Van Rompuy calls for eurozone to give green light for loans


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The head of the European Council, Herman Van Rompuy, called on Wednesday for eurozone members to speed up their approval of the latest support package for Greece amid growing concern that Spain and Italy will be engulfed by the debt crisis.

Van Rompuy met in Madrid with Spanish Prime Minister Jose Luis Zapatero, who cut short his holiday to address the concern being caused by his country’s spiraling borrowing costs, which have reached levels close to those that triggered the bailouts of Greece, Ireland and Portugal. The two men indicated that if Athens sticks to its reform program and the eurozone gives the European Financial Stability Facility (EFSF) - a fund created in the wake of the Greek crisis - greater flexibility, it might help restore investor confidence in the euro.

“They agreed on the need for the agreements on the Greek rescue plan and the reform of the European mechanism of support for eurozone countries to be approved as soon as possible by European governments to give certainty and confidence to financial markets,” the Spanish government said in a statement.

Concern has been expressed in some eurozone countries about the fact that governments will have to lend Greece money when they are facing borrowing problems of their own. The premium for buying Spanish 10-year bonds over German notes surged to more than 400 basis points yesterday, the highest since the introduction of the euro. European Commission spokeswoman Chantal Hughes insisted that all members of the eurozone would contribute to the 8-billion-euro loan installment for Greece next month.

However, European Commission President Jose Manuel Barroso indicated that the debt crisis, which claimed Greece as its first victim, was beginning to expose potential systemic weaknesses in the eurozone. “The tensions in bond markets reflect a growing concern among investors about the systemic capacity of the euro area to respond to the evolving crisis,” he said in a statement.

Greek Finance Minister Evangelos Venizelos described the situation as “a wound at the heart of Europe.”
Italian Prime Minister Silvio Berlusconi said that his country was “financially and economically stable” but called for a new round of reforms on top of a recent 48-billion-euro austerity package as Rome’s bond spreads also reached record highs.



ekathimerini.com , Wednesday August 3, 2011 (23:13)
 
July revenue rise not enough





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By Prokopis Hatzinikolaou
July produced an upturn in state revenues, aided by the order to tax offices to stop making payments last Thursday and Friday, but even so the government will need to cash in about 5.75 billion euros by the end of the year to meet its budget targets.
Provisional figures for July showed on Wednesday that budget revenues increased by 3 percent compared with the same month last year, topping 5 billion euros for only the second time this year, after January.
Cash receipts in the first seven months of the year came to 26.83 billion euros, against a target of 30.1 billion, meaning that revenues are lagging by 3.3 billion euros.
The Finance Ministry estimates that this shortfall can be covered in the coming months, expecting the new tax measures to bear fruit, as provided by the implementation law for the midterm fiscal plan for the 2011-15 period. It is hoping to save the budget and keep its deficit to within the target of 7.5 percent of gross domestic product through the solidarity levy, the occupation tax and the settlement of outstanding tax cases.






ekathimerini.com , Wednesday August 3, 2011 (22:47)

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Luci ed ombre ...
 
Government racing against time



Finance minister says local banks’ funding and cash flow are guaranteed


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The government has entered a race against time in order to implement the reforms required to kick-start the economy and render the public debt sustainable, with August and September being crucial for the success of the program, according to Finance Minister Evangelos Venizelos.
He also promised new regulations to support the financially weak, to help the cash flow of banks, and about letters of guarantee.
Venizelos told Parliament on Wednesday that from the date of the agreement at the eurozone summit last month and up to early October, “a transition period started during which we have to render our public debt sustainable in the long term in cooperation with our partners.”
Including the ministry’s bill that is currently under discussion in Parliament, the process will have to be quick and successful: “August and September will need to be exemplary in terms of speed,” Venizelos said in response to criticism that the draft law is being rushed.
We are inside an international maelstrom and we need to make the most of the opportunities we create for ourselves, be punctual with our loan obligations and apply what we have committed ourselves to,” he stated. The bill includes significant structural changes, special tax regulations as well as adjustments to the legislation on tourism and games of chance, which offer significant revenues to the state, said Venizelos.
He stressed that there is “absolutely no problem with the funding and the cash flow of Greek banks or their capital adequacy. We have set aside 30 billion euros for their recapitalization, and their liquidity is safeguarded by the decisions of the European Central Bank.”
Venizelos also said talks on private sector involvement in Greece’s second aid package would be completed by early October, as the International Monetary Fund warned that discussions between Greece and its creditors must conclude quickly and with a “high participation” from creditors to ensure that efforts to rescue the country succeed.
Separately, the minister admitted the government bolstered Proton Bank with a deposit on July 14, a day before EU-wide bank stress tests, a decision dictated by “state interests” owing to a risk of “negative effects” on the Greek banking system if Proton Bank “found itself with a financing gap.” Authorities have opened an embezzlement probe into the lender chaired by former US Ambassador to Athens Daniel Speckhard.






ekathimerini.com , Wednesday August 3, 2011 (23:02)
 
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