Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (6 lettori)

[tommy271]

Eurobonds and reforms tackled after break


Government to finalize some changes next week, as Merkel and Sarkozy meet to discuss next move on crisis

Following a brief break, the government will return to work on Tuesday with one eye on a potentially crucial meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel and the other on a set of reforms that need to be concluded ahead of the arrival of representatives from Greece’s creditors.
Prime Minister George Papandreou is expected to call a cabinet meeting soon after the return of all his ministers, with changes to the way universities are run and measures to boost flagging revenues topping the agenda. The government is also expected to unveil plans to clean up Greek sport, particularly soccer, which has been rocked by a match-fixing scandal.
“The state will have a coordinated and comprehensive response ready soon,” said government spokesman Ilias Mossialos. “The minister will be making some announcements soon.”
The Cabinet will meet as Greece’s economy continues to remain entrenched in a deep recession. Figures released yesterday showed that gross domestic product had contracted by 6.9 percent in the second quarter of 2011, down on the 8.1 percent contraction in the first quarter. This puts Greece on course for a contraction of about 5.5 percent for 2011, making developments in the eurozone even more vital for the country’s future.
This is one of the reasons that Athens will be watching developments in Paris on Tuesday closely. Merkel and Sarkozy will meet following a week during which the market uncertainty triggered by the debt crisis threatened to upset the French economy. The two leaders will hold talks as momentum behind the idea of issuing Eurobonds -- in other words notes that pool together the risks of all the eurozone countries -- grows.
British Chancellor George Osborne and billionaire investor George Soros were among those who advocated Eurobonds. “Otherwise, the euro will collapse,” said Soros.
Speaking to The Associated Press, German economist Peter Bofinger, who sits on a council that advises the German government on economic policy, said that Eurobonds would “solve the problem we have right now overnight.”
“As soon as countries like Italy or Greece and Portugal can issue Eurobonds, they can always get the money the need from the markets and they will get it at low rates,” he said.
ekathimerini.com , Friday August 12, 2011 (22:25)

 

[Grisù]

Greek Economy In 6.9% Downturn In Q2
A downturn of 6.9% is reflected at the announcement of Hellenic Statistical Authority (ELSTAT), confirming the crisis raging in the domestic market.
Due to the break in the time series of quarterly General Government data, and the resulting availability of data for only a very short period (2009Q1- 2011Q2) on which to apply the seasonal adjustment calculation, combined with major changes reflected in the economic indicators used in the estimations of quarterly GDP, the implementation of seasonal adjustment does not provide satisfactory results, according to ELSTAT.

 

[tommy271]

Dutch dam against Greek bailout deal?

Criticism of the Dutch government for agreeing on a rescue package for Greece is expected to culminate next week as the parliament of the Netherlands is expected to challenge the deal hammered out in the Brussels eurozone summit last month, reports said on Friday.
The Dutch coalition government, headed by Prime Minister Mark Rutte of the People's Party for Freedom and Democracy (VVD), has come under fire for playing down the implications of the bailout for the Dutch taxpayer, the Financial Times reported on Friday.
Rutte is accused of overestimating the degree of private-sector involvement in the wake of the deal.
“There’s a huge pile of irritation, especially among the opposition parties that have supported it, over the way the government has presented things,” Wouter Koolmees of the left-liberal opposition D66 party told the newspaper.
However, he added, there should still be a majority for the package.
A parliamentary vote on the Greek bailout deal has been scheduled for September. Dutch voters, like their German neighbors, are increasingly reluctant to dig deep into their pockets for more bailouts.
ekathimerini.com , Friday August 12, 2011 (13:27)

 

[tommy271]

Annual recession target more distant than ever


GDP continues to shrink as consumption and investment decline

By Sotiris Nikas and Nikos Roussanoglou
Greece’s economy remained deep in recession in the second quarter of the year, as preliminary estimates by the Hellenic Statistical Authority (ELSTAT) showed on Friday that the economy shrank by 6.9 percent compared with the same quarter last year.
The recession rate posted a slowdown from the first quarter, when the economy had contracted by 8.1 percent, but showed an increase from the 4 percent shrinkage in the second quarter of 2010.
Gross domestic product keeps dropping as consumption decreases and investment has declined, while there is not a single sector in the economy that has not been affected by the crisis.
“The economy is marching across a big desert. The intensity and the extent of the recession is unprecedented, exceeding even the most pessimistic forecasts,” commented opposition New Democracy deputy Christos Staikouras, the party’s spokesperson on the economy.
With unemployment climbing to 16.6 percent in May and the new austerity measures from the midterm fiscal plan applying as of September, the target of containing recession to just 3.8 percent of GDP seems more distant than ever. In the first six months of the year it soared to 7.5 percent, while when the seasonal elements are factored in, it goes down to 4.5-5 percent on an annual level.
The government is now trying to step up its efforts to introduce much-needed reforms, as required by the European Union and the International Monetary Fund, with the troika representatives set to start their next monitoring visit to Athens on August 22.
More worrying for Greece’s creditors must have been the statement by the head of the new privatizations fund, Ioannis Koukiadis, to Skai Television on Thursday.
He suggested that the government ought to alter its sell-off program, stating that “there is a problem with the decline of stock values. We need to delay privatizations or find an alternative solution so that we avoid a discount sale for companies such as the Thessaloniki Port Authority (OLTH) and the Thessaloniki Water and Sewage Company (EYATH).”
ekathimerini.com , Friday August 12, 2011 (21:51)

 

[tommy271]

Weak Macros Strangle Greek Government




The official disclosure of Greece’s GDP is expected to complete a run of data, which proves the great depth of the crisis that hit the market in the second quarter. The measurements show that the problem is growing fast, increasing fears of a “hot” and gloomy wintertime, while the government almost stands aside.

The new measures (increase of indirect taxes in September, further salary cuts) have not appeared yet on the market, the banks have decreased lending and public investment will be cut and underfunded.

The revision of the National Strategic Reference Framework has not been completed and many programs have been slowed down.

If this situation continues, the problem wouldn’t be just social and political. It would be purely economic-fiscal as the recession will deepen, the gap of revenue will grow and the need for government social transactions would bring the government to decide between new measures and deficit increase.

The toughest feature of the week was the skyrocketing of unemployment rate to 16.6% of the workforce, with 300,000 jobs lost in a year. Youth and female unemployment rates reached 40% and 20% respectively.

The weakness of enterprises was confirmed by the course of trade, as the Greek Confederation of Hellenic Commerce announced that turnover was decreased by more than 25% during the summer sales.

However, prices are still high, with inflation rising by 2.4%, while market representative speak of price increases due to the rise of VAT rates.
Industrial production fell by 13.1% and the increase in export is just single digit, while Building activity appears reduced by 32.3% in volume.

(capital.gr)

 

[tommy271]

Greek Market Fell By 6.7% For Week




Athens Stocks ended on positive territory on Friday, as the General Index rose only for the second time since July 22. The turnover remained low.

Greek banks recorded cumulative losses of 5.86% for week, while National Bank finally closed below €4 for a second consecutive session, despite intraday profits of 3.29% at €4.08.

Coca Cola 3E topped FTSE20 with intraday profits of 7.2% at €15.33. Public Power Corporation was forced into new losses, following yesterday’s profits of 2.08%, which put an end to a long downward streak.

On the board, the General Index ended with profits 1.53% at 991.14 units, moving into positive territory throughout the trading session. Intraday profits reached 2.30%, without breaking the 1,000 level. Cumulative losses for week amounted to 6.67%.

Banks, which also moved in green throughout the session, profits amounted to 0.60% (2.90% intraday) at 693.65 units.

On Friday, approximately 21.39 million units worth €54.05 million traded (€8.21 million in pre-agreed transactions), while a total amount of 81 shares rose, 44 declined and 155 remained unchanged.

Analytically on FTSE20, Coca-Cola ended at €15.03 with profits of 5.1%, followed by Bank of Cyprus, Mytilineos and Motor Oil, which rose by 3.36%, 3.22% and 3.07% respectively.

Details from FTSE20, rising 5.10% of Coca-Cola 3E at 15.03 euros following the shares of Bank of Cyprus, Mytilineos and Motor Oil strengthened 3.36%, 3.225 and 3.07% respectively. MIG gained more than 3% at €3.04, while OPAP and Ellaktor ended at €9.7 and €2.01 with profits of 2.11% and 2.03% respectively.

On the other hand, Jumbo fell by 4.06% at €4.02, while ATEBank and Marfin Popular Bank declined by 2.82% and 2.7% respectively. Viohalco and Hellenic Petroleum moved downwards by 1.13% and 0.87% respectively, while Alpha Bank, PPC and Titan recorded mild losses of 0.77%, 0.68% and 0.08% respectively.

(capital.gr)

 

[russiabond]

Buon Ferragosto a TUTTI.

Un po di acqua salata ogni tanto fa bene ...

 

[giub]

Buon Ferragosto a TUTTI.

Un po di acqua salata ogni tanto fa bene ...

vuoi dire che i dati postati da tommy sono come bere acqua salata?

 

[Gaudente]

Greek Economy In 6.9% Downturn In Q2
A downturn of 6.9% is reflected at the announcement of Hellenic Statistical Authority (ELSTAT), confirming the crisis raging in the domestic market.
Due to the break in the time series of quarterly General Government data, and the resulting availability of data for only a very short period (2009Q1- 2011Q2) on which to apply the seasonal adjustment calculation, combined with major changes reflected in the economic indicators used in the estimations of quarterly GDP, the implementation of seasonal adjustment does not provide satisfactory results, according to ELSTAT.

Avanti cosi' e in un paio d'anni resteranno solo la pastorizia e la pesca , entrambe rigorosamente di frodo per evitare le confische da parte degli agenti delle tasse

 

[C.Bonacieux]

6. Le ritenute, le imposte sostitutive sugli interessi, premi e ogni altro provento di cui
all’articolo 44 del decreto del Presidente della Repubblica 22 dicembre 1986, n. 917 e sui redditi
diversi di cui all’articolo 67, comma 1, lettere da c-bis a c-quinquies del medesimo decreto,
ovunque ricorrano, sono stabilite nella misura del 20 per cento.
7. La disposizione di cui al comma 6 non si applica sugli interessi, premi e ogni altro
provento di cui all’articolo 44 del decreto del Presidente della Repubblica 22 dicembre 1986, n. 917
e sui redditi diversi di cui all’articolo 67, comma 1, lettera c-ter) del medesimo decreto nei seguenti
casi:
a) obbligazioni e altri titoli di cui all’articolo 31 del decreto del Presidente della
Repubblica 29 settembre 1973, n. 601 ed equiparati;
b) obbligazioni emesse dagli Stati inclusi nella lista di cui al decreto emanato ai sensi
dell’articolo 168-bis del medesimo testo unico;
c) titoli di risparmio per l’economia meridionale di cui all’articolo 8, comma 4 del
decreto-legge 13 maggio 2011, n. 70, convertito, con modificazioni, dalla legge 12 luglio 2011, n.
106.


Sono tutti gli Stati della white list

Testo Unico del 22/12/1986 n. 917

Art. 168 – bis - Paesi e territori che consentono un adeguato scambio di informazioni.
(N.D.R.: Per l'applicazione delle disposizioni del presente articolo vedasi l'art.1, comma 88 legge 24 dicembre 2007 n.244.)

Testo: in vigore dal 01/01/2008

1. Con decreto del Ministro dell'economia e delle finanze sono individuati gli Stati e territori che consentono un adeguato scambio di informazioni, ai fini dell'applicazione delle disposizioni contenute negli articoli 10, comma 1, lettera e-bis), 73, comma 3, e 110, commi 10 e 12-bis, del presente testo unico, nell'art. 26, commi 1 e 5, nonche' nell'articolo 27, comma 3-ter, del decreto del Presidente della Repubblica 29 settembre 1973, n. 600, e successive modificazioni, nell'articolo 10-ter, commi 1 e 9, della legge 23 marzo 1983, n. 77, e successive modificazioni, negli articoli 1, comma 1, e 6, comma 1, del decreto legislativo 1 aprile 1996, n. 239, e successive modificazioni, nell'articolo 2, comma 5, del decreto-legge 25 settembre 2001, n. 351, convertito, con modificazioni, dalla legge 23 novembre 2001, n. 410.
2. Con lo stesso decreto di cui al comma 1 sono individuati gli Stati e territori che consentono un adeguato scambio di informazioni e nei quali il livello di tassazione non e' sensibilmente inferiore a quello applicato in Italia, ai fini dell'applicazione delle disposizioni contenute negli articoli 47, comma 4, 68, comma 4, 87, comma 1, 89, comma 3, 132, comma 4, 167, commi 1 e 5, e 168, comma 1, del presente testo unico, nonche' negli articoli 27, comma 4, e 37-bis, comma 3, del decreto del Presidente della Repubblica 29 settembre 1973, n. 600, e successive modificazioni.