PASTELLETTO
Guest
Io fatto modico gain per assenza di cojoni tra le gambe.
E la terra promessa si sposta a marzo/maggio 2012.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (2 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Io fatto modico gain per assenza di cojoni tra le gambe.
E la terra promessa si sposta a marzo/maggio 2012.
tommy271
Forumer storico
Mentre la Grecia rispetta puntualmente, da sempre, pagamenti su scadenze e cedole il mercato continua ad accanirsi oltremisura sui nostri TdS.
La questione finlandese sui collaterali rischia di avvitarsi su se stessa con la Grecia sul banco degli imputati, quando invece la responsabilità è tutta da rivolgersi ad Helsinki con le sue richieste vincolanti (ed un poco estorsive).
E' un episodio secondario su cui si è voluta focalizzare l'attenzione, fattore poco rilevante in sè per l'importo dimensionale ma utile per continuare a cercare di scardinare gli accordi di luglio che dovranno prendere il via a settembre.
Intanto lo swap sembra procedere bene, se tutto andrà come da programma potremmo essere sulla buona strada.
S&P ha affermato che la Grecia potrà essere in default per la fine di quest'anno: non ho idea se le conclusioni a cui siano giunte sono dovute per l'operazione swap in corso (default selettivo) oppure perchè ritengano che l'operazione non si farà.
Certamente se fatta, il default potrà avvenire solo quasi esclusivamente sul pagamento delle cedole, poichè dal 2012 sino al 2024 la maggior parte del debito verrà spostato al 2041.
Sarebbe un caso più unico che raro ...
Sempre ieri abbiamo visto come la pressione dei media possono alterare la corretta percezione degli avvenimenti. Sembrava che il colonnello Gheddafi fosse ormai finito, con i figli imprigionati. Oggi, sempre le stesse fonti informative, ci dicono l'opposto.
Sulla Grecia è da due anni che ci si aspetta il default, eppure Atene va avanti - pur in mezzo ad innumerevoli difficoltà - con il suo programma: risanamento e modernizzazione del paese.
E' vero, gli obiettivi non sono stati tutti centrati nei tempi previsti, ma sarebbe anche opportuno guardare i dati di partenza. Questi, aldilà di tutto, ci dicono che il deficit PIL è stato quasi dimezzato, le esportazioni in forte ripresa, la situazione interna sotto controllo.
Probabilmente ci vorrà più tempo del previsto, ma con il sostegno dell'Eurozona l'obiettivo è fattibile e ragionevole.
Grecia 1477 pb. (1448)
Portogallo 889 pb. (864)
Irlanda 737 pb. (750)
Italia 288 pb. (285)
Spagna 286 pb. (287)
Belgio 177 pb. (179)
La questione finlandese sui collaterali rischia di avvitarsi su se stessa con la Grecia sul banco degli imputati, quando invece la responsabilità è tutta da rivolgersi ad Helsinki con le sue richieste vincolanti (ed un poco estorsive).
E' un episodio secondario su cui si è voluta focalizzare l'attenzione, fattore poco rilevante in sè per l'importo dimensionale ma utile per continuare a cercare di scardinare gli accordi di luglio che dovranno prendere il via a settembre.
Intanto lo swap sembra procedere bene, se tutto andrà come da programma potremmo essere sulla buona strada.
S&P ha affermato che la Grecia potrà essere in default per la fine di quest'anno: non ho idea se le conclusioni a cui siano giunte sono dovute per l'operazione swap in corso (default selettivo) oppure perchè ritengano che l'operazione non si farà.
Certamente se fatta, il default potrà avvenire solo quasi esclusivamente sul pagamento delle cedole, poichè dal 2012 sino al 2024 la maggior parte del debito verrà spostato al 2041.
Sarebbe un caso più unico che raro ...
Sempre ieri abbiamo visto come la pressione dei media possono alterare la corretta percezione degli avvenimenti. Sembrava che il colonnello Gheddafi fosse ormai finito, con i figli imprigionati. Oggi, sempre le stesse fonti informative, ci dicono l'opposto.
Sulla Grecia è da due anni che ci si aspetta il default, eppure Atene va avanti - pur in mezzo ad innumerevoli difficoltà - con il suo programma: risanamento e modernizzazione del paese.
E' vero, gli obiettivi non sono stati tutti centrati nei tempi previsti, ma sarebbe anche opportuno guardare i dati di partenza. Questi, aldilà di tutto, ci dicono che il deficit PIL è stato quasi dimezzato, le esportazioni in forte ripresa, la situazione interna sotto controllo.
Probabilmente ci vorrà più tempo del previsto, ma con il sostegno dell'Eurozona l'obiettivo è fattibile e ragionevole.
Grecia 1477 pb. (1448)
Portogallo 889 pb. (864)
Irlanda 737 pb. (750)
Italia 288 pb. (285)
Spagna 286 pb. (287)
Belgio 177 pb. (179)
tommy271
Forumer storico
Bond euro aprono piatti, attesa per dati zona euro e aste Spagna
martedì 23 agosto 2011 08:49
LONDRA, 23 agosto (Reuters) - Poco variati in apertura i
futures Bund. Nonostante qualche presa di beneficio dopo i
record della settimana scorsa, i governativi tedeschi rimangono
sostenuti dall'attesa dei dati europei odierni, gli indici Pmi
preliminari di agosto e lo Zew tedesco, che secondo le stime
dovrebbero confermare il forte rallentamento in atto
nell'economia della regione.
"Ci aspettiamo che i rischi al ribasso (sull'economia)
continueranno a dominare la dinamica dei prezzi, trovandoci
ormai a un punto in cui, diversamente da poche settimane fa, una
recessione è molto più credibile come sbocco piuttosto che una
rapida ripresa", si legge in un anota di Rbs.
D'altra parte, a suggerire cautela agli investitori, c'è
anche l'attesa per l'intervento del numero uno della Fed Ben
Bernanke che venerdì, dalla tradizionale conferenza annuale di
Jackson Hole, potrebbe indicare la necessità di sostenere
ulteriormente l'economia americna, fino ad annunciare la
necessità di una nuovo programma di 'quantitative easing'.
Da seguire in mattinata anche il mercato primario, con le
aste a breve (3 e 6 mesi) di titoli spagnoli, fino a 3 miliardi
di euro. Le attese sono per un calo dei rendimenti rispetto
all'ultimo collocamento, per effetto della discesa dei tassi di
mercato innescata dagli acquisti di bond della Bce.
martedì 23 agosto 2011 08:49
LONDRA, 23 agosto (Reuters) - Poco variati in apertura i
futures Bund. Nonostante qualche presa di beneficio dopo i
record della settimana scorsa, i governativi tedeschi rimangono
sostenuti dall'attesa dei dati europei odierni, gli indici Pmi
preliminari di agosto e lo Zew tedesco, che secondo le stime
dovrebbero confermare il forte rallentamento in atto
nell'economia della regione.
"Ci aspettiamo che i rischi al ribasso (sull'economia)
continueranno a dominare la dinamica dei prezzi, trovandoci
ormai a un punto in cui, diversamente da poche settimane fa, una
recessione è molto più credibile come sbocco piuttosto che una
rapida ripresa", si legge in un anota di Rbs.
D'altra parte, a suggerire cautela agli investitori, c'è
anche l'attesa per l'intervento del numero uno della Fed Ben
Bernanke che venerdì, dalla tradizionale conferenza annuale di
Jackson Hole, potrebbe indicare la necessità di sostenere
ulteriormente l'economia americna, fino ad annunciare la
necessità di una nuovo programma di 'quantitative easing'.
Da seguire in mattinata anche il mercato primario, con le
aste a breve (3 e 6 mesi) di titoli spagnoli, fino a 3 miliardi
di euro. Le attese sono per un calo dei rendimenti rispetto
all'ultimo collocamento, per effetto della discesa dei tassi di
mercato innescata dagli acquisti di bond della Bce.
tommy271
Forumer storico
Doubts about Greek-Finnish collateral deal growing
Moody's says agreement may scupper second bailout, Venizelos insists September tranche is safe
Finance Minister Evangelos Venizelos insisted on Monday that growing complications over its collateral deal with Finland would not derail the 8-billion-euro loan installment Athens expects next month, but the agreement with Helsinki is becoming a major distraction in the eurozone rubber stamping the second bailout for Greece.
“September’s borrowing requirements will be covered either way,” said Venizelos. “This has been decided.”
However, Moody’s ratings agency added its voice to those expressing concern about Athens striking a deal to provide Finland with cash collateral in exchange for its participation in the 109-billion-euro package. The agency suggested the issue could scupper the eurozone bailout for Greece, leading to the country defaulting.
“The agreement between Greece and Finland, which is small by itself, assumes much greater significance,” said Moody’s. “The pursuit of such agreements could delay the next tranche of financial support for Greece and so precipitate a payment default.”
Venizelos, who asked for the European Central Bank and the European Union to help find a resolution, said that the statement by Moody’s may prompt some action. “Moody’s statement carries weight,” he said. “I want to find a solution that makes it easier for Finland to approve the aid but what’s key is not to disturb the eurozone’s relation with the markets.”
The deal Venizelos reached with his Finnish counterpart Jutta Urpilainen would see Greece deposit cash equivalent to part of the Finnish loan in an account used to invest in AAA-rated bonds. The interest generated will raise the amount to match the required collateral.
However, news of the agreement prompted other eurozone members such as the Netherlands, Austria and Slovakia to ask for similar deals. On Monday, Dutch Finance Minister Jan Kees de Jager suggested that the Greek-Finnish deal was not legal but insisted that the Netherlands would pursue a similar deal to ensure it receives the same treatment as other lenders.
The pact with Helsinki has given New Democracy fresh ammunition to fire at Venizelos. The conservative party’s spokesman, Yiannis Michelakis, accused the minister of jeopardizing the bailout agreement. “Mr Venizelos’s amateur handling is threatening to blow sky high the positive aspects of the July 21 deal,” he said, adding that Venizelos was asking the Europeans to resolve the problem created by his own “gaffe.”
ekathimerini.com , Monday August 22, 2011 (22:56)
Moody's says agreement may scupper second bailout, Venizelos insists September tranche is safe
“September’s borrowing requirements will be covered either way,” said Venizelos. “This has been decided.”
However, Moody’s ratings agency added its voice to those expressing concern about Athens striking a deal to provide Finland with cash collateral in exchange for its participation in the 109-billion-euro package. The agency suggested the issue could scupper the eurozone bailout for Greece, leading to the country defaulting.
“The agreement between Greece and Finland, which is small by itself, assumes much greater significance,” said Moody’s. “The pursuit of such agreements could delay the next tranche of financial support for Greece and so precipitate a payment default.”
Venizelos, who asked for the European Central Bank and the European Union to help find a resolution, said that the statement by Moody’s may prompt some action. “Moody’s statement carries weight,” he said. “I want to find a solution that makes it easier for Finland to approve the aid but what’s key is not to disturb the eurozone’s relation with the markets.”
The deal Venizelos reached with his Finnish counterpart Jutta Urpilainen would see Greece deposit cash equivalent to part of the Finnish loan in an account used to invest in AAA-rated bonds. The interest generated will raise the amount to match the required collateral.
However, news of the agreement prompted other eurozone members such as the Netherlands, Austria and Slovakia to ask for similar deals. On Monday, Dutch Finance Minister Jan Kees de Jager suggested that the Greek-Finnish deal was not legal but insisted that the Netherlands would pursue a similar deal to ensure it receives the same treatment as other lenders.
The pact with Helsinki has given New Democracy fresh ammunition to fire at Venizelos. The conservative party’s spokesman, Yiannis Michelakis, accused the minister of jeopardizing the bailout agreement. “Mr Venizelos’s amateur handling is threatening to blow sky high the positive aspects of the July 21 deal,” he said, adding that Venizelos was asking the Europeans to resolve the problem created by his own “gaffe.”
ekathimerini.com , Monday August 22, 2011 (22:56)
tommy271
Forumer storico
Young people turn to entrepreneurship
The number of new companies set up in May and June showed significant growth, partly thanks to the creation of the One-Stop-Shop agency that has facilitated the foundation of enterprises, and to the increase in unemployment, as many jobless people turned to entrepreneurship.
Regional Development Ministry data released on Monday showed that in the first six months of the year there were 28,603 new companies set up, against 25,391 firms that closed down a surplus of 3,212 companies. In the first four months of the year the surplus stood at a mere 782 enterprises, while in the first two months there were more companies closing down than opening.
The One-Stop-Shop offices across the country reported the creation of 777 companies from April 4 to end-May.
June was the month with the greatest surplus, as there were 4,921 new companies set up against 3,288 enterprises closing down; this constitutes a surplus of 1,633 firms, which serves to show an improvement in entrepreneurship compared with the first couple of months of the year as the trend has been reversed.
Data also showed that a significant number of companies have been created by young people who had lost their previous jobs.
ekathimerini.com , Monday August 22, 2011 (23:17)
Regional Development Ministry data released on Monday showed that in the first six months of the year there were 28,603 new companies set up, against 25,391 firms that closed down a surplus of 3,212 companies. In the first four months of the year the surplus stood at a mere 782 enterprises, while in the first two months there were more companies closing down than opening.
The One-Stop-Shop offices across the country reported the creation of 777 companies from April 4 to end-May.
June was the month with the greatest surplus, as there were 4,921 new companies set up against 3,288 enterprises closing down; this constitutes a surplus of 1,633 firms, which serves to show an improvement in entrepreneurship compared with the first couple of months of the year as the trend has been reversed.
Data also showed that a significant number of companies have been created by young people who had lost their previous jobs.
ekathimerini.com , Monday August 22, 2011 (23:17)
tommy271
Forumer storico
Gov’t fudge over VAT on catering
Holiday packages from abroad will have a 13 pct rate, against 23 pct for deals booked domestically
Confusion reigns concerning the imposition of the high value-added tax rate of 23 percent on food catering services from September 1 and on the use of objective criteria for taxation following a press conference by Finance Minister Evangelos Venizelos on Monday.
With the tourism sector putting pressure on the government not to increase the VAT rate on catering from 13 to 23 percent, Venizelos announced two “beneficial” measures that create a fudge in the market, less than 10 days before the rate is due to be increased.
Venizelos announced that the VAT hike in the sector will not affect the all-inclusive package holidays booked abroad, or the half-board holiday deals in hotels obtained from outside Greece, while those booking the same services from within Greece will have to pay the full 23 percent VAT rate as of September.
This effectively creates a two-tier rate that does little to boost domestic tourism and imposes a kind of discrimination against Greek tourists.
What’s more, the minister said there would be a revision of the 137 different categories of activities in the food catering sector to determine which will go into the 23 percent bracket for VAT and which will remain at 13 percent. The market is still awaiting the relevant circular that should make it clear to everyone.
Venizelos further suggested that there will be no objective criteria to determine taxpayers’ incomes in the way they were previously, but noted that there would be certain “combined criteria” based on an “algorithm,” “so as to reveal the real turnover and the actual income.” However, he refrained from offering more details about how this system will operate; it will affect about 1 million self-employed professionals.
The finance minister also confirmed that the government aims at stopping the recession, but estimated it could end the year between 4.5 percent and 5.3 percent of the gross domestic product - the first time he has cited such a high rate, although he did say that he does “not adopt the forecasts for the 5.3 percent rate.”
Venizelos added that the loan requirements of September will be covered without problems and that the disbursement of the sixth tranche of Greece’s first bailout package is not affected by developments about the second package.
ekathimerini.com , Monday August 22, 2011 (22:58)
Holiday packages from abroad will have a 13 pct rate, against 23 pct for deals booked domestically
With the tourism sector putting pressure on the government not to increase the VAT rate on catering from 13 to 23 percent, Venizelos announced two “beneficial” measures that create a fudge in the market, less than 10 days before the rate is due to be increased.
Venizelos announced that the VAT hike in the sector will not affect the all-inclusive package holidays booked abroad, or the half-board holiday deals in hotels obtained from outside Greece, while those booking the same services from within Greece will have to pay the full 23 percent VAT rate as of September.
This effectively creates a two-tier rate that does little to boost domestic tourism and imposes a kind of discrimination against Greek tourists.
What’s more, the minister said there would be a revision of the 137 different categories of activities in the food catering sector to determine which will go into the 23 percent bracket for VAT and which will remain at 13 percent. The market is still awaiting the relevant circular that should make it clear to everyone.
Venizelos further suggested that there will be no objective criteria to determine taxpayers’ incomes in the way they were previously, but noted that there would be certain “combined criteria” based on an “algorithm,” “so as to reveal the real turnover and the actual income.” However, he refrained from offering more details about how this system will operate; it will affect about 1 million self-employed professionals.
The finance minister also confirmed that the government aims at stopping the recession, but estimated it could end the year between 4.5 percent and 5.3 percent of the gross domestic product - the first time he has cited such a high rate, although he did say that he does “not adopt the forecasts for the 5.3 percent rate.”
Venizelos added that the loan requirements of September will be covered without problems and that the disbursement of the sixth tranche of Greece’s first bailout package is not affected by developments about the second package.
ekathimerini.com , Monday August 22, 2011 (22:58)
tommy271
Forumer storico
Shipowners turn to LNG carriers
By Nikos Bardounias
Shipowners, including several Greeks, are turning to liquefied natural gas carriers as they see demand for LNG grow at a time when the existing fleet is insufficient to cover it.
In the first six months of the year orders for LNG carriers reached 48, against just 23 in the same period in 2010.
The LNG-carrier market has a significant Greek presence through the Angelikousis group, the Prokopiou group and the Thenamaris firm of Dinos Martinos.
Meanwhile, a Clarkson shipbrokers’ report has shown that in the year to July Greek shipowners invested over $12 billion in new and used ships: Data showed that Greeks spent $9.4 billion for the building of 91 new ships and about $3 billion to buy 98 used vessels of all types.
ekathimerini.com , Monday August 22, 2011 (23:00)
Shipowners, including several Greeks, are turning to liquefied natural gas carriers as they see demand for LNG grow at a time when the existing fleet is insufficient to cover it.
In the first six months of the year orders for LNG carriers reached 48, against just 23 in the same period in 2010.
The LNG-carrier market has a significant Greek presence through the Angelikousis group, the Prokopiou group and the Thenamaris firm of Dinos Martinos.
Meanwhile, a Clarkson shipbrokers’ report has shown that in the year to July Greek shipowners invested over $12 billion in new and used ships: Data showed that Greeks spent $9.4 billion for the building of 91 new ships and about $3 billion to buy 98 used vessels of all types.
ekathimerini.com , Monday August 22, 2011 (23:00)
giub
New Membro
Grazie Tommy!
Se non ci fossi tu a risollevare il morale alle truppe....
Se hai questo atteggiamento positivo anche nella vita, ti faccio i miei più sentiti complimenti! Devi essere una persona felice! Riuscire a vedere il bicchiere mezzo pieno laddove altri lo vedono secco....
Siamo ai minimi assoluti (o massimi, come spread), dati terribili come deficit e pil, situazione che si sta di nuovo avvitando....
Ogni tanto il tuo positivismo ci vuole!
tommy271
Forumer storico
Grazie Tommy!
Se non ci fossi tu a risollevare il morale alle truppe....
Se hai questo atteggiamento positivo anche nella vita, ti faccio i miei più sentiti complimenti! Devi essere una persona felice! Riuscire a vedere il bicchiere mezzo pieno laddove altri lo vedono secco....
Siamo ai minimi assoluti (o massimi, come spread), dati terribili come deficit e pil, situazione che si sta di nuovo avvitando....
Ogni tanto il tuo positivismo ci vuole!
Non mi lamento ...
I nostri spread sono sempre in fase di allargamento, questo è fuor di dubbio.
Un pò meglio vanno le quotazioni dei singoli titoli, grazie alla loro illiquidità.
Almeno, quelli che seguo ...
Del resto anche questa eterna deriva potrebbe giocare a favore della Grecia: in ultima istanza, sollecita lo swap e favorisce il buy-back.
Perchè intervenire nel sostenere i corsi?
tommy271
Forumer storico
Critical Week For Banks
The last week of August may have news for the Greek and international banking system. The coincidence of the completion of the PSI agreement, the possibility of additional liquidity support (ELA), the accelerated activation of EFSF and the financial results of Greek banks in the first half of 2011, would determine the new future of the domestic banking system.
For this reason, contacts between FinMin, Bank of Greece and heads of private and state-controlled banks have become more often, despite the holiday mood that officially exist in some of the administrations.
The fact that even Cyprus’s economy has start to suffer pressures has complicated the situation, although officials in Cyprus do not appear too concerned.
Abroad, things are expected to change by the end of the week or no later than late August. FED would reveal what else –besides freezing interest rates for another two years- it has prepared.
Capital.gr had reported recently that central banks have prepared new interventions, due to political instability in both the U.S. and the European Union.
The European Central Bank has continued to buy Spanish and Italian bonds, but it would proceed to further interventions. ECB is very concerned as FED has put subsidiaries of European banks in the U.S., after the sharp decline of capitalization of major banks, which governments are no longer able to support with new funds.
FED is likely to announce a package of interventions by the end of the week, as it did just a year ago announcing the QE 2.
However, expectations for a QE 3 are low, as it is considered unlikely to address the threat of recession with a typical quantitative easing. In any case, the intervention of the two central banks is expected to affect the international capital markets.
(capital.gr)
The last week of August may have news for the Greek and international banking system. The coincidence of the completion of the PSI agreement, the possibility of additional liquidity support (ELA), the accelerated activation of EFSF and the financial results of Greek banks in the first half of 2011, would determine the new future of the domestic banking system.
For this reason, contacts between FinMin, Bank of Greece and heads of private and state-controlled banks have become more often, despite the holiday mood that officially exist in some of the administrations.
The fact that even Cyprus’s economy has start to suffer pressures has complicated the situation, although officials in Cyprus do not appear too concerned.
Abroad, things are expected to change by the end of the week or no later than late August. FED would reveal what else –besides freezing interest rates for another two years- it has prepared.
Capital.gr had reported recently that central banks have prepared new interventions, due to political instability in both the U.S. and the European Union.
The European Central Bank has continued to buy Spanish and Italian bonds, but it would proceed to further interventions. ECB is very concerned as FED has put subsidiaries of European banks in the U.S., after the sharp decline of capitalization of major banks, which governments are no longer able to support with new funds.
FED is likely to announce a package of interventions by the end of the week, as it did just a year ago announcing the QE 2.
However, expectations for a QE 3 are low, as it is considered unlikely to address the threat of recession with a typical quantitative easing. In any case, the intervention of the two central banks is expected to affect the international capital markets.
(capital.gr)
- Stato