Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (1 Viewer)
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tommy271
Forumer storico
German Adviser: We Must Help Greece
By GEOFFREY T. SMITH
LONDON—The euro zone must continue to stand by Greece while it carries out a decade of reforms, but should leave Italy and Spain to put their own houses in order, a top economic adviser to the German government said Wednesday.
Wolfgang Franz, chairman of the independent council of economic advisers to the federal government, also said in a telephone interview that the European Central Bank has seriously compromised itself in starting to buy Italian and Spanish bonds and should stop doing so as soon as possible.
"Italy had high interest rates before joining the euro zone and the world didn't end because of it," Mr. Franz said. "I'm sure that a man like [Finance Minister Giulio] Tremonti is capable of tightening the belt in the right way."
Mr. Franz called the €36 billion ($51.99 billion) spent by the ECB in propping up the Spanish and Italian bond markets "dreadful" and argued that the central bank's intervention had stopped market forces from imposing a healthy discipline on those two countries.
Both Italy and Spain in the meantime have embraced faster and more thorough deficit reduction, and the ECB's intervention has driven their 10-year borrowing costs back down to a level that most economists consider sustainable.
Mr. Franz struck a more conciliatory note vis-a-vis Greece, and said he was "horrified" by the Finnish government's request for collateral against its next tranche of aid, saying that this could cause the whole deal to unravel.
"This is a discussion that should be ended as soon as possible," he said. "This is the exact opposite of solidarity.
"The Greeks have said they will do everything possible and we have to give them time. These are hard measures that they are implementing and I wouldn't like to imagine the reaction if we had to implement them in Germany."
He said it may take "up to 10 years to get Greece back on its feet," and that, if official creditors are unsure about getting their money back, then they should impose bigger haircuts on private creditors.
"That way we get those who have profited from the trade over the years to pay for it," Mr. Franz said.
He was critical of the July deal endorsed by the euro zone's leaders, under which banks would only write off 21% of their claims.
Before that meeting, Mr. Franz and the rest of the "Five Wise Men," as the council is called, had proposed in an open letter to the German government that the face value of Greece's debt needed to be cut in half to return to a sustainable trajectory. It had proposed exchanging all Greek government bonds for bonds of the European Financial Stability Fund.
Anecdotal reports suggest banks and investors who hold Greek debt have been slow to embrace the proposal.
Mr. Franz said a more robust approach could be necessary, even if that put Greece into default. He argued that this wouldn't be incompatible with its staying in Europe's currency union.
"I would ask the government to reconsider our proposal," Mr. Franz said. "If the banks pull back from what was agreed, that would be a cause for the EU council to think about a proper haircut."
Elsewhere in the interview, Mr. Franz remained relatively upbeat about the German economy, despite data showing that it nearly came to a standstill in the second quarter. Mr. Franz's own ZEW institute's indicator of expectations for the economy hit a 32-month low Tuesday. He said he still expects growth of 3% this year and just under 2% next year.
(The Wall Street Journal)
By GEOFFREY T. SMITH
LONDON—The euro zone must continue to stand by Greece while it carries out a decade of reforms, but should leave Italy and Spain to put their own houses in order, a top economic adviser to the German government said Wednesday.
Wolfgang Franz, chairman of the independent council of economic advisers to the federal government, also said in a telephone interview that the European Central Bank has seriously compromised itself in starting to buy Italian and Spanish bonds and should stop doing so as soon as possible.
"Italy had high interest rates before joining the euro zone and the world didn't end because of it," Mr. Franz said. "I'm sure that a man like [Finance Minister Giulio] Tremonti is capable of tightening the belt in the right way."
Mr. Franz called the €36 billion ($51.99 billion) spent by the ECB in propping up the Spanish and Italian bond markets "dreadful" and argued that the central bank's intervention had stopped market forces from imposing a healthy discipline on those two countries.
Both Italy and Spain in the meantime have embraced faster and more thorough deficit reduction, and the ECB's intervention has driven their 10-year borrowing costs back down to a level that most economists consider sustainable.
Mr. Franz struck a more conciliatory note vis-a-vis Greece, and said he was "horrified" by the Finnish government's request for collateral against its next tranche of aid, saying that this could cause the whole deal to unravel.
"This is a discussion that should be ended as soon as possible," he said. "This is the exact opposite of solidarity.
"The Greeks have said they will do everything possible and we have to give them time. These are hard measures that they are implementing and I wouldn't like to imagine the reaction if we had to implement them in Germany."
He said it may take "up to 10 years to get Greece back on its feet," and that, if official creditors are unsure about getting their money back, then they should impose bigger haircuts on private creditors.
"That way we get those who have profited from the trade over the years to pay for it," Mr. Franz said.
He was critical of the July deal endorsed by the euro zone's leaders, under which banks would only write off 21% of their claims.
Before that meeting, Mr. Franz and the rest of the "Five Wise Men," as the council is called, had proposed in an open letter to the German government that the face value of Greece's debt needed to be cut in half to return to a sustainable trajectory. It had proposed exchanging all Greek government bonds for bonds of the European Financial Stability Fund.
Anecdotal reports suggest banks and investors who hold Greek debt have been slow to embrace the proposal.
Mr. Franz said a more robust approach could be necessary, even if that put Greece into default. He argued that this wouldn't be incompatible with its staying in Europe's currency union.
"I would ask the government to reconsider our proposal," Mr. Franz said. "If the banks pull back from what was agreed, that would be a cause for the EU council to think about a proper haircut."
Elsewhere in the interview, Mr. Franz remained relatively upbeat about the German economy, despite data showing that it nearly came to a standstill in the second quarter. Mr. Franz's own ZEW institute's indicator of expectations for the economy hit a 32-month low Tuesday. He said he still expects growth of 3% this year and just under 2% next year.
(The Wall Street Journal)
Zebro
Valar dohaeris
giub
New Membro
Yunus80
Del PIG non si butta nulla
No, mi spiace ma sbagli anche tu. Le cedole non erano grasse nè ricche, bensì ghiotte...
giub
New Membro
No, mi spiace ma sbagli anche tu. Le cedole non erano grasse nè ricche, bensì ghiotte...
adesso manca gaudente a sferzare il colpo di grazia
tommy271
Forumer storico
Ci salviamo solo per l'illiquidità dei titoli ...
Salvo qualche situazione, rimane tutto impantanato: difficile da vendere, difficile da comprare...
russiabond
Il mito, la leggenda.
e' vero quello che dici, ma e' anche vero che praticamente QUALSIASI stato non ha i soldi per andare avanti da solo neanche un anno senza vendere nuovi bond per ripagare i vecchi in scadenza (l'italia, con 300MLD all'anno da rimborsare e 2MILA mld di debito, se domani non vende piu' i bot, quanto dura?
poi ci sarebbe anche da dire che , se i semestrali al 4,5% greci vanno a ruba, probabilmente un biennale al 7% sarebbe ugualmente andato a ruba, pero' la grecia e' stata piu' furba...perche' andare sul mercato se ci pensa il contribuente europeo a prestare i soldi al 4% (meno di quanto paga l'italia per rinnovare i BTP..)?
perche' deve vendersi le sue aziende? perche' deve raggiungere gli obiettivi imposti dalla UE ? a giugno la tranche era in dubbio per il mancato raggiungimento degli obiettivi, ma i soldi li ha ricevuti ugualmente e in premio ha ricevuto un SECONDO salvataggio di 110MLD e addirittura i soldi che doveva restituire alla UE tra pochi anni, sono stati allungati quasi al 2030!
l'europa ci doveva pensare prima, non ha saputo gestire la cosa, il primo salvataggio non e' servito a niente...e' stato solo un trasferimento di circa 60MLD dagli stati alle banche che hanno ricevuto i rimborsi di tutti i 2010 e i 2011 visto che pure quello di agosto ormai fa parte del passato
ormai il contribuente europeo DEVE continuare a pagare le mie cedole e i miei rimborsi . anche i finlandesi
Su questi punti ...concordo in toto con il collega AAAA47....questa passerà alla storia come sono passate altre giornate de mxxrda...sulla Grecia
si sono incastrati da soli a breve non salta un bel nulla ...poi più avanti ...non si sà ...ma il casino che hanno conbinato ...pure la Fikandia si è messa in mezzo adesso ...lo devono sistemare loro ...non salta nulla altrimenti salta tutto ..altro che una fabbrica di Auto ...qua salta tutto il concetto di Europa ...uno dietro l'altro come birilli...vengono giù tutti gli stati ...non possono pretendere oltre quello che già hanno fatto i Greci ...
ora hanno fatto un accordo per tirarla fuori ..io credo nel Default ma non adesso ...troppo presto...da qui si riparte con il piano swap dei bonds ...e poi il futuro dirà quando salterà la Grecia ma a breve con un accordo fatto poco più di un mese fà ....non fanno fallire nulla ...
Come al solito chi vivrà vedrà...
giub
New Membro
Infatti siamo già a 79
e l'hai presa???
Non vorrei dirtelo, ma adesso è in lettera sul tlx a 77,8.....e ce ne è a bizzeffe...
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