Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (2 lettori)

[tommy271]

Sempre noti dolenti dalla Grecia in una giornata, tutto sommato, abbastanza tranquilla sul fronte periferico.
Una tempesta in un bicchier d'acqua? Oppure le prove generali per settembre?
Poco le novità rilevanti, tutte legate alla vicenda finlandese che alimenta la sola speculazione.
In buona tenuta e recupero le posizioni irlandesi che si trovano intorno ai minimi degli ultimi mesi.
Ieri la Germania ha emesso il nuovo decennale al 2,5% con risultati discreti ma non convincenti, l'Italia è anch'essa attesa al varco con il nuovo titolo a 10 anni al 5%.
La BCE continua nella sua campagna acquisti, ma in forma più debole dopo aver stabilizzato i corsi. Tensioni sui trentennali italiani, dove l'intervento risulta meno sensibile. I CDS continuano ad essere sopra i livelli di guardia.

Grecia 1609 pb. (1522)
Portogallo 928 pb. (918)
Irlanda 709 pb. (724)
Italia 287 pb. (289)
Spagna 283 pb. (287)
Belgio 176 pb. (179)

 

[tommy271]

Secret media fund to be scrapped



'Classified expenditures' file to be scrapped, government spokesman says Ilias Mosialos

A law that has existed since military dictators ruled Greece and which allows a government department responsible for media relations to use up to 600,000 euros of public money each year without having to record how the cash is distributed will be repealed, the government said on Wednesday.
Government spokesman Ilias Mosialos, who is also responsible for media-related issues in his role as minister of state, said that the “classified expenditures” operated by the General Secretariat for Media, Communication and Information would cease in a bid to improve transparency and to boost state coffers.
“The use of secret funds by the services involved do not serve under any circumstances the national or public interest, which would have justified their existence,” he said, adding that the existence of these payments fuelled rumors about some journalists and publishers being in the pay of successive governments.
“They undermined the work of the general secretariat and left them open to criticism about manipulation,” said Mosialos.
The government official said that between 175,000 and 600,000 euros had been diverted each year via these clandestine accounts but hardly any records were kept of how the money was spent, while those records that were kept were later destroyed.
The government has not used the accounts since it came to power in 2009, added Mosialos.
The practice of secret payments had been enshrined in law in December 1970, when Greece was in the grip of a junta. The legislation allowed clandestine payments to be made if they were deemed to be “in the national interest.”
Mosialos said that he would unveil by the end of September more proposals about how the general secretariat could save more money, such as limiting the travel expenses of ministry officials when meeting media representatives in Greece and abroad.


ekathimerini.com , Wednesday August 24, 2011 (22:57)

***
Anche in Italia esistono fondi in dotazione agli organismi di sicurezza che non vengono contabilizzati e che rimangono soggetti ad abusi.
In tutto il dibattito sui "costi" della politica questi non sono stati nemmeno sfiorati.

 

[tommy271]

The damage done between Helsinki and Athens

By Jens Bastian*

The bilateral agreement between Greece and Finland regarding the provision of cash collateral by Athens to Helsinki to guarantee its share of EFSF loans sets a dangerously disruptive precedent for the future coherence of the eurozone’s rescue mechanism. Cutting deals between Helsinki and Athens not only imperils the implementation of the complex second bailout package for Greece, it opens the door for beggar-thy-neighbor arrangements which other countries party to the package will want to agree with Athens. This may provoke a rush for competitive bilateral deals that undermine the principles of the agreement arrived at during the July 21 EU summit. Already, the siren songs from Germany, the Netherlands and Austria can be heard, suggesting that government policymakers in Berlin, The Hague and Vienna want to be in on similar back-room deals.

It is also instructive to highlight the fact that for all intents and purposes, it was a member of the eurozone’s wealthy northern periphery that first engaged in such deal-making with its debt-laden southern peer. Already the queue is forming, with Slovenia and Slovakia calling for similar cash collateral clauses with Athens. It is only a matter of time before others such as Cyprus, Estonia or Belgium join the queue and seek to emulate the Finnish approach.

In the runup toward a second Greek rescue package, Germany and France invested far too much political capital on private sector involvement, i.e. burden-sharing from banks, insurance companies and pension funds. By contrast, smaller member states such as Finland introduced a new twist to the debate over further financial assistance for Athens. Helsinki raised the issue of how commitments and preconditions should not depend only on the goodwill of erratic Greek policymakers. Finland demanded the provision of manifest guarantees, i.e. cash collateral in return for new loan programs.

This new element in the architecture of Greek bailout packages was officially sanctioned during the recent EU summit. Despite the emerging wave of criticism, the Finnish demand for collateral is only a technical tail end of a two-year Greek tragedy that highlights the thin ice on which any notions of and appeals for European solidarity are skating. The damage to Greece’s reputation is already evident. Damage-limitation mode will quickly become the order of the day in Brussels as a comprehensive and credible solution for the eurozone is yet again in the process of unravelling.


* Jens Bastian is a German citizen currently working as a visiting fellow for the political economy of Southeast Europe at St Antony’s College, Oxford, UK. He is also senior economic research fellow at the Hellenic Foundation for European and Foreign Policy (ELIAMEP), an Athens-based think tank.


ekathimerini.com , Wednesday August 24, 2011 (18:59)

***
Commento.

 

[tommy271]

IL PUNTO SULLO SWAP E LE NUOVE MISURE SULL'IVA



ANA-MPA/Government Vice President and Finance Minister Evangelos Venizelos on Monday said the process of exchanging Greek bonds possessed by private investors is at an advanced stage, and is expected to be completed in the first two weeks of October.
Venizelos pointed out that implementation of the decisions of the July 21 Eurozone summit will change developments to the benefit of the Greek economy, while referring to the country's commitments regarding structural changes, he said they will take place normally without political costs taken into consideration.
Meanwhile, following a meeting with productive and social partners focusing on the tax system, Venizelos said discussions over tax rates is barren "if we do not solve the issue of a VAT collection mechanism."
Referring to increased VAT rates for restaurants, eateries and cafes as lf Sept. 1 -- from 13 percent to 23 percent -- he clarified that it is valid, but special care will be taken for tourism businesses.ana-mpa
"The economy and society cannot tolerate more fragmented arrangements and ineffective measures. The weak market can no longer respond to either normal or extraordinary tax measures that are being imposed without any limit," the president of the National Confederation of Trade, Vassilis Korkidis, said after the meeting with Venizelos.
Athens Chamber of Commerce and Industry president Constantine Mihalos added that the government "must proceed with the complete overhaul of the country's tax system and enact a simple, stable, fair and development-based tax system ... as well as lifting a series of investment counter-incentives."


(ana.gr)

 

[tommy271]

ANDAMENTO OCCUPAZIONALE



ANA-MPA/The number of registered unemployed people totaled 699,658 in July, the Manpower Employment Organization (OAED) announced on Tuesday, which translates into an increase of 1.82 percent in comparison with June 2011.
The agency, in a report, said that 41.30 percent of unemployed people are men (288,961) and 58.70 percent women (410,697).
Unemployment in the 30-54 age group accounted for 62.70 percent of registered unemployment in the country; in the age group below 30 the rate was 28.09 percent, while in the age group above 55 the rate was 9.21 percent.
Greek citizens accounted for 93.05 percent of unemployed people, while non-EU third country nationals accounted for 5.68 percent and EU citizens 1.27 percent.
The number of wage-earners receiving unemployment benefit totaled 205,534 in July, up 3.64 percent from June. New hirings totaled 81,773, down 19.86 percent in comparison with June 2011 and down 12.07 percent compared with July 2010. Lay-offs totaled 55,520 in July, down 23.20 percent from June 2011 and 11.20 percent down from July 2010


(ana.gr)

 

[tommy271]

Bond euro aprono in calo su attesa misure stimolo monetario Fed

giovedì 25 agosto 2011 08:49






LONDRA, 25 agosto (Reuters) - Apertura in calo per i futures
Bund, che si allontanano dai recenti massimi in attesa
dell'intervento di domani del presidente della Fed Ben Bernanke
al simposio annuale della banca centrale Usa a Jackson Hole, da
cui potrebbero essere annunciate nuove misure di stimolo
monetario all'economia.

Negli ultimi giorni la speculazione su una possbile nuova
tornata del programma della Fed di acquisto di titoli di stato
ha sostenuto le borse, ma potrebbe costare domani al mercato
qualche delusione.

"Le aspettative che Bernanke possa presentarsi con qualche
iniezione di sostegno alla fiducia del mercato sembrano
mantenersi piuttosto alte" nota lo strategist di Commerzbank
David Schnautz. "Noi vediamo qualche buona possibilità che,
specie dopo il recente rimbalzo degli asset più rischiosi, ci
possa essere un ridimensionamento delle aspettative man mano che
ci si avvicina all'evento. Cosa che a sua volta dovrebbe dare
una mano ai Bund".

I futures Bund hanno ceduto circa 2 punti rispetto al nuovo
record della settimana scorsa, pur mantenendosi ancora sui
vecchi massimi fatti segnare a fine 2010.

 

[tommy271]

Credit Agricole: -10% utile II trimestre, pesa effetto Grecia


(Radiocor)

Svalutazioni per 640mln su titoli e filiale Emporiki

Parigi 25 ago - Il Credit Agricole ha accusato nel secondo trimestre una flessione del 10,6% dell'utile netto di competenza a 339 milioni, in seguito a oneri per 640 milioni legati alla Grecia. La svalutazione di titoli pubblici ha pesato per 202 milioni, mentre la svalutazione della filiale greca Emporiki e' costata 494 milioni. Il margine di intermediazione si e' attestato a 5,53 miliardi (+1,1%) e il risultato operativo lordo a 2,2 miliardi, in crescita del 6,6%. Le due cifre rappresentano un record storico per il gruppo.

 

[tommy271]

TEXT-Fitch: Lessons from the Baltic states for the Euro area periphery






Thu Aug 25, 2011 3:28am EDT

(The following statement was released by the ratings agency)



Aug 25 - In a newly published report, Fitch Ratings examines the parallels between the experience of the Baltic States' (Estonia, Latvia and Lithuania) economic adjustment and return to growth and the current situation in the euro area periphery.
Estonia, Latvia and Lithuania faced severe economic crises in 2008-09 and have shown that although it was painful to correct large macroeconomic imbalances and return to growth with a fixed euro exchange regime, it was not impossible," says Michele Napolitano, Associate Director in Fitch's Sovereign team.
"However, parallels appear overall to be much closer with Ireland than Greece or Portugal, due to its more flexible labour market, open economy and attractive business investment environment," adds Napolitano.
In all six countries, current account deficits soared in the years prior to the crisis, mainly as a result of rapid growth in credit and domestic demand combined with a rise in unit labour costs relative to main trading partners.
The Baltic States have unwound their large external imbalances through domestic demand contraction, a decline in inflation and wage growth relative to trading partners. This "internal devaluation" was a painful process: these countries suffered a cumulative real GDP contraction of 18% in 2008-09. However, in 2011 their economies are recording fast rates of GDP growth, driven by a strong export performance. External competitiveness and confidence in their solvency have also been restored.
With a fixed nominal exchange rate, the peripheral euro area countries can only gain competitiveness over the medium term if they allow price and wage levels to decline. Indeed, the IMF-EU programmes advocate this type of adjustment to restore competitiveness in those countries. However, as Fitch has noted before, this will be extremely challenging.
Some of the lessons from the Baltic States are that severe macroeconomic adjustments are more likely to succeed where economies are open and flexible, the authorities undertake decisive and early fiscal austerity measures including cuts in public wages, there is strong social cohesion and political consensus behind austerity, and external support is provided to underpin confidence in banks where necessary.
Today's report focuses on Greece, Ireland and Portugal which have EU/IMF programmes, although some of the lessons are also relevant to Spain. Entitled "The Euro Area Crisis: Lessons from the Baltic States", it is available at FitchResearch
Link to Fitch Ratings' Report: The Euro Zone Crisis: Lessons from the Baltic States
here

 

[StockExchange]

Ma c'è un fondo o no?
Ma che bella apertura di m.da per la 2019 6,5%.
Denaro a 44,7 sul tlx....

 

[StockExchange]

C'è qualcosa che non sappiamo o è il panico che continua?