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

[tommy271]

Finnish headache for eurozone



Market worries about the July deal are increasing, with Schaeuble ruling out collaterals

The issue of Finland’s demand from Greece for collateral in order to participate in the new bailout package for Athens will be the focus of Friday’s video conference of the eurozone’s finance ministers, as the International Monetary Fund plans its next loan tranche to Greece for end-September.

The eurozone meeting comes as Finland’s insistence on obtaining guarantees has led markets to increasingly dispute the bloc’s ability to resolve its problems, with Bloomberg reporting yesterday that any collaterals given to Finland or any other country would likely lead Greece to default. That had seemingly been avoided after the July 21 agreement for the second bailout, but it has resurfaced now.

German newspaper Handelsblatt wrote on Thursday that Brussels will reject the deal between Athens and Helsinki on collateral, and that German Finance Minister Wolfgang Schaeuble made it clear to government deputies that the option of Finland securing guarantees was not on the negotiating table.

IMF spokesman David Hawley stated on Thursday that “the Fund’s executive board could be in position to consider approval of the next disbursement toward the end of September.” He added that once the IMF’s mission to Athens completes its review around September 5 and “assuming agreements are in place,” the sixth tranche of the first bailout package would be disbursed at the end of next month. He also said that Eurobonds could contribute to resolving the debt crisis in the eurozone.

In Athens, Finance Minister Evangelos Venizelos stated that “the big hope and the big fight is for the recession to be overcome quickly, so that 2012 can signal the start of a new course for the Greek economy.”

He went on to reject any discussion on value-added tax rates for food catering, which will climb to 23 percent from next Thursday, saying that “it makes no sense, unless we agree first on how the tax-collection mechanism will operate.”

However, 28 food catering chains yesterday issued a warning to Venizelos that 120,000 employees in the sector could become unemployed soon due to the VAT hike.



ekathimerini.com , Thursday August 25, 2011 (23:14)

***
Oggi videoconferenza dei ministri Ecofin.

 

[tommy271]

Germania, Parlamento approverà modifiche Efsf - Altmaier (Cdu)

venerdì 26 agosto 2011 09:05






BERLINO, 26 agosto (Reuters) - Uno dei leader della Cdu tedesca, Peter Altmaier, si è detto stamane sicuro che la coalzione di governo a Berlino avrà autonomamanete la maggioranza per l'approvazione delle modifiche all'Efsf, il fondo salva-stati europeo.
Altmaier ha affermato che la coalizione di governo - Cdu, partito del cancelliere Angela Merkel, e alleati liberali del Fdp - avrà un'ampia maggioranza nel voto parlamentare in calendario per il 23 settembre, bollando come un errore le speculazioni su una possibile rottura su tale questione tra i due partiti, con la necessità per la Cdu di ottenere l'appoggio dell'opposizione per passare le modifice all'Efsf.

 

[tommy271]

Finland abandons Greek collateral deal under German pressure

Today @ 09:24




By Andrew Rettman

Helsinki has abandoned a loan collateral deal with Athens after fellow eurozone countries said it threatened to undo the EU's second Greek bailout.

A contact in Finnish finance minister Jutta Urpilainen's office, speaking on condition of anonymity, told EUobserver on Friday (26 August): "The solution with Greece that we had last week is not valid anymore but negotiations are ongoing for another solution."

The decision comes after German Chancellor Angela Merkel on Wednesday said eurozone countries "should not take unilateral steps in the Greek crisis". Austria and the Netherlands also said they would block the Finnish-Greek deal unless they got similar treatment.

Under the terms of a 21 July pact on the new Greek bailout, all 17 euro-using countries must give consent to top-up bilateral arrangements.

Finland had originally agreed that Greece would place up to €600 million in an escrow account in case it could not pay back the full amount of Finland's €1.4 billion part of the rescue package. Urpilainen back in July indicated that Finland might accept Greek state-owned property instead of cash as a form of guarantee.

Eurozone countries are racing to implement the 21 July deal - which also covers new bond-buying powers for the EU crisis fund, the EFSF - by the end of September in order to restore market confidence in the single currency.

The currency club suffered another setback on Wednesday when the Cypriot parliament's finance committee declined to back government tax hikes.

The committee asked Nicosia's finance minister Kikis Kazamias for more time to prepare amendments.

The development comes as Cyprus risks joining Greece, Ireland and Portugal in seeking eurozone financial support after an explosion at a power plant last month blew a hole in the country's budget.

Opinion-makers have in recent days heaped scorn on the EU's attempts to contain the crisis.

Former German chancellor Helmut Kohl said Merkel has undermined Berlin's "predictability" and "dependability." One-time EU commission president Jacques Delors said the euro is "on the brink." Former US treasury chief Alan Greenspan said it is "breaking down."

For his part, French President Nicolas Sarkozy talked up the problem on a trip to China on Thursday.

"[Chinese President] Hu has made a very definitive declaration about the confidence that he has in the eurozone and in the euro," he told press. "The concerns of President Hu and of the Chinese leadership are of the same nature as those of all the leaders who regard the situation. He is neither more nor less worried."

Chinese state press ahead of the French visit described the euro-crisis as a new form of Black Death - an epidemic which decimated medieval Europe.

"We are certainly worried about the West's economic difficulties," Chinese deputy foreign minister Fu Ying said in a statement posted on the foreign ministry's website last week.

"If European countries can hand-in-hand resolve the problems, the EU will continue to progress and further integrate, otherwise the euro zone could collapse."


(euobserver.com)

 

[Zebro]

Grecia invia lettera formale di richiesta swap debito

venerdì 26 agosto 2011 08:48


ATENE, 26 agosto (Reuters) - La Grecia ha inviato una lettera formale di richiesta ai ministri delle finanze di tutto il mondo in preparazione di un piano di swap del debito, quale parte del suo secondo piano di salvataggio.
Nella lettera, la Grecia prevede che almeno il 90% dei detentori privati di bond greci con scadenza entro il 2014 o 2020 devono partecipare al piano.

"Se queste soglie (o una di essi) non saranno soddisfatte, la Grecia non procederà a nessuna parte della transazione descritta in questa lettera, se essa determina che il contributo totale dei creditori del settore privato per soddisfare le esigenze di finanziamento della Grecia e la sostenibità del debito della Grecia risultante da questa operazione non fosse sufficiente a consentire al settore pubblico di sostenere il nuovo programma pluriennale di aggiustamenti annunciato nel luglio scorso",dice la lettera, secondo una dichiarazione sulla Borsa di Atene.

La Grecia prevede... cioè si augura...
Se no... non procedono... ? Cioè che fanno?

 

[PASTELLETTO]

Finland abandons Greek collateral deal under German pressure

Today @ 09:24




By Andrew Rettman

Helsinki has abandoned a loan collateral deal with Athens after fellow eurozone countries said it threatened to undo the EU's second Greek bailout.

A contact in Finnish finance minister Jutta Urpilainen's office, speaking on condition of anonymity, told EUobserver on Friday (26 August): "The solution with Greece that we had last week is not valid anymore but negotiations are ongoing for another solution."

The decision comes after German Chancellor Angela Merkel on Wednesday said eurozone countries "should not take unilateral steps in the Greek crisis". Austria and the Netherlands also said they would block the Finnish-Greek deal unless they got similar treatment.

Under the terms of a 21 July pact on the new Greek bailout, all 17 euro-using countries must give consent to top-up bilateral arrangements.

Finland had originally agreed that Greece would place up to €600 million in an escrow account in case it could not pay back the full amount of Finland's €1.4 billion part of the rescue package. Urpilainen back in July indicated that Finland might accept Greek state-owned property instead of cash as a form of guarantee.

Eurozone countries are racing to implement the 21 July deal - which also covers new bond-buying powers for the EU crisis fund, the EFSF - by the end of September in order to restore market confidence in the single currency.

The currency club suffered another setback on Wednesday when the Cypriot parliament's finance committee declined to back government tax hikes.

The committee asked Nicosia's finance minister Kikis Kazamias for more time to prepare amendments.

The development comes as Cyprus risks joining Greece, Ireland and Portugal in seeking eurozone financial support after an explosion at a power plant last month blew a hole in the country's budget.

Opinion-makers have in recent days heaped scorn on the EU's attempts to contain the crisis.

Former German chancellor Helmut Kohl said Merkel has undermined Berlin's "predictability" and "dependability." One-time EU commission president Jacques Delors said the euro is "on the brink." Former US treasury chief Alan Greenspan said it is "breaking down."

For his part, French President Nicolas Sarkozy talked up the problem on a trip to China on Thursday.

"[Chinese President] Hu has made a very definitive declaration about the confidence that he has in the eurozone and in the euro," he told press. "The concerns of President Hu and of the Chinese leadership are of the same nature as those of all the leaders who regard the situation. He is neither more nor less worried."

Chinese state press ahead of the French visit described the euro-crisis as a new form of Black Death - an epidemic which decimated medieval Europe.

"We are certainly worried about the West's economic difficulties," Chinese deputy foreign minister Fu Ying said in a statement posted on the foreign ministry's website last week.

"If European countries can hand-in-hand resolve the problems, the EU will continue to progress and further integrate, otherwise the euro zone could collapse."


(euobserver.com)

OOOOOOOOoooooooooooooooooooooohhhh, meno uno

 

[tommy271]

La Grecia prevede... cioè si augura...
Se no... non procedono... ? Cioè che fanno?

Niente swap ... .

 

[tommy271]

OOOOOOOOoooooooooooooooooooooohhhh.

Forse i finlandesi si rimettono a ragionare ...

 

[tommy271]

Greece Sets Out Conditions for Bond Swap



By ALKMAN GRANITSAS

ATHENS—Greece said it won't proceed with a proposed bond-swap deal if private participation in the program falls short of a minimum 90% participation rate.
In a letter sent to foreign governments on Thursday and posted in part on the Athens Stock Exchange websites Friday, Greek Finance Minister Evangelos Venizelos laid out two conditions for Greece to proceed with the deal.
Specifically, that investors holding 90% of all Greek government bonds eligible for the program participate, and including 90% of those bonds maturing between June 30, 2011 and between Aug. 31, 2014.
"If these thresholds (or either of them) are not met, Greece shall not proceed with any portion of the transaction described in this letter if it determines, in consultation with the official sector, that the total contribution of private sector creditors towards the financing needs of Greece and Greece's debt sustainability is insufficient to permit the official sector to support the new multi-year adjustment program for Greece announced on July 21, 2011," the letter said.
The letter was sent to foreign finance ministers asking for their help in compiling data on the amount of Greek government bond's held by financial institutions in their countries.
In July, European Union leaders agreed to a new €109 billion ($156.73 billion) aid program for Greece to cover its financing needs for the next several years. Central to the Greek plan is a distressed-debt exchange whereby the country's private-sector creditors agree to accept new bonds worth less than their original holdings.

 

[tommy271]

Greece may slightly miss 2011 fiscal targets- finmin






ATHENS | Fri Aug 26, 2011 3:35am EDT

ATHENS Aug 26 (Reuters) - Greece may slightly miss its 2011 budget deficit target and not return to growth in 2012 due to deeper than expected recession this year, the country's finance minister said on Friday.
"If we fully and systematically implement the (austerity) measures already agreed and voted, we will be very close to our fiscal target and change the climate," Finance Minister Evangelos Venizelos told lawmakers.
"I am not saying that we will definitely post positive growth, but recession will subside drastically, creating a whole new situation," he added.
Greece targets a budget deficit of 7.6 percent of GDP this year from 10.5 percent in 2010.

 

[tommy271]

UPDATE 2-Greece sets minimum take-up rate for debt swap plan






Fri Aug 26, 2011 3:30am EDT

* Greece sets 90 pct take-up rate as condition for debt swap
* Greece sent formal letter to finance ministers

(Adds Greek bankers)
ATHENS, Aug 26 (Reuters) - Greece said on Friday it would not go ahead with a debt swap crucial to its second bailout if private sector holders of less than 90 percent of the bonds participate, failing to satisfy its international partners.
The statement comes after signs that the debt swap plan is facing delays, with between 60 and 70 percent of bondholders participating so far.
Greece and banking lobby group IIF, which jointly coordinate the debt swap talks, had so far presented the 90 percent participation rate as a simple target and not as a condition.
The condition applies to the holders of Greek bonds maturing by 2014 or 2020, the government said in a letter sent to finance ministers around the world, according to a statement it posted on the web site of the Athens Stock Exchange.
"If these thresholds (or either of them) are not met, Greece shall not proceed with any portion of the transaction described in this letter if it determines, in consultation with the official sector, that the total contribution of private sector creditors towards the financing needs of Greece and Greece's debt sustainability resulting from this transaction is insufficient to permit the official sector to support the new multi-year adjustment programme for Greece announced on July, 2011," the letter said.
According to two senior Greek bankers who spoke on condition of anonymity, the letter is meant as invitation to banks to declare by Sept. 9 their non-binding interest to take part in the bond swap.
"After Sept. 9, there will be a formal invitation to declare binding interest to participate, by early October," one banker said.
According to a second Greek banker, the government has also slightly changed the accounting treatment of the bond value losses to be incurred by bondholders, to make them more favourable for banks.
The IIF downplayed the delay with the scheme on Thursday and said it expected participation would grow as Greece made concrete proposals.
Market players are watching progress on the deal closely, seeing its completion as a key condition for Greece's banking sector to start returning to normal.