Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (8 lettori)

[tommy271]

Reform vow fuels hope and ire



EU encouraging, Merkel reserved as gov't insists it will impose tough reforms on public sector

Foreign officials on Wednesday issued cautious messages of support following a pledge by Finance Minister Evangelos Venizelos to accelerate reforms, kick-start an ambitious privatization program and proceed with massive cutbacks to Greece’s grossly indebted public sector.
A European Commission spokesman welcomed the government’s calls for fast-tracking reforms. “It shows that some additional work did need to be done,» said Amadeu Altafaj-Tardio. “The European Commission is pleased that work under way has been speeded up,” he said.
German Chancellor Angela Merkel’s support was less direct but clear. “The euro cannot be allowed to fail, it won’t fail,” said Merkel, who earlier in the week had been criticized by her predecessor Gerhard Schroeder for her handling of the Greek crisis.
Late on Tuesday, Venizelos had sought to appease growing impatience among Greece’s foreign creditors by promising to push through reforms that are a prerequisite if Athens is to receive a sixth tranche of rescue funding and remain solvent. The minister caused a stir by setting the scene for wage cuts and dismissals across the public sector by saying that all employees of the civil service would be liable for “labor standby status” which would see them receiving just 60 percent of their basic salary for 12 months before their status is reassessed.
The plans for overhauling the public sector prompted passionate reactions on Wednesday - from politicians and unions. According to sources, most of the Cabinet is behind Venizelos on trimming the state sector. Health Minister Andreas Loverdos remarked to a parliamentary committee that, “1 million employees have been burdening the other 10 million.” “The fact that civil service positions are permanent is what got us into this mess in the first place,” he said.
The civil servants’ union, ADEDY, reacted to the news of the imminent onslaught on their sector with an angry statement, noting that Venizelos’s announcement signaled “immediate sackings” in the civil service and that the government’s broader austerity drive would lead to “the breakdown of public services and what is left of the welfare state.”
Venizelos avoided making additional statements on Wednesday, following Tuesday’s bombshell, but opposition politicians intensified their criticism of the government’s austerity drive.
One exception was Sotiris Hatzigakis, an MP of conservative New Democracy and former justice minister, who broke with his party line by suggesting that ND support socialist PASOK’s efforts to extricate the country from its debt crisis.
Earlier in the day, ND’s party spokesman Yiannis Michelakis accused the government of “suddenly rushing to implement everything that it had been trying to avoid but had previously committed to” with the country’s international creditors.


ekathimerini.com , Wednesday September 7, 2011 (23:17)

 

[tommy271]

Competitiveness keeps sliding




The unfavorable economic climate and delays in reform measures in key sectors and public services led Greece further down the list of 142 countries in the Global Competitiveness Report 2011-2012, released on Wednesday by the World Economic Forum.
Greece is in 90th position - the lowest among EU states - down seven places from 2010 and 19 from 2009.
The report finds the country’s position has deteriorated in nearly all its indices - including those of red tape, infrastructure, labor market and credit - apart from higher education and training. Despite recent improvements, bureaucracy in particular remains the strongest inhibiting factor for entrepreneurship in Greece, the report found. The second most important obstacle was lack of access to credit, followed by corruption and tax legislation, the latter of which changes with great frequency. Political instability and high tax rates figured next.
“The evaluation of public institutions (e.g. effective governance, corruption, abuse of power) continues to be bad, resulting in Greece’s ranking in 89th position (in this respect),” noted the report.






ekathimerini.com , Wednesday September 7, 2011 (22:37)

 

[tommy271]

Workers launch new wave of strikes



Taxi drivers, tax collectors, doctors, garbage collectors all up in arms

Taxi drivers, tax collectors, doctors and garbage collectors all signaled a new round of strike action on Wednesday in response to government pledges for the swifter enforcement of austerity measures.
Taxi drivers called a 24-hour strike, to begin at 5 a.m. on Thursday, and hinted at more action on Saturday, after the government refused to amend legislation opening up their sector to competition. According to the bill, which is to be submitted in Parliament next month, anyone will be able to apply for a taxi drivers’ license - as long as they do not have a criminal record, speak good Greek and pay an application charge, to be set somewhere between 15,000 and 30,000 euros. Assuming that the legislation is voted through Parliament, the first new licenses will be issued by the end of the year.
Cabbies - who vehemently object to the reforms, complaining that there are already too many taxis on Greek roads - caused havoc to the crucial tourism sector last month by not only striking for two-and-a-half weeks but also blocking ports, airports and roads.
The taxi drivers’ sector is not the only one up in arms over austerity. Tax collectors called a 48-hour strike for next Monday and Tuesday, protesting plans by the government to suspend civil servants with reduced pay for 12 months.
Doctors, protesting planned cutbacks, are to start a two-day walkout on Thursday.
Municipal garbage collectors are to start rolling 48-hour work stoppages on Sunday, calling for the reinstatement of colleagues whose short-term contracts have expired. And state school teachers are also to start rolling strikes from September 22.


ekathimerini.com , Wednesday September 7, 2011 (23:10)

 

[tommy271]

Mentre ci avviciniamo alla data per l'avviso di adesione allo swap i nostri titoli GGB continuano a macinare perdite mentre il resto dei periferici riesce a guadagnare qualcosa.
La Borsa di Atene ieri ha registrato un quasi + 8%.
Sempre ieri abbiamo saputo che i titoli scambiati alla Borsa di Atene durante il mese di agosto sono stati appena 45 MLN. Uno sputo ... due anni fa eravamo a scambi intorno ai 20 MLD mensili, solo questa primavera si erano ridotti a 1 MLD mensili. Questo dovrebbe essere un argomento di riflessione.
Oggi non sono certissimo dei dati sugli spread, dato che non riesco ad aprire correttamente la pagina del "Financial Times" dove sono riportate le chiusure ufficiali.

Grecia 1869 pb. (1758)
Portogallo 911 pb. (919)
Irlanda 691 pb. (702)
Italia 335 pb. (365)
Spagna 312 pb. (339)
Belgio 215 pb. (234)

 

[tommy271]

Fee for Greek collateral is chief issue -sources






BRUSSELS, Sept 7 | Wed Sep 7, 2011 1:29pm EDT

BRUSSELS, Sept 7 (Reuters) - Countries that want collateral from Greece are likely to have to settle for a lower or even no share of eventual profits from the EFSF, the euro zone's bailout fund, euro zone sources said on Wednesday.
Finland appeared broadly to have accepted this, but Slovenia and Slovakia wanted collateral without any form of penalty, two sources said.
Euro zone leaders agreed in July to guarantee more lending to Greece to allow the debt-laden country to avoid a default, but Finland's parliament decided it would have to get collateral for any new loan guarantees made.
Austria, the Netherlands, Slovakia and Slovenia said that, if Finland received collateral, then they wanted it too.
The topic will be on the agenda of an informal meeting of euro zone and European Union ministers, called the Ecofin, on Sep. 16 in Poland.
Euro zone sources said on Tuesday that a solution may not be agreed until the end of September because of its legal complexity.
A euro zone source said that, during talks to prepare for the Ecofin meeting, there was broad agreement that countries receiving collateral would have to accept a lower share of EFSF profits.
The collateral would not take the form of cash and could not be immediately seized by its holder.
Austria and the Netherlands supported this idea and were likely to drop their demands for collateral, euro zone sources said.
Finnish Prime Minister Jyrki Katainen reiterated Finland's demand for collateral in exchange for loans on Wednesday, and said Finland could drop out of the bailout if this demand was not met.
A Finnish government source confirmed the idea of collateral recipients getting lower EFSF returns had been proposed, but said that Finland had not yet agreed any specific terms.
Matti Hirvola, a special adviser at the finance ministry, said negotiations were still going on over the collateral issue and it was hard to say what the final deal would involve.


***
La complessa partita dei collaterali chiesti inizialmente dalla Finlandia.
I "tecnici" stanno facendo un buon lavoro.

 

[tommy271]

Exclusive: Greece must make up slippage to get more aid: sources






By Jan Strupczewski
BRUSSELS | Wed Sep 7, 2011 2:15pm EDT



BRUSSELS (Reuters) - Greece will have to compensate for slippage on its budget deficit target this year in the 2012 budget and in other areas of reform agreed with international lenders to get the next aid tranche, euro zone sources said.
German Finance Minister Wolfgang Schaeuble said on Tuesday Greece would not receive the next, 8 billion euro ($11 billion) tranche of aid due in September if inspectors from the IMF, ECB and European Commission did not give Athens a positive review on reforms set out in the emergency loan program.
The group's inspectors, called the Troika, are to return to Athens on Sep. 14 after a 10-day break, during which Greece is to prepare the necessary adjustments.
"If there is no positive report from the Troika, there can be no disbursement of the sixth tranche," one euro zone official involved in the talks said, echoing the German stance.
But Greece's budget gap this year will be at least one percentage point of gross domestic product higher than the 7.6 percent agreed in its emergency loan program, only a quarter of which is due to a deeper than expected recession, according to a source close to the inspectors.
This could make it impossible for Greece to satisfy the inspectors, unless Athens offer something else in compensation.
"It is clear there is no way they can make up for that in 2011 because there is only three months left," the euro zone official said. "But compensation has to be there, and there can be no revision of the general targets that are defined within the program."
"There can be absolutely no question of revising any of the targets, the dates by which they need to be achieved, there can be absolutely no question of that."
Euro zone officials preparing the next meeting of European Union finance ministers on Sep. 16 discussed the Greek budget slippage on Monday and there was growing exasperation with the inability of Athens to deliver on agreed measures.
"We need a very clear explanation of how this is going to be delivered because we are getting sick and tired of having the same discussion every three months," the official said.
"The reassurances we need are not just some numbers on paper ... We need clear signals that they are capable of that -- capable and willing," the official said.
This will mean Greece will have to take action in the next few weeks, rather than just making more promises.
"Euro zone ministers will only agree to release the next tranche if they believe that this time Greece will deliver," a second euro zone official involved in the talks said.
To convince the euro zone, Greece should move more state assets into its privatization fund and push through legislation to pave the way for agreed structural reforms that will save money for the budget.
It should also stick to the deficit targets originally envisaged for 2012, effectively compensating for the 2011 slippage in the 2012 plan, to stay on course.
"The current Greek 2012 budget is not terribly ambitious, there is room for improvement there," the second source said.
Officials said Greece had roughly a month to convince the European Union, European Central Bank and International Monetary Fund inspectors that it was serious about its obligations, before the next disbursement is to take place.
But they also said some Greek politicians were playing dare with the euro zone, convinced the bloc would not let the country default and at the same time believing that austerity now would not bring improvement later, therefore it was not worth the pain.
"Greece may want to test the euro zone," the second euro zone source said.
Two sources said Germany warned Greece at the preparatory meeting on Monday that it was preparing a Plan B, if Athens did not meet the program criteria, but the Germans did not specify what they meant by it.
Several euro zone officials doubted that Berlin could move as far as letting Greece default.
"I guess it is arm twisting. But the Greek have a rare capacity to underperform which irritates a large number of people in euro zone finance ministries," a third euro zone source said. lol

 

[tommy271]

Bond euro aprono in rialzo, attesa per indicazioni Bce su tassi

giovedì 8 settembre 2011 08:55




LONDRA, 8 settembre (Reuters) - Apertura di seduta in
terreno positivo per i futures Bund, in attesa della riunione
odierna del direttivo Bce, da cui potrebbero arrivare
indicazioni su una sospensione del ciclo di rialzo dei tassi di
interesse partito cinque mesi fa.

Un cambio di rotta che potrebbe essere favorito dalla
probabile revisione al ribasso delle stime di crescita e
inflazione che gli economisti della banca centrale
comunicheranno oggi.

D'altra parte, come segnalano alcuni operatori, esistono
margini di delusione per il mercato, visto che i tassi forward
indicano già aspettative addirittura per un taglio del costo del
denaro a fine anno.

"Il rischio è che il mercato possa rimanere temporaneamente
deluso se non ci sarà un pieno ribaltamento del ciclo in un solo
meeting, anche se è improbabile che ci saranno vendite drastiche
(sui Bund)" spiega un trader da Londra.

D'altra parte le preoccupazioni che continuano a ruotare
attorno alla crisi debitoria europea forniranno ancora sostegno
alla carta tedesca, nonostante le prospettive di uno stop alla
fase di stretta monetaria.

"I toni di oggi della Bce dovrebbero confermare che la parte
breve della curva rimarrà ancorata mentre ogni variazione
dell'inclinazione sarà determinata probabilemnte dalle scandeze
lunghe. Nel breve vedo una curva (tedesca) in appattimento",
spiega lo strategist di Credit Agricole Orlando Green.

 

[tommy271]

Gli indicatori ellenici dello spread sono ancora scassati ... funziona solo Bloomberg che segnala 1812 pb.

 

[StockExchange]

Exclusive: Greece must make up slippage to get more aid: sources






By Jan Strupczewski
BRUSSELS | Wed Sep 7, 2011 2:15pm EDT



BRUSSELS (Reuters) - Greece will have to compensate for slippage on its budget deficit target this year in the 2012 budget and in other areas of reform agreed with international lenders to get the next aid tranche, euro zone sources said.
German Finance Minister Wolfgang Schaeuble said on Tuesday Greece would not receive the next, 8 billion euro ($11 billion) tranche of aid due in September if inspectors from the IMF, ECB and European Commission did not give Athens a positive review on reforms set out in the emergency loan program.
The group's inspectors, called the Troika, are to return to Athens on Sep. 14 after a 10-day break, during which Greece is to prepare the necessary adjustments.
"If there is no positive report from the Troika, there can be no disbursement of the sixth tranche," one euro zone official involved in the talks said, echoing the German stance.
But Greece's budget gap this year will be at least one percentage point of gross domestic product higher than the 7.6 percent agreed in its emergency loan program, only a quarter of which is due to a deeper than expected recession, according to a source close to the inspectors.
This could make it impossible for Greece to satisfy the inspectors, unless Athens offer something else in compensation.
"It is clear there is no way they can make up for that in 2011 because there is only three months left," the euro zone official said. "But compensation has to be there, and there can be no revision of the general targets that are defined within the program."
"There can be absolutely no question of revising any of the targets, the dates by which they need to be achieved, there can be absolutely no question of that."
Euro zone officials preparing the next meeting of European Union finance ministers on Sep. 16 discussed the Greek budget slippage on Monday and there was growing exasperation with the inability of Athens to deliver on agreed measures.
"We need a very clear explanation of how this is going to be delivered because we are getting sick and tired of having the same discussion every three months," the official said.
E pure io....

"The reassurances we need are not just some numbers on paper ... We need clear signals that they are capable of that -- capable and willing," the official said.
This will mean Greece will have to take action in the next few weeks, rather than just making more promises.
"Euro zone ministers will only agree to release the next tranche if they believe that this time Greece will deliver," a second euro zone official involved in the talks said.
To convince the euro zone, Greece should move more state assets into its privatization fund and push through legislation to pave the way for agreed structural reforms that will save money for the budget.
It should also stick to the deficit targets originally envisaged for 2012, effectively compensating for the 2011 slippage in the 2012 plan, to stay on course.
"The current Greek 2012 budget is not terribly ambitious, there is room for improvement there," the second source said.
Officials said Greece had roughly a month to convince the European Union, European Central Bank and International Monetary Fund inspectors that it was serious about its obligations, before the next disbursement is to take place.
But they also said some Greek politicians were playing dare with the euro zone, convinced the bloc would not let the country default and at the same time believing that austerity now would not bring improvement later, therefore it was not worth the pain.
"Greece may want to test the euro zone," the second euro zone source said.
Two sources said Germany warned Greece at the preparatory meeting on Monday that it was preparing a Plan B, if Athens did not meet the program criteria, but the Germans did not specify what they meant by it.
Several euro zone officials doubted that Berlin could move as far as letting Greece default.
"I guess it is arm twisting. But the Greek have a rare capacity to underperform which irritates a large number of people in euro zone finance ministries," a third euro zone source said. lol

.

 

[StockExchange]

Qualcuno sa cosa capzo ha il mot che non va? In particolare sulla 2014 5,5%
Denaro vuoto e non ci si può neanche mettere in denaro.
Non prende ordini. E non per i filtri di borsa. Non li prende proprio.