Zebro
Valar dohaeris
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Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (14 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Zebro
Valar dohaeris
Ricatto alla Grecia: privatizzate o niente soldi
L'articolo qui riprodotto è in forma ridotta sará disponibile dal giorno 09 Settembre 2011 12:00:00
La Grecia non può uscire né tantomeno essere espulsa dal sistema dell’euro. I trattati europei, in particolare quello di Lisbona non lo contemplano. Il portavoce del commissario europeo all’Economia e alla moneta, il finlandese Olli Rehn, ha ribadito che la partecipazione di Atene alla moneta unica è irreversibile. Non ci sono le premesse giuridiche e politiche, ha insistito il portavoce. Resta il fatto, dice Bruxelles che il governo di Papandreou dovrà utilizzare bene i giorni che gli restano, prima del ritorno del ritorno della delegazione dell’Unione europea, della Bce e del Fmi, per attuare compiutamente tutte le misure liberiste richieste.
Articolo letto: 129 volte (08 Settembre 2011)
L'articolo qui riprodotto è in forma ridotta sará disponibile dal giorno 09 Settembre 2011 12:00:00
La Grecia non può uscire né tantomeno essere espulsa dal sistema dell’euro. I trattati europei, in particolare quello di Lisbona non lo contemplano. Il portavoce del commissario europeo all’Economia e alla moneta, il finlandese Olli Rehn, ha ribadito che la partecipazione di Atene alla moneta unica è irreversibile. Non ci sono le premesse giuridiche e politiche, ha insistito il portavoce. Resta il fatto, dice Bruxelles che il governo di Papandreou dovrà utilizzare bene i giorni che gli restano, prima del ritorno del ritorno della delegazione dell’Unione europea, della Bce e del Fmi, per attuare compiutamente tutte le misure liberiste richieste.
Articolo letto: 129 volte (08 Settembre 2011)
ferdo
Utente Senior
stasera non era 1784?
Ultima modifica:
bosmeld
Forumer storico
sinceramente non ho idea.
vedendo ora in diretta su bbg
il cds 5 anni senior in usd (quello in euro non so perché non me lo fa vedere)
hsbc quota bid 2850 offer 2950. alle 21.31 ora londra.
c'é peró effettivamente in pagina Rbs con un prezzo fermo alle 17.45 che lo quotava 6650. (per me hanno scritto una minchiat..)
non é cmq positivo visto che é in continuo aumento.
il 02 settembre era 2350
il 05 settembre era 2550
il 06 settermbre era 2654
il 07 settembre chiusura era 2805
ora é salito ancora, dal prezzo di reset di qualche ora fa
Ultima modifica:
frmaoro
il Fankazzista
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email [email protected] to buy additional rights or use this link to reference the article - Eurocrats scratch heads over ‘haircuts’ - FT.com
Eurocrats scratch heads over ‘haircuts’
By Peter Spiegel in Brussels
Published: September 8 2011 19:17 | Last updated: September 8 2011 19:17
When eurozone leaders announced in July they were proceeding with a controversial plan to get Greek bondholders to help pay for a new €109bn bail-out for Athens, they vowed it was an “exceptional and unique” situation that would never be repeated. But how long is never?
Two weeks before the Greek deal was reached, finance ministers from the same 17 eurozone countries signed a treaty establishing a new, permanent €500bn ($695bn) bail-out fund, called the European stability mechanism.
EDITOR’S CHOICE
Trichet hits out at ECB’s critics - Sep-08
Gloomy Trichet paves way for rate cut - Sep-08
Draghi’s first ECB test will be Italy crises - Sep-08
Insight: Berlin sees ‘treaty change’ consensus - Sep-08
Lex: Central banks - Sep-08
Money Supply: Live blog - ECB press conference - Sep-08
But the ESM makes allowance for similar bondholder “haircuts” when it comes into force mid-2013.
Several senior European officials believe that the Greek promise takes precedence, meaning the treaty’s language – which was fought for tooth and nail by the German government – will have to be revised. Among those who back that assessment, according to the officials, are the European Central Bank and the European Commission.
“My reading of the situation is that all the leaders are not fully aware of all the implications the [Greek agreement] has to the ESM treaty,” said one senior European official involved in the Greek discussions. “The wording implies we should change the treaty language.”
Unlike many European Union legal niceties which occasionally grip Brussels but have little import outside eurocrat debating salons, a change in the ESM language could have widespread implications for national governments’ balance sheets and eurozone sovereign bond markets.
The agreement that gave the ESM the ability to force bondholders into haircuts – reached between Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, last October at the French seaside resort of Deauville – remains one of the most hotly disputed events of the eurozone debt crisis.
The Deauville deal took other leaders and the financial markets by surprise and led to a panicked sell-off of bonds in peripheral EU countries, forcing Ireland into a bail-out as its borrowing costs on the financial markets became unsustainable.
It was the first sign the EU had finally conceded to long-held demands by Ms Merkel that bondholders suffer some of the pain of the bail-outs, and some officials believe investors have been spooked ever since.
The move infuriated Jean-Claude Trichet, the ECB chief, who scolded Europe’s heads of government at their next Brussels summit that the targeting of bondholders would exacerbate the crisis, a performance that led to a shouting match with Mr Sarkozy, who warned his compatriot to leave politics to the politicians.
But at the next summit, two months later, Mr Trichet was back with charts showing how borrowing rates had rocketed since the Deauville deal.
European leaders cautioned that no final agreement had been reached to revise the bondholder provisions in the ESM treaty, with one senior European official noting that EU finance ministers already had enough on their agenda in the coming weeks.
And despite the ECB and Commission views, it remains unlikely that Ms Merkel will give ground. The chancellor has made bondholder haircuts – known in eurocratese as “private sector involvement” – one of the cornerstones of her strategy to convince her parliament to go along with other parts of the eurozone’s rescue that rely on German guarantees.
One German official says Berlin does not even believe the issue is open for debate, and that bondholder participation in the ESM – which will be ensured through bond contracts known as “collective action clauses” – remains in effect.
But other officials note the ESM treaty will have to be reopened, since the July agreement gives the fund new powers that were not included in the version signed by finance ministers. It cannot go into effect before it is ratified by all 17 parliaments, and Germany is not expected to vote until December at the earliest.
Additional reporting by Quentin Peel in Berlin
Eurocrats scratch heads over ‘haircuts’
By Peter Spiegel in Brussels
Published: September 8 2011 19:17 | Last updated: September 8 2011 19:17
When eurozone leaders announced in July they were proceeding with a controversial plan to get Greek bondholders to help pay for a new €109bn bail-out for Athens, they vowed it was an “exceptional and unique” situation that would never be repeated. But how long is never?
Two weeks before the Greek deal was reached, finance ministers from the same 17 eurozone countries signed a treaty establishing a new, permanent €500bn ($695bn) bail-out fund, called the European stability mechanism.
EDITOR’S CHOICE
Trichet hits out at ECB’s critics - Sep-08
Gloomy Trichet paves way for rate cut - Sep-08
Draghi’s first ECB test will be Italy crises - Sep-08
Insight: Berlin sees ‘treaty change’ consensus - Sep-08
Lex: Central banks - Sep-08
Money Supply: Live blog - ECB press conference - Sep-08
But the ESM makes allowance for similar bondholder “haircuts” when it comes into force mid-2013.
Several senior European officials believe that the Greek promise takes precedence, meaning the treaty’s language – which was fought for tooth and nail by the German government – will have to be revised. Among those who back that assessment, according to the officials, are the European Central Bank and the European Commission.
“My reading of the situation is that all the leaders are not fully aware of all the implications the [Greek agreement] has to the ESM treaty,” said one senior European official involved in the Greek discussions. “The wording implies we should change the treaty language.”
Unlike many European Union legal niceties which occasionally grip Brussels but have little import outside eurocrat debating salons, a change in the ESM language could have widespread implications for national governments’ balance sheets and eurozone sovereign bond markets.
The agreement that gave the ESM the ability to force bondholders into haircuts – reached between Nicolas Sarkozy, French president, and Angela Merkel, German chancellor, last October at the French seaside resort of Deauville – remains one of the most hotly disputed events of the eurozone debt crisis.
The Deauville deal took other leaders and the financial markets by surprise and led to a panicked sell-off of bonds in peripheral EU countries, forcing Ireland into a bail-out as its borrowing costs on the financial markets became unsustainable.
It was the first sign the EU had finally conceded to long-held demands by Ms Merkel that bondholders suffer some of the pain of the bail-outs, and some officials believe investors have been spooked ever since.
The move infuriated Jean-Claude Trichet, the ECB chief, who scolded Europe’s heads of government at their next Brussels summit that the targeting of bondholders would exacerbate the crisis, a performance that led to a shouting match with Mr Sarkozy, who warned his compatriot to leave politics to the politicians.
But at the next summit, two months later, Mr Trichet was back with charts showing how borrowing rates had rocketed since the Deauville deal.
European leaders cautioned that no final agreement had been reached to revise the bondholder provisions in the ESM treaty, with one senior European official noting that EU finance ministers already had enough on their agenda in the coming weeks.
And despite the ECB and Commission views, it remains unlikely that Ms Merkel will give ground. The chancellor has made bondholder haircuts – known in eurocratese as “private sector involvement” – one of the cornerstones of her strategy to convince her parliament to go along with other parts of the eurozone’s rescue that rely on German guarantees.
One German official says Berlin does not even believe the issue is open for debate, and that bondholder participation in the ESM – which will be ensured through bond contracts known as “collective action clauses” – remains in effect.
But other officials note the ESM treaty will have to be reopened, since the July agreement gives the fund new powers that were not included in the version signed by finance ministers. It cannot go into effect before it is ratified by all 17 parliaments, and Germany is not expected to vote until December at the earliest.
Additional reporting by Quentin Peel in Berlin
giub
New Membro
Analysis - Greece's race to catch up on reforms seems doomed
Dina Kyriakidou, 20:28, Thursday 8 September 2011
ATHENS (Reuters) - Under mounting pressure from euro zone partners, Greece is scrambling to deliver on reforms and fiscal targets to avoid bankruptcy but its efforts seem doomed and snap elections are on the horizon.
A chronically inefficient public sector, persistent corruption and cantankerous labour unions have thwarted progress in the year and a half since Athens secured its first, 110 billion euro (95 billion pound) bailout in exchange for tough austerity measures and structural changes.
EU partners are losing patience and the government's popularity is sinking as deficits grow instead of shrink amid a deepening recession. The public, fed up with austerity, is demanding change.
"We have wasted the last year and half," said Costas Panagopoulos, head of the ALCO pollsters. "It is clear the government will miss its fiscal targets and it can't impose extra measures. It's a complete dead end."
Prime Minister George Papandreou is expected to trumpet reforms at an annual economic policy speech in the northern Greek city of Thessaloniki this weekend but analysts say new pledges will do little to brighten the gloom.
"I expect nothing from Papandreou's speech," Panagopoulos said. "To avoid bankruptcy, you need a magic wand to fix what hasn't been fixed in the last two years."
EU partners may find a compromise for now so Athens can get the next bailout tranche and avert a messy Greek collapse that could bring down the euro. But Germany, the main bankroller of Greek bailouts, made clear on Thursday that Athens needed to fulfil conditions to stay in the common currency bloc.
Analysts say a Greek default or even an exit from the euro down the line is now a real risk unless a sea change of reforms take place, despite vehement denials by Athens.
RACING TO CATCH UP
Papandreou, who won elections in 2009 on tax and spend pledges, seems to have assigned all economic matters to his new Finance Minister, Evangelos Venizelos, who is racing to catch up after 18 months of foot dragging on issues from tax collecting to privatisations.
Venizelos is also tasked with keeping rebellious socialist MPs (BSE: MPSLTD.BO - news) in line, negotiating with the "troika" of EU and IMF (Berlin: MXG1.BE - news) inspectors and euro zone partners on fleshing out a second, 109 billion euro bailout clinched in July but complicated by demands for collateral.
"Instead of a coach, we have a referee," said an economist who requested anonymity. "Papandreou has dumped it all on Venizelos. During the disastrous troika negotiations in Athens, the prime minister was attending a Libya conference in Paris."
A cabinet meeting this week -- those who attended described it as "dramatic" -- decided to redouble efforts on a long list of measures, after the inspectors suspended a visit last week to give the embattled Socialists time to ramp up fiscal measures.
But analysts said most were steps Greece had announced before and which had met resistance from within the party. Even after the latest alarm bell, some MPs and ministers were defensive of government policies.
"There are delays but we have been asked to change things entrenched for decades in a few months. There is a huge social problem and a problem with the real economy. These decisions are costly," said a cabinet member on condition of anonymity.
TRICKING THE TROIKA
Internal resistance has been Greece's doom, analysts say. A clientelistic public sector fostered by successive governments for decades and unions spoiled by their political party patrons have fought reforms tooth and nail.
"With few exceptions, ministers never believed in the need for reforms. They played hide-and-seek with the troika, undermining, delaying and often tricking the troika," wrote Alexis Papahelas in the conservative Kathimerini (Athens: KATHI.AT - news) daily.
"For the first time, I'm afraid that those who say that we need to crash in order to change, will be proven right."
Negotiations with international lenders have stumbled on disagreements over reforms and by how much and why Greece will miss fiscal targets. Athens blames overshooting its budget deficit on a worse-than-expected recession, but the troika says that is only part of the problem and want real change fast.
Snap elections, long seen as disastrous for a country in the midst of its worse crisis since World War II, are now viewed by some analysts as a possible way out as the main conservative New Democracy opposition gains ground.
With no outright winner expected, New Democracy may garner just enough support to force a repeat vote immediately rather than form part of a coalition that will waver for months. Elections are not due before Autumn 2013.
Analysts say snap elections may also soothe public tensions, giving a way out to a public angry with austerity that has taken to the streets in violent protests before the summer.
"I don't think snap elections would resolve all things but I am beginning to believe they might be a solution, if only to get a government that can govern," Panagopoulos said.
Dina Kyriakidou, 20:28, Thursday 8 September 2011
ATHENS (Reuters) - Under mounting pressure from euro zone partners, Greece is scrambling to deliver on reforms and fiscal targets to avoid bankruptcy but its efforts seem doomed and snap elections are on the horizon.
A chronically inefficient public sector, persistent corruption and cantankerous labour unions have thwarted progress in the year and a half since Athens secured its first, 110 billion euro (95 billion pound) bailout in exchange for tough austerity measures and structural changes.
EU partners are losing patience and the government's popularity is sinking as deficits grow instead of shrink amid a deepening recession. The public, fed up with austerity, is demanding change.
"We have wasted the last year and half," said Costas Panagopoulos, head of the ALCO pollsters. "It is clear the government will miss its fiscal targets and it can't impose extra measures. It's a complete dead end."
Prime Minister George Papandreou is expected to trumpet reforms at an annual economic policy speech in the northern Greek city of Thessaloniki this weekend but analysts say new pledges will do little to brighten the gloom.
"I expect nothing from Papandreou's speech," Panagopoulos said. "To avoid bankruptcy, you need a magic wand to fix what hasn't been fixed in the last two years."
EU partners may find a compromise for now so Athens can get the next bailout tranche and avert a messy Greek collapse that could bring down the euro. But Germany, the main bankroller of Greek bailouts, made clear on Thursday that Athens needed to fulfil conditions to stay in the common currency bloc.
Analysts say a Greek default or even an exit from the euro down the line is now a real risk unless a sea change of reforms take place, despite vehement denials by Athens.
RACING TO CATCH UP
Papandreou, who won elections in 2009 on tax and spend pledges, seems to have assigned all economic matters to his new Finance Minister, Evangelos Venizelos, who is racing to catch up after 18 months of foot dragging on issues from tax collecting to privatisations.
Venizelos is also tasked with keeping rebellious socialist MPs (BSE: MPSLTD.BO - news) in line, negotiating with the "troika" of EU and IMF (Berlin: MXG1.BE - news) inspectors and euro zone partners on fleshing out a second, 109 billion euro bailout clinched in July but complicated by demands for collateral.
"Instead of a coach, we have a referee," said an economist who requested anonymity. "Papandreou has dumped it all on Venizelos. During the disastrous troika negotiations in Athens, the prime minister was attending a Libya conference in Paris."
A cabinet meeting this week -- those who attended described it as "dramatic" -- decided to redouble efforts on a long list of measures, after the inspectors suspended a visit last week to give the embattled Socialists time to ramp up fiscal measures.
But analysts said most were steps Greece had announced before and which had met resistance from within the party. Even after the latest alarm bell, some MPs and ministers were defensive of government policies.
"There are delays but we have been asked to change things entrenched for decades in a few months. There is a huge social problem and a problem with the real economy. These decisions are costly," said a cabinet member on condition of anonymity.
TRICKING THE TROIKA
Internal resistance has been Greece's doom, analysts say. A clientelistic public sector fostered by successive governments for decades and unions spoiled by their political party patrons have fought reforms tooth and nail.
"With few exceptions, ministers never believed in the need for reforms. They played hide-and-seek with the troika, undermining, delaying and often tricking the troika," wrote Alexis Papahelas in the conservative Kathimerini (Athens: KATHI.AT - news) daily.
"For the first time, I'm afraid that those who say that we need to crash in order to change, will be proven right."
Negotiations with international lenders have stumbled on disagreements over reforms and by how much and why Greece will miss fiscal targets. Athens blames overshooting its budget deficit on a worse-than-expected recession, but the troika says that is only part of the problem and want real change fast.
Snap elections, long seen as disastrous for a country in the midst of its worse crisis since World War II, are now viewed by some analysts as a possible way out as the main conservative New Democracy opposition gains ground.
With no outright winner expected, New Democracy may garner just enough support to force a repeat vote immediately rather than form part of a coalition that will waver for months. Elections are not due before Autumn 2013.
Analysts say snap elections may also soothe public tensions, giving a way out to a public angry with austerity that has taken to the streets in violent protests before the summer.
"I don't think snap elections would resolve all things but I am beginning to believe they might be a solution, if only to get a government that can govern," Panagopoulos said.
gualberto
Charlie don't Surf
[04] Rehn sicuri della prossima tranche in Grecia
BRUXELLES (ANA-MPA)
UE economici e monetari Commissario Olli Rehn, il Mercoledì è apparso fiducioso che una prossima tranche di un CE-ECB-FMI piano di salvataggio per la Grecia, del valore di 8,0 miliardi di euro, saranno erogati nei tempi previsti.
"Confido che la Grecia adotterà le decisioni necessarie per garantire che l'erogazione sesto si può fare e possiamo continuare le riforme economiche in Grecia," alto funzionario economica dell'Unione ha detto ai giornalisti durante un evento presso il Parlamento europeo.
Rehn ha parlato a margine di un evento ospitato da qui l'Alleanza dei Liberali e Democratici per l'Europa (ALDE), un raggruppamento politico nel Europarlamento, dal titolo "Reset Grecia: ricostruzione dell'economia dopo la crisi".
BRUXELLES (ANA-MPA)
UE economici e monetari Commissario Olli Rehn, il Mercoledì è apparso fiducioso che una prossima tranche di un CE-ECB-FMI piano di salvataggio per la Grecia, del valore di 8,0 miliardi di euro, saranno erogati nei tempi previsti.
"Confido che la Grecia adotterà le decisioni necessarie per garantire che l'erogazione sesto si può fare e possiamo continuare le riforme economiche in Grecia," alto funzionario economica dell'Unione ha detto ai giornalisti durante un evento presso il Parlamento europeo.
Rehn ha parlato a margine di un evento ospitato da qui l'Alleanza dei Liberali e Democratici per l'Europa (ALDE), un raggruppamento politico nel Europarlamento, dal titolo "Reset Grecia: ricostruzione dell'economia dopo la crisi".
gualberto
Charlie don't Surf
[05] Commissione è soddisfatta con annunci Gov't greco
BRUXELLES (ANA-MPA / V. Demiris)
La Commissione europea il Mercoledì ha espresso soddisfazione per le misure annunciate dal governo greco il Martedì.
Amadeu Altafaj, portavoce del Commissario europeo per Affari economici e monetari Olli Rehn, parlando con i giornalisti qui, ha detto che le decisioni del governo greco ha mostrato che vi era un lavoro aggiuntivo da fare.
Altafaj notato che spetta alle autorità greche per informare quando sarebbero stati pronti a riprendere i colloqui con i funzionari CE-ECB-FMI 'troika' e ha sottolineato che l'obiettivo era per i colloqui per essere ripresa il più presto possibile, che consenta di valutare dell'economia greca da completare più velocemente.
Il portavoce Ue ha detto che la delegazione della troika era pronto a tornare ad Atene, non appena le necessarie assicurazioni sono stati offerti per il completamento del round di colloqui, in particolare le misure fiscali e strutturali, l'attuazione del programma a medio termine e una redazione di prossima anno di bilancio.
BRUXELLES (ANA-MPA / V. Demiris)
La Commissione europea il Mercoledì ha espresso soddisfazione per le misure annunciate dal governo greco il Martedì.
Amadeu Altafaj, portavoce del Commissario europeo per Affari economici e monetari Olli Rehn, parlando con i giornalisti qui, ha detto che le decisioni del governo greco ha mostrato che vi era un lavoro aggiuntivo da fare.
Altafaj notato che spetta alle autorità greche per informare quando sarebbero stati pronti a riprendere i colloqui con i funzionari CE-ECB-FMI 'troika' e ha sottolineato che l'obiettivo era per i colloqui per essere ripresa il più presto possibile, che consenta di valutare dell'economia greca da completare più velocemente.
Il portavoce Ue ha detto che la delegazione della troika era pronto a tornare ad Atene, non appena le necessarie assicurazioni sono stati offerti per il completamento del round di colloqui, in particolare le misure fiscali e strutturali, l'attuazione del programma a medio termine e una redazione di prossima anno di bilancio.
giub
New Membro
Greece Beat Slovenia
Siena guard Nikos Zisis scored 19 points to lead Greece to a 69-60 triumph over Slovenia on Thursday at the start of the second group stage of the Eurobasket in Lithuania.
This team seems to be coming of age with this performance, while the victory is taking it to within one win from advancing to the quarterfinals, with two matches left to play.
Just like in the game with Croatia, Greece stepped up their game in the second period, turning a five-point lead at the end of the first quarter (18-13) to a 15-point advantage three minutes from half time (35-20), with the first half ending 37-25. With this win Greece has five points from three games. Its next game is on September 10 against pool leader Russia.
Siena guard Nikos Zisis scored 19 points to lead Greece to a 69-60 triumph over Slovenia on Thursday at the start of the second group stage of the Eurobasket in Lithuania.
This team seems to be coming of age with this performance, while the victory is taking it to within one win from advancing to the quarterfinals, with two matches left to play.
Just like in the game with Croatia, Greece stepped up their game in the second period, turning a five-point lead at the end of the first quarter (18-13) to a 15-point advantage three minutes from half time (35-20), with the first half ending 37-25. With this win Greece has five points from three games. Its next game is on September 10 against pool leader Russia.
- Stato