Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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Grisù
Forumer attivo
ATHENS -(Dow Jones)- A multi-billion euro aid and reform plan for Greece should soothe investors' concerns about the country's finances, a senior official from the International Monetary Fund said Sunday.
"The markets will see this as a very strong, very credible, and very well supported package and I think that markets will react positively," IMF official Poul Thomsen told reporters at a briefing here.
He added that the program was designed to "shock and awe" the market participants, with steep deficit cuts in the first year that would help the cash-strapped Greek government to more easily service a rising debt burden, seen peaking at close to 150% of gross domestic product by 2014.
His remarks come hours after the Greek government agreed to a joint European Union-IMF loan program that would provide an unprecedented level of assistance to the country, while also demanding tough austerity measures over the next four years.
Under the terms of the deal, Greece will cut its budget deficit from a record 13.6% of GDP last year, to 8.1% this year, and below an EU ceiling of 3% by the end of 2014--translating into EUR30 billion in combined spending cuts and higher taxes.
"The market will see that even in the coming year the debt goes up, but the primary deficit improves fast and that is what determines the debt sustainability," said Thomsen, who is the deputy head of the IMF's European division.
The primary deficit is the gap between revenues and expenditures, before interest payments on outstanding debts are made.
He added that the issue of restructuring Greece's debt--a lingering worry in financial markets--has "never been discussed."
"Debt restructuring has not been on the table, it will not be on the table," he said.
In exchange for its austerity measures, the EU/IMF package sees some EUR120 billion in loans to Greece over the next three to four years.
Casting the decision in very stark terms, Greek Prime Minister George Papandreou earlier Sunday announced Greece's acceptance of the EU/IMF terms as necessary to save the country from bankruptcy.
He said that the package would be critical to reforming Greece's economy and public sector, and vowed to protect the country's low income earners from the effects of the austerity measures and a deepening recession.
Greece's economy shrank last year by 2%, marking its first recession in 16 years. For this year, the economy is expected to contract by 4%, and by roughly another 2% next year. But the measures have already touched off opposition from Greece powerful unions, which have threatened a storm of protest. At the same time, Greece's main opposition party has also attacked the program and criticized the government's handling of the crisis.
Speaking at the briefing, Thomsen said that the success of the program will depend on public and political acceptance across Greek society.
"This is going to be tough, but it's going to happen," Thomsen said. "But it's also going to assume an unprecedented cohesiveness of Greek society. This is a defining moment for Greece and we hope that in the end the political elite sees that and gets behind it."
In an effort to gain public support, Greece's government will seek to negotiate a social pact with unions and employers groups for the duration of the program. Prime Minister George Papandreou is also due to meet with the heads of opposition political parties sometime this week.
Speaking at the same briefing, European Commission Deputy Director General for economic affairs Servaas Deroose stressed that the program was uniquely tailored for Greece.
Amid market fears that Greece's debt crisis could spread to other, weaker euro-zone countries like Portugal and Spain, Deroose stressed that Greece's problems were likewise unique.
"Every country in Europe is different and they are quite different," he said. "And the program we have here is a blueprint for Greece, it is not a blueprint for other countries."
After months of turmoil, Greece's debt crisis has led to a sharp increase in the country's borrowing costs, hammered the Athens stock market, and recently touched off fears about the health of Greece's financial system.
As part of the aid package, Greece will set up a special bank stabilization fund to boost the capital adequacy of Greek banks should it become necessary. The fund would be administered by the Bank of Greece, the central bank, but with the participation of IMF observers.
"The objective of the fund will be to ensure that Greek banks are well capitalized at all times," said Deroose. "The fund will inject capital in the bank if its capital adequacy ratio falls below a certain level, and existing shareholders cannot raise capital from the markets."
Greece's banks are among the best capitalized in Europe, but have been hit by slower economic growth, rising non-performing loans, and steep losses in their holdings of Greek government bonds.
Grisù
Forumer attivo
Alcuni passaggi sono economicamente esilaranti, salviamo la Grecia impoverendo i cittadini ma parallelamente creiamo un fondo per salvare le Banche. Inizio a pensare che in europa sia più facile fallisca un paese che una Banca 
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Servaas Deroose, a top official in the European Commission's directorate for economic and financial affairs, told a news conference that Greek authorities were in talks with Brussels to extend a 28 billion euro ($37.29 billion) support facility first agreed in early 2009 to address tight bank liquidity conditions. "There will be an extension in size and duration of the banking scheme," he said. "It's a question of days."
The banks asked the government last month to get more funds from the support scheme, fuelling financial market concerns about the solvency of the Greek financial system.
Separately, the government is looking at creating an independent fund to ensure bank equity levels remain sound, as part of an EU/IMF aid package.
"The objective of the fund will be to ensure that the Greek banks are well capitalised at all times," Deroose said. "The fund will inject capital in a bank if its capital adequacy ratio falls below a minimum level and when existing shareholders cannot raise capital from the markets."
Deroose said the fund would be fully independent of the government but would work closely with the Bank of Greece. He declined to say how large it would be.
"The purpose of the fund is not to provide liquidity. It's only for solvency reasons that the fund will be created," he said.
The banking system's equity base rose to 33 billion euros in 2009 and the average capital adequacy ratio of the sector stood at a comfortable 11.7 percent at the end of last year.
But both Standard & Poor's and Moody's cut the ratings of leading Greek banks last week, citing the impact of the country's troubled economy on their financial condition.
Poul Thomsen, IMF mission chief for Greece, said stress tests conducted on Greek banks showed they were well capitalised.
He said the tests were aimed at getting an idea of how much capital banks would need if non-performing loans went up.
"I am surprised about the number, that it's not higher, and it comes back to that the system is well capitalised. That's encouraging," he said. "It's the advantage of having a more old-fashioned banking sytem that did not play all the risks."
Thomsen said a GDP contraction would put pressure on the sector.
"Clearly with this dramatic programme, the contraction in nominal GDP, we do expect to see an increase in non-performing loans."
.Servaas Deroose, a top official in the European Commission's directorate for economic and financial affairs, told a news conference that Greek authorities were in talks with Brussels to extend a 28 billion euro ($37.29 billion) support facility first agreed in early 2009 to address tight bank liquidity conditions. "There will be an extension in size and duration of the banking scheme," he said. "It's a question of days."
The banks asked the government last month to get more funds from the support scheme, fuelling financial market concerns about the solvency of the Greek financial system.
Separately, the government is looking at creating an independent fund to ensure bank equity levels remain sound, as part of an EU/IMF aid package.
"The objective of the fund will be to ensure that the Greek banks are well capitalised at all times," Deroose said. "The fund will inject capital in a bank if its capital adequacy ratio falls below a minimum level and when existing shareholders cannot raise capital from the markets."
Deroose said the fund would be fully independent of the government but would work closely with the Bank of Greece. He declined to say how large it would be.
"The purpose of the fund is not to provide liquidity. It's only for solvency reasons that the fund will be created," he said.
The banking system's equity base rose to 33 billion euros in 2009 and the average capital adequacy ratio of the sector stood at a comfortable 11.7 percent at the end of last year.
But both Standard & Poor's and Moody's cut the ratings of leading Greek banks last week, citing the impact of the country's troubled economy on their financial condition.
Poul Thomsen, IMF mission chief for Greece, said stress tests conducted on Greek banks showed they were well capitalised.
He said the tests were aimed at getting an idea of how much capital banks would need if non-performing loans went up.
"I am surprised about the number, that it's not higher, and it comes back to that the system is well capitalised. That's encouraging," he said. "It's the advantage of having a more old-fashioned banking sytem that did not play all the risks."
Thomsen said a GDP contraction would put pressure on the sector.
"Clearly with this dramatic programme, the contraction in nominal GDP, we do expect to see an increase in non-performing loans."
giangi72
Ramingo
Non capisco perchè sono voluti entrare nell'euro..Avendo la dracma potevano svalutare..
Cosi danneggiano l'euro, che si ribassa contro il dollaro con apprezzamento anche dei carburanti.
Se non avevano i conti apposto perchè sono stati ammessi nell'eurozona..?
Ora dobbiamo anche noi pagare i loro debiti..e protestano anche..!
Cosi danneggiano l'euro, che si ribassa contro il dollaro con apprezzamento anche dei carburanti.
Se non avevano i conti apposto perchè sono stati ammessi nell'eurozona..?
Ora dobbiamo anche noi pagare i loro debiti..e protestano anche..!
IlPorcospino
Forumer storico
Reazioni
Greece Gets $146 Billion Rescue on EU, IMF Austerity Package
By Gabi Thesing and Flavia Krause-Jackson
May 3 (Bloomberg) --
…………
Debate
The Greek bailout marks an end to nearly three months of debate among EU leaders on whether and how to rescue a euro region nation teetering on the brink of default. German Chancellor Angela Merkel has been reluctant to put taxpayers’ funds at risk as her government faces a regional election in North Rhine-Westphalia on May 9.
Fifty-six percent of Germans oppose giving Greece aid, calling such support “wrong,” Bild am Sonntag reported, citing an Emnid survey. Germany hopes to secure parliament’s approval for the plan by May 7.
Merkel yesterday said she was right to demand IMF involvement in the fund over the objections of her European peers.
“Three months ago it would have been unthinkable that Greece would accept such tough conditions,” she said in Bonn.
Austerity
Greek Prime Minister George Papandreou is likely to face his own difficulties. The austerity plan has sparked opposition in Athens, with the federation of civil servants calling a 48- hour strike starting May 4.
“They won’t manage to enforce these measures,” said Pavlos Nikolaou, 39, who runs a mini-market in Athens. ‘I don’t think this will be the end of measures, they’ll have to announce more next year. Cutting salaries is also not what’s going to solve Greece’s problems.”
“Implementation will now be investors’ foremost concern in the coming months, and Greece will have to work hard to rebuild its reputation and regain market confidence,” said Annunziata. “It will be an uphill struggle.”
Greece Gets $146 Billion Rescue on EU, IMF Austerity Package
By Gabi Thesing and Flavia Krause-Jackson
May 3 (Bloomberg) --
…………
Debate
The Greek bailout marks an end to nearly three months of debate among EU leaders on whether and how to rescue a euro region nation teetering on the brink of default. German Chancellor Angela Merkel has been reluctant to put taxpayers’ funds at risk as her government faces a regional election in North Rhine-Westphalia on May 9.
Fifty-six percent of Germans oppose giving Greece aid, calling such support “wrong,” Bild am Sonntag reported, citing an Emnid survey. Germany hopes to secure parliament’s approval for the plan by May 7.
Merkel yesterday said she was right to demand IMF involvement in the fund over the objections of her European peers.
“Three months ago it would have been unthinkable that Greece would accept such tough conditions,” she said in Bonn.
Austerity
Greek Prime Minister George Papandreou is likely to face his own difficulties. The austerity plan has sparked opposition in Athens, with the federation of civil servants calling a 48- hour strike starting May 4.
“They won’t manage to enforce these measures,” said Pavlos Nikolaou, 39, who runs a mini-market in Athens. ‘I don’t think this will be the end of measures, they’ll have to announce more next year. Cutting salaries is also not what’s going to solve Greece’s problems.”
“Implementation will now be investors’ foremost concern in the coming months, and Greece will have to work hard to rebuild its reputation and regain market confidence,” said Annunziata. “It will be an uphill struggle.”
tommy271
Forumer storico
Hanno vissuto molto bene per dieci anni, con la Dracma difficilmente lo avrebbero potuto fare. Senza dimenticarsi dei fondi strutturali UE di cui la Grecia è uno dei maggiori beneficiari.
Anche altri paesi non avevano i conti in ordine ma sono stati ammessi: la valutazione non è stata solo economica ma di ordine geopolitico.
Per il momento sono prestiti ...
tommy271
Forumer storico
Grecia, ministri Ue approvano pacchetto 110 mld euro
lunedì 3 maggio 2010 07:41
ATENE/BRUXELLES, 3 maggio (Reuters) - Ieri i ministri dell'Eurogruppo, riuniti a Bruxelles per discutere della questione greca, hanno stabilito lo stanziamento di un salvataggio record per un paese, 110 miliardi di euro per la Grecia stretta nella morsa del debito, dopo che Atene si è impegnata ad anni di rigida austerità.
Nella riunione d'emergenza i ministri hanno approvato il pacchetto triennale stabilendo che il primo pagamento verrà attuato in tempo perché Atene possa saldare il debito con i creditori il 19 maggio.
Il numero uno del Fondo monetario internazionale Dominique Strauss-Kahan prevede che il board Fmi approverà in settimana il suo contributo da 30 miliardi al salvataggio. Il pacchetto dovrebbe essere ufficialmente lanciato venerdì.
lunedì 3 maggio 2010 07:41
ATENE/BRUXELLES, 3 maggio (Reuters) - Ieri i ministri dell'Eurogruppo, riuniti a Bruxelles per discutere della questione greca, hanno stabilito lo stanziamento di un salvataggio record per un paese, 110 miliardi di euro per la Grecia stretta nella morsa del debito, dopo che Atene si è impegnata ad anni di rigida austerità.
Nella riunione d'emergenza i ministri hanno approvato il pacchetto triennale stabilendo che il primo pagamento verrà attuato in tempo perché Atene possa saldare il debito con i creditori il 19 maggio.
Il numero uno del Fondo monetario internazionale Dominique Strauss-Kahan prevede che il board Fmi approverà in settimana il suo contributo da 30 miliardi al salvataggio. Il pacchetto dovrebbe essere ufficialmente lanciato venerdì.
IlPorcospino
Forumer storico
Buongiorno Tommy, oggi sarà una giornata interessante.
tommy271
Forumer storico
Ciao Porcospino, penso di si: un altro rimbalzino ci potrebbe stare ...
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