Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (5 lettori)

[tommy271]

LA COMPRA DE BONOS DE ESPANA Y GRECIA HACE VISIBLE PRESENCIA CHINA EN LA UE



Shanghái (China), 22 jul (EFE).- La reciente compra por parte de China de cientos de millones de euros en bonos públicos de España y Grecia hace "visible" la presencia en Europa del gigante asiático, destacó hoy el comisario europeo de Comercio, el belga Karel De Gucht, durante la apertura de un seminario de comercio en Shanghái.
La presencia de China en la economía europea es visible "sea en las recientes compras por parte de la SAFE (siglas en inglés de la Administración Estatal de Divisas Extranjeras de China) de varios cientos de millones de euros en bonos gubernamentales en la eurozona, o en otras inversiones de gran escala, como la adquisición de Volvo por el fabricante de automóviles (chino) Geely", señaló.
Poco después, De Gucht comentó a la prensa que esas compras de bonos en España y Grecia son para China "una buena inversión", y aseguró que "mantendrán su valor" y que no suponen ningún riesgo para la economía china.
Solamente en deuda pública española, la SAFE, el organismo oficial que canaliza las inversiones chinas en el extranjero, se hizo este mismo mes con unos 400 millones de euros en obligaciones del Estado español a diez años, aunque había tratado de conseguir hasta 1.000 millones de euros, según el diario "Financial Times".
Estas compras son vistas como una clara señal de confianza por parte de China hacia la solidez de la zona del euro.
"Especialmente en tiempos difíciles, China y Europa deberían ser socios y pilares necesarios de la economía global", señaló De Gutch, en su discurso de apertura de los "Días del Comercio" (hoy y mañana) en el pabellón europeo de la Exposición Universal de Shanghái, con la participación de casi 200 delegados de China y la UE.
Sobre la presencia china en Europa, también destacó que por ahora la inversión extranjera directa de origen chino sólo supone entre un 2 y un 3% del total que recibe la UE, que, por su parte, es el principal emisor y receptor mundial de inversión foránea.
China es el principal emisor de los productos que importa la UE, añadió el comisario.
Además, destacó que China es el destino de las exportaciones europeas que está creciendo más rápido (un 60% en los últimos cuatro años), hasta el punto de que el gigante asiático recibió en 2009 el 7,5 por ciento de las exportaciones europeas, cuando en 1999 sólo absorbía el 2,9%.
De Gucht indicó también que la crisis financiera ha demostrado "los beneficios de la interdependencia (de las economías en un mundo cada vez más globalizado), pero también los riesgos cuando las cosas van seriamente mal".
"Nuestra economía global depende de que los mercados sean abiertos, estén integrados y sean justos", dijo, y de que en ellos "haya suficiente coordinación de las políticas macroeconómicas como para evitar que se formen desequilibrios peligrosos".
"Tanto la UE como China tienen un fuerte interés mutuo" en este sentido, destacó, "y la responsabilidad de asegurarse de que el barco de la economía mundial se conduce alejado de las rocas".
De Gutch, que estuvo acompañado en la apertura por el viceministro chino de Comercio, Gao Hucheng, resaltó sobre todo la importancia de una apertura económica recíproca, aludiendo sin mencionarlo a las fricciones comerciales entre ambas economías, aunque afectan a menos del 1 por ciento de sus intercambios bilaterales.
El espectacular crecimiento de China en los últimos años, que De Gucht comparó con los "dorados años sesenta" europeos, "no habría sido posible sin un sistema comercial multilateral abierto, y sin la apertura de los principales mercados de exportación para China, incluido el de la UE", afirmó.
"China se ha beneficiado mucho de la apertura de los demás, así que es lógico contemplar el comercio y la apertura como una calle que va en dos direcciones", por lo que sólo así se pueden garantizar "el crecimiento sostenible y a largo plazo, tanto para la UE como para China", concluyó el comisario europeo. EFE jad/trr/gmp/jlm/rml


(ABC.es)


***
Si capisce, altrimenti usate il traduttore di google (un pò rozzo, ma va bene)

 

[tommy271]

Stress Tests To Determine ATEBank΄s Future



The inter-ministerial committee that will appoint the advisors that will consult the government on the Piraeus bid is expected to convene on Friday, the day the European stress tests will be released.

The results of tests, that will reportedly give a ‘fail’ mark to Agricultural Bank due to low capital adequacy indicators, support the recommendations its head Theodoros Pantalakis made to the government four months ago.

Beyond the quadruple merger of ATEBank- Hellenic Postbank- Deposits and Loans Fund - Attica Bank that he had has recommended to the government when taking office, Pantalakis reportedly has also stressed the need to raise EUR400-450 million of fresh capital in connection with converting the preferred stocks ATE had issued for the Greek state to common shares. It is noted that by participating to state-backed support scheme for the banks, ATEbank had received EUR675 mil.

Pantelakis raised these issues again to Finance Minister George Papaconstantinou at a meeting they had Wednesday.

Piraeus Bank has bided for the state’s participation in ATEBank and TT.

In any case, developments should be immediate since in case ATEBank fails the tests, the Greek state will have to cover a share capital increase.

(Capital.gr)

 

[GiveMeLeverage]

Certo che ad abbassare il rating a spazzatura della Grecia non c'hanno pensato due volte. Ora invece temono che la Grecia possa farcela...

Personalmente non sarei eccessivamente critico nei confronti del comportamento delle agenzie di rating...
Se non avessero abbassato il rating e poi la Grecia ristrutturava, ne avremmo sicuramente attaccato lo scarso tempismo.
In questo modo invece il segnale è stato forte e chiaro: in base ai nuovi dati di bilancio resi pubblici dal governo Papandreou si registrava un notevole aumento del rischio sui bondi greci, al quale doveva corrispondere un abbassamento del rating.

Poi ogn'uno è libero di fare le proprie deduzioni e agire di conseguenza:

1. vendere le obbligazioni in suo possesso perché il livello di rischio percepito è ritenuto eccessivo;
2. mantenere le proprie obbligazioni;
3. acquistare o incrementare la propria esposizione, nella convinzione che il sostegno dell'Europa renda il default poco probabile e che il livello dei prezzi ripaghi del rischio assunto (mia scelta).

 

[Topgun1976]

Personalmente non sarei eccessivamente critico nei confronti del comportamento delle agenzie di rating...
Se non avessero abbassato il rating e poi la Grecia ristrutturava, ne avremmo sicuramente attaccato lo scarso tempismo.
In questo modo invece il segnale è stato forte e chiaro: in base ai nuovi dati di bilancio resi pubblici dal governo Papandreou si registrava un notevole aumento del rischio sui bondi greci, al quale doveva corrispondere un abbasamento del rating.
Poi ogn'uno è libero di fare le proprie deduzioni e agire di conseguenza:

1. vendere le obbligazioni in suo possesso perché il livello di rischio percepito è ritenuto eccessivo;
2. mantenere le proprie obbligazioni;
3. acquistare o incrementare la propria esposizione, nella convinzione che il sostegno dell'Europa renda il default poco probabile e che il livello dei prezzi ripaghi del rischio assunto (mia scelta).

X me Invece sono Assolutamente ridicoli,una volta capito che i conti erano taroccati avrebbero dovuto abbassare il rating a Junk a gennaio.Invece fino a un Mese fà erano Ig.Se l'europa non dava il prestito erano Falliti.Fallivano in Ig come Lehman...
Oggi che sono in netto Miglioramento su tutta la Linea,Con un Prestito in Tasca,dovrebbero alzare,o perlomeno mettere un Positive Outlook
Ripeto Ridicoli

 

[tommy271]

Greek Market Higher



Greek market advances on Thursday on buying interest for banks and blue chips.

Analysts see partial appetite for risk following recent consolidation developments in domestic banking sector.

ATE Securities sees low trading volume today while Marfin Analysis notes that volatility should persist ahead of stress tests’ results.

“With the Athens market failing to react yesterday to Tuesday΄s abrupt downward move, we anticipate the GI to continue its short downward course during today΄s session, also affected by the negative closure of US markets. As trading volume continues to be weak in the Athens market, buy-side interest seems to have halted, with the GI following the course of markets abroad, where investors demonstrate cautiousness deriving from their concerns over the potential slowdown of the US and, thus, the global economic recovery. In this context, we expect the GI to continue its downward trend, opening on slightly lower levels (1,555 units - 1st support level), with the Athens market possibly reacting towards the 1,580 units (pivot point) later during the day,” Pegasus Securities says.

Across the board, the General Index adds 1.35% at 1,591.82 on a total turnover of EUR22.38 mil.

(Capital.gr)

***
Per chi segue ETF azionario ...

 

[tommy271]

X me Invece sono Assolutamente ridicoli,una volta capito che i conti erano taroccati avrebbero dovuto abbassare il rating a Junk a gennaio.Invece fino a un Mese fà erano Ig.Se l'europa non dava il prestito erano Falliti.Fallivano in Ig come Lehman...
Oggi che sono in netto Miglioramento su tutta la Linea,Con un Prestito in Tasca,dovrebbero alzare,o perlomeno mettere un Positive Outlook
Ripeto Ridicoli

Eccone un'altro:
Swisscanto's Esterer Says Greece to Default in 2012-13

Comunque, hanno spostato un pò più in là il default ...

 

[tommy271]

New Greek stats chief promises clean data


Published: Thursday, 22 Jul 2010 | 5:25 AM ET





ATHENS, Greece - The new director of Greece's statistics agency has promised swift reforms to produce reliable data that will be protected from government interference.
Former IMF official Andreas Georgiou took up his post in Greece on Thursday. The statistics agency was widely discredited last year after the new government that came to power after October elections revealed that budget data had been embellished.
The agency now has been placed under parliamentary oversight and not under direct government control.
Serious errors in Greek deficit data, revealed last year, helped trigger the financial crisis that rattled world markets and confidence in the euro.

 

[tommy271]

Stress test, fonti: possibile anticipo pubblicazione risultati

giovedì 22 luglio 2010 11:14

FRACOFORTE/BERLINO (Reuters) - I risultati degli stress test sulle banche europee potrebbero essere pubblicati prima del previsto, ma una decisione finale non è stata ancora presa.
Lo dicono alcune fonti vicine alla vicenda
Il Comitato europeo dei supervisori bancari (Cebs) aveva comunicato che i risultati dei test che misurano lo stato di salute finanziarie di 91 banche europee, sarebbero stati comunicati domani alle 18,00 italiane.
Secondo le fonti, sul timing definitivo potrebbero esserci chiarimenti nelle prossime ore.

 

[chiccodj]

It0006527532

Che è?

Scusate questo era il titolo
IT0006527532
Continua a salire e non capisco come sia possibiel ! in oltre se ne vuoi prendere una cifra dai 10.000 ai 40.000 le pagheresti un sacco di piu!

 

[tommy271]

OPINIONI SULLA SITUAZIONE GRECA


(FORTUNE) -- Will Greece be able to dig out of its debt crisis? Not even the oracle of Delphi knows for sure.
From recent headlines, the ancient muse would have reason to feel optimistic: Greece's first ventures back into financial markets since May were successful, calming market jitters. With two short-term bond sales over a span of a week, the debt-rattled government managed to raise $4.53 billion. And it could have sold more -- both auctions were oversubscribed.

After a closer look, however, the oracle's conclusions would be uneasy. The auctions came with a price: yields over 4% indicating markets were still concerned with the possibility of a future default. Greek bonds carry junk ratings, and the cost of insuring them against a default is still high. CMA DataVision, a London-based firm that tracks credit-default swap prices, recently gave Greece a 54% chance of going belly up.

But mention a default, or even a debt restructuring, to Greek government officials, and they'll hear none of it. Their response: We're doing just fine, the three-year austerity plan is working, and a restructuring is not in the cards in any shape or form.

"There's even no discussion about it," says a source inside the finance ministry. "Restructuring is not an option for us." Period. Full stop.

Of course, Greek officials were adamant when the debt crisis first broke out that an IMF bailout wasn't likely either. We now know that logic was wishful thinking at best. Believe what you will, but the debt-saddled country may have no other choice down the road but to restructure.

"Even if Greece does everything by the rules, the odds that Greece's adjustments could work without restructuring are slim," says University of Maryland economist Carmen Reinhart. "They're never zero but pretty slim. Every time you try to diet, it's ugly, and it doesn't get prettier. You know it's what you need to do, but it doesn't make it palatable."

Ultimately it all depends on how you define the term "restructure." A haircut -- where the value of Greek bonds gets trimmed outright -- is not an attractive option politically or for investors. But in a way, markets have already picked up the scissors by factoring in the possibility of an eventual default into lower bond prices. Even the guidelines for the stress tests on European bank debt holdings, to be released Friday, reportedly advised banks to assume a 17% loss on the Greek bonds in their portfolios.

A voluntary debt swap, on the other hand, may be easier to swallow and may help avert a sloppy Argentina-like default, as many economists including Nouriel Roubini have pointed out. Writes Roubini: "An orderly restructuring is unavoidable, desirable and viable in ways that benefit both the sovereign debtor and its creditors."

The terms of such a swap are that the bond value stays the same, the coupon is discounted, and the maturity date postponed, which allows creditors who voluntarily agree to the terms to be paid off in full -- albeit at a later date -- and gives debtors much-needed breathing space. Roubini points out that history shows 90% of creditors in this situation accept the deal.

Indeed, this is already happening quietly. Last month, the Greek Ministry of Finance and the Ministry of Health & Social Welfare announced that the hospital system's three-year old outstanding debts will be settled with zero coupon bonds, amounting to a 19% loss on initial investments.

Greece's austerity program seems to be on track, as the IMF's most recent report puts it, making talk of even a debt swap -- much less a haircut -- seem like fear-mongering. And the "troika" -- as the IMF, the European Central Bank and the European Commission are called in Greece -- is pleased with the results. And it should be: Last week Athens reported the nation's budget deficit fell 46% in the first half of the year, which was more than expected.

But challenges remain, as the IMF report concluded -- and that possibly explains why the government dropped plans to sell 12-month bills. Inflation at 5% is higher than expected, and unemployment, close to 12%, is rising. Meanwhile the economy is slowing down, and the flow of credit to businesses and households is frozen. Even some global retail chains, like German discount supermarket leader Aldi, have decided to pull out of the Greek market altogether. What's more, the government is having trouble raising revenues -- in the first six months of 2010, cash inflows rose just over 7%. The target was 13.7%. With the slowdown, building up cash coffers via taxes is only going to get harder.

Even with the financial support of the IMF and the EU, and even if the prescribed austerity program proceeds without bumps, Greece will have to keep borrowing more, probably at a high cost, just to service its debt obligation. Economists expect Greece's debt to rise as much as 150% of output by 2013. One can't help but wonder if the ensuing pain is worth the cost, especially since Greece might still not be able to sustain its debt. Argentina eventually defaulted because it determined that restructuring costs were too painful.

But in the long run, it may be better for Greece to deal with some short-term pain. "No amount of additional flour will make the bread rise if there is no yeast," writes the chairman of London-based Intelligence Capital, Avinash Persaud. The missing ingredient, he argues, is a debt swap that could cut Greece's interest bill in half.

For Greeks, however, a restructuring of any kind is an anathema. "We do not need it," argues Greek economist Yannis Stournaras. "It would open up a Pandora's box, if it happens."
He may have a point. But given the confusion over what a restructuring might entail, not even the oracle of Delphi would be able to divine correctly which way the default winds would blow the contents of that box, if it opened at all.