tommy271
Forumer storico
Per il momento pare che tengano ... Ackermann ha incrementato a giugno, nonostante le sue dichiarazioni pubbliche negative di maggio.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
Per il momento pare che tengano ... Ackermann ha incrementato a giugno, nonostante le sue dichiarazioni pubbliche negative di maggio.
troppidebiti
Forumer storico
anche a me la situazione sembra nettamente peggiorata
tra l' altro gli effetti degli acquisti bce sui titoli ellenici non mi sembrano di gran rilievo con un decennale che gira a 800 bps
con altri paesi in difficoltà irlanda portogallo spagna uk...non penso si potrà essere di maniche larghe
il pil dei tedeschi vola ormai la maggiore voce in capitolo ce l' hanno loro
il nocciolo del problema mi sembra ormai il pagamento degli interessi
tommy271
Forumer storico
anche a me la situazione sembra nettamente peggiorata
tra l' altro gli effetti degli acquisti bce sui titoli ellenici non mi sembrano di gran rilievo con un decennale che gira a 800 bps
con altri paesi in difficoltà irlanda portogallo spagna uk...non penso si potrà essere di maniche larghe
il pil dei tedeschi vola ormai la maggiore voce in capitolo ce l' hanno loro
il nocciolo del problema mi sembra ormai il pagamento degli interessi
Troppidebiti è da un pò che non ci vediamo da queste parti ...
Non credo che la situazione sia peggiorata: la diminuzione degli acquisti BCE sui periferici poteva avere ripercussioni più pesanti invece abbiamo assistito ad un consolidamento della situazione.
Se poi la situazione in Germania migliora (come gli ultimi dati dimostrano) sarà forse più facile credere ad un allentamento della tensione e ad una spinta al traino dei periferici.
tommy271
Forumer storico
Greece set for Israeli PM’s visit
Netanyahu due in Athens today for talks with Papandreou, as countries continue to explore closer ties
Israeli Prime Minister Benjamin Netanyahu is expected today in Athens on his first official visit to Greece, as the two countries explore the possibility of strengthening their ties at a time when the traditionally close relationship between Turkey and Israel seems to be in difficulty.
Netanyahu’s visit, during which he is expected to discuss with Prime Minister George Papandreou a range of issues that include Israeli jets using Greek air space for training flights, comes less than a month after the Greek PM traveled to Israel.
At that time, Papandreou became the first Greek premier to visit Israel since Athens officially recognized the country in 1993. The two sides have been pursuing closer ties as Israel’s relations with Turkey appear to be worsening. The traditionally strong bonds suffered a further setback in June when Israeli commandos bordered six ships that were transporting aid to Gaza in an operation that led to eight Turks and one Turkish-American being killed.
However, the incident also shook relations with Greece since two of the vessels were Greek and there were 35 Greek activists on board. Some of the Greeks claimed Israeli forces mistreated them and the Israeli ambassador in Athens, Ali Yahya, was summoned to the Foreign Ministry to answer questions.
As a result of the flotilla raid, Greece also withdrew from a joint air force exercise with Israel, code-named Minoas 2010, which had started on Crete. It is thought that Israel is keen to reach an agreement with Athens about similar operations in the future.
Israeli officials had described Papandreou’s recent trip to Jerusalem and Palestine as leading to a “serious upgrade” of relations between the two countries.
However, this idea does not please Greece’s leftist parties. “The PASOK government is taking on great responsibility,” said the Communist Party (KKE) in a statement yesterday. “By continuing New Democracy’s policy, it is not only providing political support for Israel but developing military cooperation as well.”
The Synaspismos Left Coalition accused the government of descending a “slippery slope.” “It is looking back, not forward at a time when international balances are changing,” the leftists said. “It would be wrong to regard developing relations with Israel as a counterbalance to Turkey.”
Several unions, including the KKE-affiliated PAME, have planned a protest at 7.30 p.m. in front of the War Museum with a march to the Israeli Embassy to follow.
(Kathimerini.gr)
Israeli Prime Minister Benjamin Netanyahu is expected today in Athens on his first official visit to Greece, as the two countries explore the possibility of strengthening their ties at a time when the traditionally close relationship between Turkey and Israel seems to be in difficulty.
Netanyahu’s visit, during which he is expected to discuss with Prime Minister George Papandreou a range of issues that include Israeli jets using Greek air space for training flights, comes less than a month after the Greek PM traveled to Israel.
At that time, Papandreou became the first Greek premier to visit Israel since Athens officially recognized the country in 1993. The two sides have been pursuing closer ties as Israel’s relations with Turkey appear to be worsening. The traditionally strong bonds suffered a further setback in June when Israeli commandos bordered six ships that were transporting aid to Gaza in an operation that led to eight Turks and one Turkish-American being killed.
However, the incident also shook relations with Greece since two of the vessels were Greek and there were 35 Greek activists on board. Some of the Greeks claimed Israeli forces mistreated them and the Israeli ambassador in Athens, Ali Yahya, was summoned to the Foreign Ministry to answer questions.
As a result of the flotilla raid, Greece also withdrew from a joint air force exercise with Israel, code-named Minoas 2010, which had started on Crete. It is thought that Israel is keen to reach an agreement with Athens about similar operations in the future.
Israeli officials had described Papandreou’s recent trip to Jerusalem and Palestine as leading to a “serious upgrade” of relations between the two countries.
However, this idea does not please Greece’s leftist parties. “The PASOK government is taking on great responsibility,” said the Communist Party (KKE) in a statement yesterday. “By continuing New Democracy’s policy, it is not only providing political support for Israel but developing military cooperation as well.”
The Synaspismos Left Coalition accused the government of descending a “slippery slope.” “It is looking back, not forward at a time when international balances are changing,” the leftists said. “It would be wrong to regard developing relations with Israel as a counterbalance to Turkey.”
Several unions, including the KKE-affiliated PAME, have planned a protest at 7.30 p.m. in front of the War Museum with a march to the Israeli Embassy to follow.
(Kathimerini.gr)
ferdo
Utente Senior
anche a me la situazione sembra nettamente peggiorata
tra l' altro gli effetti degli acquisti bce sui titoli ellenici non mi sembrano di gran rilievo con un decennale che gira a 800 bps
con altri paesi in difficoltà irlanda portogallo spagna uk...non penso si potrà essere di maniche larghe
il pil dei tedeschi vola ormai la maggiore voce in capitolo ce l' hanno loro
il nocciolo del problema mi sembra ormai il pagamento degli interessi
se BCE non acquista con CDS in aumento e i prezzi non calano vistosamente ... non mi pare un segnale del tutto negativo
tommy271
Forumer storico
Tourism to play key role in next growth figures after negative Q2 economic data
Rebound in consumer and business psychology is due; fiscal measures weigh on incomes
Greece’s fish-farming industry is among the export sectors that is performing well but this has escaped the attention of the media. With exports up 2.5 percent year-on-year up until July, the economy has received a boost from abroad.
By Dimitris Kontogiannis - Kathimerini English Edition
The larger-than-expected drop in Greek gross domestic product (GDP) in the second quarter brought back concerns about the depth and duration of the recession and its impact on the Greek fiscal consolidation plan. The question is whether these concerns are well-founded or perhaps a bit exaggerated.
The Greek economy shrank 1.5 percent in the second quarter compared to the first quarter, surprising on the downside since the market consensus had put the drop at 1.1 percent. Greece found some solace in the experience of Spain, which disappointed but to a much lesser extent, since its economy shrank by 0.2 percent on an annual basis.
This contrasted with a much better-than-expected performance by Germany, which saw its economy grow 2.2 percent in the second quarter compared to an expected 1.3 percent.
Some Greek government officials saw the nation’s numbers in a more positive light, pointing out that the real GDP was down 2.9 percent in the first half. Therefore, the economy would have to contract by 5.0 percent in the second half to shrink by 4.0 percent in 2010 as projected in the fiscal program agreed to with the European Union, International Monetary Fund and the European Central Bank.
This idea is being reinforced by the fact that the Greek economy did very badly in the last quarter of 2009 and therefore the comparison will be more favorable this year. So, the only open question concerns the behavior of the economy in the third quarter, which is heavily influenced by tourism.
Undoubtedly, this approach has some merits although it ignores the fact that changes in methodology render year-on-year GDP growth calculations shaky, as pointed out by the Hellenic Statistical Authority.
According to the same line of thought, Greece’s nominal GDP, which is used in the denominator to calculate the country’s budget deficit and public debt ratios, will do better than projected because the annual change in the real GDP will be in line or smaller than 4.0 percent while inflation will average at 4.5 percent or higher.
Since changes in the nominal GDP incorporate both the change in the real GDP and the change in inflation, it should come in slightly positive in 2010. This contrasts with a drop of more than 2.5 percent foreseen in the program and therefore will provide some breathing space for the government to meet the budget deficit target of 8.1 percent of GDP this year despite some slippage in tax revenues.
One may call this the optimistic approach, or the opinion shared by the government and the economists of some local banks. The latter flesh out the argument of a smaller-than-projected drop in the real GDP by pointing out something else: They argue the economy should get a boost in the second half through the speedier implementation of the public investment budget (PIB). The expenditure of the PIB was cut to 9.2 billion euros from the 10.5 billion envisaged earlier to help attain the budget deficit reduction goal.
To reach the new lower goal of 9.2 billion euros, some 5.0 billion will have to be spent in the second half of the year, facilitated by more than 3.0 billion euros in EU funds.
With exports up 2.5 percent year-on-year in the January-July period and imports down 17.7 percent, the economy is already receiving a boost from the external sector. Along the same lines, other bankers say there are a few sectors of the Greek economy that are doing just fine but have escaped the attention of the media and the general public. They point to the strong demand abroad for exports of fresh fruits, i.e. to Russia, and a sizable increase in exports from the sector of aquaculture, among others.
To make their point, they add that if investment spending picks up, aided by the implementation of the PIB, in the second half, the economy should contract by about 3.0 percent in 2010 even though consumption spending may fall by 3.0 percent in real terms.
All these are fine arguments and may end up being correct after all but those who pay attention to the dynamics of the Greek economy do not share the same view. They agree the second quarter was a very bad for the Greek economy because almost everything came to a standstill, as the specter of a sovereign default weighed in. So, a rebound in consumer and business psychology had been due in the third quarter.
However, they point out that the restrictive fiscal measures taken, such as sizable tax hikes, cuts in salaries along with a rise in unemployment, will hurt incomes and consumption as time goes by. Assuming a drop of 10 percent in tourist receipts compared to last year and a further downward adjustment in consumption spending by households, the contraction of the real GDP will be sizable in the third quarter, fanning further concerns about Greece’s ability to meet its fiscal targets.
They also say the state does not pay the money owed to its suppliers, such as pharmaceutical and construction companies, and this contributes to the decline.
Moreover, Greek banks either do not want to extend credit or cannot because they want to continue deleveraging and retain more liquidity since demand from their creditworthy customers is weak. So credit expansion to the economy will continue to slow the rest of the year, making it more difficult for some sectors and companies to grow or even survive, with their sales falling significantly.
In this kind of economic environment, Greece will have to take more restrictive measures to ensure the attainment of the budget goal and therefore put more pressure on the real economy, entering a vicious cycle.
Undoubtedly, one would hope the optimists are right about the numbers in Greece’s fiscal consolidation.
However, it would be very unwise to ignore the arguments of the pessimists after the disappointing GDP figures in the second quarter. Therefore, it seems more prudent to wait to get further data on how the tourist industry did over the summer before jumping to any premature conclusion.
Greece’s fish-farming industry is among the export sectors that is performing well but this has escaped the attention of the media. With exports up 2.5 percent year-on-year up until July, the economy has received a boost from abroad.
By Dimitris Kontogiannis - Kathimerini English Edition
The larger-than-expected drop in Greek gross domestic product (GDP) in the second quarter brought back concerns about the depth and duration of the recession and its impact on the Greek fiscal consolidation plan. The question is whether these concerns are well-founded or perhaps a bit exaggerated.
The Greek economy shrank 1.5 percent in the second quarter compared to the first quarter, surprising on the downside since the market consensus had put the drop at 1.1 percent. Greece found some solace in the experience of Spain, which disappointed but to a much lesser extent, since its economy shrank by 0.2 percent on an annual basis.
This contrasted with a much better-than-expected performance by Germany, which saw its economy grow 2.2 percent in the second quarter compared to an expected 1.3 percent.
Some Greek government officials saw the nation’s numbers in a more positive light, pointing out that the real GDP was down 2.9 percent in the first half. Therefore, the economy would have to contract by 5.0 percent in the second half to shrink by 4.0 percent in 2010 as projected in the fiscal program agreed to with the European Union, International Monetary Fund and the European Central Bank.
This idea is being reinforced by the fact that the Greek economy did very badly in the last quarter of 2009 and therefore the comparison will be more favorable this year. So, the only open question concerns the behavior of the economy in the third quarter, which is heavily influenced by tourism.
Undoubtedly, this approach has some merits although it ignores the fact that changes in methodology render year-on-year GDP growth calculations shaky, as pointed out by the Hellenic Statistical Authority.
According to the same line of thought, Greece’s nominal GDP, which is used in the denominator to calculate the country’s budget deficit and public debt ratios, will do better than projected because the annual change in the real GDP will be in line or smaller than 4.0 percent while inflation will average at 4.5 percent or higher.
Since changes in the nominal GDP incorporate both the change in the real GDP and the change in inflation, it should come in slightly positive in 2010. This contrasts with a drop of more than 2.5 percent foreseen in the program and therefore will provide some breathing space for the government to meet the budget deficit target of 8.1 percent of GDP this year despite some slippage in tax revenues.
One may call this the optimistic approach, or the opinion shared by the government and the economists of some local banks. The latter flesh out the argument of a smaller-than-projected drop in the real GDP by pointing out something else: They argue the economy should get a boost in the second half through the speedier implementation of the public investment budget (PIB). The expenditure of the PIB was cut to 9.2 billion euros from the 10.5 billion envisaged earlier to help attain the budget deficit reduction goal.
To reach the new lower goal of 9.2 billion euros, some 5.0 billion will have to be spent in the second half of the year, facilitated by more than 3.0 billion euros in EU funds.
With exports up 2.5 percent year-on-year in the January-July period and imports down 17.7 percent, the economy is already receiving a boost from the external sector. Along the same lines, other bankers say there are a few sectors of the Greek economy that are doing just fine but have escaped the attention of the media and the general public. They point to the strong demand abroad for exports of fresh fruits, i.e. to Russia, and a sizable increase in exports from the sector of aquaculture, among others.
To make their point, they add that if investment spending picks up, aided by the implementation of the PIB, in the second half, the economy should contract by about 3.0 percent in 2010 even though consumption spending may fall by 3.0 percent in real terms.
All these are fine arguments and may end up being correct after all but those who pay attention to the dynamics of the Greek economy do not share the same view. They agree the second quarter was a very bad for the Greek economy because almost everything came to a standstill, as the specter of a sovereign default weighed in. So, a rebound in consumer and business psychology had been due in the third quarter.
However, they point out that the restrictive fiscal measures taken, such as sizable tax hikes, cuts in salaries along with a rise in unemployment, will hurt incomes and consumption as time goes by. Assuming a drop of 10 percent in tourist receipts compared to last year and a further downward adjustment in consumption spending by households, the contraction of the real GDP will be sizable in the third quarter, fanning further concerns about Greece’s ability to meet its fiscal targets.
They also say the state does not pay the money owed to its suppliers, such as pharmaceutical and construction companies, and this contributes to the decline.
Moreover, Greek banks either do not want to extend credit or cannot because they want to continue deleveraging and retain more liquidity since demand from their creditworthy customers is weak. So credit expansion to the economy will continue to slow the rest of the year, making it more difficult for some sectors and companies to grow or even survive, with their sales falling significantly.
In this kind of economic environment, Greece will have to take more restrictive measures to ensure the attainment of the budget goal and therefore put more pressure on the real economy, entering a vicious cycle.
Undoubtedly, one would hope the optimists are right about the numbers in Greece’s fiscal consolidation.
However, it would be very unwise to ignore the arguments of the pessimists after the disappointing GDP figures in the second quarter. Therefore, it seems more prudent to wait to get further data on how the tourist industry did over the summer before jumping to any premature conclusion.
tommy271
Forumer storico
Resistance levels may be tested
With the flow of news on the domestic front thin this week due to it being the summer holiday period, investors will be keeping a close eye on market trends abroad as to how they affect Greek stocks.
On Friday, the Athens bourse’s general index eased 0.14 percent to 1,625.99 points, bringing losses over the last week to just over 5 percent. Analysts are pointing to the 1,620-point mark as being the next resistance level but added that an upward rebound could be on the cards after the market fell for seven straight sessions on Friday. The week’s schedule of news includes the Bank of Greece announcing June’s current account figures on Wednesday.
Interest in Hellenic Postbank (TT) may continue this week after the stock rose 65 percent over the last 30 days. The bank has been in the spotlight after Piraeus Bank offered in July to buy a controlling stake in it from the government. The Finance Ministry is appointing advisers to assess the deal as buyers turn to TT, betting that another peer may bid for a stake in it, according to brokers.
(Kathimerini.gr)
With the flow of news on the domestic front thin this week due to it being the summer holiday period, investors will be keeping a close eye on market trends abroad as to how they affect Greek stocks.
On Friday, the Athens bourse’s general index eased 0.14 percent to 1,625.99 points, bringing losses over the last week to just over 5 percent. Analysts are pointing to the 1,620-point mark as being the next resistance level but added that an upward rebound could be on the cards after the market fell for seven straight sessions on Friday. The week’s schedule of news includes the Bank of Greece announcing June’s current account figures on Wednesday.
Interest in Hellenic Postbank (TT) may continue this week after the stock rose 65 percent over the last 30 days. The bank has been in the spotlight after Piraeus Bank offered in July to buy a controlling stake in it from the government. The Finance Ministry is appointing advisers to assess the deal as buyers turn to TT, betting that another peer may bid for a stake in it, according to brokers.
(Kathimerini.gr)
troppidebiti
Forumer storico
beh far cadere la Grecia dopo tutto quello che hanno combinato per salvarla sarebbe demenziale...diciamo che l' attenzione ormai si sposta più sugli altri periferici che sulla Grecia che ha bisogno di molto tempo per ripartire
tommy271
Forumer storico
beh far cadere la Grecia dopo tutto quello che hanno combinato per salvarla sarebbe demenziale...diciamo che l' attenzione ormai si sposta più sugli altri periferici che sulla Grecia che ha bisogno di molto tempo per ripartire
Non è detto, i dementi si trovano maggiormente agli alti livelli
.Domani occhio all'asta Irlandese ...
tommy271
Forumer storico
Bce: Stark, riforme di bilancio migliorano prospettive crescita
Le riforme di bilancio intraprese da diversi Paesi dell'Eurozona contribuiscono a migliorare le prospettive di crescita nel medio termine. Lo afferma Juergen Stark, membro del Comitato direttivo della Bce, in un articolo pubblicato dal quotidiano britannico Financial Times. Secondo Stark i mercati finanziari non comprendono appieno la natura delle riforme avviate dai Paesi dell'area dopo la crisi del debito sovrano della primavera scorsa. Si confonde, afferma Stark, la severità di bilancio con la riforma di bilancio. "La cosa di cui bisogna tenere conto - continua -è che la correzione delle politiche di bilancio non è una mossa isolata ma è piuttosto un cambiamento fondamentale nella strategia che sta alla base delle politiche di bilancio", e cioé nella strategia che dovrà portare a realizzare avanzi primari ora e in futuro. Stark risponde in questo modo, come già altri esponenti della Bce in precedenza, allo scetticismo dei mercati sulla sostenibilità dei pacchetti di austerità approvati da diversi Paesi dell'Eurozona, come Grecia e Spagna. Secondo Stark, invece, "gli aggiustamenti necessari approvati in Europa sono di natura strutturale: si rivedono i sistemi di prelievo fiscale e la struttura e il livello della spesa viene resa più compatibile con la crescita".
(Milanofinanza.it)
Le riforme di bilancio intraprese da diversi Paesi dell'Eurozona contribuiscono a migliorare le prospettive di crescita nel medio termine. Lo afferma Juergen Stark, membro del Comitato direttivo della Bce, in un articolo pubblicato dal quotidiano britannico Financial Times. Secondo Stark i mercati finanziari non comprendono appieno la natura delle riforme avviate dai Paesi dell'area dopo la crisi del debito sovrano della primavera scorsa. Si confonde, afferma Stark, la severità di bilancio con la riforma di bilancio. "La cosa di cui bisogna tenere conto - continua -è che la correzione delle politiche di bilancio non è una mossa isolata ma è piuttosto un cambiamento fondamentale nella strategia che sta alla base delle politiche di bilancio", e cioé nella strategia che dovrà portare a realizzare avanzi primari ora e in futuro. Stark risponde in questo modo, come già altri esponenti della Bce in precedenza, allo scetticismo dei mercati sulla sostenibilità dei pacchetti di austerità approvati da diversi Paesi dell'Eurozona, come Grecia e Spagna. Secondo Stark, invece, "gli aggiustamenti necessari approvati in Europa sono di natura strutturale: si rivedono i sistemi di prelievo fiscale e la struttura e il livello della spesa viene resa più compatibile con la crescita".
(Milanofinanza.it)
- Stato