tommy271
Forumer storico
E' prevista questa mattina la conferenza stampa.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
E' prevista questa mattina la conferenza stampa.
tommy271
Forumer storico
Pledge for no pay cuts in 2011
EU-IMF auditors to announce conclusions today, following long talks with the government yesterday
Finance Minister Giorgos Papaconstantinou promised yesterday that the government would not repeat in 2011 the “exceptionally unpleasant” measures it was forced to take in 2010, such as cutting public sector salaries and pensions.
Papaconstantinou was speaking to President Karolos Papoulias before the last session of negotiations with the representatives of the European Commission, European Central Bank and International Monetary Fund, which were extended by another day for what the government explained as ”technical reasons.”
Negotiations concluded late in the evening, with the representatives of Greece’s creditors set to announce their conclusions and the key points in the adjustment of the memorandum of agreement between the two sides at a press conference this morning in Athens.
Papaconstantinou told Papoulias that talks were focusing on the major structural issues, such as the changes required in the public sector, at state corporations and in the labor market as well as an improvement in the country’s competitiveness. He also stressed the agreement on the draft budget already tabled in Parliament.
When Papoulias asked the minister why the talks had stalled, Papaconstantinou replied, “They have not stalled, there is a series of issues that are hard and require negotiation, and that is what we are doing.”
Reports suggested last night that, according to the agreement reached, the transfers of employees at state companies will now be considered as new hirings and come under the rule for one hiring for every five departures in the state sector.
The EU and IMF auditors detected a slowdown in the government’s efforts to apply the original agreement. They called for an acceleration in the process for the new tax bill and the combating of tax evasion, as well as the opening of all closed-shop professions, without exception.
According to sources, there was also agreement on establishing a specific duration for in-house pay pacts, ranging from one to two years, with a variation of up to 15-20 percent from the sector’s collective labor agreement. For the duration of the in-house pact, no sackings would be permitted.
The full text of the new agreement will be published within the next two weeks. Its terms will then be discussed with various social bodies in the coming weeks.
(Kathimerini.gr)
Finance Minister Giorgos Papaconstantinou promised yesterday that the government would not repeat in 2011 the “exceptionally unpleasant” measures it was forced to take in 2010, such as cutting public sector salaries and pensions.
Papaconstantinou was speaking to President Karolos Papoulias before the last session of negotiations with the representatives of the European Commission, European Central Bank and International Monetary Fund, which were extended by another day for what the government explained as ”technical reasons.”
Negotiations concluded late in the evening, with the representatives of Greece’s creditors set to announce their conclusions and the key points in the adjustment of the memorandum of agreement between the two sides at a press conference this morning in Athens.
Papaconstantinou told Papoulias that talks were focusing on the major structural issues, such as the changes required in the public sector, at state corporations and in the labor market as well as an improvement in the country’s competitiveness. He also stressed the agreement on the draft budget already tabled in Parliament.
When Papoulias asked the minister why the talks had stalled, Papaconstantinou replied, “They have not stalled, there is a series of issues that are hard and require negotiation, and that is what we are doing.”
Reports suggested last night that, according to the agreement reached, the transfers of employees at state companies will now be considered as new hirings and come under the rule for one hiring for every five departures in the state sector.
The EU and IMF auditors detected a slowdown in the government’s efforts to apply the original agreement. They called for an acceleration in the process for the new tax bill and the combating of tax evasion, as well as the opening of all closed-shop professions, without exception.
According to sources, there was also agreement on establishing a specific duration for in-house pay pacts, ranging from one to two years, with a variation of up to 15-20 percent from the sector’s collective labor agreement. For the duration of the in-house pact, no sackings would be permitted.
The full text of the new agreement will be published within the next two weeks. Its terms will then be discussed with various social bodies in the coming weeks.
(Kathimerini.gr)
tommy271
Forumer storico
Public debt balloons in third quarter
Greece’s public debt grew by 20 billion euros within three months and by 39 billion euros year-on-year, according to data released by the state’s General Accounting Office yesterday.
At the end of September, central government debt reached 336.8 billion euros, amounting to 145.2 percent of gross domestic product, from 316.9 billion at the end of the second quarter and from 297.9 billion euros in the third quarter of 2009.
The 2011 draft budget is based on the government’s assumption that this year’s debt will come to 343.2 billion euros, which would require that there be a relatively small increase of 6.3 billion for the last quarter of the year.
The budget deficit has lagged the target set for the first 10 months of the year, as it has contracted by 30.2 percent instead of the 33.2 percent decline seen in the 2011 budget, government data showed yesterday. The deficit came to 17.334 billion euros, from 24.833 billion euros in the January-October 2009 period.
The Finance Ministry released the data along with a statement that the drop in the deficit is mostly due to the drastic cuts in spending and the increase in revenues from last year: Expenditures declined by 7.1 percent year-on-year, while net revenues expanded by 3.7 percent. But these figures still lag the original targets set.
The increase in net revenues to 3.7 percent from 3.6 percent in the first nine months of the year is attributed to the rise in inflows from value-added tax by 15 percent in October.
The ministry is also offering Greeks with deposits abroad another chance to repatriate their capital without scrutinizing its origin by extending the deadline to December 31.
The previous deadline had been October 15, up until which time some 130 million euros had been repatriated.
The regulation concerns people or corporations taxed in Greece with major deposits abroad.
(Kathimerini.gr)
Greece’s public debt grew by 20 billion euros within three months and by 39 billion euros year-on-year, according to data released by the state’s General Accounting Office yesterday.
At the end of September, central government debt reached 336.8 billion euros, amounting to 145.2 percent of gross domestic product, from 316.9 billion at the end of the second quarter and from 297.9 billion euros in the third quarter of 2009.
The 2011 draft budget is based on the government’s assumption that this year’s debt will come to 343.2 billion euros, which would require that there be a relatively small increase of 6.3 billion for the last quarter of the year.
The budget deficit has lagged the target set for the first 10 months of the year, as it has contracted by 30.2 percent instead of the 33.2 percent decline seen in the 2011 budget, government data showed yesterday. The deficit came to 17.334 billion euros, from 24.833 billion euros in the January-October 2009 period.
The Finance Ministry released the data along with a statement that the drop in the deficit is mostly due to the drastic cuts in spending and the increase in revenues from last year: Expenditures declined by 7.1 percent year-on-year, while net revenues expanded by 3.7 percent. But these figures still lag the original targets set.
The increase in net revenues to 3.7 percent from 3.6 percent in the first nine months of the year is attributed to the rise in inflows from value-added tax by 15 percent in October.
The ministry is also offering Greeks with deposits abroad another chance to repatriate their capital without scrutinizing its origin by extending the deadline to December 31.
The previous deadline had been October 15, up until which time some 130 million euros had been repatriated.
The regulation concerns people or corporations taxed in Greece with major deposits abroad.
(Kathimerini.gr)
tommy271
Forumer storico
Rifts in Cabinet growing
Some ministers want more government negotiation with troika, less acquiescence
The government tried yesterday to play down internal divisions over the way it is negotiating with representatives of the European Commission, European Central Bank and International Monetary Fund (also known as the troika).
Government spokesman Giorgos Petalotis attempted to make light of rumors of a rift in PASOK and between the government and the troika over Labor Minister Louka Katseli’s article in Sunday’s To Vima newspaper, in which she opposed plans for businesses suffering financial problems to bypass the collective contracts they have signed with their employees in favor of temporary in-house pay pacts, as is foreseen by Greece’s agreement with its lenders.
“We believe in collective work contracts but the in-house deals are there to help businesses with problems save themselves,” said Petalotis. “We will not let businesses close down but, during a limited period and in a limited application, we will allow in-house agreements to take place. This is the government position, from which Mrs Katseli has not departed.”
Petalotis said Prime Minister George Papandreou “trusted all his ministers,” including Katseli. However, sources said the premier’s office was angry that the labor minister had not informed Papandreou she was going to publish the article.
Katseli’s position appears to be supported by Citizens’ Protection Minister Christos Papoutsis, Environment Minister Tina Birbili and Deputy Foreign Minister Mariliza Xenogiannakopoulou. However, rather than developing into a movement against tinkering with collective contracts specifically, it seems that the ministers are unhappy because they feel the government is allowing the troika to dictate terms to Greece, rather than engaging in negotiations with its lenders.
“We have to negotiate; we do not operate based on the logic of accepting anything that is put in front of us,” said Deputy Defense Minister Panos Beglitis. “I think all the ministers, including Mrs Katseli, are right [to follow this line].
However, Katseli’s obstinacy also angered a number of ministers and deputies.
“At a time when we must put Greece above everything and everyone, we have no time to get lost in opinions and articles,” said Education Minister Anna Diamantopoulou.
(Kathimerini.gr)
The government tried yesterday to play down internal divisions over the way it is negotiating with representatives of the European Commission, European Central Bank and International Monetary Fund (also known as the troika).
Government spokesman Giorgos Petalotis attempted to make light of rumors of a rift in PASOK and between the government and the troika over Labor Minister Louka Katseli’s article in Sunday’s To Vima newspaper, in which she opposed plans for businesses suffering financial problems to bypass the collective contracts they have signed with their employees in favor of temporary in-house pay pacts, as is foreseen by Greece’s agreement with its lenders.
“We believe in collective work contracts but the in-house deals are there to help businesses with problems save themselves,” said Petalotis. “We will not let businesses close down but, during a limited period and in a limited application, we will allow in-house agreements to take place. This is the government position, from which Mrs Katseli has not departed.”
Petalotis said Prime Minister George Papandreou “trusted all his ministers,” including Katseli. However, sources said the premier’s office was angry that the labor minister had not informed Papandreou she was going to publish the article.
Katseli’s position appears to be supported by Citizens’ Protection Minister Christos Papoutsis, Environment Minister Tina Birbili and Deputy Foreign Minister Mariliza Xenogiannakopoulou. However, rather than developing into a movement against tinkering with collective contracts specifically, it seems that the ministers are unhappy because they feel the government is allowing the troika to dictate terms to Greece, rather than engaging in negotiations with its lenders.
“We have to negotiate; we do not operate based on the logic of accepting anything that is put in front of us,” said Deputy Defense Minister Panos Beglitis. “I think all the ministers, including Mrs Katseli, are right [to follow this line].
However, Katseli’s obstinacy also angered a number of ministers and deputies.
“At a time when we must put Greece above everything and everyone, we have no time to get lost in opinions and articles,” said Education Minister Anna Diamantopoulou.
(Kathimerini.gr)
tommy271
Forumer storico
Greece Will Need `Extra Effort' to Meet 2011 Deficit, EU-IMF Say
By Natalie Weeks - Nov 23, 2010 10:00 AM GMT+0100 Tue Nov 23 09:00:02 GMT 2010
Greece will need to make an “extra effort” to cut its 2011 budget deficit enough to continue receiving the emergency aid that helped it avoid default in May, European Union and International Monetary Fund officials said today.
Greece has pledged to trim its budget shortfall to 7.5 percent of gross domestic product next year. That effort has been complicated by slower-than-forecast revenue growth and a revision of its economic data by the EU that boosted its deficit and debt levels through this year, EU and IMF officials reviewing Greece’s progress said at a press conference in Athens today.
Greece tapped a 110 billion-euro program of three-year loans from the EU-IMF after concern about its budget deficit pushed its borrowing costs to record highs, leaving it virtually shut out of financial markets. Fallout from the Greek debt crisis sent the euro to a four-year low in June and led to a surge in bond yields of other high deficit euro-region countries as investors shunned their debt.
Poul Thomsen, head of the IMF’s Greece mission, said today that Greece would likely qualify for the next tranche of the loans and that the country would be able to start selling bonds again.
“The 110 billion is on the short term,” Thomsen said at a press conference in Greece. “We are confident Greece will be able to return to the market during the program period.”
(Bloomberg)
By Natalie Weeks - Nov 23, 2010 10:00 AM GMT+0100 Tue Nov 23 09:00:02 GMT 2010
Greece will need to make an “extra effort” to cut its 2011 budget deficit enough to continue receiving the emergency aid that helped it avoid default in May, European Union and International Monetary Fund officials said today.
Greece has pledged to trim its budget shortfall to 7.5 percent of gross domestic product next year. That effort has been complicated by slower-than-forecast revenue growth and a revision of its economic data by the EU that boosted its deficit and debt levels through this year, EU and IMF officials reviewing Greece’s progress said at a press conference in Athens today.
Greece tapped a 110 billion-euro program of three-year loans from the EU-IMF after concern about its budget deficit pushed its borrowing costs to record highs, leaving it virtually shut out of financial markets. Fallout from the Greek debt crisis sent the euro to a four-year low in June and led to a surge in bond yields of other high deficit euro-region countries as investors shunned their debt.
Poul Thomsen, head of the IMF’s Greece mission, said today that Greece would likely qualify for the next tranche of the loans and that the country would be able to start selling bonds again.
“The 110 billion is on the short term,” Thomsen said at a press conference in Greece. “We are confident Greece will be able to return to the market during the program period.”
(Bloomberg)
tommy271
Forumer storico
GRECIA: DA UE E FMI OK A 3* TRANCHE AIUTI MA SERVONO ANCORA RIFORME
(ASCA-AFP) - Atene, 23 nov - I rappresentanti della zona euro e del Fondo monetario internazionale che monitorano l'evoluzione delle finanze pubbliche in Grecia hanno dato l'ok al versamento della terza tranche di aiuti per Atene, chiedendo pero' al Paese ''ulteriori sforzi'' in termini di riforme strutturali prima della quarta rata di prestiti prevista per febbraio.
***
Il primo vero scoglio è febbraio ...
(ASCA-AFP) - Atene, 23 nov - I rappresentanti della zona euro e del Fondo monetario internazionale che monitorano l'evoluzione delle finanze pubbliche in Grecia hanno dato l'ok al versamento della terza tranche di aiuti per Atene, chiedendo pero' al Paese ''ulteriori sforzi'' in termini di riforme strutturali prima della quarta rata di prestiti prevista per febbraio.
***
Il primo vero scoglio è febbraio ...
zago.filippo@yahoo.it
Nuovo forumer
Atene, 23 nov. (Apcom) - Nuovi dubbi sulle capacità di recupero dell'economia greca sono stati espressi oggi dai rappresentandi dell'Unione Europea e del Fondo Monetario Internazionale che oramai non escludono di accordare ad Atene un nuovo prestito o un ulteriore ritardo nella scadenza per rimborsare quello da 110 miliardi di euro già accordato nel mese di maggio. "Sapere se la Grecia sarà in grado" di rimborsare il prestito di 110 miliardi nei due anni previsti, il 2014 e il 2015, "è effettivamente una domanda" aperta, ha affermato in una conferenza stampa il rappresentante del Fmi Poul Thomsen al termine della sua missione ad Atene. "Abbiamo diverse opzioni - ha spiegato - per risolverla, opzioni per permettere un più lungo periodo di rimborso o per accordare un prestito successivo".
tommy271
Forumer storico
Greek fiscal program 'broadly on track': EU/IMF
By William L. Watts
LONDON (MarketWatch) -- The Greek government's deficit-reduction program "remains broadly on track," the European Commission, European Central Bank and the International Monetary Fund said Tuesday after a second review of the government's efforts.
The organizations, in a joint statement, said the reduction in the deficit by 6% of gross domestic product in 2010 was larger than initially targeted, but noted that upward revisions to past deficit figures and weaker-than-expected revenues will require "extra effort" to meet the deficit target of 7.5% of GDP in 2011.
Approval of the review's conclusion will allow the disbursement of a 9 billion euro ($12.2 billion) round of aid under the 110 billion euro EU-IMF rescue package implemented earlier this year.
By William L. Watts
LONDON (MarketWatch) -- The Greek government's deficit-reduction program "remains broadly on track," the European Commission, European Central Bank and the International Monetary Fund said Tuesday after a second review of the government's efforts.
The organizations, in a joint statement, said the reduction in the deficit by 6% of gross domestic product in 2010 was larger than initially targeted, but noted that upward revisions to past deficit figures and weaker-than-expected revenues will require "extra effort" to meet the deficit target of 7.5% of GDP in 2011.
Approval of the review's conclusion will allow the disbursement of a 9 billion euro ($12.2 billion) round of aid under the 110 billion euro EU-IMF rescue package implemented earlier this year.
METHOS
Forumer storico
Tutte e due opzioni condivisibili e probabilmente già pensate sin dall'inzio in quanto penso che nessuno sano di mente potesse immaginare che la grecia ripagasse il debito nel 2014-15. La mossa di fissare questi paletti era probabilmente pensata per far ingoiare più facilmente il rospo all'opinione pubblica (non tanto in italia in quanto penso che il 98% degli italiani sappia che abbiamo imprestato soldi alla grecia...)
tommy271
Forumer storico
EMU/IMF: Loan Agreement With Greece Could Be Extended
ATHENS (MNI) - The European Central Bank, the European Commission and the International Monetary Fund are prepared to discuss a possible extension of the emergency lending agreement signed with Greece last May, their representatives said today.
Speaking at a press conference in Athens, after they concluded their third official followup inspection of the Greek economy, the officials of the so-called "troika" said there was a question mark over Greece's ability to refinance its obligations after 2013, when the current agreement expires.
IMF representative Paul Thomsen revealed that there are discussions ongoing and various contingency plans exist regarding the period from 2014 onwards. The options include extending the current agreement or creating new financing plans, he said. He did not elaborate.
The delegation said that the Greek government is committed to taking all additional measures that may be needed in order to achieve its deficit targets for 2011. They said the measures must cover the revenue shortfall for 2010, as well as the gap created by Eurostat's recent upward revision of the 2009 deficit.
They also said that the Greek lending program is at a critical juncture and that restructural reforms in the health care system, the broader public sector and in taxation must be implemented.
ATHENS (MNI) - The European Central Bank, the European Commission and the International Monetary Fund are prepared to discuss a possible extension of the emergency lending agreement signed with Greece last May, their representatives said today.
Speaking at a press conference in Athens, after they concluded their third official followup inspection of the Greek economy, the officials of the so-called "troika" said there was a question mark over Greece's ability to refinance its obligations after 2013, when the current agreement expires.
IMF representative Paul Thomsen revealed that there are discussions ongoing and various contingency plans exist regarding the period from 2014 onwards. The options include extending the current agreement or creating new financing plans, he said. He did not elaborate.
The delegation said that the Greek government is committed to taking all additional measures that may be needed in order to achieve its deficit targets for 2011. They said the measures must cover the revenue shortfall for 2010, as well as the gap created by Eurostat's recent upward revision of the 2009 deficit.
They also said that the Greek lending program is at a critical juncture and that restructural reforms in the health care system, the broader public sector and in taxation must be implemented.
- Stato
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