Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

New Law Introduces Changes In Tax, Labour Market and PUO



The new draft law of Ministry of Finance introduces a cap at 48,000 euro annually for gross salaries of employees in Public Utility Organizations (PUO), reduction to earnings by 10% if they excess 1,800 euro and a maximum spending equal to 10% of total wages.

It also establishes the extension of the 2005 law regarding loss-making PUO, which provides salary restrictions also on other government-owned firms and private entities. Among the "new" firms which will be subject to financial supervision of the Ministry of Finance are Metro, Egnatia Odos, ERT, Hellenic Cadastre and Tram.

In addition, it establishes broad application of the rule of 1 recruitment per 5 departures in the public sector, reduces ATEBank’s wages by 10%, and cancels the recruitment of 700 people who were appointed after an ATE’s tender.

Especially, the draft law, entitled as “Urgent Measures to Implement Support Programme of the Greek Economy”, contains provisions that fall into the following categories:

• Measures to implement the 2011 budget, as adjustments in VAT, tax policy and salaries in PUO in order to support the economic sectors, which appear to have a negative impact on economic activity and public revenue.

• Administrative regulations to improve efficiency in the public sector in areas directly related to the implementation of the Programme for Economic Policy as well as arrangements for recruitments in the public sector.

• Adjustments for labour market and the negotiating framework of collective agreements.

The law draft proposed is to be urgently discussed in parliament as all regulations contained are directly related to the objectives and the proper implementation of the Program on Economic Policy. According to sources the new law will be effective since January 1, 2011.

The law also includes new tax arrangements regarding to property market and VAT.

(capital.gr)

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Sempre in merito ai nuovi provvedimenti che dovranno essere approvati dal Parlamento la prossima settimana.

 

[tommy271]

IPI Fell By 4.2%



Greek Production Index in Industry (IPI) in October 2010 recorded a fall of 4.2% compared with October 2009. In October 2009, the annual rate of change was -9.6%, according to the Hellenic Statistical Authority (ELLSTAT).

In the Jan-Oct 2010 period, the average rate of change of the Production Index was -5.5%, while in October 2009, the corresponding average rate was -10.0%.

ELLSTAT announced that, in annual terms, mining and quarying production fell by 13%, manufacturing dropped by 1.8%, while electricity and water supply production fell by 9.7% and 0.9% respectively.

(capital.gr)

***
Aspetti della recessione.

 

[tommy271]

Greece Seeks Advisers for 1.1 Billion Euros of Asset Sales

By Elisa Martinuzzi and Maria Petrakis - Dec 10, 2010 1:55 PM GMT+0100 Fri Dec 10 12:55:01 GMT 2010


Greece plans to hire advisers by the end of this month to oversee the sale of as much as 1.1 billion euros ($1.5 billion) of government assets next year.

Greece plans to raise as much as 300 million euros extending a lease on Athens International Airport and a similar amount selling licenses for spectrum frequencies, according to a report to the European Union, which was released yesterday. It’s seeking as much as 200 million euros from the sale of a stake in Public Gas Corp., a natural-gas supplier.

Greece is changing labor laws, cutting wages, selling assets and reorganizing state-run companies to meet conditions of the 110 billion-euro EU-led bailout in May. The country’s 11 most unprofitable state companies had combined sales of 1.5 billion euros in 2009 and losses of 1.7 billion euros, the government has said.

Hellenic Railways Organization, or OSE, which manages the railway lines, and Trainose, which operates railway services, are being reorganized to stem further losses. OSE’s debt of 10.6 billion euros will be transferred to the state, which will receive OSE’s real estate in return.

Unprofitable lines will be closed and the government will seek a strategic partner for Trainose. It’s targeting the sale of 49 percent stake in the company for as much as 35 million euros, the document shows.
Greece has already named advisers for the Trainose sale, according to the document.

(Bloomberg)

 

[tommy271]

SÌ A LINEA MERKEL: PRIVATI CONDIVIDANO PERDITE SU BOND


(...)

Il vice direttore generale di Bankitalia si sofferma anche sul dibattito sorto a livello internazionale per evitare nuove crisi sui debiti sovrani come quella che ha colpito la Grecia.

Visco sostiene che la chiave di un efficiente criterio per la prevenzione di situazioni di insostenibilità del debito sovrano "sta nel rafforzamento delle pressioni da parte del mercato, rendendone tuttavia l'azione più graduale di quanto non sia oggi".

Sono tre gli elementi necessari per raggiungere questo obiettivo. Il primo riguarda "la facoltà di concedere aiuti finanziari agli Stati in temporanea difficoltà, anche oltre i casi già previsti dall'articolo 122 del Trattato".

Il secondo fa riferimento alla "stretta condizionalità del sostegno finanziario all'effettiva attuazione degli impegni di consolidamento di bilancio". Il terzo, che riecheggia la posizione tedesca, riguarda "il mantenimento della possibilità che i creditori privati subiscano perdite qualora lo Stato in difficoltà non consegua l'aggiustamento necessario".

Secondo Bankitalia, inoltre, "un meccanismo europeo di stabilità finanziaria come quello concordato dall'Eurogruppo contribuirebbe a rafforzare la costruzione europea".

"Per ridurre il costo del debito e per il finanziamento di particolari interventi di natura infrastrutturale, potrebbero essere altresì utili, in prospettiva, forme di emissione di titoli europei", ha detto Visco.


(Reuters)

 

[tommy271]

Merkel, Sarkozy Talk Euro Up And E-bonds Down


By Geoffrey T. Smith and William Horobin
Of DOW JONES NEWSWIRES


FREIBURG, Germany (Dow Jones)--French President Nicolas Sarkozy and German Chancellor Angela Merkel Friday reaffirmed their "total" commitment to defending the euro and the region's financial stability. But they gave no indication of any new initiatives in the works, repeating only that common bond issuance and increased loan guarantees are not under consideration.

"Our determination is total," Sarkozy told a joint news conference halfway through a meeting of most of the French and German cabinets.

Merkel, in turn, recalled a declaration by euro-zone governments during the Greek debt crisis in February "to do everything to guarantee financial stability in the euro zone.
"That was true then, it is true today," she said.

Merkel repeated her opposition to any near-term enlargement of the EUR440 billion European Financial Stabilization Facility, the vehicle being used to provide rescue funds for Ireland.
"For us this is not a question," she said, noting that the Irish deal had taken less than 10% of the funds available to the EFSF.

Sarkozy was less explicit, saying only "we will do what it takes to defend the euro."
Ireland is the second euro-zone country after Greece to need a bailout and the first to tap the EFSF, which was set up in May after Greece nearly defaulted on its debt. Markets worry that the EFSF in its current form and size may not be able to cope if the region's debt crisis spreads to larger economies like Spain or Italy.

That has left the European Central Bank as the only institution capable of addressing such fears for the present, by intervening in government bond markets to keep them orderly.

The meeting in the southwestern city of Freiburg was in the tradition of coordinating Franco-German policy--not just in economic affairs--in the run-up to European Union summits, the next of which takes place in Brussels next week.

Merkel was confident that the leaders would formally endorse changes to the E.U. treaty, making it easier to force private bondholders to share the burden of any future rescues for highly-indebted member countries. At their last summit, E.U. leaders watered down Germany's proposal to force losses on bondholders as a precondition for providing any more taxpayer money and guarantees in future bail-outs.

The two leaders were equally firm in their opposition to a proposal from Luxembourg Prime Minister Jean-Claude Juncker and Italian Finance Minister Giulio Tremonti for the euro zone to issue a portion of its debt jointly, through what they called "E-bonds".

"We mustn't put the cart before the horse," Sarkozy said. "If one day there is a lot more integration and a much more harmonized economic policy, we could maybe talk about it then."

Sarkozy rebuffed accusations of big-country arrogance in rejecting the Juncker-Tremonti proposal out of hand. "Germany and France...have shown their European solidarity and I don't think they have lessons to take on this subject," Sarkozy said, noting that the two are the biggest backers of the EFSF. "If we'd been told beforehand we might have understood better."

***
L'Asse Franco-Tedesco.
Penso proprio che, per il momento, gli e-bond rimangano solo un'ipotesi di lavoro.
Nulla di più.

 

[Gaudente]

Greece Jan-Nov Govt Deficit E21.4 Bn,Down E6.1 Bn Y/Y: FinMin



ATHENS (MNI) - Greece's central government cash deficit for the first 11 months of this year amounted to E21.379 billion, down from E27.466 billion in the previous-year period, the Finance Ministry said Friday.

During this period, ordinary budget revenues rose to E45.502 billion from E43.210 last year. Ordinary budget expenditures declined to E59.611 billion from E64.357 billion.

***
Chi lamentava ieri solo notizie negative ...

Tommy , che il deficit fosse in calo lo sapevamo gia' , dal 15% del PIL al 9,4% circa ... il problema e' che non basta

 

[tommy271]

Tommy , che il deficit fosse in calo lo sapevamo gia' , dal 15% del PIL al 9,4% circa ... il problema e' che non basta

Su questo sono d'accordo. Ma è già qualcosa...
Molti non credevano neppure nella possibilità di una simile correzione.

Comunque, se vedi, le entrate - nonostante la terribile recessione - sono in aumento.

 

[Gaudente]

Comunque, se vedi, le entrate - nonostante la terribile recessione - sono in aumento.

'azzarola, con il +4% di IVA e +50 cents di accise sulla benzina, vorrei ben vedere che fossero pure in diminuzione

 

[tommy271]

'azzarola, con il +4% di IVA e +50 cents di accise sulla benzina, vorrei ben vedere che fossero pure in diminuzione

Il dato migliore è quello dell'IVA, segnala - comunque - che il paese non è propriamente in ginocchio ...
Molto male invece il dato sui consumi di energia elettrica che ho postato poco prima.

 

[Gaudente]

Molto male invece il dato sui consumi di energia elettrica che ho postato poco prima.

Saran contenti gli ecologisti