Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (12 lettori)

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tommy271

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INTERVIEW-UPDATE 1-Greece won't buy arms this year, save cash

2011-01-28 14:45:58 GMT (Reuters)


* Greece continues procurement talks with Russia, France
* ATK, IMI, Rheinmetall interested in EAS stake sale (Adds quotes, details)


By Renee Maltezou


ATHENS, Jan 28 (Reuters) - Greece will not conclude any major arms deals this year despite ongoing talks with France and Russia as it seeks to save cash to fight its debt crisis, the country's deputy defence minister told Reuters on Friday.
Since the crisis broke out in 2009, Greece has been cutting its defence budget by about 20 percent every year, as part of efforts to reduce structural spending and slash deficits.
The 2011 defence budget is set at 4.87 billion euros ($6.68 billion) or 2.13 percent of GDP, down from 2.8 percent in 2010.
"We continue negotiations with France and Russia, but this doesn't mean we will reach a deal in 2011," Deputy Defence Minister Panos Beglitis said in an interview. "Our government's message is clear: In these adverse conditions we can't conclude specific deals."
Greece has been negotiating with France since 2007 to buy six FREMM frigates, worth about 2.5 billion euros. It is also in talks with Russia to purchase BMP-3 armoured vehicles.
The ministry has earmarked 1.6 billion euros for arms programmes in its 2011 budget, but nearly half will be used to pay existing orders. About 830 million euros will go on maintenance, ammunition and spare parts for aircraft.
Despite warmer ties with its historic rival and fellow NATO member Turkey, Greece has for years been spending more of its GDP on the military than any other EU country.



BAILOUT TRIGGERED PRIVATISATIONS


As part of a 110 billion euro bailout plan with the EU and the IMF, the government agreed to consolidate and privatise some its troubled state-run companies, including Hellenic Defence Systems (EAS), Hellenic Vehicle Industry (ELVO) and Hellenic Aerospace Industry (EAV).
Earlier this month, the finance ministry appointed KPMG as legal adviser for the privatisation of EAS, which has just over 1,000 workers and accumulated debts of about 1.2 billion euros.
"By April we will have the adviser's suggestions. By summer we will have made our decisions to launch a tender," Beglitis said, adding the state would sell a stake of up to 65 percent.
U.S. based ammunition maker Alliant Techsystems, Israel's IMI, and Germany's Rheinmetall have already expressed interest for a strategic partnership, Beglitis said.
German and Arab investors are also interested in acquiring a stake in Hellenic Vehicle Industry, which has a 70 million euro debt he said, and the government is considering its privatisation.
Hellenic Aerospace Industry has a debt of 700 million euros. But Beglitis said the company has orders until 2015 that could bring in more than a billion euros and could offset the debt and the government was planning to maintain its control.
"EAV is the national industry's flagship, therefore we will preserve its state character," Beglitis said without ruling out partnerships with interested companies from Qatar and Abu Dhabi.

 

tommy271

Forumer storico
Greek bank Attica's shareholders clear buyback


ATHENS | Fri Jan 28, 2011 10:22am EST



ATHENS Jan 28 (Reuters) - Attica Bank (BOAr.AT), a small Greek lender, got shareholder approval on Friday to buy back 100.2 million euros ($137 million) worth of preferred shares it sold the government two years ago under a liquidity support scheme.
The move will enable the bank to resume dividend payments.
"In 2011 the bank is setting the foundations for its future growth, disentangling from state restrictions. A first step is the buyback of the preferred shares," Chairman Yannis Gamvrilis told shareholders. The shares were issued to the government under a 28 billion-euro liquidity support scheme offered by Greece's previous administration in 2008 at the height of the global credit crisis.
Attica will pay in cash to buy back the shares on which the government was earning a 10 percent dividend. The transaction is subject to approval by the Bank of Greece, the country's central bank.
Gamvrilis said that even after the buyback, the bank's capital adequacy ratios will stay well above the thresholds set by the Bank of Greece.
Attica's Tier 1 capital ratio stood at 16.7 percent in the third quarter of 2009.
Attica's management wants to grow the bank organically or through acquisitions and raise its market share in loans and deposits to above 3 percent from about 2 percent. [ID:nLDE68R16M]
"We are ready to take advantage of opportunities which will enable the bank to access wider segments of the market and further gropw its business," Gamvrilis said.
Attica Bank is 43 percent owned by engineers fund TSMEDE. Its other big shareholders are Hellenic Postbank (TT) (GPSr.AT) with a 22 percent stake and the Loans & Consignments Fund (L&C) with 19 percent.

***
Quando i prezzi scendono ...
 

tommy271

Forumer storico
La Borsa di Atene chiude la settimana con un'ottima performance.
L'indice ASE segna 1591 punti (sino a qualche settimana fa si arrabattava intorno ai 1400) con un incremento giornaliero di + 1,35.
Sempre buoni i volumi intorno ai 114 MLN.

Attika bank ha annunciato un buy-back sui propri titoli.

I nostri spread/bund sui GGB sono attualmente intorno a 838 pb.
 
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