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

[tommy271]

Grecia, Fmi approva aiuti alla Grecia, ma chiede riforme rapide

venerdì 11 febbraio 2011 15:27



ATENE, 11 febbraio (Reuters) - Gli ispettori dell'Unione europea e del Fondo monetario internazionale hanno dato il via libera al una nuova tranche di aiuti alla Grecia per 15 miliardi di euro, ma hanno detto che i progressi sono troppo lenti e che il paese deve accelerare sul fronte riforme se vuole raggiungere gli obiettivi fissati nel piano di salvataggio.
La Grecia ha tagliato la spesa pubblica, congelato le pensioni e aumentato le tasse nell'ambito dell'accordo per il piano da 110 miliardi di euro, concordato a maggio dello scorso anno per evitare la bancarotta.
"Il programma è sui binari giusti, ma non ci rimarrà a lungo senza un'accelerazione delle riforme", dice il capo della missione Fmi, Poul Thomsen.

***
In un altro paese del Mediterraneo è da vent'anni che si parla di riforme.
E' stato fatto un decimo, rispetto a quello fatto in Grecia nell'arco di 12 mesi.

 

[frmaoro]

IMM Buy MOT HELLENIC REP 26 5.3 EUR 20000 63,62 11/02/11 15:50:07 0 0

 

[tommy271]

Schaeuble Says Never Insisted Next ECB President Be German


2/11/2011 9:27 AM ET



(RTTNews) - Germany has never insisted that the next European Central Bank president be a German, Finance Minister Wolfgang Schaeuble said Friday.

Speaking to reporters in Berlin ahead of a meeting between Bundesbank President Axel Weber and Chancellor Angela Merkel, Schaeuble said the Eurogroup wants solve the question of institutional reform first.

Once addresses that issue, the group will deal with the question of the candidate for the succession of the ECB President.
Wednesday, media reports said Weber is unlikely to seek a second term as the head of Bundesbank and may also pull out of the race to be the next ECB President. The news led to a drop in euro.

Yesterday, Weber said he held talks with Chancellor Angela Merkel and told her that he will not comment on the issue until they meet again and reach an agreement.

Current ECB chief Jean-Claude Trichet's terms expires on October 31. Weber, a well-known hawkish policymaker, is considered as a front-runner for the post. His possible withdrawal would raise the chance for Italian central bank governor Mario Draghi to succeed Trichet.

Weber became the Bundesbank president in 2004. His current term ends in 2012. Reports also said Weber may consider moving to Deutsche Bank AG, one of Germany's leading banks.


(rttnews.com)

 

[tommy271]

Q&A-Does Greece's EU-IMF bailout work?


Q&A-Does Greece's EU-IMF bailout work? | Reuters

 

[tommy271]

Greece Gets EUR15bn Aid, Must Implement EUR50bn Privatization Program



EU/IMF/ECB officials pinpointed both progress and delay in the implementing of the fiscal program that Greece follows, while they said that the country must proceed with large-scale privatizations, according to a statement.

"The program is broadly on track stabilizing the economy but serious challenges exist for the creation of fiscal sustainability," Servaas Deroose, European Commission Mission Chief said at a joint press conference in Athens.

Greece’s international lenders said that the fourth loan aid installment of EUR15bn will be released, with the European Union providing EUR10.9mn and the International Monetary Fund EUR4.1bn.

The troika officials stressed that Greece must commit to a massive EUR50bn privatization program to be completed by 2015, EUR15bn of which should be secured in the period 2011-2012.

"This is a very ambitious program but we are at a critical juncture where we need to accelerate reforms. In some cases some things are not going as fast as expected due to technical complexity and social sensitivity," said Poul Thomsen, IMF Mission Chief.

Klaus Masuch, the ECB Mission Chief, said the lenders were concerned about Greek banks’ heavy reliance on the ECB for liquidity. "This can only be a temporary solution, and they need to return to market funding over the medium term."

(capital.gr)

 

[tommy271]

La Borsa di Atene ha chiuso un'altra giornata contrastata, con spinte verso l'alto utili solo per prese di beneficio.
L'indice ASE segna 1621 punti a -0,62. Sempre alti i volumi scambiati a 124 MLN.

Il nostro spread prosegue il movimento di allargamento. L'eventuale correzione è rimandata per la prossima settimana. Ora siamo intorno a 820 pb.

 

[tommy271]

Weber lascia ufficio Merkel senza commenti

venerdì 11 febbraio 2011 16:15




BERLINO, 11 febbraio (Reuters) - Il presidente della Bundesbank Axel Weber ha lasciato l'ufficio di Angela Merkel dopo un meeting con il Cancelliere tedesco e con il ministro delle Finanze Wolfgang Schaeuble, senza voler fare alcun commento sul suo futuro professionale.

 

[frmaoro]

consiglio banco popolare occhio che questo vola

 

[tommy271]

Bce,eccellente candidato Italia, nazionalità non conta -Tremonti

venerdì 11 febbraio 2011 16:45



ROMA, 11 febbraio (Reuters) - La scelta del nuovo presidente della Bce, che andrà a sostituire il prossimo anno Jean Claude Trichet, non sarà fatta in base alla nazionalità, ma l'Italia ha un eccellente candidato.
Lo ha detto il ministro dell'Economia, Giulio Tremonti, durante un incontro con la stampa estera a Roma.
Dopo il ritiro del tedesco Axel Weber è rimasta in pista la candidatura del governatore della Banca d'Italia Mario Draghi.

 

[tommy271]

Greece ‘Successfully’ Rescued From Abyss, EU, IMF Say

By Natalie Weeks and Eleni Chrepa - Feb 11, 2011 4:26 PM GMT+0100 Fri Feb 11 15:26:57 GMT 2011


Greece’s economy has been rescued from the “abyss” as austerity measures aimed at restoring order to public finances “are being implemented as planned,” the European Union and International Monetary Fund said.

“While there have been some delays and shortfalls, it should not undermine the fact that the program is broadly on track,” Poul Thomsen, head of the IMF’s Greece mission, told a news conference in Athens today. “We are ready for the second phase of the program, having successfully pulled the economy from an abyss.”

Greece’s fiscal health still requires a “broad base of structural reforms” to underpin a sustainable recovery, he said. The second phase will focus on a tax overhaul and state- asset sales that may raise as much as 50 billion euros ($68 billion) by 2015 to pay down debt, while further salary cuts and levy increases have been ruled out for the medium term, Servaas Deroose, a European Commission economist, told the briefing.

Thomsen and Deroose were in Athens for a quarterly review of Greece’s progress under a 110 billion-euro EU-IMF bailout it received last May to avert default. Approval of Greece’s efforts will ensure payment of the plan’s next installment of 15 billion euros in March. Deroose said he’s “confident” the funds will be disbursed.

Shares Advance

Shares in state-controlled banks shot up after the remarks by Deroose, who said an estimated 15 billion euros may be raised in 2011 and 2012 by selling commercial real estate and stakes in companies, both listed and unlisted. Hellenic Postbank SA gained 10.5 percent, Attica Bank SA rose 9.7 percent and Agricultural Bank of Greece SA added 13.2 percent at 4:45 p.m. in Athens. The government will complete the sale of the 110-year-old Postbank in 2011, according to a commission report released in December.

Greece has vowed to trim the budget gap to 7.4 percent of gross domestic product in 2011 from 9.4 percent in 2010. The EU and the IMF said today the 2010 deficit was about 9.5 percent. Fallout from Greece’s crisis led to a surge in bond yields of distressed euro-area nations as investors shunned their debt.

The yield on Greece’s 10-year bond remained at a euro-area high of 11.15 percent today. The extra yield that investors demand to hold the 10-year security instead of German bunds was at 824 basis points compared with 811 basis points yesterday and a record 973.6 basis points on Jan. 7.


Austerity Moves

Prime Minister George Papandreou’s wage and pension cuts and sales-tax increases in return for the emergency loans from the EU and the IMF have contributed to a slump in demand, with Greece’s economy shrinking an estimated 4.2 percent last year. EU and IMF officials today stuck to forecasts for a 3 percent contraction this year.

Finance Minister George Papaconstantinou said earlier this month he was confident a comprehensive package from the EU would stem borrowing costs and allow Greece to return to international markets for financing this year. The country is banking on lower lending rates on the EU-IMF loans, as well as an extension of the maturities, to help assuage market fears of a Greek default.

Greece may return to markets no later than early next year, Thomsen said today, adding that external conditions aren’t “as favorable as expected.”

(Bloomberg)