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tommy271
Forumer storico
Eccolo con il suo "Occhio del Serpente":
http://www.kairospartners.com/drupa...sletter/L occhio del serpente-RN-24.02.11.pdf
tommy271
Forumer storico
German lawmakers stress hard line on bailout fund
By GEIR MOULSON and GABRIELE STEINHAUSER , 02.24.11, 09:14 AM EST
BERLIN -- German government lawmakers are demanding that the eurozone's future bailout fund not be allowed to buy the bonds of troubled governments - a veiled threat they might also block long-awaited changes to the current fund.
A resolution drawn up by lawmakers from Chancellor Angela Merkel's coalition aims to strengthen Germany's bargaining position in negotiations on a future rescue fund. The talks are also central to overhauling the current bailout facility, which expires in 2013.
The draft, obtained by The Associated Press Thursday, is likely to go to a vote in Germany's parliament on March 17 - a week before European leaders meet to decide on a package of measures to stem the long-running debt crisis.
The permanent rescue mechanism will need ratification by national parliaments, as would any changes to the existing fund.
The resolution calls for "commonly financed or guaranteed debt-buying programs (to be) ruled out." Such programs have been suggested by the EU's executive Commission, and the European Central Bank also appears keen to pass on the task of buying government bonds, which it started last May.
Buying bonds stabilizes their prices and keeps a country's funding costs in check. Giving a financially troubled country like Greece, Ireland or Portugal the funds to buy back its own bonds could also cut its debt pile, since the bonds are currently trading at a signicificant discout.
The resolution says there should be no "special arrangements" for countries outside the future rescue mechanism.
It doesn't mention the current fund, but eurozone governments have focused their discussions on the future mechanism, with the understanding that its structure would also be applied to the current fund.
Greece received a separate rescue last year before the creation of the current euro440 billion ($606 billion) European Financial Stability Facility, Europe's contribution to the wider euro750 billion bailout fund that also includes the International Monetary Fund.
An EU official described the German lawmakers' move as "a pre-emptive strike" and added that the Commission was concerned about how it could affect changes to the fund which it considers crucial to the stability of the euro area.
It gives the German parliament the opportunity to shape the discussions in Brussels ahead of any decision, since it will be difficult for lawmakers to block the full deal, the official said.
The official spoke on condition of anonymity because of the sensitivity of the issue.
Merkel's government has taken a hard-nosed approach to tackling the debt crisis from the start, emphasizing budget discipline and spending cuts over bailouts. It is mindful of the fact that rescuing spendthrift nations is unpopular with thrifty Germans.
It is keen to get the EU treaty changed to allow the creation of a permanent rescue mechanism and avoid future brushes with Germany's highest court, which has yet to consider complaints against the Greek rescue and the wider bailout fund.
The lawmakers' resolution says the future European Stability Mechanism must be part of an overall package that strengthens budget discipline, competitiveness and economic policy coordination.
It also calls for steps toward so-called "debt brake" to limit borrowing in other European Union nations along the lines of legislation Germany already has introduced, and advocates an EU-wide financial market tax to take pressure off national budgets.
Similar German proposals for a market tax have cut little ice at the Group of 20.
(Associated Presse)
By GEIR MOULSON and GABRIELE STEINHAUSER , 02.24.11, 09:14 AM EST
BERLIN -- German government lawmakers are demanding that the eurozone's future bailout fund not be allowed to buy the bonds of troubled governments - a veiled threat they might also block long-awaited changes to the current fund.
A resolution drawn up by lawmakers from Chancellor Angela Merkel's coalition aims to strengthen Germany's bargaining position in negotiations on a future rescue fund. The talks are also central to overhauling the current bailout facility, which expires in 2013.
The draft, obtained by The Associated Press Thursday, is likely to go to a vote in Germany's parliament on March 17 - a week before European leaders meet to decide on a package of measures to stem the long-running debt crisis.
The permanent rescue mechanism will need ratification by national parliaments, as would any changes to the existing fund.
The resolution calls for "commonly financed or guaranteed debt-buying programs (to be) ruled out." Such programs have been suggested by the EU's executive Commission, and the European Central Bank also appears keen to pass on the task of buying government bonds, which it started last May.
Buying bonds stabilizes their prices and keeps a country's funding costs in check. Giving a financially troubled country like Greece, Ireland or Portugal the funds to buy back its own bonds could also cut its debt pile, since the bonds are currently trading at a signicificant discout.
The resolution says there should be no "special arrangements" for countries outside the future rescue mechanism.
It doesn't mention the current fund, but eurozone governments have focused their discussions on the future mechanism, with the understanding that its structure would also be applied to the current fund.
Greece received a separate rescue last year before the creation of the current euro440 billion ($606 billion) European Financial Stability Facility, Europe's contribution to the wider euro750 billion bailout fund that also includes the International Monetary Fund.
An EU official described the German lawmakers' move as "a pre-emptive strike" and added that the Commission was concerned about how it could affect changes to the fund which it considers crucial to the stability of the euro area.
It gives the German parliament the opportunity to shape the discussions in Brussels ahead of any decision, since it will be difficult for lawmakers to block the full deal, the official said.
The official spoke on condition of anonymity because of the sensitivity of the issue.
Merkel's government has taken a hard-nosed approach to tackling the debt crisis from the start, emphasizing budget discipline and spending cuts over bailouts. It is mindful of the fact that rescuing spendthrift nations is unpopular with thrifty Germans.
It is keen to get the EU treaty changed to allow the creation of a permanent rescue mechanism and avoid future brushes with Germany's highest court, which has yet to consider complaints against the Greek rescue and the wider bailout fund.
The lawmakers' resolution says the future European Stability Mechanism must be part of an overall package that strengthens budget discipline, competitiveness and economic policy coordination.
It also calls for steps toward so-called "debt brake" to limit borrowing in other European Union nations along the lines of legislation Germany already has introduced, and advocates an EU-wide financial market tax to take pressure off national budgets.
Similar German proposals for a market tax have cut little ice at the Group of 20.
(Associated Presse)
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tommy271
Forumer storico
Greece to Cut Deficit Deeper up to 2015, Papaconstantinou Says
February 24, 2011, 9:10 AM EST
By Natalie Weeks and Christos Ziotis
Feb. 24 (Bloomberg) -- Greece will detail new measures to maintain deficit cuts after a 110 billion-euro ($151 billion) bailout expires, aiming to bring the budget shortfall to 1 percent of gross domestic product in 2015.
The gap, which reached a euro-area record of 15.4 percent in 2009, will be about 3 billion euros in 2015, Finance Minister George Papaconstantinou told reporters in Athens today. The government still targets a deficit of 7.4 percent for 2011, he said, following the 9.4 percent shortfall last year.
“The Greek economy in 2011 will start to exit the recession,” Papaconstantinou said. “We are at the worst point. We are at the point where sometimes you have a hard time seeing how you will get out of it. We will get out of it.”
Deep wage and pension cuts and increases in sales, alcohol and cigarette taxes have cut into consumer spending in the country of 11 million, leading to a 4.5 percent contraction in the economy in 2010, above the European Union and International Monetary Fund forecast of 4.2 percent. Papaconstantinou stuck to estimates of a 3 percent contraction this year and said growth would return toward the end of the year.
The government will detail deficit-reduction measures amounting to 8 percent of GDP for 2012 to 2014 by the end of March, as EU leaders meet to carve out a solution to stem the region’s debt crisis, sparked by Greece’s misreporting of data. Parliament will vote on the final package in mid-May, a year after the EU and the IMF granted Greece the euro area’s first bailout, which provides quarterly loan payments until June 2013.
Asset Sales
Papaconstantinou repeated targets set earlier this month by the EU and the IMF after a review of Greece’s progress. These include a new plan to raise 50 billion euros in state asset sales, with 15 billion euros due by 2013 and 30 billion euros of guarantees to Greek banks that still rely on funding from the European Central Bank.
“It’s clear Greek banks are having trouble securing funding because of the problems of the Greek state,” Papaconstantinou said. “We want this guarantees package to be the last.”
EU and IMF approval of Greece’s efforts will ensure payment of the next installment of 15 billion euros in March.
The 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 11.83 percent today. The extra yield that investors demand to hold the 10-year security instead of German bunds was at 870 basis points compared with 861 basis points yesterday and a record 973.6 basis points on Jan. 7.
Greece is banking on a comprehensive package from the EU that will stem borrowing costs and allow the country to return to international markets for financing this year. Prime Minister George Papandreou hopes EU leaders will agree to lower lending rates on the EU-IMF loans and to extend the maturities to help assuage market fears of a Greek default.
An extension of maturities “helps a lot” because Greece faces a debt “hump” in 2014 and 2015, Papaconstantinou said. “It will take time to get a final decision.”
February 24, 2011, 9:10 AM EST
By Natalie Weeks and Christos Ziotis
Feb. 24 (Bloomberg) -- Greece will detail new measures to maintain deficit cuts after a 110 billion-euro ($151 billion) bailout expires, aiming to bring the budget shortfall to 1 percent of gross domestic product in 2015.
The gap, which reached a euro-area record of 15.4 percent in 2009, will be about 3 billion euros in 2015, Finance Minister George Papaconstantinou told reporters in Athens today. The government still targets a deficit of 7.4 percent for 2011, he said, following the 9.4 percent shortfall last year.
“The Greek economy in 2011 will start to exit the recession,” Papaconstantinou said. “We are at the worst point. We are at the point where sometimes you have a hard time seeing how you will get out of it. We will get out of it.”
Deep wage and pension cuts and increases in sales, alcohol and cigarette taxes have cut into consumer spending in the country of 11 million, leading to a 4.5 percent contraction in the economy in 2010, above the European Union and International Monetary Fund forecast of 4.2 percent. Papaconstantinou stuck to estimates of a 3 percent contraction this year and said growth would return toward the end of the year.
The government will detail deficit-reduction measures amounting to 8 percent of GDP for 2012 to 2014 by the end of March, as EU leaders meet to carve out a solution to stem the region’s debt crisis, sparked by Greece’s misreporting of data. Parliament will vote on the final package in mid-May, a year after the EU and the IMF granted Greece the euro area’s first bailout, which provides quarterly loan payments until June 2013.
Asset Sales
Papaconstantinou repeated targets set earlier this month by the EU and the IMF after a review of Greece’s progress. These include a new plan to raise 50 billion euros in state asset sales, with 15 billion euros due by 2013 and 30 billion euros of guarantees to Greek banks that still rely on funding from the European Central Bank.
“It’s clear Greek banks are having trouble securing funding because of the problems of the Greek state,” Papaconstantinou said. “We want this guarantees package to be the last.”
EU and IMF approval of Greece’s efforts will ensure payment of the next installment of 15 billion euros in March.
The 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 11.83 percent today. The extra yield that investors demand to hold the 10-year security instead of German bunds was at 870 basis points compared with 861 basis points yesterday and a record 973.6 basis points on Jan. 7.
Greece is banking on a comprehensive package from the EU that will stem borrowing costs and allow the country to return to international markets for financing this year. Prime Minister George Papandreou hopes EU leaders will agree to lower lending rates on the EU-IMF loans and to extend the maturities to help assuage market fears of a Greek default.
An extension of maturities “helps a lot” because Greece faces a debt “hump” in 2014 and 2015, Papaconstantinou said. “It will take time to get a final decision.”
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tommy271
Forumer storico
Greek recession becoming more shallow, Fin Min says
Finance Minister Giorgos Papaconstantinou said on Thursday quarterly growth figures showed that the recesssion was becoming “more shallow,” reiterating a forecast three percent dip in gross domestic product for this year.
ekathimerini.com , Thursday February 24, 2011 (15:20)
Finance Minister Giorgos Papaconstantinou said on Thursday quarterly growth figures showed that the recesssion was becoming “more shallow,” reiterating a forecast three percent dip in gross domestic product for this year.
ekathimerini.com , Thursday February 24, 2011 (15:20)
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tommy271
Forumer storico
Chiusura negativa alla Borsa di Atene che scende a 1599 punti registrando un - 1,83 giornaliero. Volumi consistenti a 125 MLN.
La questione "banche" rimane in primo piano per una eventuale risalita.
Spread sempre molto deboli intorno a 887 pb., nel frattempo contiamo i giorni che ci separano al 4 marzo ... primo appuntamento di rilievo in un mese estremamente importante.
La questione "banche" rimane in primo piano per una eventuale risalita.
Spread sempre molto deboli intorno a 887 pb., nel frattempo contiamo i giorni che ci separano al 4 marzo ... primo appuntamento di rilievo in un mese estremamente importante.
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tommy271
Forumer storico
Greece Wants 1% Deficit By 2015
By Alkman Granitsas
Of Dow Jones Newswires
ATHENS (Dow Jones)--Greece wants to cut its budget deficit to 1% of gross domestic product by 2015, Finance Minister George Papaconstantinou said Thursday. However, he added that the nation's ability to emerge from its economic crisis will depend on decisions taken by European leaders next month.
Speaking at a news conference, Papaconstantinou said that by the middle of May, the government will announce deficit-busting measures equal to about 8% of GDP, or EUR19.5 billion, to be implemented in the years 2012-14.
He said that two thirds of that total will come from spending cuts, and one third from tax collections.
"We have set as a target to reduce the deficit to 1% of GDP, about EUR3 billion, by 2015," Papaconstantinou said.
Under the terms of a EUR110 billion bailout reached with the European Union and the International Monetary Fund last May, Greece has promised to slash its deficit to 3% of GDP by 2014, down from a record 15.4% in 2009.
Since then, Greece has cut its deficit by six percentage points of GDP, to about 9.4% last year, and is aiming to narrow it further to 7.4% this year.
Papaconstantinou said that those medium term measures will focus on spending cuts in areas such as healthcare spending and public administration, as well further reforms to Greece's tax system.
However, he gave no further details and also said that not all of the measures will be new--some have already been incorporated into the government's ongoing austerity program.
His remarks come a month before a crucial EU summit on March 24-25, at which EU leaders will decide on a comprehensive package of measures to address Europe's debt crisis.
Among the issues being considered is extending the repayment period for Greece to pay back its EUR110 billion loan; a lower interest rate on that loan; as well as a mooted plan to help Greece buy back tens of billions of euros in outstanding debt as a means to cut the country's staggering debt burden.
Greece's public debt is expected to peak at 158% of GDP by 2013 before slowly trending lower. Many investors fear that, despite the ongoing austerity measures, Greece will not be able to repay all of its outstanding loans, something that has kept market yields on Greek government bonds at relatively high levels.
"We have said we will fulfill all our commitments in the program," Papaconstantinou said. "At the same time, we have to say clearly that the path of the economy depends to a large extent, on the decisions that are taken within the framework of the ongoing European Union discussions."
Recent data show that Greece's recession has deepened, with the economy contracting a worse-than-expected 4.5% last year, with few signs of an upturn in sight. Joblessness has risen to 13.9%, while youth unemployment is a staggering 35.6%. Greece's retailers association, ESEE, estimates that 120,000 small businesses will declare bankruptcy this year.
"We all know that the ability of the country to exit more quickly from the crisis and, to a large extent, its ability to manage its debt, depends on those decisions," Papaconstantinou said. "But we still have a long road before us before final decisions are reached."
By Alkman Granitsas
Of Dow Jones Newswires
ATHENS (Dow Jones)--Greece wants to cut its budget deficit to 1% of gross domestic product by 2015, Finance Minister George Papaconstantinou said Thursday. However, he added that the nation's ability to emerge from its economic crisis will depend on decisions taken by European leaders next month.
Speaking at a news conference, Papaconstantinou said that by the middle of May, the government will announce deficit-busting measures equal to about 8% of GDP, or EUR19.5 billion, to be implemented in the years 2012-14.
He said that two thirds of that total will come from spending cuts, and one third from tax collections.
"We have set as a target to reduce the deficit to 1% of GDP, about EUR3 billion, by 2015," Papaconstantinou said.
Under the terms of a EUR110 billion bailout reached with the European Union and the International Monetary Fund last May, Greece has promised to slash its deficit to 3% of GDP by 2014, down from a record 15.4% in 2009.
Since then, Greece has cut its deficit by six percentage points of GDP, to about 9.4% last year, and is aiming to narrow it further to 7.4% this year.
Papaconstantinou said that those medium term measures will focus on spending cuts in areas such as healthcare spending and public administration, as well further reforms to Greece's tax system.
However, he gave no further details and also said that not all of the measures will be new--some have already been incorporated into the government's ongoing austerity program.
His remarks come a month before a crucial EU summit on March 24-25, at which EU leaders will decide on a comprehensive package of measures to address Europe's debt crisis.
Among the issues being considered is extending the repayment period for Greece to pay back its EUR110 billion loan; a lower interest rate on that loan; as well as a mooted plan to help Greece buy back tens of billions of euros in outstanding debt as a means to cut the country's staggering debt burden.
Greece's public debt is expected to peak at 158% of GDP by 2013 before slowly trending lower. Many investors fear that, despite the ongoing austerity measures, Greece will not be able to repay all of its outstanding loans, something that has kept market yields on Greek government bonds at relatively high levels.
"We have said we will fulfill all our commitments in the program," Papaconstantinou said. "At the same time, we have to say clearly that the path of the economy depends to a large extent, on the decisions that are taken within the framework of the ongoing European Union discussions."
Recent data show that Greece's recession has deepened, with the economy contracting a worse-than-expected 4.5% last year, with few signs of an upturn in sight. Joblessness has risen to 13.9%, while youth unemployment is a staggering 35.6%. Greece's retailers association, ESEE, estimates that 120,000 small businesses will declare bankruptcy this year.
"We all know that the ability of the country to exit more quickly from the crisis and, to a large extent, its ability to manage its debt, depends on those decisions," Papaconstantinou said. "But we still have a long road before us before final decisions are reached."
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tommy271
Forumer storico
Minister: Greek Economy to Shrink by Another 3 Percent in 2011
Posted on 24 February 2011 by Apostolos Papapostolou
The Greek economy is expected to shrink by a further 3 per cent this year, Finance Minister Giorgos Papakonstantinou said Thursday, nevertheless pledging to maintain the country’s deficit-cutting course.
The Greek economy had already contracted by 4.5 per cent in 2010.
The country is attempting to cut its deficit from just under 10 per cent in December to 7.4 per cent by the end of this year.
Papakonstantinou said that will be achieved by, among other things, privatizing state-owned corporations and liberalizing the energy market. Officials in Athens are also planning to sell real estate and property that belongs to the state.
There will be a discussion with opposition parties over what is to be put on the market to raise some 15 billion euros (21 billion dollars), the finance minister said.
‘There will not be new taxes or savings measures,’ he said.
Papakonstantinou, however, did not exclude the possibility of further pay cuts for government employees.
He pledged to push through the planned reforms, but also noted that Greece’s course depends on ‘decisions that should be made on the European Union level.’ Athens is hoping for the deadline on the repayment of its international loans to be extended.
Inspectors from the European Central Bank, the European Commission and the International Monetary Fund regularly audit Athens’ financial books. Their reports are key to Greece getting the installments of its bailout, which amounts to 110 billion euros over three years.
(greekreporter.gr)
Posted on 24 February 2011 by Apostolos Papapostolou
The Greek economy is expected to shrink by a further 3 per cent this year, Finance Minister Giorgos Papakonstantinou said Thursday, nevertheless pledging to maintain the country’s deficit-cutting course.
The Greek economy had already contracted by 4.5 per cent in 2010.
The country is attempting to cut its deficit from just under 10 per cent in December to 7.4 per cent by the end of this year.
Papakonstantinou said that will be achieved by, among other things, privatizing state-owned corporations and liberalizing the energy market. Officials in Athens are also planning to sell real estate and property that belongs to the state.
There will be a discussion with opposition parties over what is to be put on the market to raise some 15 billion euros (21 billion dollars), the finance minister said.
‘There will not be new taxes or savings measures,’ he said.
Papakonstantinou, however, did not exclude the possibility of further pay cuts for government employees.
He pledged to push through the planned reforms, but also noted that Greece’s course depends on ‘decisions that should be made on the European Union level.’ Athens is hoping for the deadline on the repayment of its international loans to be extended.
Inspectors from the European Central Bank, the European Commission and the International Monetary Fund regularly audit Athens’ financial books. Their reports are key to Greece getting the installments of its bailout, which amounts to 110 billion euros over three years.
(greekreporter.gr)
tommy271
Forumer storico
Bond sovrani da 2013 con clausole azione collettiva - Schaeuble
giovedì 24 febbraio 2011 16:24
FRANCOFORTE, 24 febbraio (Reuters) - Le emissioni di bond sovrani dal 2013 devono includere delle "clausole di azione collettiva".
Lo afferma il ministro delle Finanze tedesco Wolfgang Schaeuble.
Le clausole consentiranno a specifiche maggioranze di bondholder di prevalere sulle minoranze quando negoziano un accordo di ristrutturazione con un emittente sovrano.
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