METHOS
Forumer storico
E non è nemmeno sbagliato. Anche il nostro paese deve tagliare gli sprechi a partire dal peso ormai insostenibile dei costi della politica di cui ci vivono più di un milione di parassiti.
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (3 lettori)
- Creatore Discussione Imark
- Data di Inizio
- Stato
E non è nemmeno sbagliato. Anche il nostro paese deve tagliare gli sprechi a partire dal peso ormai insostenibile dei costi della politica di cui ci vivono più di un milione di parassiti.
tommy271
Forumer storico
Papandreou Claims Greece May Need New Aid Package
Posted on 27 February 2011 by Apostolos Papapostolou
Greece had a one year time sentence to return to the markets, otherwise it would need a new aid package from the IMF/EU/ECB-Troika. This is the message Prime Minister George Papandreou has reportedly conveyed to German Chancellor Angela Merkel during their talks last Tuesday in Berlin, according to Sunday newspaper To Vima.
“If you don’t take steps to strengthen the support mechanism, we will need another package” Papandreou told Merkel.
Germany refuses to proceed to measures only for the solution of the Greek problem, favoring a comprehensive solution instead.
Athens considers that the delay in the solution to the European crisis, removes the possibility to raise capital form the markets.
With the markets closed, the € 57 billion remaining from the bailout package of 110 billion euro, is sufficient to meet the borrowing needs of the country in 2011 and part of the following year.
Angela Merkel’s reaction to Papandreou’s demand has been apparently to transfer the dilemma back to the Greek side, demanding full compliance, To Vima stressed.
(greekreporter.gr)
***
Iniziano a trapelare le indiscrezioni intorno all'incontro Papandreou-Merkel: il Primo Ministro Greco ha detto che ... "se non si prendono misure per rafforzare il meccanismo di sostegno, abbiamo bisogno di un altro pacchetto".
In sostanza o si permette alla Grecia di ritornare sui mercati a tassi sostenibili oppure (per evitare il default) la UE deve prepararsi a sborsare altri soldi.
Posted on 27 February 2011 by Apostolos Papapostolou
Greece had a one year time sentence to return to the markets, otherwise it would need a new aid package from the IMF/EU/ECB-Troika. This is the message Prime Minister George Papandreou has reportedly conveyed to German Chancellor Angela Merkel during their talks last Tuesday in Berlin, according to Sunday newspaper To Vima.
“If you don’t take steps to strengthen the support mechanism, we will need another package” Papandreou told Merkel.
Germany refuses to proceed to measures only for the solution of the Greek problem, favoring a comprehensive solution instead.
Athens considers that the delay in the solution to the European crisis, removes the possibility to raise capital form the markets.
With the markets closed, the € 57 billion remaining from the bailout package of 110 billion euro, is sufficient to meet the borrowing needs of the country in 2011 and part of the following year.
Angela Merkel’s reaction to Papandreou’s demand has been apparently to transfer the dilemma back to the Greek side, demanding full compliance, To Vima stressed.
(greekreporter.gr)
***
Iniziano a trapelare le indiscrezioni intorno all'incontro Papandreou-Merkel: il Primo Ministro Greco ha detto che ... "se non si prendono misure per rafforzare il meccanismo di sostegno, abbiamo bisogno di un altro pacchetto".
In sostanza o si permette alla Grecia di ritornare sui mercati a tassi sostenibili oppure (per evitare il default) la UE deve prepararsi a sborsare altri soldi.
Ultima modifica:
tommy271
Forumer storico
Creditors to decide on Greek debt
Any decision on restructuring or default will have to secure their approval first, but cannot be ruled out
By Dimitris Kontogiannis
It looks increasingly likely that the so-called comprehensive solution to the eurozone’s sovereign crisis may not be what Greece has hoped for, which, coupled with a steady deterioration in the real economy and the obvious divisions in the government’s ranks, may bring forward the restructuring of public debt.
It is clear though, that Greece cannot proceed unilaterally to any such decision without first getting the green light from the International Monetary Fund, the European Union and the European Central Bank.
Theoretically speaking, a heavily indebted country such as Greece is in a better position to negotiate a deal with its creditors to reduce its debt burden when it runs a primary budget surplus, that is, when its revenues exceed expenditures without including interest payments on its debt.
According to the economic program approved by the EU and the IMF, the country will be in a position to do so in 2012 and therefore this is the best time to ask its creditors to make some concessions. However, we all ignore sometimes that Greece still gets a lot of money from the EU in the form of social and structural funds.
It is estimated the country received more than 2.7 billion euro from the European Social Fund and the European Regional Development and Cohesion funds in 2010, and is projected to receive some 3.35 billion euro this year, 3.73 billion in 2012 and 3.89 billion in 2013.
This is a lot of money at a time when external support to the economy is of utmost importance and may be endangered if Greece decides to act unilaterally without first consulting with the IMF and the EU.
It is, therefore, safe to say that even if the country wanted to default it would not be possible without obtaining the prior consent of its official creditors.
Of course, one may argue that the leaders of the main political parties in the country entertain the idea of going back to the drachma. Even this is not easy as some think according to a conference held in Rome in early February.
The conference, which was attended by well-known economists, academics, lawyers and bankers in Rome, and titled “The Eurozone Financial Crisis: What’s Ahead?” arranged by law firm Cleary Gottlieb Steen & Hamilton LLP looked at the legal issues of a country leaving the eurozone.
One of the conclusions reached was that media speculation of a eurozone member abandoning the euro area ignored complex legal issues.
One of the key points was that a state cannot legally leave the eurozone and still remain in the European Union without a revision or a breach of the existing treaties. Likewise, there is no provision for the expulsion of a member state either from the eurozone or the EU as a whole. Another point was that a eurozone country could leave the euroland, breaking the treaty, but the euro would continue to exist.
In other words, politicians who think Greece can leave the eurozone and still remain in the European Union have it all wrong.
At this point, it looks increasingly likely that some of the factors that could trigger the restructuring of the Greek public debt, such as the government’s unwillingness to implement the economic and structural measures agreed in the MoU with the troika, the possible missing the fiscal targets and social unrest down the road, may fall in place.
Therefore, Greece and its official creditors may have to work something out after they hopefully know the framework of the European comprehensive solution to the sovereign crisis.
At this point, it is likely that Germany and the others will approve the extension of the 110-billion-euro bailout loan from three to seven years to be compatible with Ireland’s and may agree to charging a lower interest rate in exchange for additional measures.
But it is not likely that they are going to okay the plan for debt buyback either by the EFSF (European Financial Stability Fund) or by the indebted countries directly via low interest rate loans provided by the EFSF to them.
Moreover, it has become clear to everybody that heavily indebted countries cannot go on implementing austerity programs to put the trajectory of the debt-to-GDP ratio on a sustainable path without cutting their stock of public debt.
Since asset sales take time and cannot really produce the kind of proceeds hoped for in a reasonable period of time, the only other option is to plan a restructuring.
Since the chances of successfully implementing the three-year IMF program look increasingly grim, the EU and the IMF may start thinking whether the bailout money will be put to a better use after allowing for a restructuring, therefore duplicating what happened in the Latin America debt crisis in the 1980s. It is noted that Greece and Ireland have received bailout money to avoid a debt restructuring.
All-in-all, it is up to the country’s official creditors to judge whether the initial plan can work in what appears to be a more adverse economic and political environment in Greece in the months ahead.
A decision to restructure Greece’s debt should not be ruled out despite its initial negative impact on the local banking sector to the extent that the contamination effect to other EU countries is under control.
The paradigm of the Latin America debt crisis in the 1980s is still there.
ekathimerini.com , Sunday February 27, 2011 (23:30)
***
Da leggere.
Credo che la settimana che si apre non parta sotto i migliori auspici ...
Any decision on restructuring or default will have to secure their approval first, but cannot be ruled out
It looks increasingly likely that the so-called comprehensive solution to the eurozone’s sovereign crisis may not be what Greece has hoped for, which, coupled with a steady deterioration in the real economy and the obvious divisions in the government’s ranks, may bring forward the restructuring of public debt.
It is clear though, that Greece cannot proceed unilaterally to any such decision without first getting the green light from the International Monetary Fund, the European Union and the European Central Bank.
Theoretically speaking, a heavily indebted country such as Greece is in a better position to negotiate a deal with its creditors to reduce its debt burden when it runs a primary budget surplus, that is, when its revenues exceed expenditures without including interest payments on its debt.
According to the economic program approved by the EU and the IMF, the country will be in a position to do so in 2012 and therefore this is the best time to ask its creditors to make some concessions. However, we all ignore sometimes that Greece still gets a lot of money from the EU in the form of social and structural funds.
It is estimated the country received more than 2.7 billion euro from the European Social Fund and the European Regional Development and Cohesion funds in 2010, and is projected to receive some 3.35 billion euro this year, 3.73 billion in 2012 and 3.89 billion in 2013.
This is a lot of money at a time when external support to the economy is of utmost importance and may be endangered if Greece decides to act unilaterally without first consulting with the IMF and the EU.
It is, therefore, safe to say that even if the country wanted to default it would not be possible without obtaining the prior consent of its official creditors.
Of course, one may argue that the leaders of the main political parties in the country entertain the idea of going back to the drachma. Even this is not easy as some think according to a conference held in Rome in early February.
The conference, which was attended by well-known economists, academics, lawyers and bankers in Rome, and titled “The Eurozone Financial Crisis: What’s Ahead?” arranged by law firm Cleary Gottlieb Steen & Hamilton LLP looked at the legal issues of a country leaving the eurozone.
One of the conclusions reached was that media speculation of a eurozone member abandoning the euro area ignored complex legal issues.
One of the key points was that a state cannot legally leave the eurozone and still remain in the European Union without a revision or a breach of the existing treaties. Likewise, there is no provision for the expulsion of a member state either from the eurozone or the EU as a whole. Another point was that a eurozone country could leave the euroland, breaking the treaty, but the euro would continue to exist.
In other words, politicians who think Greece can leave the eurozone and still remain in the European Union have it all wrong.
At this point, it looks increasingly likely that some of the factors that could trigger the restructuring of the Greek public debt, such as the government’s unwillingness to implement the economic and structural measures agreed in the MoU with the troika, the possible missing the fiscal targets and social unrest down the road, may fall in place.
Therefore, Greece and its official creditors may have to work something out after they hopefully know the framework of the European comprehensive solution to the sovereign crisis.
At this point, it is likely that Germany and the others will approve the extension of the 110-billion-euro bailout loan from three to seven years to be compatible with Ireland’s and may agree to charging a lower interest rate in exchange for additional measures.
But it is not likely that they are going to okay the plan for debt buyback either by the EFSF (European Financial Stability Fund) or by the indebted countries directly via low interest rate loans provided by the EFSF to them.
Moreover, it has become clear to everybody that heavily indebted countries cannot go on implementing austerity programs to put the trajectory of the debt-to-GDP ratio on a sustainable path without cutting their stock of public debt.
Since asset sales take time and cannot really produce the kind of proceeds hoped for in a reasonable period of time, the only other option is to plan a restructuring.
Since the chances of successfully implementing the three-year IMF program look increasingly grim, the EU and the IMF may start thinking whether the bailout money will be put to a better use after allowing for a restructuring, therefore duplicating what happened in the Latin America debt crisis in the 1980s. It is noted that Greece and Ireland have received bailout money to avoid a debt restructuring.
All-in-all, it is up to the country’s official creditors to judge whether the initial plan can work in what appears to be a more adverse economic and political environment in Greece in the months ahead.
A decision to restructure Greece’s debt should not be ruled out despite its initial negative impact on the local banking sector to the extent that the contamination effect to other EU countries is under control.
The paradigm of the Latin America debt crisis in the 1980s is still there.
ekathimerini.com , Sunday February 27, 2011 (23:30)
***
Da leggere.
Credo che la settimana che si apre non parta sotto i migliori auspici ...
Ultima modifica:
tommy271
Forumer storico
Greece again in the heart of the EU “package”
Author: Dionyssis (Dennis) Kefalakos
27 February 2011 - Issue : 924
The Angela Merkel and Wolfgang Schaeuble meetings in Berlin with the Greek PM George Papandreou and his Finance minister George Papakonstantinou on the one side, and the 10 point letters addressed by the European Central Bank governors to the seventeen Eurozone leaders on the other, had the same target; to make the political leadership of the money zone member states understand that the March 11 and 24 European Councils have no option, but agree on the Franco-German proposal, for the future economic governance of Eurozone.
Just after meeting the German Chancellor, the Greek Prime Minister strongly warned everybody, that there has to be an agreement in March, otherwise the Eurozone in particular and EU in general will end up in a very difficult corner. Papandreou added that the “package” for the future economic governance of Eurozone has to be approved as it is.
Sources in Athens say that Greece is already applying the bulk of the tough measures prescribed by the “package”, while the country expects, out of the March meetings, an extension of maturity and interest rate reduction for the €110 billion loan it is receiving from the EU. If the two European Councils of March fail to agree on the “package”, Greece won’t get this badly needed softening of its loans. In such a case, Athens might be running again into insolvency by 2013 or 2014.
In this way Papandreou puts his Eurozone colleagues in a dilemma, pointing that without a “package” solution for the Eurozone’s future, his country will collapse first. Obviously a remake of last years’ Greek tragedy will affect everybody and spread the crisis to others. This possible development may test the Eurozone’s anti-default mechanisms, at a difficult time with all issues pending. Mr. Papandreou was the first to openly press his colleagues to endorse the “package”, he a socialist, being in the same side of the barricade with the neoliberal Commission and the right wing governments of the Eurozone.
Of course as things stand in his country, he is having no alternative whatsoever. It is not only that the Greek economy is practically bankrupt, if it was not for the troika loans. The state apparatus is largely corrupt and unreliable, while there are important political forces in the country that shamelessly count on a default, exactly as some London City and New York banks do.
The Greek government also seems to lack the power to introduce a reliable, simple and objective taxation system, fearing that a large part of the population, accustomed to tax evasion, will be unforgiving. On top of this, Greece is being saddled with a wave of strikes, mainly in the huge state sector. Even there the government appears particularly weak, despite having genuine plans for modernization.
The long tradition of overpopulation and political party mingling in the state sector, have rendered the administration incapable of conceiving and executing any major modernization plan, let alone one for itself. Kostas Karamanlis, the previous PM, in 2004-2009, had also promised the “reestablishment of the state” but did nothing of the sort.
In short the Greek government is at the mercy of small but strong groups of state sector employees (Public Power Corporation, tax administration, public transport, etc). Unfortunately the government has made things even more complex, just by not being able to honor its financial obligations, as in the case of pharmacists, threatening them with an un-EU liberalisation of their profession.
It is more than certain that in the case of Greece, another financial crisis seems almost unavoidable. If the European Union will not quickly be ready to introduce a convincing mechanism to face to such cases, then the Eurozone will be open to more attacks by sharks of the capital markets looking around for…meat.
Author: Dionyssis (Dennis) Kefalakos
27 February 2011 - Issue : 924
The Angela Merkel and Wolfgang Schaeuble meetings in Berlin with the Greek PM George Papandreou and his Finance minister George Papakonstantinou on the one side, and the 10 point letters addressed by the European Central Bank governors to the seventeen Eurozone leaders on the other, had the same target; to make the political leadership of the money zone member states understand that the March 11 and 24 European Councils have no option, but agree on the Franco-German proposal, for the future economic governance of Eurozone.
Just after meeting the German Chancellor, the Greek Prime Minister strongly warned everybody, that there has to be an agreement in March, otherwise the Eurozone in particular and EU in general will end up in a very difficult corner. Papandreou added that the “package” for the future economic governance of Eurozone has to be approved as it is.
Sources in Athens say that Greece is already applying the bulk of the tough measures prescribed by the “package”, while the country expects, out of the March meetings, an extension of maturity and interest rate reduction for the €110 billion loan it is receiving from the EU. If the two European Councils of March fail to agree on the “package”, Greece won’t get this badly needed softening of its loans. In such a case, Athens might be running again into insolvency by 2013 or 2014.
In this way Papandreou puts his Eurozone colleagues in a dilemma, pointing that without a “package” solution for the Eurozone’s future, his country will collapse first. Obviously a remake of last years’ Greek tragedy will affect everybody and spread the crisis to others. This possible development may test the Eurozone’s anti-default mechanisms, at a difficult time with all issues pending. Mr. Papandreou was the first to openly press his colleagues to endorse the “package”, he a socialist, being in the same side of the barricade with the neoliberal Commission and the right wing governments of the Eurozone.
Of course as things stand in his country, he is having no alternative whatsoever. It is not only that the Greek economy is practically bankrupt, if it was not for the troika loans. The state apparatus is largely corrupt and unreliable, while there are important political forces in the country that shamelessly count on a default, exactly as some London City and New York banks do.
The Greek government also seems to lack the power to introduce a reliable, simple and objective taxation system, fearing that a large part of the population, accustomed to tax evasion, will be unforgiving. On top of this, Greece is being saddled with a wave of strikes, mainly in the huge state sector. Even there the government appears particularly weak, despite having genuine plans for modernization.
The long tradition of overpopulation and political party mingling in the state sector, have rendered the administration incapable of conceiving and executing any major modernization plan, let alone one for itself. Kostas Karamanlis, the previous PM, in 2004-2009, had also promised the “reestablishment of the state” but did nothing of the sort.
In short the Greek government is at the mercy of small but strong groups of state sector employees (Public Power Corporation, tax administration, public transport, etc). Unfortunately the government has made things even more complex, just by not being able to honor its financial obligations, as in the case of pharmacists, threatening them with an un-EU liberalisation of their profession.
It is more than certain that in the case of Greece, another financial crisis seems almost unavoidable. If the European Union will not quickly be ready to introduce a convincing mechanism to face to such cases, then the Eurozone will be open to more attacks by sharks of the capital markets looking around for…meat.
Ultima modifica:
tommy271
Forumer storico
Government tries to maintain steady course
Despite gloom and growing criticism from ND and LAOS, PM not tempted by snap elections
Snap elections are not an option that the government is considering, sources told Sunday’s Kathimerini, despite the growing realization that Greece may not achieve its goal of improving its emergency loan terms at the European Union leaders’ summit on March 24 and 25.
An air of pessimism appears to have descended over the government as it looks like Athens will have a battle on its hands to convince its EU counterparts to agree to allowing Greece more time to pay back the 110 billion euros it is borrowing from the EU and the International Monetary Fund (IMF), let alone achieve a better interest rate and the right for the European Financial Stability Facility (EFSF) to buy back Greek bonds from international lenders.
Government sources told Sunday’s Kathimerini that the seemingly bleak outlook would not lead to Prime Minister George Papandreou calling elections so he can win a fresh mandate. The possibility of a thorough Cabinet reshuffle, however, remains on the cards.
Two opinion polls published over the weekend indicate that support for PASOK is slipping. A Marc poll for Sunday’s Ethnos had the Socialists on 26.1 percent and New Democracy on 21.5. A survey by MRB for the Real News weekly indicated that 23.2 percent would vote for PASOK and 21.3 for ND.
The Conservatives have recently stepped up their public relations campaign, opening new headquarters, unveiling a new logo and making more public appearances. They have also attempted to turn up the heat on Finance Minister Giorgos Papaconstantinou, who has also intermittently come under fire from his fellow ministers and PASOK MPs.
ND spokesman Yiannis Michelakis indicated on Friday that the Conservatives might call for a vote of no confidence in Papaconstantinou in Parliament. “It is a weapon that New Democracy will use when it sees fit,” he said.
The head of the right-wing Popular Orthodox Rally (LAOS), Giorgos Karatzaferis, suggested that the finance minister should be replaced. “He is a nice guy and quite intelligent but he does not know his subject at all well,” he said.
There has been growing speculation that ND and LAOS are considering cooperating at the next general elections. After a period when the two parties were involved in constant slanging matches, the last few months have seen an informal truce, which has heightened rumors of them working together more closely.
ekathimerini.com , Sunday February 27, 2011 (22:54)
Despite gloom and growing criticism from ND and LAOS, PM not tempted by snap elections
An air of pessimism appears to have descended over the government as it looks like Athens will have a battle on its hands to convince its EU counterparts to agree to allowing Greece more time to pay back the 110 billion euros it is borrowing from the EU and the International Monetary Fund (IMF), let alone achieve a better interest rate and the right for the European Financial Stability Facility (EFSF) to buy back Greek bonds from international lenders.
Government sources told Sunday’s Kathimerini that the seemingly bleak outlook would not lead to Prime Minister George Papandreou calling elections so he can win a fresh mandate. The possibility of a thorough Cabinet reshuffle, however, remains on the cards.
Two opinion polls published over the weekend indicate that support for PASOK is slipping. A Marc poll for Sunday’s Ethnos had the Socialists on 26.1 percent and New Democracy on 21.5. A survey by MRB for the Real News weekly indicated that 23.2 percent would vote for PASOK and 21.3 for ND.
The Conservatives have recently stepped up their public relations campaign, opening new headquarters, unveiling a new logo and making more public appearances. They have also attempted to turn up the heat on Finance Minister Giorgos Papaconstantinou, who has also intermittently come under fire from his fellow ministers and PASOK MPs.
ND spokesman Yiannis Michelakis indicated on Friday that the Conservatives might call for a vote of no confidence in Papaconstantinou in Parliament. “It is a weapon that New Democracy will use when it sees fit,” he said.
The head of the right-wing Popular Orthodox Rally (LAOS), Giorgos Karatzaferis, suggested that the finance minister should be replaced. “He is a nice guy and quite intelligent but he does not know his subject at all well,” he said.
There has been growing speculation that ND and LAOS are considering cooperating at the next general elections. After a period when the two parties were involved in constant slanging matches, the last few months have seen an informal truce, which has heightened rumors of them working together more closely.
ekathimerini.com , Sunday February 27, 2011 (22:54)
Ultima modifica:
tommy271
Forumer storico
I TITOLI DEI GIORNALI:
Economic developments, reports of more austerity measures and changes in the wider public sector mostly dominated the headlines in the Monday edition of Athens’ dailies.
ADESMEFTOS TYPOS: "Clean-up of public sector, municipalities; 30 percent of institutional positions being abolished!”
AVRIANI: "Fast … crack with immediate return to drachma".
ELEFTHEROS: "Sleaze by George (Papandreou, the PM), he had chained Greece (to IMF memorandum) before elections."
ELEFTHEROS TYPOS: "Conclusive end to bonuses for civil servants".
ELEFTHEROTYPIA: "Gov’t: Cut salaries now by 20 percent".
ESTIA: "Rudderless governance (in country)".
ETHNOS: "Burning fuel prices for households, businesses”.
IMERISSIA: “ECB pressuring (Greek) banks for return of 35 billion euros”.
NAFTEMPORIKI: "Euro-zone’s most crucial month ever begins".
TA NEA: "Union demands property confiscation of business owners employing undeclared workers".
VRADYNI: "Lay-offs in public sector and end to sector-wide collective bargaining agreements".
(ana.gr)
Economic developments, reports of more austerity measures and changes in the wider public sector mostly dominated the headlines in the Monday edition of Athens’ dailies.
ADESMEFTOS TYPOS: "Clean-up of public sector, municipalities; 30 percent of institutional positions being abolished!”
AVRIANI: "Fast … crack with immediate return to drachma".
ELEFTHEROS: "Sleaze by George (Papandreou, the PM), he had chained Greece (to IMF memorandum) before elections."
ELEFTHEROS TYPOS: "Conclusive end to bonuses for civil servants".
ELEFTHEROTYPIA: "Gov’t: Cut salaries now by 20 percent".
ESTIA: "Rudderless governance (in country)".
ETHNOS: "Burning fuel prices for households, businesses”.
IMERISSIA: “ECB pressuring (Greek) banks for return of 35 billion euros”.
NAFTEMPORIKI: "Euro-zone’s most crucial month ever begins".
TA NEA: "Union demands property confiscation of business owners employing undeclared workers".
VRADYNI: "Lay-offs in public sector and end to sector-wide collective bargaining agreements".
(ana.gr)
Ultima modifica:
[email protected]
Nuovo forumer
irlanda
Ciao Tommy, cosa mi dici sulle elezioni irlandesi dove ha vinto l'opposizione la quale vuole ridiscutere l'accordo per il salvataggio delle banche.
Penso che questo abbia implicazioni su tutti i PIIGS
Ciao Tommy, cosa mi dici sulle elezioni irlandesi dove ha vinto l'opposizione la quale vuole ridiscutere l'accordo per il salvataggio delle banche.
Penso che questo abbia implicazioni su tutti i PIIGS
tommy271
Forumer storico
La situazione è estremamente complessa.
Sullo sfondo è ben presente la questione Portogallo e, dietro, la Spagna.
I programmi elettorali "barricaderi" degli irlandesi che hanno vinto le elezioni si dovranno ora scontrare con la dura realtà dei fatti.
La rinegoziazione degli accordi rientra nel quadro generale che comprende la Grecia.
La strada rimane tutta in salita, anche se l'Irlanda può avere qualche carta da giocare in più: l'uscita dalla zona euro e la "sforbiciata" che potrebbe colpire le banche.
In quest'ultimo caso sarebbe molto pesante per i tedeschi che risultano pesantemente investiti.
Una pesante ricaduta anche sul sistema UK e le sue banche.
La ragionevolezza farebbe propendere verso un accordo che comprenda tutte le situazioni periferiche critiche, ma le vie del Signore sono infinite...
tommy271
Forumer storico
EU chiefs trump Franco-German competitiveness pact
Published: 28 February 2011
European Commission President José Manuel Barroso and his counterpart at the European Council, Herman Van Rompuy, disbursed a paper outlining new competitiveness targets this weekend.
The Van Rompuy-Barroso pact is being kept under lock and key but sources indicate that it is substantially more flexible than the six-point plan proposed recently by French and German leaders Nicolas Sarkozy and Angela Merkel. The new pact comes hot on the heels of that Franco-German non-paper, which carried the identical name 'competitiveness pact'.
The intention is to tie the conditions in the Van Rompuy-Barroso paper, which will likely include guidelines on salaries, pension ages and corporate tax, to loans from the European Financial Stability Facility, which has so far given lifelines to both Greece and Ireland and may rescue Portugal in the near future.
Though the full contents of the Van Rompuy-Barroso pact are being kept secret, sources indicate that it will follow the EU's Annual Growth Survey unveiled in January.
No more abolition of wage indexation
Unlike the Franco-German pact, this latest paper will not ask member states to abolish their wage indexation systems, a move that has angered a plethora of eurozone countries.
The paper will say that wages will not be higher than those of a country's three main trading partners, revealed an EU source who wished to remain anonymous.
Belgium, Cyprus, Luxembourg and Malta all use indexation to set some domestic wages, while others - including Portugal - relate salaries to price growth through collective bargaining agreements and negotiations.
The Franco-German pact was met with great opposition by other member states and triggered much resentment as the two countries went about rewriting European economic policy behind closed doors.
The last meeting of EU leaders in Brussels asked Barroso and Van Rompuy's teams to consult countries on how they could converge their economic policies to spur jobs and growth, a request observers say grew out of resistance to the Franco-German plan. This weekend's Van Rompuy-Barroso pact is the result of these consultations.
The joint European Commission and Council paper comes ahead of a crucial EU summit next month to determine what kinds of conditions EU countries can live with in order to get loans from the European Financial Stability Facility (EFSF).
Lower German expectations
The new pact also indicates that behind the scenes the EU has perhaps managed to lower Berlin's expectations of what it can demand from countries wishing to get a loan that depends on Germany's AAA credit rating.
Both Germany and France have lambasted Ireland for having the lowest corporation tax of all EU member states but Ireland has maintained that its corporation tax will not budge, even on the EU's insistence.
The Franco-German pact, which foresaw the creation of a common corporate tax, is steeped in mystery because German officials deny its existence while non-German officials mock their German colleagues' denials. Officials also indicate that this was solely a German paper.
"This non-non-paper was not even a French paper," said one EU source.
This latest EU pact shows that Barroso and Van Rompuy disagree with the Franco-German "one-size- fits-all approach," to borrow the words of an EU source.
(euractiv.com)
***
Confido nella capacità di mediazione di Van Rompuy...
Published: 28 February 2011
European Commission President José Manuel Barroso and his counterpart at the European Council, Herman Van Rompuy, disbursed a paper outlining new competitiveness targets this weekend.
The Van Rompuy-Barroso pact is being kept under lock and key but sources indicate that it is substantially more flexible than the six-point plan proposed recently by French and German leaders Nicolas Sarkozy and Angela Merkel. The new pact comes hot on the heels of that Franco-German non-paper, which carried the identical name 'competitiveness pact'.
The intention is to tie the conditions in the Van Rompuy-Barroso paper, which will likely include guidelines on salaries, pension ages and corporate tax, to loans from the European Financial Stability Facility, which has so far given lifelines to both Greece and Ireland and may rescue Portugal in the near future.
Though the full contents of the Van Rompuy-Barroso pact are being kept secret, sources indicate that it will follow the EU's Annual Growth Survey unveiled in January.
No more abolition of wage indexation
Unlike the Franco-German pact, this latest paper will not ask member states to abolish their wage indexation systems, a move that has angered a plethora of eurozone countries.
The paper will say that wages will not be higher than those of a country's three main trading partners, revealed an EU source who wished to remain anonymous.
Belgium, Cyprus, Luxembourg and Malta all use indexation to set some domestic wages, while others - including Portugal - relate salaries to price growth through collective bargaining agreements and negotiations.
The Franco-German pact was met with great opposition by other member states and triggered much resentment as the two countries went about rewriting European economic policy behind closed doors.
The last meeting of EU leaders in Brussels asked Barroso and Van Rompuy's teams to consult countries on how they could converge their economic policies to spur jobs and growth, a request observers say grew out of resistance to the Franco-German plan. This weekend's Van Rompuy-Barroso pact is the result of these consultations.
The joint European Commission and Council paper comes ahead of a crucial EU summit next month to determine what kinds of conditions EU countries can live with in order to get loans from the European Financial Stability Facility (EFSF).
Lower German expectations
The new pact also indicates that behind the scenes the EU has perhaps managed to lower Berlin's expectations of what it can demand from countries wishing to get a loan that depends on Germany's AAA credit rating.
Both Germany and France have lambasted Ireland for having the lowest corporation tax of all EU member states but Ireland has maintained that its corporation tax will not budge, even on the EU's insistence.
The Franco-German pact, which foresaw the creation of a common corporate tax, is steeped in mystery because German officials deny its existence while non-German officials mock their German colleagues' denials. Officials also indicate that this was solely a German paper.
"This non-non-paper was not even a French paper," said one EU source.
This latest EU pact shows that Barroso and Van Rompuy disagree with the Franco-German "one-size- fits-all approach," to borrow the words of an EU source.
(euractiv.com)
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