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

[ferdo]

BRUSSELS | Fri Mar 11, 2011 7:27pm EST

BRUSSELS (Reuters) - Euro zone leaders reached a deal in principle on Saturday on making the 440 billion euro ($611 billion) bailout fund more flexible, and also agreed other elements of a comprehensive package to resolve the debt crisis, two EU sources said.
"A deal has been reached to make the EFSF more flexible," one diplomatic source said, referring to the European Financial Stability Facility, set up last year and used to bail out Ireland. Another confirmed that a deal had been struck.
"There is also a deal on other parts of the comprehensive package," said the first source, although he said he couldn't provide details as elements were still being finalized.
He said "technical experts" were drafting a statement for the 17 euro zone leaders and they were expected to sign off on it shortly.

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'notte

 

[tommy271]

Euro: scontro al vertice sull'Irlanda, ridotti tassi interesse a Grecia

ultimo aggiornamento: 12 marzo, ore 08:04







Bruxelles, 12 mar. - (Adnkronos) - Dopo una maratona durata oltre sette ore e conclucasi all'1,30, i leader dei 17 Paesi dell'eurozona hanno raggiunto un accordo sul nuovo Patto per l'euro, deciso di rafforzare la capacita' del fondo salva-stati e di ridurre il tasso di interesse sul prestito alla Grecia, il cui rimborso e' stato esteso da tre a sette anni e mezzo. Scontro, invece, sull'Irlanda, che si e' presentata a Bruxelles con una serie di richieste, "nessuna delle quali e' stata accettata", ha detto il presidente del Consiglio Silvio Berlusconi.

***
Mi sembra che la prima tappa del percorsa si sia conclusa con ampio successo su tutta la linea.
Forse aldilà di quello che speravo.
Vedremo nel dettaglio, più avanti, i provvedimenti ma questo premia la linea sinora tenuta da Papandreou: proseguimento nel piano di risanamento senza tentennamenti e concessioni ulteriori da parte UE.
Credo siamo sulla via giusta per il Summit di fine marzo.

L'Irlanda, invece, continua a mostrare i muscoli: dopo aver condotto una compagna elettorale anti UE, Enda Kerry si troverà in difficolta al proprio interno ...

 

[tommy271]

Sì al patto per l'euro, politiche coordinate per aiutare la crescita

I capi di Stato e di governo dell'Eurozona hanno approvato il Patto per la Competitività. Il patto prevede un maggiore coordinamento delle politiche economiche Ue ai fini di una crescita più rapida e sostenibile nell'Eurozona. Il presidente del Consiglio Ue, Herman Van Rompuy, ha precisato che si tratta, comunque, di un'intesa di principio L'accordo dovrà essere ora varato dal vertice Ue del 24 e 25 marzo. Il Patto per la Competitività richiama gli Stati a osservare i limiti di bilancio previsti dal Patto di Stabilità e di crescita Ue. Tra le misure (meno rigide della proposta Merkel) suggerite ai governi, che comunque potranno agire in maniera volontaria e sulla base della propria legislazione, anche riforme dei sistemi pensionistici basate su un innalzamento dell'età, una revisione dell'indicizzazione dei salari, lavoro più flessibile e controlli del sistema finanziario attraverso stress test per le banche.
Lorenzo Bini Snaghi, del Comitato esecutivo Bce, suggerisce la creazione di un'agenzia Ue del debito con il compito di emettere obbligazioni per conto dei singoli stati membri.

http://www.ilsole24ore.com/art/econ...rraneo-crisi-libia-163818.shtml?uuid=AaHgTKFD

 

[Baro]

Dopo queste notizie stamattina possiamo essere un po' più ottimisti e speriamo anche in un bel rimbalzo lunedi.

 

[tommy271]

Eurozone faces weeks warring with Ireland over rates


By Roddy Thomson (AFP)





BRUSSELS — The eurozone's biggest powers face weeks warring with a new Irish prime minister determined to obtain a cut in Dublin's bailout costs after sharp exchanges Saturday at a key summit.
Eurozone nations refused an immediate cut in rates on Ireland's 67.5-billion-euro debt rescue package in the early hours as new Irish Prime Minister Enda Kenny rejected any move to bring Dublin's low business tax rates up to partners' levels.
The row held up a special summit of the 17 euro nations aimed at bridging divides on economic policy convergence in exchange for the biggest hitters agreeing to strengthen an emergency rescue war-chest.
"They haven't met all the conditions so can't have reduced interest rates," European Union president Herman Van Rompuy said of Ireland.
Rocked by bank bailouts, a property market meltdown and recession-ravaged tax revenues, Ireland's last government unveiled austerity plans to slash a huge deficit and save 15 billion euros by 2014 as part of a deal with the EU and the International Monetary Fund.
It insisted that its 12.5 percent corporate tax rate was not up for discussion despite criticism it was unfairly low and made Dublin's problems worse because the government was losing revenue as a result.
Joining the summit table in Brussels for the first time after winning a February 25 general election, Kenny warned he would fight for "weeks" to lower interest rates on Ireland's bailout that currently average around 5.8 percent.
A deal to cut rates for Greece from their average of some 5.2 percent, only emboldened Kenny as he embarked on a "vigorous" battle with French President Nicolas Sarkozy over Ireland's corporate tax rate.
"I expect discussions to continue intensively for the next few weeks," Kenny said, adding he had "indicated to them the strength of the mandate given to me" by voters.
"The French president has had quite clear views on the subject of corporation tax for quite some time -- but so do I," Kenny said.
"It's a very touchy subject for our Irish friends which I can understand," Sarkozy said, but "we have to go towards convergence.
"No one is asking Ireland to have an average rate which is comparable to Europe, but it's also difficult to ask other countries to bail out Ireland when Ireland is determined to keep the lowest tax on profit in Europe."
Sarkozy said Greece had brought down wages and stressed that "we've all had to tighten our belts and make efforts.
"Ireland is going to have to come to terms with that but there's a very clear request from the members of the eurozone that there be at least some gesture."
Kenny highlighted the "pain" brought on by stinging budget cuts as part of the deal to bail Ireland but said Dublin was committed to meeting a target to keep its public deficit within three percent of GDP -- the EU limit -- by 2015.
As part of that upcoming adjustment, he said he "explained the importance of the interest rates attached to loans by the European Financial Stability Fund and made the case for lowering them."
An Irish government official stressed that Dublin did not ask for the repayment period to be lengthened.
Kenny is to meet European Central Bank chief Jean-Claude Trichet before a March 24-25 summit of EU leaders which is supposed to resolve all outstanding issues on the debt rescue fund and economic policy convergence.
But Kenny will have to fight hard to get what he wants.
German Chancellor Angela Merkel, whose government is the principal contributor to all eurozone bailout funding, said partners were "not yet really satisfied with what Ireland proposed".
But Greece, she said, had shown it was "ready to make new, additional efforts."


***
Discorso incentrato su Dublino che diventa la questione più "problematica" ... come ho sempre sostenuto.
Anche in tempi non sospetti.

 

[tommy271]

Euro zone leaders agree to strengthen bailout fund


BRUSSELS | Sat Mar 12, 2011 1:54am GMT



BRUSSELS (Reuters) - European leaders agreed on Saturday to strengthen the euro zone bailout fund, make its loans cheaper and lower the interest rate on loans extended to Greece, a move to get on top of the year-long debt crisis.

In a bold series of steps that may help to calm some of the pressure in financial markets, the leaders of the 17 countries that share the European single currency said they would increase the guarantees they pay into the European Financial Stability Facility, allowing its capacity to be increased to the full 440 billion euros (380 billion pounds), from a current level of around 250 billion euros.

They also agreed to lower the interest rate and lengthen the maturity on loans extended to Greece, reducing the rate by 100 basis points to bring it into line with IMF lending. The term on the 110 billion euros of EU/IMF loans was lengthened to 7.5 years from three, giving Athens more time to repay.

"Pricing of the EFSF should be lowered to better take into account debt sustainability of the recipient countries," Herman Van Rompuy, the president of the European Council, told reporters after the summit of the leaders concluded.

Any loans made by the EFSF to any new potential applicant country would be in line with IMF rates. The EFSF now charges a 300 basis point penalty fee for its credit and 50 basis point one-off charge.

Ireland, which received an 85 billion euro bailout from the EU and IMF last November, could also benefit from the lower interest rates, but it will depend on discussions on a common corporate tax base, which Ireland strongly opposes.

Newly elected Irish Prime Minister Enda Kenny said he had made it clear during more than seven hours of talks that a harmonised EU tax base would be detrimental to Ireland, which has an attractive 12.5 percent corporate tax rate.

"I made it perfectly clear that the (common consolidated corporate tax base) in my view was harmonisation of the tax rates by the back door and this would be very detrimental to Ireland and indeed to Europe," Kenny told reporters.

French President Nicolas Sarkozy said a deal on Ireland could still be reached at a summit on March 24/25, when EU leaders will meet to sign off on what they have called a "comprehensive package" to tackle the debt crisis.

In further changes to try to make the EFSF more flexible and better able to stave off pressure in financial markets, the leaders agreed to let the bailout fund buy the bonds of distressed euro zone member states in the primary market.

That will also be the case with the European Stability Mechanism, a permanent facility that will replace the EFSF from mid-2013 and will have an effective lending capacity of 500 billion euros.

"Financial assistance from the ESM and EFSF will take the form of loans," Van Rompuy said. "However, to maximise the cost efficiency of their support, the ESM and the EFSF may also, as an exception, intervene in the debt primary market in the context of a programme with strict conditionality."

As a further part of their efforts to get on top of a crisis that has engulfed Greece and Ireland and continues to threaten Portugal, the member states agreed that plans should be in place to deal with any bank that demonstrates vulnerabilities in stress tests that will be completed in the coming months.

Bad debts in the European banking system continue to undermine efforts to get on top of the broader crisis, exacerbating sovereign debt problems. Many analysts say the sovereign debt crisis cannot be resolved without a solution to the bad banking debts, which could involve debt restructuring.


***
Se confermato quanto scritto da Reuters, possiamo veramente dire di aver fatto un gigantesco passo in avanti .

 

[tommy271]

Forex @ DailyFX - Euro Traders’ Confidence to be Put to the Test after EU Summit

Risultati sopra le aspettative per la Grecia: in sostanza, allungamento del rimborso alla Troika da 3 anni sino a 7 anni e mezzo (come l'Irlanda) e contemporaneo taglio del tasso di interesse pagato da una media del 5,2% al 4,2%.
Il ruolo centrale che dovrà svolgere il EFSF sarà approvato a fine marzo ma si parla già esplicitamente della possibilità di intervenire sul mercato primario (Aste) e sul secondario.

Ci sono le premesse per una fuoriuscita dalla crisi del debito pubblico (almeno per quanto riguarda i nostri titoli, ovviamente) .

 

[tommy271]

Dopo queste notizie stamattina possiamo essere un po' più ottimisti e speriamo anche in un bel rimbalzo lunedi.

Si, possiamo tutti essere più speranzosi ... .

 

[tommy271]

Euro-Area Leaders Cut Rates On Greek Loans, Not Irish



(Updates with quotes from senior euro-zone official on Ireland and Portugal beginning in 9th paragraph.)

By Riva Froymovich
DOW JONES NEWSWIRES


BRUSSELS (Dow Jones)--Euro-area leaders lowered the interest rate and extended the maturity on loans to Greece early Saturday, but not on loans to Ireland.

"We weren't satisfied with what Ireland agreed to today, so the question of lowering interest rates has only been addressed for Greece," said German Chancellor Angela Merkel.

European Council President Herman Van Rompuy added that while there were no precise conditions for Ireland, leaders asked for "constructive engagement" on tax coordination.

Ireland has pushed back against raising its low 12.5% corporate tax rate, while Germany and France see this as key for amending the country's emergency loan program.

This led to a very heated debate in Brussels Friday and into the early hours of Saturday, when heads of the 17 euro-area governments convened to discuss a comprehensive package of economic reforms to tackle the sovereign-debt crisis, according to people close to the negotiations.

Both Ireland and Greece have already committed to austerity measures as part of last year's bailout packages. But euro-zone leaders now say those measures aren't enough, especially as the cash-strapped countries ask for more leeway with lower interest rates and longer maturities. Moreover, a so-called competitiveness pact that leaders agreed upon at this meeting, was deemed a watered-down effort for reform and is now largely seen by diplomats as just a political framework for closer cooperation among euro-zone heads of government in the future.

"The talks between the Irish prime minister, the German chancellor and the French president are, at times, very intense," said a senior euro-zone government official during the negotiations.

But Enda Kenny, Ireland's newly seated prime minister, said upon exiting the meeting that he "couldn't contemplate" a change to the tax rate.

However Kenny's attitude to the talks was slammed by one senior euro-zone official, who said the Irish leader's "demanding" approach to talks had hurt the chances of a deal.

"Ireland was disappointed at the end. It basically got nothing," the official said. "I think the reason for this is that their government is still very new and they have a way to go in order to prove that they are on the right track," the official said. "They were also very demanding which I think angered everyone in the room."

Euro-zone heads of government meeting in Brussels did agree to lower the interest rate on Greece's loan by 1% and extend maturities.

In a statement after the meeting, they welcomed commitments by Greece to "rigorously continue structural reforms," as well as "fully and speedily complete" a EUR50 billion privatization program to increase revenues. The statement also asks Ireland to stick to fiscal targets through expenditure decreases and revenue increases. It welcomed a new package announced Friday by Portugal for fresh fiscal reforms as well.

Euro states agreed Saturday to increase the lending capacity of the currency bloc's temporary bailout fund to EUR440 billion, the amount it is currently supported by in guarantees. However, the complicated structure of the program, set up that way in order to ensure a triple-A credit rating, had made it so the actual lending capacity was lower.

That fund, the European Financial Stability Mechanism, which expires in 2013, and the future permanent bailout fund, the European Stability Mechanism, will have the capacity to intervene in the primary market with conditions, said Van Rompuy. Leaders reiterated that the ESM will have an effective lending capacity of EUR500 billion. They also said that pricing on loans from the emergency vehicles will be lower in the future "to better take into account debt sustainability of the recipient countries."

However, government heads decided that there was no need for the mechanisms to intervene in the secondary market, which turned into another battle at the conference table
Merkel and French President Nicolas Sarkozy rejected pleas at the meeting from European Central Bank President Jean-Claude Trichet that the funds should be permitted to make secondary market purchases of sovereign bonds, a senior European Union official said.

The ECB has a large portfolio of sovereign bonds from weak euro-zone economies, and Trichet had wanted the bailout funds to buy them.

And with the EFSF only likely to buy bonds directly from bailed out countries, Portugal--which is still resisting a bailout despite high borrowing costs--will not be helped by the added flexibility.
That "means that the chances of Portugal needing a bailout are still quite high," said the senior euro-zone official.

 

[tommy271]

Papandreou Says Euro-Area Debt Deal to Help Stabilize Markets

By Jonathan Stearns - Mar 12, 2011 2:59 AM GMT+0100


Sat Mar 12 01:59:58 GMT 2011
Greek Prime Minister George Papandreou comments on the agreement by euro-area leaders to bolster the rescue system for countries with high budget deficits.

Papandreou spoke to reporters today in Brussels after the meeting of euro-area heads of state and government.

“We have taken historic decisions.”

“We have made a major step forward in order to face the debt issue, in order to guarantee the stability of the markets and also to lay down the basis for a more competitive Europe.”

“We have a kind of shield against the nerviness of the financial markets.”

(Bloomberg)

***
A parte qualche contestazione in patria, Papandreou si è sempre mostrato all'altezza della situazione riuscendo a governare situazioni molto difficili.
E, sottolineo, veramente difficili.
Dopo tante sconfitte in questi ultimi mesi, una prima concreta battaglia vinta.