giub
New Membro
quindi prima il maturity era 2016?
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
quindi prima il maturity era 2016?
giub
New Membro
Greece Sacks Top Tax Official
ATHENS—Greece's finance minister has sacked the country's top tax official, Dimitris Georgakopoulos, for failing to boost revenue collections that have bedeviled the country's efforts to close its gaping budget deficit, a ministry official said Thursday.
"Mr. Georgakopoulos's resignation was requested by the finance minister," the official said. "It has been submitted and it has been accepted."
Mr. Georgakopoulos served as the ministry's general secretary for tax and customs, overseeing the government's deeply dysfunctional tax collection offices.
Despite efforts to overhaul the country's tax system, Greek government revenue collections in the past year and-a-half have consistently failed to meet budget targets.
"There was an evaluation of his performance and it was judged unsatisfactory with respect to his responsibilities, which are to oversee revenue collections," the official added.
Last May, Greece narrowly avoided default with the help of a €110 billion (about $152 billion) bailout from the European Union and International Monetary Fund in exchange for measures to bring down its budget deficit from 15.4% of gross domestic product in 2009, to below 3% by 2014.
Since then, Greece has narrowed that gap by €14 billion to €22 billion in 2010, or 9.4% of GDP, thanks to a mixture of deep spending cuts and tax rises. But that reduction came from a bigger-than-expected drop in spending that more than offset a lower-than-expected increase in revenue last year.
In 2010, net ordinary budget revenue rose a meager 5.5% to around €51.4 billion, against a 13.7% increase that Greece had agreed to with the EU and IMF. Under the loan deal, Greece had been targeting ordinary budget revenue after tax refunds of €55.2 billion.
Further, since the start of this year, Greek media have reported that net budget revenues have already fallen €870 million short of target after particularly poor revenue collection at the start of February.
Official Greek budget data for the first two months of the year are expected to be released later Thursday.
ATHENS—Greece's finance minister has sacked the country's top tax official, Dimitris Georgakopoulos, for failing to boost revenue collections that have bedeviled the country's efforts to close its gaping budget deficit, a ministry official said Thursday.
"Mr. Georgakopoulos's resignation was requested by the finance minister," the official said. "It has been submitted and it has been accepted."
Mr. Georgakopoulos served as the ministry's general secretary for tax and customs, overseeing the government's deeply dysfunctional tax collection offices.
Despite efforts to overhaul the country's tax system, Greek government revenue collections in the past year and-a-half have consistently failed to meet budget targets.
"There was an evaluation of his performance and it was judged unsatisfactory with respect to his responsibilities, which are to oversee revenue collections," the official added.
Last May, Greece narrowly avoided default with the help of a €110 billion (about $152 billion) bailout from the European Union and International Monetary Fund in exchange for measures to bring down its budget deficit from 15.4% of gross domestic product in 2009, to below 3% by 2014.
Since then, Greece has narrowed that gap by €14 billion to €22 billion in 2010, or 9.4% of GDP, thanks to a mixture of deep spending cuts and tax rises. But that reduction came from a bigger-than-expected drop in spending that more than offset a lower-than-expected increase in revenue last year.
In 2010, net ordinary budget revenue rose a meager 5.5% to around €51.4 billion, against a 13.7% increase that Greece had agreed to with the EU and IMF. Under the loan deal, Greece had been targeting ordinary budget revenue after tax refunds of €55.2 billion.
Further, since the start of this year, Greek media have reported that net budget revenues have already fallen €870 million short of target after particularly poor revenue collection at the start of February.
Official Greek budget data for the first two months of the year are expected to be released later Thursday.
tommy271
Forumer storico
All'incirca: mese più, mese meno.
Era chiaro che la Grecia non poteva (salvo miracoli) restituire i 110 MLD ricevuti entro i tre anni concordati a maggio 2010.
Avrebbe avuti "picchi" di rinnovo del debito, difficilmente sostenibili tra il 2013 e il 2014.
giub
New Membro
copio e incollo questa barzelletta....
well here is a joke that’s doing the rounds in Greece these days to lighten up the mood
A guy drives his car and as he stops at the traffic lights someone knocks desperately at his window saying breathlessly:
Quick! Terrorsits have kidnapped the Primeminister and they are demanding a ransom of EUR 30 million otherwise they will pour gasoline on him and burn him alive. You must help the cause!!!
OK says the driver, what are the other drivers donating?
and the guy replies:
ABOUT A LITRE OF GASOLINE EACH?!
well here is a joke that’s doing the rounds in Greece these days to lighten up the mood
A guy drives his car and as he stops at the traffic lights someone knocks desperately at his window saying breathlessly:
Quick! Terrorsits have kidnapped the Primeminister and they are demanding a ransom of EUR 30 million otherwise they will pour gasoline on him and burn him alive. You must help the cause!!!
OK says the driver, what are the other drivers donating?
and the guy replies:
ABOUT A LITRE OF GASOLINE EACH?!
tommy271
Forumer storico
Ora, comunque, non ci resta che aspettare le aperture di lunedì per vedere come i mercati accoglieranno gli esiti di questo primo Summit.
Aspettarsi un rimbalzo più o meno ampio sui nostri titoli, lo lascio decidere ad altri.
Certamente, quello che mi preme di più, i timori di insolvenza si allontanano.
E, questo, mi basta.
Aspettarsi un rimbalzo più o meno ampio sui nostri titoli, lo lascio decidere ad altri.
Certamente, quello che mi preme di più, i timori di insolvenza si allontanano.
E, questo, mi basta.
amorgos34
CHIAGNI & FOTTI SRL
giub
New Membro
Brussels, 11 March 2011
CONCLUSIONS OF THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA OF 11 MARCH 2011
The Heads of State or Government of the Euro area adopted the following conclusions:
1. The Pact for the Euro which establishes a stronger economic policy coordination for competitiveness and convergence (attached) has been endorsed. This Pact will be presented to the European Council of 24/25 March 2011 with a view for non-euro area Member States to indicate whether they intend to participate in the Pact. At the same time Euro area Member States shall indicate first measures they pledge to implement under the Pact for the next year.
2. The Heads of State or Government of the Euro area assessed progress made since the European Council of 4 February 2011 on the comprehensive response to the crisis, with a view to completing this package for the 24/25 March European Council.
3. They welcome the progress made in the implementation of the on-going IMF/EU programs in Greece and Ireland, and the strong commitments by
- Greece to rigorously continue structural reforms, increase capacity building for their implementation, fully and speedily complete the € 50 bn privatization and real estate development programme it has announced and to introduce a strict and stable fiscal framework with the strongest possible legal basis to be decided by the Greek government;
- Ireland to introduce a strict and stable fiscal framework, with the strongest possible legal basis, and to stick to fiscal targets through expenditures decreases and revenue increases as foreseen in the programme.
4. Following their statement of 4 February concerning the assessment by the Commission, in liaison with the ECB, of the implementation of measures taken to strengthen fiscal positions and growth prospects, they welcome progress made in a number of countries. In particular, Heads of State or Government, the President of the Commission and the President of the ECB welcome and support the package of far-reaching measures announced today by Portugal concerning fiscal, financial and structural reforms.
5. The Heads of State or Government of the Euro area invite Ministers of Finances to complete their work on the ESM and the EFSF in time for the European Council of 24/25 March 2011. This work should strictly adhere to and fully implement the European Council conclusions of December 2010 and the Eurogroup statement of 28 November 2010, which define the key features of the ESM (see annex II). The following conclusions have been drawn from the discussion:
§ Financing capacity
The ESM will have an overall effective lending capacity of 500 billion euros. During the transition from EFSF to ESM, the consolidated lending capacity will not exceed this amount. The ESM effective lending capacity will be ensured by establishing the appropriate mix between paid-in capital, callable capital and guarantees. A timetable for the gradual paying in of capital will be established, fully respecting national parliamentary procedures.
Until the entry into force of the ESM, the agreed lending capacity of 440 billions euros of the EFSF will be made fully effective.
§ Instruments
The Heads of State or Government recall that the ESM will provide financial assistance when requested by a Euro area member and when such intervention is deemed indispensable to safeguard the stability of the Euro area as a whole. Any decision to that effect will be taken by unanimity on the basis of a debt sustainability analysis of the Member State concerned conducted by the Commission and the IMF, in liaison with the ECB. Financial assistance will be subject to strict conditionality under a macro- economic adjustment programme.
Financial assistance from the ESM and EFSF will take the form of loans. However, to maximize 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.
Financial conditions
Pricing of the EFSF should be lowered to better take into account debt sustainability of the recipient countries, while remaining above the funding costs of the facility, with an adequate mark up for risk, and in line with the IMF pricing principles. The same principles will apply to the ESM.
Against this background and in view of the commitments undertaken by Greece in the context of its adjustment programme, the interest rate on its loans will be adjusted by 100 basis points. Moreover, the maturity for all the programme loans to Greece will be increased to 7.5 years, in line with the IMF.
Finance Ministers will specify modalities of implementation of these decisions.
6. All Member States will ensure that concrete plans, compliant with EU State aid rules, are in place to deal with any bank that demonstrates vulnerabilities in the stress tests that will be completed by the summer.
7. The Heads of State or Government call on Finance Ministers to finalize their work on the Commission six legislative proposals on economic governance and to reach, before the end of March, a general approach ensuring full implementation of the recommendations of the Task Force. In this context, they agree that the setting up of a numerical benchmark of 1/20 for debt reduction, to be assessed taking into account all relevant factors, as outlined in the Commission proposal, should be fully part of this package. They all support the adoption of the draft directive on national fiscal framework. In deciding on the steps in the SGP the Council is expected to, as a rule, follow the recommendations of the Commission or explain its position in writing.
8. The Heads of State or Government agree that the introduction of a financial transaction tax should be explored and developed further at the Euro area, EU and international levels.
CONCLUSIONS OF THE HEADS OF STATE OR GOVERNMENT OF THE EURO AREA OF 11 MARCH 2011
The Heads of State or Government of the Euro area adopted the following conclusions:
1. The Pact for the Euro which establishes a stronger economic policy coordination for competitiveness and convergence (attached) has been endorsed. This Pact will be presented to the European Council of 24/25 March 2011 with a view for non-euro area Member States to indicate whether they intend to participate in the Pact. At the same time Euro area Member States shall indicate first measures they pledge to implement under the Pact for the next year.
2. The Heads of State or Government of the Euro area assessed progress made since the European Council of 4 February 2011 on the comprehensive response to the crisis, with a view to completing this package for the 24/25 March European Council.
3. They welcome the progress made in the implementation of the on-going IMF/EU programs in Greece and Ireland, and the strong commitments by
- Greece to rigorously continue structural reforms, increase capacity building for their implementation, fully and speedily complete the € 50 bn privatization and real estate development programme it has announced and to introduce a strict and stable fiscal framework with the strongest possible legal basis to be decided by the Greek government;
- Ireland to introduce a strict and stable fiscal framework, with the strongest possible legal basis, and to stick to fiscal targets through expenditures decreases and revenue increases as foreseen in the programme.
4. Following their statement of 4 February concerning the assessment by the Commission, in liaison with the ECB, of the implementation of measures taken to strengthen fiscal positions and growth prospects, they welcome progress made in a number of countries. In particular, Heads of State or Government, the President of the Commission and the President of the ECB welcome and support the package of far-reaching measures announced today by Portugal concerning fiscal, financial and structural reforms.
5. The Heads of State or Government of the Euro area invite Ministers of Finances to complete their work on the ESM and the EFSF in time for the European Council of 24/25 March 2011. This work should strictly adhere to and fully implement the European Council conclusions of December 2010 and the Eurogroup statement of 28 November 2010, which define the key features of the ESM (see annex II). The following conclusions have been drawn from the discussion:
§ Financing capacity
The ESM will have an overall effective lending capacity of 500 billion euros. During the transition from EFSF to ESM, the consolidated lending capacity will not exceed this amount. The ESM effective lending capacity will be ensured by establishing the appropriate mix between paid-in capital, callable capital and guarantees. A timetable for the gradual paying in of capital will be established, fully respecting national parliamentary procedures.
Until the entry into force of the ESM, the agreed lending capacity of 440 billions euros of the EFSF will be made fully effective.
§ Instruments
The Heads of State or Government recall that the ESM will provide financial assistance when requested by a Euro area member and when such intervention is deemed indispensable to safeguard the stability of the Euro area as a whole. Any decision to that effect will be taken by unanimity on the basis of a debt sustainability analysis of the Member State concerned conducted by the Commission and the IMF, in liaison with the ECB. Financial assistance will be subject to strict conditionality under a macro- economic adjustment programme.
Financial assistance from the ESM and EFSF will take the form of loans. However, to maximize 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.
Financial conditions
Pricing of the EFSF should be lowered to better take into account debt sustainability of the recipient countries, while remaining above the funding costs of the facility, with an adequate mark up for risk, and in line with the IMF pricing principles. The same principles will apply to the ESM.
Against this background and in view of the commitments undertaken by Greece in the context of its adjustment programme, the interest rate on its loans will be adjusted by 100 basis points. Moreover, the maturity for all the programme loans to Greece will be increased to 7.5 years, in line with the IMF.
Finance Ministers will specify modalities of implementation of these decisions.
6. All Member States will ensure that concrete plans, compliant with EU State aid rules, are in place to deal with any bank that demonstrates vulnerabilities in the stress tests that will be completed by the summer.
7. The Heads of State or Government call on Finance Ministers to finalize their work on the Commission six legislative proposals on economic governance and to reach, before the end of March, a general approach ensuring full implementation of the recommendations of the Task Force. In this context, they agree that the setting up of a numerical benchmark of 1/20 for debt reduction, to be assessed taking into account all relevant factors, as outlined in the Commission proposal, should be fully part of this package. They all support the adoption of the draft directive on national fiscal framework. In deciding on the steps in the SGP the Council is expected to, as a rule, follow the recommendations of the Commission or explain its position in writing.
8. The Heads of State or Government agree that the introduction of a financial transaction tax should be explored and developed further at the Euro area, EU and international levels.
Ultima modifica:
AAAA47
Forumer storico
la grecia, al contrario di quello che spesso si legge NON ha ricevuto 110mld
110mld (mi pare 80 UE e 30 FMI) sono i soldi approvati da dare alla grecia in 3 anni, fino al 2013, a condizione che la commissione, ogni 3 mesi (piu' o meno) verifichi i passi avanti fatti dalla grecia
Finora mi pare abbia ricevuto in totale meno di 30mld
Questi prestiti avevano durata di 3 anni
quindi, per come l'avevo capito io, i soldi ricevuti nel 2011 andavano rimborsati nel 2014
quelli ricevuti nel 2012 --->2015
2013 ---> 2016
Adesso gli anni sono 7 e mezzo
quindi, quelli ricevuti a meta' 2010, li rimborsano nel 2018
quelli del 2011 -->2019
etc fino appunto ad arrivare al 2021 piu' o meno
la cosa importante, e' che nel 2014-15-16-17 non avra' NIENTE da rimborsare
e se guardi la tabella con le scadenze dei bond, vedrai che , dopo il 2014, gli importi da rimborsare non sono altissimi
Se nel 2014 NON deve restituire soldi a IMF/Ue, se si venisse a sapere che i 50MLD in mano alla bce sono principalmente scadenze 2013-2014, se la BCE accettasse di allungarli di qualche anno, sarebbe tutto molto piu' semplice
o sbaglio?
poi non dimentichiamoci che la grecia puo' sempre tornare sui mercati
se magari nel 2012-2013 ricomincia a vendere senza troppi problemi bond 3 anni, a quel punto non sarebbe piu' un problema rimborsare i 2013-2014 sostituendoli con altra carta scadenza 2016-2017
Ultima modifica:
giub
New Membro
ah...così comunque è molto diverso. Esiste un timetable dei prestiti EU+IMF?
giub
New Membro
infatti era su questo che ragionavo....consapevole che è troppo presto per trarre conclusioni, volevo fare ipotesi sulla possibile ricaduta sui GGB/scadenze
- Stato
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