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Dim outlook for property




Most Greeks are not planning a house purchase within the next two years and are concerned that they may be unable to meet rent and mortgage payments, according to a survey carried out by Athens' Economic University. The findings of the survey were unveiled on Sunday by Prof. Epaminondas Panas during a seminar held at the "Property by Helexpo" trade fair.

Eight in 10 people replying to the survey, which was carried out in October-November 2010 in Attica, said that they were unlikely to buy a house in the next two years. Only 2.2 percent said that they definitely intended to buy a home in the same period.

Seven in 10 said that the economic crisis in the country had increased their anxiety that they might lose their jobs and more than half that they felt more anxious about property-related payments, such as rent or mortages.

(ana.gr)
 
Alcuni miei "appunti" in rosso ;) :

Stock, mi trovo d'accordo con i tuoi "punti in rosso".

La questione fondamentale se i nostri bond possano o meno essere "tagliati" dopo il 2013 con l'entrata in funzione dell'ESM (se un paese chiederà supporto) è centrale per il rimbalzo dei nostri titoli.
Più di una volta Merkel e Schaeuble hanno escluso che si possa agire sulle vecchie emissioni, mentre per diverse volte hanno affermato che le clausole di subordinazione varranno solo per il nuovo debito emesso.
Al momento non c'è nulla di scritto nero su bianco, vedremo cosa salterà fuori.

Se da una parte è ragionevole supporre che il taglio sulle "vecchie emissioni" non sarà una passeggiata per tutta una serie di vincoli legislativi, d'altra parte è anche vero che la nuova norma avrebbe come unico risultato quello di far crescere il peso dei tassi da corrispondere sulle nuove emissioni subordinate.
Ed inoltre, colpendo solo il nuovo debito, non risolverebbe nulla essendo quello vecchio preponderante.
Quindi, il gatto che si morde la coda.

La questione non sarà di semplice soluzione.
 
I TITOLI DEI GIORNALI:

The start of aerial bombardment against Libya, the nuclear threat but also a controversial 50 billion euro privatisation programme mostly dominated the headlines in the Sunday editions of Athens' newspapers.



APOCALYPSEIS: "Hand everything over - German extortion behind plan for 50 billion"

ARTHRO: "PASOK versus PASOK"

AVGHI: "Parents, pupils, teachers up in arms over annihilation of 1,237 schools"

CHORA: "Libya action gets green light - Crucial days for war in Mediterranean".

ELEFTHEROS TYPOS: "Changing the terms the first step for getting rid of the Memorandum - interview with (main opposition New Democracy leader) Antonis Samaras".

ELEFTHEROTYPIA: "Operation 'End Gaddafi' - Allies attack launched after Sarkozy message".

EPOCHI: "Libya: uprising drowned in blood".

ETHNOS: "'Prime' beaches facing an 'exploitation' tsunami".

KATHIMERINI: "Greek secrets in Wikileaks - What the confidential cables reveal about Greek politicians on crucial issues"

LOGOS: "Cessation of reforms - the laws have been passed but not implemented".

NIKI: "Sixteen commandments for harsh austerity - The IMF clearly describes how Greece must collect the 26 billion euro".

PARASKINIO: "Europe's largest kickback went to a former Greek minister!"

PARON (weekly): "Lambrakis mixed up in coup against Makarios".

PROTO THEMA (weekly): "Kozloduy (power plant): our own nightmare."

REALNEWS (weekly): "Its either 'yes to everything' or elections! Message from (Prime Minister) George Papandreou to his MPs".

RIZOSPASTIS: "Anti-imperialist struggle with a new dynamic for people power".

TO VIMA (weekly): "Morgan Stanley's double game with Alpha-Ethniki".

VRADYNI: "Pension lump sum: when you can get it, what is happening with IKA, public sector".

(ana.gr)
 
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Papandreou backs military action over Libya

PM says Gadhafi did not keep word on ceasefire



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Prime Minister George Papandreou has backed the use of military action against Libyan forces after Colonel Moammar Gadhafi’s regime failed to maintain the ceasefire against rebels that it had promised.

Speaking in Paris on Saturday following a meeting of European, US and Arab leaders hosted by France, Papandreou said that the international community had no choice but to enforce a United Nations resolution imposing no-fly zone over Libya.

“Today's meeting showed the determination of the international community to enforce the decisions of the United Nations, especially for the protection of human life in Libya and, of course, on the need to implement a ceasefire,” said the prime minister.

Unfortunately, despite the assurance of the regime in Libya that the decisions will be implemented and that a ceasefire will be implemented, they proved to be false in reality due to violent actions.

“That is why the international community will move for the implementation of the decisions."

US and British ships and submarines have fired missiles at targets in Libya and French fighter jets are patrolling the sky above the North African country.

Greece has decided to allow NATO forces to use Greek bases in Souda and Aktio for military operations if needed and will offer the use of up to four F16s from the Greek Air Force to help patrol the no-fly zone.

ekathimerini.com , Sunday March 20, 2011 (12:16)

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Italia e Grecia posizioni similare, non ostante, rispetto alla faccenda libica.
 
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Greece on the frontline


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By Nikos Konstandaras




The international intervention in Libya’s civil war has put Greece on the front line of developments in our region. Our geographic position alone is enough to give us a leading role, but Greece has to play an active role as well; it must take serious decisions and act very carefully on the diplomatic front so as to avoid the traps and reap the benefits from this involvement. The stakes are very high and they concern our geostrategic importance and our diplomatic capital in all our international relations.

In recent wars involving our allies, Greece was able to fulfill its obligations as a partner either with a minimal and unobtrusive presence (as in Kosovo and Afghanistan) or simply through allowing the use of its facilities (as in the case of Iraq) without really taking a stand.

In Libya’s case, though, it is obliged to stand firmly with its European partners and the United States against an old friend of Greece’s ruling party, Muammar Gadhafi.

Crete is just 300 kilometers from Libya at their closest point, and the Souda Bay naval and air facilities on the island are an important staging point for all kinds of activity in Libya. NATO facilities at Aktio and Larissa will also play a crucial role in enforcing a no-fly zone over Libya.

But it is not just geography that drives events in this case. France and Britain, two important European Union partners, went out on a limb in recent weeks, pressing the United States to agree to a military intervention that would stop the Libyan government forces’ advance against the rebels. French President Nicolas Sarkozy even went so far as to recognize the rebels’ government on March 10. As the rebels retreated and seemed sure to lose, France was at a diplomatic impasse.

At this point, it would be impossible for Athens to draw back from supporting its strongest EU ally in the ongoing negotiations on a way out of Greece’s economic crisis.

The road toward military intervention began a week ago, when the Arab League threw its weight behind calls for the United Nations to impose a no-fly zone over Libya.

Gadhafi’s military victory seemed assured -- and it was also clear that this would result in a prolonged period of instability, as the Libyan leader’s use of military force against his own people had stripped him of all legitimacy. Indicative of his intentions was the declaration he made on Thursday, when he warned the rebels in their stronghold at Benghazi that “tonight we will enter to strike against the traitors. We will show no mercy.


A few hours later, after a change of heart by the United States, the UN Security Council imposed a no-fly zone over Libya. Tripoli’s immediate reaction was to threaten “air and maritime transport in the Mediterranean as well as civilian and military facilities.” Fortunately for Crete, in an agreement that it signed with the international community in 2003, Libya had committed itself to destroying all of its missiles whose range would enable them to reach the island.

The most hopeful scenario would be for the international intervention to lead quickly to a political solution -- perhaps with the resignation of Gadhafi in exchange for amnesty, as the rebels have offered.

Greece could mediate in such a negotiation because of its close ties with Gadhafi in the past -- ties which were confirmed in recent weeks with Greece’s prominent role in the emergency evacuation of tens of thousands of foreign workers and in achieving the release of three Dutch soldiers who had been captured by Libyan forces.

Turkey also has been playing an active role, but its stand against NATO military action when Athens was offering facilities and airpower could marginalize it in the weeks ahead.

It is clear that Greece has an important role to play as a pole of stability and as a NATO beachhead from the Maghreb to Israel. The USA is aware of this, and perhaps this is why it has supported Greece so firmly in its negotiations with the IMF and our EU partners.

Let us hope that at the EU summit this week our partners will acknowledge the fact that Greece is an invaluable partner on many fronts beyond that of the economy, and that they will understand that helping Greece recover is an investment in the future of this very important and very unstable part of the world
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ekathimerini.com , Sunday March 20, 2011 (19:01)

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Una buona analisi.
Da leggere.
 
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Government set to table ambitious privatization plan

By Sotiris Nikas





A joint ministerial privatization committee is expected to get the ball rolling this week on the government’s ambitious 50-billion-euro state sell-off plan.

The committee will aim to raise 15 billion euros by 2013 and the full 50-billion-euro target by 2015, with half of the amount coming from real estate assets.

The Finance Ministry has already called on the country’s largest banks (National, ATEbank, Emporiki, Alpha, Eurobank, Piraeus and Marfin) to prepare portfolios of property that can be developed by one of two ways.

The first involves raising capital from property which is not involved in any ownership dispute between landowners and the state, by passing it directly onto investors, while the second involves transferring assets to a real estate company which will then be managed by investors for a period of up to 90 years.

In addition to the abovementioned assets, the government intends to sell pieces of property that do not contribute to state revenues.

Regarding the sale of stakes in state-controlled enterprises, valued at some 8 billion euros, the government is likely to dispose of the assets when market conditions improve.

ekathimerini.com , Sunday March 20, 2011 (21:07)

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Faranno quello che pensavo ... ed è la scelta più logica.
 
Ultima modifica:
Aggiungo per completezza (sempre sul discorso avviato da Stock) che le nuove clausole di subordinazione sul nuovo debito emesso saranno comuni su tutti i TdS dell'area Euro.
Quindi, non punitive solo sullo specifico caso greco.
 
Aggiungo per completezza (sempre sul discorso avviato da Stock) che le nuove clausole di subordinazione sul nuovo debito emesso saranno comuni su tutti i TdS dell'area Euro.
Quindi, non punitive solo sullo specifico caso greco.

E questo è l'unico sollievo al paradosso.
Poiché diventando omogenei tutti i nuovi TdS, almeno non ci sarà uno spread specifico aggravante solo per alcuni. Certo che per i primi tempi se veramente si intendesse che i vecchi titoli sul secondario fossero realmente privilegiati sui nuovi (e questo continua invece a sembrarmi paradossale e irrealistico) allora per molto tempo i nuovi dovrebbero essere pagati con uno spread in più rispetto ai vecchi.
Inoltre, e secondo me è proprio questo l'obbiettivo che perseguono i primini della classe dell'area Euro, il fatto che i TdS incorporino in futuro procedure automatiche di dilazione o sospensione delle cedole ed al limite anche rinvio nei rimborsi, essendo di fatto subordinati, farà si che gli investitori prezzeranno molto più attentamente il rischio emittente, valutando ogni paese a se stante e non più credendo di fare la furbata che tanto è meglio comprare Grecia perchè alla fine è un Bund che rende di più.
Così facendo stanno togliendo a tutti i piigs i vantaggi della moneta non unica (svalutazione competitiva e rientro del debito anche grazie a questa) ma anche i vantaggi che avevano ottenuto con l'euro (indebitamento a basso costo con grossolana applicazione degli spread che non ha mai prezzato realmente nei dieci anni passati i singoli rischi paese, sottointendendo un ombrello comune che ora che è servito si è dimostrato pieno di buchi e non così scontato...). Non dimentichiamoci comunque che per tutti noi cittadini dell'UE in ogni caso, avere una BCE che si adopera per una certa stabilità monetaria è comunque di una qualche tutela per il potere d'acquisto dei propri risparmi ed è qualcosa che preferisco di gran lunga alla politica della FED.
 
DAL MONETARIO REUTERS:

A Milano Mario Draghi presiede oggi al seminario "Il futuro dell"Euro" (15,30). La scorsa settimana i paesi del G7 hanno deciso di intervenire congiuntamente sul forex per frenare il netto rialzo dello yen su dollare ed euro in relazione ai timori di rimpatrio della valuta in vista della ricostruzione del Giappone. Ieri alcune fonti hanno detto a Reuters che i critici di Draghi potrebbero avere ben poche cartucce per bloccare la sua strada verso la presidenza della Bce. Il suo periodo a Goldman Sachs non sembra elemento valido a ridurre le chance per succedere a Trichet.

Si tiene oggi a Bruxelles un meeting dell'Eurogruppo straordinario a 27 per decidere i dettagli circa i meccanismi di salvataggio Efsf, Esm. Vi partecipa anche Tremonti (13,30). Una settimana fa i capi di stato e di governo hanno deciso di aumentare la capacità del Fondo e di permettere che esso acquisti titoli dei paesi in difficoltà sul mercato primario. Inoltre verranno ridotti i tassi d'interesse sui prestiti di salvataggio alla Grecia. E' rimasta aperta la discussione sulla combinazione di risorse per garantire che il fondo di salvataggio (Efsf) possa attingere alla sua intera dotazione di 440 miliardi di euro e il metodo di contribuzione al fondo permanente Esm. Oggi verrà discusso anche di quanto ridurre il tasso al quale l'Efsf presta fondi di saltavaggio e le modalità tramite cui l'Efsf potrà acquistare titoli sul mercato primario.

* Al Parlamento europeo Trichet terrà oggi un'audizione al comitato economico e finanziario (16,30). Il presidente Bce, in occasione del meeting del board di inizio marzo aveva parlato di rialzo dei tassi a partire da aprile per contrastare il rialzo dell'inflazione. Ma alla luce dei successivi disatri in Giappone, molti si chiedono se la tempistica non vada riconsiderata. Venerdì sera Trichet, dopo aver detto che non ha messaggi nuovi di politica monetaria, ha aggiunto che la Bce dovrà valutare attentamente l'impatto del terremoto in Giappone.

* Il partito di minoranza del Portogallo ha deciso ieri di presentare al parlamento un nuovo documento con le misure di austerità, confrontandosi con l'opposizione per cercare di evitare il ricorso al salvataggio.
* Il Commissario Ue per gli affari economici e monitari Olli Rehn interviene stanotte ad Helsinky un semiario (23,00).
 
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Greece continues its plans to erect a fence along its border with Turkey



http://www.addthis.com/bookmark.php...hl=it&q=greece&cf=all&as_qdr=d&as_drrb=q&tt=0 http://www.addthis.com/bookmark.php...hl=it&q=greece&cf=all&as_qdr=d&as_drrb=q&tt=0 http://www.addthis.com/bookmark.php...hl=it&q=greece&cf=all&as_qdr=d&as_drrb=q&tt=0

invest.bg - 21.03.2011


Greece's government has not given up on its plans to erect a fence along the country's border with Turkey in order to counter the influx of illegal immigrants, Christos Papoutsis, the Greek Minister for Citizen Protection said. The respective procedures for the realization of the project will soon be launched, Papoutsis told the Elefteros Typos newspaper. "We have studied the experience of other European countries such as Spain and Lithuania, and we are not starting with the construction of the fence," the minister declared. In his words, the Greek government also intends to place thermal vision cameras, additional vehicles, and other equipment along its border with Turkey.

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Muri.
 
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