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

[tommy271]

Greece΄s Downgrade Weighed Heavily On ASE



Athens General Index, which had been ending around 1,600 units for the last three weeks, was forced to severe losses on Tuesday.

The trading activity was weak for the most part of the session, with the mildly downward trends accompanied by a very thin volume.

However, Greece’s rating downgrade by S&P was the negative catalyst that intensified pressure and dragged down the General Index and banks with losses of up to 2.55% and 4.87% respectively.

The rating action strikes domestic sentiment at a time that Greek market attempts to resist at certain price levels with thin turnovers, especially after the decision of the European Union leaders in Brussels last week, according to analysts.

Moreover, amid negative news from Libya and Japan, the weak trading activity makes the domestic market more vulnerable to this new development, however analysts believe that investors will soon evaluate calmly its consequences, compensating part of current losses.

Analysts also consider S&P’s rating action as unexpected, which surprised negatively the market, despite the agency’s warnings, given the willingness that European leaders showed to help the country repay its debts.

Across the board, the General Index ended at 1579.76 units, down 1.97%, after a fluctuation into a margin of 44 units. Approximately 31.8mn units worth €111.06mn were traded on Tuesday, while a total of 123 shares declined, 40 rose and 120 remained unchanged.

Banks suffered losses of 3.66%, ending at 1297.35 units. Proton Bank fell by 7.14%, while Piraeus Bank and Attica Bank followed with losses of 5.77% and 5.56% respectively. Geniki Bank and ATEbank declined also by more than 5%, while Hellenic Postbank, Eurobank and National Bank recorded losses of 4.96%, 4.53% and 3.89% respectively. Bank of Cyprus, Marfin Popular Bank and Alpha Bank declined by 3.08%, 2.20% and 1.59% respectively.

(capital.gr)

 

[tommy271]

S&P Downgrade Doesn't Reflect Greece's Policies-Greek PM


By Alkman Granitsas
Of DOW JONES NEWSWIRES


ATHENS (Dow Jones)--The decision by ratings agency Standard & Poor's Corp. to further cut Greece's credit rating doesn't reflect the efforts the country has made to fix its public finances, Prime Minister George Papandreou said Tuesday, adding that Greece hoped to return to the financial markets as soon as possible.

Speaking to journalists, Papandreou said the S&P decision was mainly a critique of a weekend decision by European leaders to create a permanent bailout mechanism for troubled euro-zone countries--but which also sees possible losses for private bond holders in the future.

"The S&P downgrade, is not because of what Greece is doing. It is very interesting to see what they are saying. What they are saying is that the decisions of the European Union were not enough, or were in the wrong direction," Papandreou said.

He added that Greece has "proven" it could reduce its deficit after narrowing the country's budget gap by roughly a third in the past year.

Earlier Tuesday, S&P downgraded Greece's long-term sovereign rating by two notches to BB- from BB+, and fellow euro-zone member Portugal by one notch to BBB- from BBB.

In its announcement, the agency cited fears that the two countries may have to restructure their debt and force losses on bondholders after 2013 when the permanent bailout fund, the European Stability Mechanism comes into force.

The outlook for both countries' ratings remains negative, S&P said, adding that it is "highly likely" that Greece will have to access official assistance after the middle of 2013. The structure of the ESM, S&P noted, is "detrimental" to private creditors of both countries.

In May last year, Greece narrowly avoided default with the help of an EUR110 billion bailout from the European Union and the International Monetary Fund, and agreed to a three-year program to cut its deficit from a record 15.4% of gross domestic product in 2009, to below the EU's 3% cap by 2014.

Under the terms of the program, Greece's financing requirements are fully funded through the rest of this year and into early 2012, after which it is hoped that the country will be able to return to the capital markets after being effectively frozen out for a year by prohibitively high interest rates.

But lingering concerns that Greece may have to restructure its debt--now about EUR340 billion, or one-and-a-half times GDP--have kept the borrowing rates on Greek bonds at high levels and prompted speculation that Greece will need to resort to further official financing from next year onwards.

In his remarks, Papandreou said the Greek economy, now in its third year of recession, is starting to turn the corner and dismissed suggestions that Greece would need further official loans in the future.

"Our efforts, and I believe we will succeed, is to return to the markets as soon as possible, and leave the [support] mechanism by 2013," he said.

 

[giutrader]

S&P Downgrade Doesn't Reflect Greece's Policies-Greek PM


By Alkman Granitsas
Of DOW JONES NEWSWIRES


ATHENS (Dow Jones)--The decision by ratings agency Standard & Poor's Corp. to further cut Greece's credit rating doesn't reflect the efforts the country has made to fix its public finances, Prime Minister George Papandreou said Tuesday, adding that Greece hoped to return to the financial markets as soon as possible.

Speaking to journalists, Papandreou said the S&P decision was mainly a critique of a weekend decision by European leaders to create a permanent bailout mechanism for troubled euro-zone countries--but which also sees possible losses for private bond holders in the future.

"The S&P downgrade, is not because of what Greece is doing. It is very interesting to see what they are saying. What they are saying is that the decisions of the European Union were not enough, or were in the wrong direction," Papandreou said.

He added that Greece has "proven" it could reduce its deficit after narrowing the country's budget gap by roughly a third in the past year.

Earlier Tuesday, S&P downgraded Greece's long-term sovereign rating by two notches to BB- from BB+, and fellow euro-zone member Portugal by one notch to BBB- from BBB.

In its announcement, the agency cited fears that the two countries may have to restructure their debt and force losses on bondholders after 2013 when the permanent bailout fund, the European Stability Mechanism comes into force.

The outlook for both countries' ratings remains negative, S&P said, adding that it is "highly likely" that Greece will have to access official assistance after the middle of 2013. The structure of the ESM, S&P noted, is "detrimental" to private creditors of both countries.

In May last year, Greece narrowly avoided default with the help of an EUR110 billion bailout from the European Union and the International Monetary Fund, and agreed to a three-year program to cut its deficit from a record 15.4% of gross domestic product in 2009, to below the EU's 3% cap by 2014.

Under the terms of the program, Greece's financing requirements are fully funded through the rest of this year and into early 2012, after which it is hoped that the country will be able to return to the capital markets after being effectively frozen out for a year by prohibitively high interest rates.

But lingering concerns that Greece may have to restructure its debt--now about EUR340 billion, or one-and-a-half times GDP--have kept the borrowing rates on Greek bonds at high levels and prompted speculation that Greece will need to resort to further official financing from next year onwards.

In his remarks, Papandreou said the Greek economy, now in its third year of recession, is starting to turn the corner and dismissed suggestions that Greece would need further official loans in the future.

"Our efforts, and I believe we will succeed, is to return to the markets as soon as possible, and leave the [support] mechanism by 2013," he said.

Non ci dicono in cosa consiste questo ESM. O meglio non ci dicono come i privati debbano partecipare (allungamento delle scadenze, haircut??) in caso in cui un paese dovesse chiedere un prestito all'ESM. Non ci dicono se le nostre obbligazioni Senior possono essere toccate in qualche modo... non dicono niente di niente... Poca chiarezza e ovviamente si scende ... mi sa che hanno un bel regalino pronto per noi

 

[tommy271]

Non ci dicono in cosa consiste questo ESM. O meglio non ci dicono come i privati debbano partecipare (allungamento delle scadenze, haircut??) in caso in cui un paese dovesse chiedere un prestito all'ESM. Non ci dicono se le nostre obbligazioni Senior possono essere toccate in qualche modo... non dicono niente di niente... Poca chiarezza e ovviamente si scende ... mi sa che hanno un bel regalino pronto per noi

Di certo sappiamo che i finanziamenti che l'ESM concederà saranno comunque subordinati rispetto al FMI.
Quasi certo al 99% che in caso di intervento del ESM verrà richiesta una ristrutturazione del debito con il coinvolgimento dei privati.
Uno dei punti critici è proprio questo, ed è estremamente vessatorio.
Neanche il FMI pone queste pregiudiziali.

La poca chiarezza è dovuta anche al fatto che non vi è ancora nulla di certo e definito.
Poi credo proprio ci siano anche problemi giuridici non indifferenti da risolvere.

 

[Ivone]

Il ESM entrerà in funzione a partire dal 1 luglio 2013.
Al momento c'è l'EFSF.
I primi tentativi di riaffacciarsi sul mercato dei titoli pluriennali sarà a partire dal 2012.
Al momento non c'è nessuna necessità di procacciarsi il "liquido", in quanto il fabbisogno è coperto dalla Troika.

Non ne sono convinto, in quanto mi risulta che alla Grecia per il 2012 manchino 21 billion, oltre ai soldi della Troika. Spero di sbagliarmi.

 

[tommy271]

Greek bond market closing report




The yield spread between the 10-year Greek and German benchmark bonds widened to 949 basis points in the Greek electronic secondary bond market on Tuesday, with the Greek bond yielding 12.79 pct and the German Bund 3.30 pct. Turnover in the market was a low 23 million euros, of which 19 million euros were sell orders and the remaining 4.0 million euros were buy orders. The five-year benchmark bond was the most heavily traded security with a turnover of 7.0 million euros.

In interbank markets, interest rates continued moving higher. The 12-month rate was 1.98 pct, the six-month rate 1.53 pct, the three-month 1.21 pct and the one-month rate 0.94 pct.

(ana.gr)

 

[tommy271]

Non ne sono convinto, in quanto mi risulta che alla Grecia per il 2012 manchino 21 billion, oltre ai soldi della Troika. Spero di sbagliarmi.

E' probabile, ma in questo caso c'è l'EFSF che può intervenire sul mercato primario - senza tutti i vincoli che vogliano mettere con l'ESM a partire dal 2013 - con la sottoscrizione del debito greco.
Non ci metterei la mano sul fuoco, ma non credo che la Grecia possa aver problemi in questo senso.

 

[tommy271]

Samaras: ND prepared for snap elections




(ANA-MPA) -- Main opposition New Democracy (ND) leader Antonis Samaras said on Tuesday that his party is prepared for elections, whenever they take place, addressing a meeting of his party's executive committee.

He also stressed that he will not accept "co-governance with a PASOK that cannot find agreement even with itself, nor collaborations with those who backed the Memorandum", in a reference to the Popular Orthodox Rally (LA.O.S) party and to independent MP and former ND minister Dora Bakoyannis, who now heads her own fledgling Democratic Alliance party.

Samaras further warned that he will not consent to "God-sent, non-institutional solutions".

(ana.gr)

 

[tommy271]

Cabinet meeting on social issues, employment




(ANA-MPA) -- A wide-ranging Cabinet meeting was convened on Tuesday under the chairmanship of Prime Minister George Papandreou, as the meeting focused on so-called "social issues", particularly efforts to sustain and boost employment.

Related initiatives, such as continuing adult vocational training and retraining schemes -- as buffers to the spectre of unemployment -- were discussed. In terms of implementation, responsibilities of individual ministries and cooperation amongst ministries was discussed. Priorities were also set.

Several top ministers along with the head of the Social Insurances Foundation (IKA) and the Manpower Employment Organisation (OAED) participated in the meeting.

(ana.gr)

 

[Grisù]

JPMorgan Expects Greek Bond Spread To Widen
JPMorgan Chase forecasts further widening of Greek, Portuguese and Irish bond spreads, as the European leaders’ agreement failed to calm bond markets, according to Bloomberg.
“The significant EU agreements reached this month have not been enough to spark investor demand for the most troubled peripherals,” JPMorgan analysts said in a report. “Portugal is moving ever closer to an inevitable bailout, and the prospect of further major bank recapitalizations still hangs over Ireland.”
However, Spanish and Italian bonds will fare better as investors discriminate between so-called “near peripherals” and “far peripherals,” the analysts said.