Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
METHOS
Forumer storico
Vedreai che se si arriva al punto di fare un euro2 ci saranno i soliti politici chec'è la presenterenno come una grande opportunità di sviluppo mentre non sarà altro che l'ennesima distruzione di ricchezza così come è stato l'euro.
METHOS
Forumer storico
Non ho visto se è già stato postato però mi sembra interesssante
Corrected:Analysis: Emerging debt crises hold lessons for Greece | Reuters
Corrected:Analysis: Emerging debt crises hold lessons for Greece | Reuters
Baro
Umile contadino
Scusa Giub è quello che hai postato il succo del report di Silviablu ?
giub
New Membro
giub
New Membro
Year after debt rescue, markets unconvinced, nearly half of Greeks expect restructuring
By Associated Press, Saturday, April 23, 6:09 AM
ATHENS, Greece — It’s an anniversary few are celebrating. A year ago Saturday, with its faltering economy days away from bankruptcy, Greece ended months of speculation and requested bailout loans.
Prime Minister George Papandreou chose the remote island of Kastelorizo, and its tranquil seaside backdrop, to announce the “urgent national need to formally ask our partners to mobilize the support mechanism.”
International solidarity, he said in a televised address, would “send a strong signal to markets that the European Union is not to be toyed with, and it will protect our common interests and our common currency.”
Twelve months on, there’s little indication that that signal has been received.
Greek bonds have been axed to junk status by the three major ratings agencies. And sky-high borrowing costs have roughly doubled, along with the price of insuring debt. Greece would currently have to pay out 15-percent interest on a 10-year bond, compared with the German benchmark of 3.27 percent.
At least 160,000 more people have lost their jobs since April 23, 2010, with government austerity accelerating layoffs and business failures. And the national debt is forecast to exceed the emergency level of 150 percent of gross domestic product in 2011.
“At the moment we have a very, very difficult situation which requires a rapid response and tough measures,” economic analyst Vangelis Agapitos said. “Of course the markets also realize that there is political fatigue and political cowardice to fully take the tough measures that are necessary.”
Despite daily government denials, 47 percent of Greeks now believe the country will have to restructure its debt, while just 24 percent think it won’t be necessary, according to an opinion poll due to be published Sunday.
The survey by the Alco research company for the weekly Proto Thema newspaper used data from 1,000 people interviewed April 15-19. No margin of error was quoted but it would normally be around 3 percentage points for a survey of that size.
Support for Papandreou’s Socialists has sunk from 34.7 percent to 21.5 percent in the past 15 months, the poll found, though he still maintains a slim lead over rival conservatives.
After Papandreou’s call for help from Kastelorizo, a rescue deal was put together in nine days, just ahead of a critical refinancing deadline. Eurozone countries and the International Monetary Fund agreed to lend Greece €110 billion — equivalent to nearly half the country’s annual output — through 2013.
In return for the bailout loans, Papandreou’s Socialist government slashed €14 billion off the budget deficit in 2010 using salary and pension cuts and a raft of unpopular measures aimed at reducing waste in the public sector and protective market rules.
His government has promised debt inspectors that it will start generating a primary surplus in 2012, but fiscal targets have begun slipping this year due to the ongoing recession. And the sharp rise in public discontent is in growing contrast to calls by Greece’s central bank and analysts for bolder cost-cutting measures.
Many of his countrymen, however, are looking forward to a break from the national gloom this holiday weekend.
“I just can’t watch the news anymore — it’s so depressing,” said window cleaner Stratis Dervendlis, who is planning a series of day-trips in and around Athens on his days off.
“The bad news is constant. It’s like reminding someone in hospital that they’re sick all the time. Instead, they should be giving us courage and telling us how we’re going to get better.”
By Associated Press, Saturday, April 23, 6:09 AM
ATHENS, Greece — It’s an anniversary few are celebrating. A year ago Saturday, with its faltering economy days away from bankruptcy, Greece ended months of speculation and requested bailout loans.
Prime Minister George Papandreou chose the remote island of Kastelorizo, and its tranquil seaside backdrop, to announce the “urgent national need to formally ask our partners to mobilize the support mechanism.”
International solidarity, he said in a televised address, would “send a strong signal to markets that the European Union is not to be toyed with, and it will protect our common interests and our common currency.”
Twelve months on, there’s little indication that that signal has been received.
Greek bonds have been axed to junk status by the three major ratings agencies. And sky-high borrowing costs have roughly doubled, along with the price of insuring debt. Greece would currently have to pay out 15-percent interest on a 10-year bond, compared with the German benchmark of 3.27 percent.
At least 160,000 more people have lost their jobs since April 23, 2010, with government austerity accelerating layoffs and business failures. And the national debt is forecast to exceed the emergency level of 150 percent of gross domestic product in 2011.
“At the moment we have a very, very difficult situation which requires a rapid response and tough measures,” economic analyst Vangelis Agapitos said. “Of course the markets also realize that there is political fatigue and political cowardice to fully take the tough measures that are necessary.”
Despite daily government denials, 47 percent of Greeks now believe the country will have to restructure its debt, while just 24 percent think it won’t be necessary, according to an opinion poll due to be published Sunday.
The survey by the Alco research company for the weekly Proto Thema newspaper used data from 1,000 people interviewed April 15-19. No margin of error was quoted but it would normally be around 3 percentage points for a survey of that size.
Support for Papandreou’s Socialists has sunk from 34.7 percent to 21.5 percent in the past 15 months, the poll found, though he still maintains a slim lead over rival conservatives.
After Papandreou’s call for help from Kastelorizo, a rescue deal was put together in nine days, just ahead of a critical refinancing deadline. Eurozone countries and the International Monetary Fund agreed to lend Greece €110 billion — equivalent to nearly half the country’s annual output — through 2013.
In return for the bailout loans, Papandreou’s Socialist government slashed €14 billion off the budget deficit in 2010 using salary and pension cuts and a raft of unpopular measures aimed at reducing waste in the public sector and protective market rules.
His government has promised debt inspectors that it will start generating a primary surplus in 2012, but fiscal targets have begun slipping this year due to the ongoing recession. And the sharp rise in public discontent is in growing contrast to calls by Greece’s central bank and analysts for bolder cost-cutting measures.
“The (national) debt is 150 percent of GDP and rising. Had it been half that amount, maybe these (austerity) measures would suffice,” Agapitos said. “The number of measures is unprecedented. So in a way, Greece is proving that the effort is there. However, the expectations are much higher and keep rising, because of the mess that Greece is in.”
Papandreou is unlikely to get much respite this Easter, with school and hospital closures planned this year and a massive privatization program prompting a general strike on May 11.
Many of his countrymen, however, are looking forward to a break from the national gloom this holiday weekend.
“I just can’t watch the news anymore — it’s so depressing,” said window cleaner Stratis Dervendlis, who is planning a series of day-trips in and around Athens on his days off.
“The bad news is constant. It’s like reminding someone in hospital that they’re sick all the time. Instead, they should be giving us courage and telling us how we’re going to get better.”
ferdo
Utente Senior
dopo riporta che la Grecia ha annunciato il piano di privatizzazione di 50 bln Eu ovvero circa 1/6 dell'intero debito;
la data chiave è il test di solvibilità e sostenibilità del debito di giugno.
In seguito a quello UE farà la decisione.
PS a questo punto minimo minimo dovrebbe essere il downgrade a CC da parte delle agenzie di rating! Sempre che sbagliano!!!
giub
New Membro
Greek debt crisis haunts markets again
The Associated Press
Saturday, April 23, 2011 | 3:16 a.m.
Europe's debt crisis returned to haunt markets Monday as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland.
Portugal also began discussions on a financial bailout and Spain had to pay a much higher interest rates to tap bond investors.
Although borrowing costs for countries like Greece, Ireland and Portugal have risen sharply higher in recent weeks, the euro managed to brush off debt crisis concerns, hitting a 15-month high last week above $1.45. The currency has been buoyed by predictions that the European Central Bank will follow April's first interest rate hike in nearly three years with more policy tightening.
That benefits the euro if investors don't expect others, such as the Federal Reserve, to do the same.
However, there was little respite for the currency Monday in a stream of negative developments, which sent the euro down 1.3 percent to $1.4222. Earlier it had dropped to $1.4157, its lowest level since April 5.
Further debt jitters emerged with the news that Spain had to pay sharply higher interest rates to raise euro4.7 billion ($6.7 billion) in short-term debt, while the yield on Greece's 10-year bonds spiked nearly a whole percentage point at one stage to 14.59 percent. That's the first time it's gone above 14 percent since the country took up the euro in 2001.
By the close, the yield had eased slightly to 14.55 percent, but the difference with benchmark German bunds was over 11 percent _ a staggering differential given that the two countries use the same currency.
The renewed focus on Greece's debts has come after some suggestions that the country would be better off looking for a way to renegotiate its debts.
Costas Simitis, Greece's Socialist premier from 1996-2004, has backed calls for the country to deal with its debt mountain, arguing that a protracted austerity program may not work. A negotiated restructuring would be better, allowing Greece to rebuild its economy over the next 15 to 20 years, he argued.
He's not the only one arguing for a restructuring but the Greek government insists that is not on the agenda, as it would make it more difficult to tap bond markets in the future.
The governor of Greece's central bank weighed in Monday, arguing that a restructuring is "unnecessary and undesirable." However, central banker George Provopoulos admitted that cost-cutting reforms by Greece's Socialist government were showing signs of "fatigue" and required a "powerful restart" to keep the program on track.
Whether Greece can actually withstand the pressure is another matter _ after all, it spent the early part of 2010 insisting it didn't need a bailout. By May, it had to accept a euro110 billion ($159 billion) package of rescue loans from its partners in the European Union and the International Monetary Fund.
"Despite public protestations to the contrary, the background chatter has reached such an intensity in recent days that the real questions now seem to be rather more when a Greek 'restructuring' will finally be announced and quite what the details will be rather than if there will be one," said Simon Derrick, a senior analyst at The Bank of New York Mellon.
Although a restructuring would reduce the debt pile and possibly bring a quicker end to the painful austerity measures, restructuring would not be easy and would entail huge costs to Greece's future ability to borrow money as well as risking a massive blow to the country's banks, which are big holders of Greek bonds.
Many German and French banks are also big holders of Greek debt.
A Greek default could also trigger fears that Ireland or Portugal may seek a similar way out from their debt stranglehold. There had been hopes that Europe had finally done enough to ringfence its three weakest members, but those nations' immediate economic prospects look bleak as they try to meet their obligations for the international financial support.
Portugal began its quest for financial assistance Monday with the finance minister of the country's caretaker government meeting delegations from the European Commission, the European Central Bank and the International Monetary Fund. A key topic is expected to center on the interest rate charged for Portugal's expected euro80 billion ($116 billion) bailout.
Meanwhile, news that a euroskeptic party made big gains in Finland's election Sunday has stoked fears that the EU's "comprehensive plan" to deal with the debt crisis may not run as smoothly as hoped.
True Finns leader Timo Soini suggested Monday that Finland should opt out of future bailout packages, decisions that require unanimity in the 17-member eurozone.
A bailout rescue without Finland would severely undermine the eurozone's pledge to do everything to defend the common currency and could create panic on financial markets.
"The EU currently requires unanimous approval for each use of the eurozone bailout fund, so it is now being forced to examine ways to push through the Portuguese package without Finnish support," said Jane Foley, an analyst at Rabobank International. "There is no time to lose since Portugal is facing a hefty bond redemption in June."
___
Derek Gatopoulos in Athens, Daniel Woolls in Madrid and Matti Huuhtanen in Helsinki contributed to this story.
The Associated Press
Saturday, April 23, 2011 | 3:16 a.m.
Europe's debt crisis returned to haunt markets Monday as investors fretted over a possible Greek default and the impact of huge gains for a nationalist party in Finland.
Portugal also began discussions on a financial bailout and Spain had to pay a much higher interest rates to tap bond investors.
Although borrowing costs for countries like Greece, Ireland and Portugal have risen sharply higher in recent weeks, the euro managed to brush off debt crisis concerns, hitting a 15-month high last week above $1.45. The currency has been buoyed by predictions that the European Central Bank will follow April's first interest rate hike in nearly three years with more policy tightening.
That benefits the euro if investors don't expect others, such as the Federal Reserve, to do the same.
However, there was little respite for the currency Monday in a stream of negative developments, which sent the euro down 1.3 percent to $1.4222. Earlier it had dropped to $1.4157, its lowest level since April 5.
Further debt jitters emerged with the news that Spain had to pay sharply higher interest rates to raise euro4.7 billion ($6.7 billion) in short-term debt, while the yield on Greece's 10-year bonds spiked nearly a whole percentage point at one stage to 14.59 percent. That's the first time it's gone above 14 percent since the country took up the euro in 2001.
By the close, the yield had eased slightly to 14.55 percent, but the difference with benchmark German bunds was over 11 percent _ a staggering differential given that the two countries use the same currency.
The renewed focus on Greece's debts has come after some suggestions that the country would be better off looking for a way to renegotiate its debts.
Costas Simitis, Greece's Socialist premier from 1996-2004, has backed calls for the country to deal with its debt mountain, arguing that a protracted austerity program may not work. A negotiated restructuring would be better, allowing Greece to rebuild its economy over the next 15 to 20 years, he argued.
He's not the only one arguing for a restructuring but the Greek government insists that is not on the agenda, as it would make it more difficult to tap bond markets in the future.
The governor of Greece's central bank weighed in Monday, arguing that a restructuring is "unnecessary and undesirable." However, central banker George Provopoulos admitted that cost-cutting reforms by Greece's Socialist government were showing signs of "fatigue" and required a "powerful restart" to keep the program on track.
Whether Greece can actually withstand the pressure is another matter _ after all, it spent the early part of 2010 insisting it didn't need a bailout. By May, it had to accept a euro110 billion ($159 billion) package of rescue loans from its partners in the European Union and the International Monetary Fund.
"Despite public protestations to the contrary, the background chatter has reached such an intensity in recent days that the real questions now seem to be rather more when a Greek 'restructuring' will finally be announced and quite what the details will be rather than if there will be one," said Simon Derrick, a senior analyst at The Bank of New York Mellon.
Although a restructuring would reduce the debt pile and possibly bring a quicker end to the painful austerity measures, restructuring would not be easy and would entail huge costs to Greece's future ability to borrow money as well as risking a massive blow to the country's banks, which are big holders of Greek bonds.
Many German and French banks are also big holders of Greek debt.
A Greek default could also trigger fears that Ireland or Portugal may seek a similar way out from their debt stranglehold. There had been hopes that Europe had finally done enough to ringfence its three weakest members, but those nations' immediate economic prospects look bleak as they try to meet their obligations for the international financial support.
Portugal began its quest for financial assistance Monday with the finance minister of the country's caretaker government meeting delegations from the European Commission, the European Central Bank and the International Monetary Fund. A key topic is expected to center on the interest rate charged for Portugal's expected euro80 billion ($116 billion) bailout.
Meanwhile, news that a euroskeptic party made big gains in Finland's election Sunday has stoked fears that the EU's "comprehensive plan" to deal with the debt crisis may not run as smoothly as hoped.
True Finns leader Timo Soini suggested Monday that Finland should opt out of future bailout packages, decisions that require unanimity in the 17-member eurozone.
A bailout rescue without Finland would severely undermine the eurozone's pledge to do everything to defend the common currency and could create panic on financial markets.
"The EU currently requires unanimous approval for each use of the eurozone bailout fund, so it is now being forced to examine ways to push through the Portuguese package without Finnish support," said Jane Foley, an analyst at Rabobank International. "There is no time to lose since Portugal is facing a hefty bond redemption in June."
___
Derek Gatopoulos in Athens, Daniel Woolls in Madrid and Matti Huuhtanen in Helsinki contributed to this story.
METHOS
Forumer storico
dopo riporta che la Grecia ha annunciato il piano di privatizzazione di 50 bln Eu ovvero circa 1/6 dell'intero debito;
la data chiave è il test di solvibilità e sostenibilità del debito di giugno.
In seguito a quello UE farà la decisione.
PS a questo punto minimo minimo dovrebbe essere il downgrade a CC da parte delle agenzie di rating! Sempre che sbagliano!!!
se lo portassero subito a sd almeno così c'è le leviamo d'intorno, perchè con questi downgrade a rallenty hanno già stancato. La situazione è sotto gli occhi di tutti, ormai i rating non servono a niente
giub
New Membro
UPDATE 1-Euro restructuring could overshadow Lehman-ECB's
Sat Apr 23, 2011 12:01pm BST
* ECB's Stark: risks of second Lehman if state restructures
(Reuters) - A sovereign debt restructuring in a euro zone state could trigger a banking crisis worse than that unleashed by the collapse of Lehman Brothers, ECB Executive Board member Juergen Stark said.
In comments released on the Web site of German broadcaster ZDF on Saturday, Stark raised the spectre of the U.S. investment bank's famous collapse to underline the European Central Bank's opposition to Greece restructuring its mountain of debt.
"A restructuring would be short sighted and bring considerable drawbacks," he said. "In the worst case, the restructuring of a member state could overshadow the effects of the Lehman bankruptcy."
The bankruptcy of Lehman Brothers in September 2008 virtually froze credit markets and pushed governments into huge bailouts of their banking sectors.
Rising expectations that Greece will have to restructure a debt load that is one-and-a-half times its annual output has raised doubts about whether leaders can restore confidence in the 12-year-old euro currency experiment.
In the interview, Stark criticised the debate over Greece, which he said was being monitored closely but is not insolvent, and would be able to pay its debts after an international bailout agreed last May.
"The discussion about restructuring in the euro zone is based on false assumptions that one state or another is insolvent," he said.
"The EU and IMF adjustment programmes were based on analyses of the ability to repay debt," he said. "Aid would not have been disbursed if the ability to repay debt after the completion of the reform programmes could not be ensured."
(Writing by Brian Rohan; Editing by Toby Chopra)
Sat Apr 23, 2011 12:01pm BST
* ECB's Stark: risks of second Lehman if state restructures
(Reuters) - A sovereign debt restructuring in a euro zone state could trigger a banking crisis worse than that unleashed by the collapse of Lehman Brothers, ECB Executive Board member Juergen Stark said.
In comments released on the Web site of German broadcaster ZDF on Saturday, Stark raised the spectre of the U.S. investment bank's famous collapse to underline the European Central Bank's opposition to Greece restructuring its mountain of debt.
"A restructuring would be short sighted and bring considerable drawbacks," he said. "In the worst case, the restructuring of a member state could overshadow the effects of the Lehman bankruptcy."
The bankruptcy of Lehman Brothers in September 2008 virtually froze credit markets and pushed governments into huge bailouts of their banking sectors.
Rising expectations that Greece will have to restructure a debt load that is one-and-a-half times its annual output has raised doubts about whether leaders can restore confidence in the 12-year-old euro currency experiment.
In the interview, Stark criticised the debate over Greece, which he said was being monitored closely but is not insolvent, and would be able to pay its debts after an international bailout agreed last May.
"The discussion about restructuring in the euro zone is based on false assumptions that one state or another is insolvent," he said.
"The EU and IMF adjustment programmes were based on analyses of the ability to repay debt," he said. "Aid would not have been disbursed if the ability to repay debt after the completion of the reform programmes could not be ensured."
(Writing by Brian Rohan; Editing by Toby Chopra)
- Stato
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