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tommy271
Forumer storico
Grecia verso nuovo aiuti da quasi 60 mld a giugno - Dow Jones
martedì 10 maggio 2011 09:58
LONDRA, 10 maggio (Reuters) - Per la Grecia potrebbe concretizzarsi già il mese prossimo l'ipotesi di un nuovo pacchetto di aiuti finanziari internazionali da quasi 60 miliardi di euro.
Lo dice un alto funzionario dell'esecutivo secondo quanto riporta 'Dow Jones', mentre da Atene non arrivano ancora conferme né smentite.
Il nuovo pacchetto, scrive sempre l'agenzia, coprirà le maggiori esigenze di raccolta da parte di Atene pari a 27 miliardi nel 2012 e 32 miliardi nel 2013 e dovrà essere garantito da asset pubblici.
In reazione alle indiscrezioni stampa scivola sui minimi di seduta il derivato sul decennale tedesco, in calo di circa 40 centesimi, mentre chiude di oltre un punto percentuale la forchetta di rendimento tra i dieci anni greco e tedesco.
***
Azz. quello che ho scritto anch'io.
martedì 10 maggio 2011 09:58
LONDRA, 10 maggio (Reuters) - Per la Grecia potrebbe concretizzarsi già il mese prossimo l'ipotesi di un nuovo pacchetto di aiuti finanziari internazionali da quasi 60 miliardi di euro.
Lo dice un alto funzionario dell'esecutivo secondo quanto riporta 'Dow Jones', mentre da Atene non arrivano ancora conferme né smentite.
Il nuovo pacchetto, scrive sempre l'agenzia, coprirà le maggiori esigenze di raccolta da parte di Atene pari a 27 miliardi nel 2012 e 32 miliardi nel 2013 e dovrà essere garantito da asset pubblici.
In reazione alle indiscrezioni stampa scivola sui minimi di seduta il derivato sul decennale tedesco, in calo di circa 40 centesimi, mentre chiude di oltre un punto percentuale la forchetta di rendimento tra i dieci anni greco e tedesco.
***
Azz. quello che ho scritto anch'io.
tommy271
Forumer storico
Greece to Cut Auxiliary Fund Payments From 2012, Imerisia Says
By Natalie Weeks - May 10, 2011 9:55 AM GMT+0200
Tue May 10 07:55:02 GMT 2011
Greece’s government plans to cut pensions paid by supplementary funds by as much as 20 percent starting in 2012, Imerisia reported.
The aim is to bring sums paid to pensioners in line with contributions starting on Jan. 1, the Athens-based daily said, citing Athina Dretta, the Labor Ministry’s general secretary of social security. Benefits at some pension funds amount to as much as 60 percent of pensions paid, the newspaper said.
Additionally, 20,000 primary pensions that are higher than the cap for the fund will be reduced, Imerisia reported.
(Bloomberg)
By Natalie Weeks - May 10, 2011 9:55 AM GMT+0200
Tue May 10 07:55:02 GMT 2011
Greece’s government plans to cut pensions paid by supplementary funds by as much as 20 percent starting in 2012, Imerisia reported.
The aim is to bring sums paid to pensioners in line with contributions starting on Jan. 1, the Athens-based daily said, citing Athina Dretta, the Labor Ministry’s general secretary of social security. Benefits at some pension funds amount to as much as 60 percent of pensions paid, the newspaper said.
Additionally, 20,000 primary pensions that are higher than the cap for the fund will be reduced, Imerisia reported.
(Bloomberg)
tommy271
Forumer storico
New Greek Deal Possible Early As June - Greek Official
(Adds quote in fifth paragraph.)
By Costas Paris and Terence Roth
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Greece now expects a new package of nearly EUR60 billion in financial aid covering financial needs stretching into 2013 as early as next month, said a senior Greek government official.
The official, with knowledge of the talks, said the issue of extending current packages, or arranging new loans, will be discussed at a regularly-scheduled meeting of European Union finance ministers next Monday and Tuesday.
The new package would be designed to cover Greece's projected need for around EUR27 billion in new assistance next year and another EUR32 billion in 2013.
At an early round of talks in Luxembourg late Friday, senior EU officials discussed the possible construction of this new aid, but no decisions were taken. Final decisions won't be set until after the results of the June audit of Greece's ability to sustain its debt, the Greek official said.
"We expect final decisions after the review of the Greek debt sustainability in June," the senior Greek official said. "But the matter will be extensively discussed at next week's EcoFin," he said, using the shorthand for EU financial ministers' meetings.
Among the options discussed is extending Greece's current maturities and giving Greece access to the EU's government bailout fund, the European Financial Stability Facility.
A new memorandum of understanding may set state-owned properties as collateral.
"I expect a new set of measures for Greece which will have a strict timeframe and guarantees that it will be seen through," the senior Greek government official said.
This official said that Germany will find it difficult to convince its taxpayers to give more money to Greece after contributing to a EUR110 billion package sealed by the EU and the International Monetary Fund only a year ago.
The German government prefers an extension of bond maturing in 2012 and 2013, but it might consider a combination with access to EFSF funds.
"These matters were generally discussed in Luxembourg but no decisions were taken," the Greek official said.
(Adds quote in fifth paragraph.)
By Costas Paris and Terence Roth
Of DOW JONES NEWSWIRES
ATHENS (Dow Jones)--Greece now expects a new package of nearly EUR60 billion in financial aid covering financial needs stretching into 2013 as early as next month, said a senior Greek government official.
The official, with knowledge of the talks, said the issue of extending current packages, or arranging new loans, will be discussed at a regularly-scheduled meeting of European Union finance ministers next Monday and Tuesday.
The new package would be designed to cover Greece's projected need for around EUR27 billion in new assistance next year and another EUR32 billion in 2013.
At an early round of talks in Luxembourg late Friday, senior EU officials discussed the possible construction of this new aid, but no decisions were taken. Final decisions won't be set until after the results of the June audit of Greece's ability to sustain its debt, the Greek official said.
"We expect final decisions after the review of the Greek debt sustainability in June," the senior Greek official said. "But the matter will be extensively discussed at next week's EcoFin," he said, using the shorthand for EU financial ministers' meetings.
Among the options discussed is extending Greece's current maturities and giving Greece access to the EU's government bailout fund, the European Financial Stability Facility.
A new memorandum of understanding may set state-owned properties as collateral.
"I expect a new set of measures for Greece which will have a strict timeframe and guarantees that it will be seen through," the senior Greek government official said.
This official said that Germany will find it difficult to convince its taxpayers to give more money to Greece after contributing to a EUR110 billion package sealed by the EU and the International Monetary Fund only a year ago.
The German government prefers an extension of bond maturing in 2012 and 2013, but it might consider a combination with access to EFSF funds.
"These matters were generally discussed in Luxembourg but no decisions were taken," the Greek official said.
tommy271
Forumer storico
Grecia smentisce voci stampa su trattative per altri aiutiReuters - 10/05/2011 10:05:16
La Grecia "deve" smentire, dopo aver fatto trapelare la news.
tommy271
Forumer storico
Greek Funds Head Warns Debt Restructuring to Devastate Economy
By Paul Tugwell - May 10, 2011 1:01 AM GMT+0200 Mon May 09 23:01:00 GMT 2011
Greece’s money managers are warning of damage to an already crippled economy should European leaders move to restructure the country’s debt.
Greek bond yields and the cost of insuring the country’s debt against default rose to all-time highs amid speculation about a debt write-off or an extension of repayment timelines. Standard & Poor’s cut Greece’s long-term sovereign credit rating by two levels yesterday to B, five notches below investment grade. The rating may be lowered further, S&P said.
“Right now a restructuring shouldn’t and can’t happen,” Aris Xenofos, president of the Hellenic Fund & Asset Management Association representing 36 firms, said in an interview before the downgrade. “It would be devastating for the Greek economy, and detrimental for the rest of the European Union and the euro.”
Greece is relying on its 110 billion-euro ($157 billion) bailout last year from the European Union and the International Monetary Fund, as well as Treasury bill sales, to meet its funding needs through 2011. As part of the package, Greece is supposed to regain access to markets next year and refinance at least 75 percent of its maturing medium- and long-term debt.
The government is eliminating state jobs and reducing debt at nationally owned enterprises as well as overhauling the country’s tax and pension system to boost revenue.
“The key issue is not a restructuring, but the extent to which the economy and Greek society will manage to produce and deliver results following the structural reforms,” said Xenofos, who also is managing director of EFG Eurobank Mutual Fund Management Co., part of Greece’s second-largest bank.
Euro Partners
Euro-region officials said that Greece needs “a further adjustment program” after an unscheduled May 6 meeting with Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of finance ministers. A restructuring would hurt more than providing the country with additional help, the senior finance spokesman for German Chancellor Angela Merkel’s Christian Democratic Union party said yesterday in Berlin.
Yields on two-year Greek notes increased 25 basis points to 25.58 percent yesterday after hitting a record last month. The 10-year yield rose 22 basis points to 15.73 percent, up from 12.4 percent at the start of the year.
Credit-default swaps on Greek debt jumped 19 basis points to a record 1,360, according to CMA, signaling a 68 percent probability of default within five years.
The markets should wait until next year to see if there are signs Greece’s economy is returning to growth, Xenofos said at his Athens office on April 29.
Economic Plight
“We need to wait until at least the earlier part of 2012 to see where we are and whether we need to start discussing more serious scenarios for a restructuring and the conditions and nature such a restructuring would take,” Xenofos said.
Greece’s economy, in its third year of a recession, is forecast by the government to shrink 3 percent this year before returning to growth in 2012. The country’s debt is projected to peak at 59 percent more than economic output in 2012.
The country plans 76 billion euros of austerity measures and state-asset sales through 2015 that aim to reduce the budget deficit to close to 1 percent of gross domestic product from a targeted 7.4 percent this year.
“Greece’s problems won’t be solved by restructuring its debt but by restructuring the country,” Prime Minister George Papandreou said April 15.
Greek Funds
The Hellenic Fund & Asset Management Association’s members had combined assets of 10 billion euros at the end of 2010, according to the group’s website.
Any possible restructuring of Greek debt would have a “limited” effect on Greece’s fund management industry as “a very rigid” legal framework requires managers to value all securities based on the current market price, Xenofos said.
Domestic bond funds have exposure of about 700 million euros, he said. The figure rises to 1.5 billion euros when money-market funds and those investing in a range of assets are included, Xenofos said.
Key to the growth of Greece’s fund management industry are the state pension funds, which have so far only allocated as much as 1.8 billion euros to mutual funds out of a total of about 25 billion euros of assets, according to Xenofos.
“If you have state pension funds that don’t support the fund management industry in Greece, then you don’t have a safety net for situations such as the one we are experiencing,” he said.
(Bloomberg)
By Paul Tugwell - May 10, 2011 1:01 AM GMT+0200 Mon May 09 23:01:00 GMT 2011
Greece’s money managers are warning of damage to an already crippled economy should European leaders move to restructure the country’s debt.
Greek bond yields and the cost of insuring the country’s debt against default rose to all-time highs amid speculation about a debt write-off or an extension of repayment timelines. Standard & Poor’s cut Greece’s long-term sovereign credit rating by two levels yesterday to B, five notches below investment grade. The rating may be lowered further, S&P said.
“Right now a restructuring shouldn’t and can’t happen,” Aris Xenofos, president of the Hellenic Fund & Asset Management Association representing 36 firms, said in an interview before the downgrade. “It would be devastating for the Greek economy, and detrimental for the rest of the European Union and the euro.”
Greece is relying on its 110 billion-euro ($157 billion) bailout last year from the European Union and the International Monetary Fund, as well as Treasury bill sales, to meet its funding needs through 2011. As part of the package, Greece is supposed to regain access to markets next year and refinance at least 75 percent of its maturing medium- and long-term debt.
The government is eliminating state jobs and reducing debt at nationally owned enterprises as well as overhauling the country’s tax and pension system to boost revenue.
“The key issue is not a restructuring, but the extent to which the economy and Greek society will manage to produce and deliver results following the structural reforms,” said Xenofos, who also is managing director of EFG Eurobank Mutual Fund Management Co., part of Greece’s second-largest bank.
Euro Partners
Euro-region officials said that Greece needs “a further adjustment program” after an unscheduled May 6 meeting with Luxembourg Prime Minister Jean-Claude Juncker, chairman of the group of finance ministers. A restructuring would hurt more than providing the country with additional help, the senior finance spokesman for German Chancellor Angela Merkel’s Christian Democratic Union party said yesterday in Berlin.
Yields on two-year Greek notes increased 25 basis points to 25.58 percent yesterday after hitting a record last month. The 10-year yield rose 22 basis points to 15.73 percent, up from 12.4 percent at the start of the year.
Credit-default swaps on Greek debt jumped 19 basis points to a record 1,360, according to CMA, signaling a 68 percent probability of default within five years.
The markets should wait until next year to see if there are signs Greece’s economy is returning to growth, Xenofos said at his Athens office on April 29.
Economic Plight
“We need to wait until at least the earlier part of 2012 to see where we are and whether we need to start discussing more serious scenarios for a restructuring and the conditions and nature such a restructuring would take,” Xenofos said.
Greece’s economy, in its third year of a recession, is forecast by the government to shrink 3 percent this year before returning to growth in 2012. The country’s debt is projected to peak at 59 percent more than economic output in 2012.
The country plans 76 billion euros of austerity measures and state-asset sales through 2015 that aim to reduce the budget deficit to close to 1 percent of gross domestic product from a targeted 7.4 percent this year.
“Greece’s problems won’t be solved by restructuring its debt but by restructuring the country,” Prime Minister George Papandreou said April 15.
Greek Funds
The Hellenic Fund & Asset Management Association’s members had combined assets of 10 billion euros at the end of 2010, according to the group’s website.
Any possible restructuring of Greek debt would have a “limited” effect on Greece’s fund management industry as “a very rigid” legal framework requires managers to value all securities based on the current market price, Xenofos said.
Domestic bond funds have exposure of about 700 million euros, he said. The figure rises to 1.5 billion euros when money-market funds and those investing in a range of assets are included, Xenofos said.
Key to the growth of Greece’s fund management industry are the state pension funds, which have so far only allocated as much as 1.8 billion euros to mutual funds out of a total of about 25 billion euros of assets, according to Xenofos.
“If you have state pension funds that don’t support the fund management industry in Greece, then you don’t have a safety net for situations such as the one we are experiencing,” he said.
(Bloomberg)
tommy271
Forumer storico
Euro trims gains vs dlr as Greece denies aid report
LONDON | Tue May 10, 2011 4:16am EDT
LONDON May 10 (Reuters) - The euro pared gains against the dollar on Tuesday after a Greek finance ministry official denied a media report it is discussing a new aid package.
The euro fell around 35 pips to $1.4327 EUR=, though it was still up around 0.2 percent on the day.
In a day of choppy trading, the single currency had earlier gained more than 60 pips as traders cited a Dow Jones report which said a new deal for Greece could come as early as June.
LONDON | Tue May 10, 2011 4:16am EDT
LONDON May 10 (Reuters) - The euro pared gains against the dollar on Tuesday after a Greek finance ministry official denied a media report it is discussing a new aid package.
The euro fell around 35 pips to $1.4327 EUR=, though it was still up around 0.2 percent on the day.
In a day of choppy trading, the single currency had earlier gained more than 60 pips as traders cited a Dow Jones report which said a new deal for Greece could come as early as June.
- Stato
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