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

[tommy271]

Too early to say if Greece meeting EU/IMF targets - source






ATHENS | Tue May 10, 2011 6:13am EDT



ATHENS May 10 (Reuters) - EU and IMF inspectors have not yet concluded whether Athens has met targets conditional to receiving the next tranche of its bailout aid, a source with direct knowledge of an ongoing visit said on Tuesday.
"It is too early in the inspection visit to say if Greece has met the targets or not," the official told Reuters after a German lawmaker said there were signs the conditions for the next payment were not met.

"We are in the middle of the process," the source said.
EU and IMF officials started combing through Greece's books and fiscal plans last week as part of a regular quarterly visit. Mission chiefs are expected to start talks at a more senior level on Wednesday, for about a week.

 

[tommy271]

Greece Sells €1,625m 26-week T-Bills



Greece sold €1,625m of 26-week Treasury bills at an auction of Tuesday. The total bids reached €4,474m with a uniform yield of 4.88%, according to the Greek Public Management Agency.

The initial amount auctioned was €1,250m, while Primary Dealers can additionally submit non-competitive bids up to 30% of the amount initially auctioned until May 12, 2011 (12 p.m local time).

The auction "should already be viewed as a success for the PDMA to be able to offload the paper below the 5% threshold, "after the recent raft of horrible news," Commerzbank strategist David Schnautz told Dow Jones Newswires.

"A big plus had been the fact that today΄s bills will mature in November, i.e. still in 2011 for which the still-in-place bailout package is still sufficient," he added.

(capital.gr)

 

[tommy271]

Greek Aid Solution Debate Taking Place-Finance Ministry Official




ATHENS -(Dow Jones)- Euro-zone governments have begun a debate on finding a " credible" solution to covering Greece's financing needs for next year, but so far no agreements have been reached on the scope or details of a further aid package, a Greek finance ministry official said Tuesday.
"The debate that is taking place is about finding a solution that is credible, and in such a way that there is no gap in covering Greek financing needs in 2012," a Greek finance ministry spokeswoman said.
"But there are no specifics yet regarding the size or details of a package," the spokeswoman added.
Earlier Tuesday, Dow Jones Newswires reported that Greece is expecting a new package of nearly EUR60 billion in financial aid to cover its financing needs next year and in 2013, when money from an existing multinational loan package runs out.
In May last year, Greece narrowly avoided default with the help of a EUR110 billion bailout from the European Union and the International Monetary Fund in exchange for measures to narrow its budget deficit and overhaul its economy.
The money from that aid program is expected to run out at the beginning of next year, and lingering market concern over a possible debt restructuring has effectively frozen Greece out of the debt markets, making it unlikely that the country will be able to borrow anytime in the near future.

 

[samantaao]

Perchè?
Mi sembra una buona proposta.
Poi il lato tecnico lo dovranno analizzare gli addetti.
E' una garanzia che va oltre la questione del debito pubblico (semprechè intendi questo, rispetto al retail).

il problema è che tutto ciò che verrà dato in garanzia ai nuovi bond, non potrà essere spartito su quelli non garantiti che quindi avranno un recovery inferiore...
i bond in circolazione sui mercati retail sono unsecured
non è una buona notizia per i possessori di bond

 

[tommy271]

Greece denies new loan deal is on its way

Finance Ministry rejects reports ahead of new visit by troika officials

Greece has denied that it is set to agree a new loan package with the European Union and the International Monetary Fund as early as next month after running into more fiscal difficulties.
The Dow Jones news agency reported on Tuesday that Athens expected to receive the aid package in June and that it would cover Greece's projected need of 27 billion euros in extra funds in 2012 and 32 billion in 2013.
However, a Finance Ministry official denied this was the case. «Greece is not holding any discussion on any new aid package,» a senior finance ministry official who requested anonymity told Reuters. «Such reports about discussions on new aid are not true."
However, it is thought that giving further loans to Greece was one of the topics discussed at a meeting of several EU finance ministers in Luxembourg on Friday. Greece’s Giorgos Papaconstantinou took part in the talks.
Officials from the European Commission, the European Central Bank and the International Monetary Fund, collectively known as the troika are due in Athens from Tuesday to check on Greece’s progress with its fiscal targets.
The government’s difficulties in meeting these targets is expected to lead to further discussions about Greece possible needing a new loan agreement to provide it with up to 100 billion euros over the next three years. Athens has already received 30 billion euros from its initial 110-billion-euro loan agreement.
However, the signing of any such deal would mean that Greece would have to commit to taking more measures.
Kathimerini understands that a new loan memorandum would set out new goals and a time frame for the implementation of reforms and of a privatization drive that aims to raise 50 billion euros by 2015. It is expected that the government will be asked to announce another 6 to 7 billion euros’ worth of austerity measures.
Meanwhile Greece’s eurozone partners have made it clear that they do not want to offer any more loans without guarantees. They want the country to use state assets as collateral for all the loans it receives.
Greece’s creditors have been pressing ruling PASOK to seek a consensus on reforms with the conservative opposition New Democracy. But, according to sources, ND leader Antonis Samaras has no intention of obliging, even if this prompts early elections.






ekathimerini.com , Tuesday May 10, 2011 (12:42)

 

[tommy271]

il problema è che tutto ciò che verrà dato in garanzia ai nuovi bond, non potrà essere spartito su quelli non garantiti che quindi avranno un recovery inferiore...
i bond in circolazione sui mercati retail sono unsecured
non è una buona notizia per i possessori di bond

Bisogna trovare la giusta mediazione.
D'altra parte anche la Merkel deve affrontare il suo Parlamento per spiegare come mai deve chiedere altri soldi.
Con le dovute garanzie è più facile.

Per quanto riguarda i nostri bond, sarebbero ulteriormente coperti da un rafforzamento del pacchetto di aiuti.
E' chiaro che se nel 2013 la situazione fosse ancora quella di oggi non c'è ESM che tenga ...
Ma intanto si guadagna tempo e le politiche di rientro potranno avere modo di dispiegare la loro efficacia.

 

[amorgos34]

Greece’s creditors have been pressing ruling PASOK to seek a consensus on reforms with the conservative opposition New Democracy. But, according to sources, ND leader Antonis Samaras has no intention of obliging, even if this prompts early elections.






ekathimerini.com , Tuesday May 10, 2011 (12:42)

Non illudersi : ND non condividerà MAI col PASOK il piano di privatizzazioni.

 

[tommy271]

Imports Dropped By 25.1%, Exports Rose By 23.6% In March 2011



The Hellenic Statistical Authority said that the total value of imports-arrivals, excluding oil products, in March 2011 amounted to €2985.6 million against €3985.8 million in March 2010, recording a drop of 25.1%.

The total value of exports-dispatches in March 2011 amounted to €1756.3 million against €1420.6 million in March 2010, recording an increase of 23.6%.

The total value of exports-dispatches, excluding oil products, in March 2011 amounted to €1311.1 million against €1304.6 million in March 2010 recording an increase of 0.5%.

The total value of imports-arrivals, excluding oil products, for the 12-month time period of April 2010 - March 2011 decreased by 16.0% compared to the corresponding 12-month time period of April 2009 - March 2010.

The total value of exports-dispatches, excluding oil products, for the 12- month time period of April 2010 - March 2011 increased by 10,9% compared to the corresponding 12-month time period of April 2009 - March 2010.

The total value of imports-arrivals in March 2011 amounted to €3341.2 million against €5354.4 million in March 2010. The statistics of imports for oil products are calculated according to the data derived from the customs declarations. The status of the audited incomplete customs declarations, for March 2010, has been integrated in the compilation of the external trade statistics. The corresponding declarations for March 2011 have not been integrated yet, since they have not been finalized entirely, having as a result the lack of comparability of the external trade statistics data between March 2011 and March 2010.


(capital.gr)


***
I dati che preferisco ...
Ovviamente il dato dell'import riflette la stato pesantemente recessivo dell'economia.

 

[tommy271]

Non illudersi : ND non condividerà MAI col PASOK il piano di privatizzazioni.

Questo lo penso anch'io.
Semprechè non ci siano pressioni fortissime, per parte esterna dal PPE.

 

[samantaao]

Bisogna trovare la giusta mediazione.
D'altra parte anche la Merkel deve affrontare il suo Parlamento per spiegare come mai deve chiedere altri soldi.
Con le dovute garanzie è più facile.

Per quanto riguarda i nostri bond, sarebbero ulteriormente coperti da un rafforzamento del pacchetto di aiuti.
E' chiaro che se nel 2013 la situazione fosse ancora quella di oggi non c'è ESM che tenga ...
Ma intanto si guadagna tempo e le politiche di rientro potranno avere modo di dispiegare la loro efficacia.

allora diciamolo bene:
se la grecia dando in pegno i propri beni riesce a ricevere ulteriori aiuti che le consentano di tirare avanti senza ristrutturare i debiti pre-esistenti... è una buona notizia per le scadenze vicine
poi fra 1 o 2 anni si rifanno i conti e se tutto è andato bene "buona camicia a tutti" altrimenti sono dolori per i bond unsecured