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

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Gli spread greci ieri hanno ancora allargato rompendo la soglia psicologica dei 1300 punti.
Parallelamente stiamo assistendo ad una pressione crescente verso la parte bassa del gruppetto capitanata da Spagna e Italia.
La netta opposizione della BCE a qualunque forma di ristrutturazione o reprofiling del debito greco ha costretto ad un ulteriore salto di qualità nella discussione per arrivare ad una proposta di intesa per il Vertice di giugno.
Sommariamente potrebbe trattarsi di un ulteriore incremento al fondo da 110 MLD per dar modo alla Grecia di arrivare "coperta" sino a metà 2013 e dall'altra si chiederebbe agli Istituzionali più importanti di mantenere invariata l'esposizione sulla Grecia e di rinnovare le scadenze quando queste verranno a scadere.
A Francoforte hanno già qualche idea "tecnica" su come indirizzare i meccanismi ma per il momento si preferisce il riserbo.
In questo modo stiamo andando nella direzione auspicata, con un peso sempre più crescente degli "Istituzionali" nel debito pubblico che salvaguardia il retail da prese di posizione punitive.
Nel frattempo alla Grecia è chiesto il massimo sforzo, possibilmente con il supporto dell'opposizione di centrodestra.

Grecia 1302 pb. (1282)
Irlanda 733 pb. (729)
Portogallo 609 pb. (625)
Spagna 226 pb. (225)
Italia 165 pb. (162)
Belgio 111 pb. (110)
 
Troika puts more pressure on government



Visiting officials suspend checks, promise to return when Greece adopts more measures


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With his government coming under increasing pressure from its international lenders, Prime Minister George Papandreou is planning to travel abroad next week with a view to meeting French President Nicolas Sarkozy and possibly German Chancellor Angela Merkel.
Government sources revealed on Thursday that Papandreou will be in Paris on Wednesday for a meeting of the Organization for Economic Cooperation and Development (OECD), which will be celebrating 50 years since its inauguration. Papandreou hopes to hold talks with Sarkozy on the sidelines of this meeting.
Sources said that the Greek premier is also seeking a meeting with Merkel, who earlier this week suggested that people in Greece had to retire later and take fewer holidays if Germany was to continue to participate in bailout packages.
Her comments came at a time when Athens is being pressured by the European Commission (much to the chagrin of government and opposition politicians, Economic and Monetary Affairs Commissioner Olli Rehn called for political consensus in Greece to help push reforms through), the European Central Bank (which said it would stop accepting Greek bonds as collateral if the country restructures its debt) and its eurozone partners (the head of the group, Luxembourg’s Jean-Claude Juncker, warned on Thursday that there are limits to solidarity).
The International Monetary Fund added to this pressure through its chief of mission in Greece, Poul Thomsen, who on Thursday informed the government that the latest inspection by the troika, which includes ECB and Commission representatives, would be suspended. Sources said the troika officials told Athens that there was no point in continuing until the government has drawn up further austerity measures and gets the ball rolling on the sale of state assets.
“There is a need for further technical work,” Commission spokesman for economic and monetary affairs Amadeu Altafaj Tardio told Kathimerini.
Greece is expecting the fifth installment of its loan package, which will amount to 12 billion euros, next month but the troika has made it clear that Athens will have to speed up its work before then. The much-delayed midterm fiscal plan is due to be discussed during a cabinet meeting at the beginning of next week.






ekathimerini.com , Thursday May 19, 2011 (23:02)

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Pressioni sempre più crescenti sull'esecutivo ellenico.
Previsti incontri di Papandreou con Merkel e Sarkozy per la prossima settimana.
 
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Chinese partner for Folli Follie





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Athens-listed retail group Folli Follie is consolidating its presence in China by signing a cooperation agreement with the Fosun Group, the two companies told a joint press conference in Athens on Thursday.
Their strategic alliance will grant holding company Fosun a strong presence in Greece, while promising to turn China into one of the largest markets for Folli Follie and its brand Links of London, making it one of the leading fashion and accessories groups in the Asian country. Fosun will acquire a 9.5 percent stake in Folli Follie Group.
“Our alliance with Fosun Group comes as a verification of our excellent business and commercial relations with China,” said George Koutsolioutsos, chief executive officer of the Folli Follie Group.
”Nowadays Folli Follie and Links of London have more than 100 stores in China, a market that is dynamically incorporated in the group’s strategy for business development,” he added.






ekathimerini.com , Thursday May 19, 2011 (20:05)

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Corporate.
 
Gov’t, ND clash on public sector cuts



Minister says no plans for mass firings but reevaluations during transfers


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Interior Minister Yiannis Ragousis on Thursday stressed that the government was not planning mass redundancies in the public sector and that only those who fail a competency evaluation during their transfer to other parts of the civil service would lose their jobs.
Addressing Parliament, Ragousis said that the government had already saved some 6 billion euros by reforming the civil servants’ wage scale and through early retirement schemes.
He added that more early retirements and voluntary redundancies over the next three years would cut 150,000 employees from the civil service.
“Evaluation is a goal for us,” Ragousis said, noting that the abolition of some state bodies and committees and the merging of others would result in the reassessment of a large number of civil servants.
According to a process overseen by the Supreme Council for Personnel Selection (ASEP), anyone deemed unqualified would be denied a position.
Several deputies of the main conservative opposition New Democracy reacted angrily to the plans on Thursday. Yiannis Michelakis, ND’s spokesman, dismissed the very idea of redundancies in the public sector out of hand. Former minister Prokopis Pavlopoulos described the decision to use ASEP to decide the fate of thousands of civil servants as “unconstitutional.”
Addressing reporters on Thursday, government spokesman Giorgos Petalotis confirmed ASEP’s role, stressing that transfers would not be guaranteed. Petalotis also called on ND to take a stance after one if its cadres, Panos Kammenos, described Prime Minister George Papandreou as a “hired broker” in connection to the trading of credit default swaps in 2009.






ekathimerini.com , Thursday May 19, 2011 (22:56)

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I tagli nella pubblica amministrazione ed il dibattito tra centrodestra e centrosinistra.
 
EURO GOVT-Bunds up slightly with Treasuries, Greece in focus






LONDON | Fri May 20, 2011 2:15am EDT



LONDON May 20 (Reuters) - German bonds opened slightly higher on Friday taking a firmer note from overnight U.S. Treasuries, while investors will keep an eye on any further talk of a possible Greek debt restructuring.
The June Bund future FGBLc1 opened 8 ticks higher at 124.21.
U.S. Treasuries held firm in Asia after weak home sales and regional factory activity data underscored expectations that the Federal Reserve will keep interest rates near zero for a while.
"There is probably enough event-risk out there in terms of Spanish elections and the Greek situation to keep markets underpinned into the weekend," said a London trader.
Spain's Socialist government, staggering to the end of a second four-year term marked by austerity and the worst recession in half a century, faces major losses to the opposition Popular Party in local elections on Sunday.
"There is (also) this developing argument between the EU (European Union) and the ECB (the European Central Bank) over restructuring," the trader said.
So-called peripheral bonds were volatile in the previous session after the European Central Bank raised the stakes in a bid to prevent a restructuring of Greek debt by telling governments it would refuse to accept the bonds as collateral in the event of such a move.

With little in the way of data, investors will keep an eye on ECB board member Christian Noyer and ECB Governing Council member Jens Weidmann later in the session for any further input into the Greek restructuring saga.
"Given the dearth of market-moving economic data, 'headline-watching' especially regarding official comments about Greece should dominate today's session," David Schnautz, analyst at Commerzbank said.
 
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