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

[tommy271]

I TITOLI DEI GIORNALI:

The failure of Greece's political leaders to reach agreement on the measures for exiting the economic crisis and renewed pressures from the EU and IMF to achieve a consensus dominated headlines in Athens newspapers on Saturday.


ADESMEFTOS TYPOS: "Fool's gold!...no result from the party leaders' council at the presidential mansion".

AVGHI: "[Prime Minister George] Papandreou's petty political games".

AVRIANI: "Political leaders' meeting more of George's communications bluster".

ELEFTHEROS: "Political leaders the servants of the speculators and those maligning the country."

ELEFTHEROS TYPOS: "Papandreou run-around with dangerous consequences"

ELEFTHEROTYPIA: "Half agreement with ... more to come".

ESTIA: "Indescribable national irresponsibility".

ETHNOS: "One step forward, two steps back".

IMERISSIA: "Fatal and weak - [New Democracy leader Antonis Samaras] torpedoes political leaders' council.

KATHIMERINI: "Council that was beneath the occasion".

LOGOS: "Fiasco...with an official seal"

NAFTEMPORIKI: "Commission: 'Reach agreement, your time is running out'"

NIKI TIS DIMOKRATIAS: "They were beneath the occasion"

PRESS TIME: "Greece has woken up. How about you?"

RIZOSPASTIS: "No to the blackmail trap".

STO KARFI: "Dramatic changes in our lives. Pockets are emptying, squares are filling up".

TA NEA: "George's wager - after the fiasco of yesterday's political leaders' council".

VRADYNI: "The blackmail didn't fly"

(ana.gr)

 

[tommy271]

A desperate meeting

By Alexis Papachelas






Most people in Greece expected their political leaders to walk out of the Presidential Palace yesterday having achieved consensus on at least a few crucial points. The people, who are becoming increasingly desperate because they believe the leadership to be inadequate and irresponsible, demanded it. Athens’s European partners and creditors also expected an agreement, and now they are wondering why something that can be achieved in other countries is impossible in Greece.
Unfortunately, according to sources, the discussion began well enough, with a sober tone set by President Karolos Papoulias, though it quickly degenerated into a verbal scrap more suited to a coffee house.
Prime Minister George Papandreou talked about everything, but never once did he pose the serious questions, as though a meeting of political leaders can be like a brainstorming session in which all the options are on the table, from a referendum to a government of technocrats. OK, we understand that Papandreou cannot function under the pressure of the markets and the media, and that he would rather have a lot more meetings of this kind before reaching any final decisions. But the time for talking is over and the people are beginning to get scared because they see the panic in their government’s eyes and they see that Papandreou, as always, seems to be in no rush and seems to have no real desire to discuss his plans outside his small circles of advisers.
On the other hand, it is obvious that New Democracy leader Antonis Samaras does not want to take on a shred of responsibility or to back any of the painful measures that are so critical right now. This stance is also understandable because he believes that it will get him elected.
The behavior of both, however, is inconceivable abroad, where our lenders and our partners have lost their trust in Papandreou and also want to know who will be managing the huge amounts of money they will be forced to give.
It is also inconceivable that when the country is at war they should sit around arguing over what kind of gun to use.
Greece is at breaking point.
Yesterday’s meeting not only tainted the country’s image even further, but it pushed the people further toward desperation and rage. They expected a meeting of leaders. What they got instead was a desperate meeting of politicians who are terrified of a crash but want someone else to blame.
Shame!


***
Un commento del giornale "Kathimerini".

 

[Gaudente]

YouTube - ‪euronews reporter - Grecia, i costi sociali del salvataggio‬‏

si', vedo un grande futuro per il business del riciclaggio della carta da macero

 

[Ataru98]

Che tu non creda che la Grecia ce la faccia a rispettare il piano lo capisco. Ma perché sei pessimista sulla possibilità di un riscadenzamento su base volontaria? In fondo, sembra l'opzione più ventilata e non toccherebbe i piccoli investitori.

 

[Gaudente]

Che tu non creda che la Grecia ce la faccia a rispettare il piano lo capisco. Ma perché sei pessimista sulla possibilità di un riscadenzamento su base volontaria? In fondo, sembra l'opzione più ventilata e non toccherebbe i piccoli investitori.

Per il semplice motivo che lo riscadenziamento permetterebbe di risparmiare i 30 miliardi all'anno per rimborsare i titoli in scadenza nel prossimo triennio, ma ne restano sempre altri 30 da sborsare per pagare le cedole e finanziare il deficit primario, e ormai la troika ha gia' deciso che non solo non vuole gettare al vento altri 90 miliardi per tenere in vita il cadavere greco per altri tre anni , ma neanche vuole erogare la quinta tranche del piano di aiuti varato lo scorso anno.

 

[tommy271]

Eurogroup eyes Greek debt reprofiling







LIMASSOL, Cyprus | Sat May 28, 2011 12:32pm EDT

(Reuters) - A eurogroup working committee is looking into how a 'soft' Greek debt reprofiling might work, Dutch Finance Minister Jan Kees De Jager said on Saturday.
"The euro group is doing research for reprofiling; what can you do on reprofiling, is it possible a without credit event," De Jager told journalists. "It's an investigation, and we have to wait for the outcome of it."
Analysts have described reprofiling as a form of debt rescheduling, with the time for repayment being extended but the value of the debt not marked down.
Greece's debt currently stands at around 150 percent of gross domestic product, a level considered unsustainable, particularly given that the size of the economy has contracted and any growth is likely to be minimal.
Many debt analysts expect some form of restructuring in coming months, although such a move had been repeatedly dismissed by Greek authorities and the European Central Bank.
De Jager said there was a distinction between different forms of rescheduling.
Soft reprofiling, as such, (is) not (to) have a (valuation reduction or) haircut, but would mean a lengthening of Greek bonds otherwise it wouldn't be soft anymore probably. It would be a lot more than that," he said.
In recent days, credit rating agencies have said they would probably classify most forms of debt extension as a default, which could sow panic in markets and lead to downgrades of other countries.
Athens kick-started a stalled privatisation programme on Monday and promised tougher austerity measures and tax hikes to meet EU/IMF conditions to get its next loan tranche in June, vital to keep Greece from defaulting.
Without the IMF on board, the Netherlands would not pay its contribution into the next Greek tranche, De Jager said.
"(This stance is) also supported by other especially northern European countries, but even in Italy also. It's vital that Greece live up fully, the full 100 percent, to IMF conditions and if not, if there is a negative review and the IMF does not pay out, we also will not pay out," he said.

 

[tommy271]

UPDATE: European Officials Warn Against Greek Debt Restructuring



(Adds comments from ECB's Orphanides and Dutch Finance Minister in second half.)
LIMASSOL, Cyprus (Dow Jones)--A well-known adviser to Greece's government Saturday warned that a restructuring of Greece's debts would be not only be "undesirable" for the country, but would have negative spillover effects to other parts of the 17-nation euro zone.
Lucas Papademos, speaking at an event organized by the Central Bank of Cyprus in the coastal town of Limassol, warned that any kind of debt restructuring would "undermine" the government's overhaul efforts.
"The only sensible way forward" is to push ahead with ambitious and large-scale reforms, including the privatization of state assets, he said.
Papademos, a former vice president of the European Central Bank, acknowledged that "Greece faces significant challenges," but firmly rejected the idea that the country could leave the euro zone.
The economic adjustment program for Greece "will ultimately improve growth performance and prosperity in the country," Papademos said, acknowledging however that "inevitably there are costs" in terms of economic growth and prosperity while reforms are being implemented.
His comments were reiterated by ECB Governing Council member Athanasios Orphanides, who also warned against restructuring Greek debt as a viable solution to the country's structural woes.
Papademos further said he was convinced the European Central Bank "would do the right thing" to protect the financial stability of the euro zone. Faith in the ECB's policies "is well reflected in market indicators that pertain to the euro areas as whole."
ECB officials have warned in recent weeks that Greek banks could be cut off from much-needed ECB liquidity in the event that the country's debt is restructured, a move which would likely result in a local banking crisis. Observers further fear that economic growth in Greece could be curbed by likely further interest rate hikes by the ECB amid mounting signs of inflation.
Also on hand at the conference was Dutch Finance Minister Jan Kees de Jager, who reiterated his recent warning that the Netherlands wouldn't contribute to future aid measures for Greece if the country doesn't stick to its agreed to privatization and reform plans.
The economic scenario will be "much worse" for Greece in the event it doesn't stick to austerity and reform measures, he warned.

 

[tommy271]

Greece denies report it missed fiscal targets







ATHENS | Sat May 28, 2011 1:32pm EDT

May 28 (Reuters) - Greek Finance Minister George Papaconstantinou on Saturday denied a German magazine report that an international inspection team had concluded Greece had missed all its fiscal targets.
"Reports such as the one in Spiegel have no relation to reality. Negotiations continue and will be completed in the next few days. We have every reason to believe the report will be positive for the country," he told Greek Mega TV.

 

[giub]

Greek debt reprofiling
Analysts have described reprofiling as a form of debt rescheduling, with the time for repayment being extended but the value of the debt not marked down.

Tommy, c'è qualche ipotesi/notizia relativa alla possibile garanzia bce dei titoli "riprofilati"?

 

[tommy271]

Inspectors say Greece missed all fiscal targets: magazine









BERLIN | Sat May 28, 2011 12:17pm EDT

(Reuters) - Greece has missed all fiscal targets agreed under its bailout plan, a mission from an international inspection team found, putting further funding for Athens at risk, according to a German magazine.
"The troika asserts in its report to be presented next week that Greece had missed all its agreed fiscal targets," weekly Spiegel magazine reported in a prerelease.
The International Monetary Fund, the European Commission and the European Central Bank -- known as the troika -- currently have a team in Greece assessing how sustainable the country's debts are.
The mission will be holding meetings next week before an expected finalization of the report.
"The deficit in the public budget was higher than expected," the magazine said, referring to the report's findings.
"The reason is that the Greek government still spends more than agreed in the aid programme. On top of that tax income is still lower than demanded."
The IMF has already said it cannot release its part of a 12 billion euro aid tranche to Greece next month if fiscal conditions underpinning the bailout are not met and the European Commission's top economic official was quoted as saying the EU was setting the same conditions.
"We Europeans have the same conditions as the IMF," EU Economic Affairs Commissioner Olli Rehn was quoted as saying in the same prerelease for Monday's Spiegel magazine.
"We will decide on the next tranche after the troika's report. The situation is very serious," Rehn added.
At roughly 330 billion euros, or 150 percent of gross domestic product (GDP), Greece's debt is so high that many economists believe the country will inevitably have to
restructure eventually.
The ailing euro zone state, which triggered the sovereign debt crisis in 2009, also needs to garner support from opposition parties for fiscal reforms before the European Union and International Monetary Fund free up more payments.
EU officials have asked Athens to step up privatizations urgently and suggested setting up a trustee institution to help oversee the process, similar to the body that privatized East German companies after the fall of communism.
Spiegel magazine also said the troika's experts estimated Greece had assets worth 300 billion euros, which it could sell off to meet its targets.