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

[tommy271]

Deutsche Telekom May Increase OTE Stake Over 40%

First Published Wednesday, 1 June 2011 12:08 pm - © 2011 Dow Jones


FRANKFURT -(Dow Jones)- Deutsche Telekom AG (DTE.XE) may increase its stake in Greece's Hellenic Telecommunications Organization SA (HTO.AT), or OTE, to more than 40%, Deutsche Telekom Chief Executive Rene Obermann said Wednesday.
The German telecommunications company will act according to the agreements it reached with Greece when it initially invested in OTE in 2008, Obermann told journalists at an event in Cologne. "Everything else remains to be seen" and would then also depend on the conditions, he said.
Deutsche Telekom holds 30% in OTE, while Greece has 20%. Under a put option, Greece can transfer a 10% OTE holding to Deutsche Telekom by the end of 2011. Such a transaction is widely expected to take place soon, as Greece is facing pressure to reduce its debt burden. Deutsche Telekom also has a right of first refusal for Greece's remaining 10% stake.
OTE last month said first-quarter net profit fell a worse-than-expected 54% on weak sales and a special charge related to planned staff cuts, and warned that revenue would continue to be hurt by difficult economic conditions in countries where it operates and regulatory obstacles in debt-laden Greece. OTE has operations including Romania and Bulgaria as well as its home market.



***
Corporate/Privatizzazioni.

 

[tommy271]

L'andamento rimane sempre leggermente negativo.
Gli spread rimangono attorno a 1344 pb.
Rimaniamo in attesa di news meno "contrastate".
In teoria stasera dovrebbero concludersi le discussioni, poi si dovrebbe passare alla scelta dello scenario da percorrere.

 

[tommy271]

Riprofilature, qualche dato sulle esperienze precedenti:

FT Alphaville Re-profilers anonymous

 

[tommy271]

Germany sees IMF, EU staying involved in Greece



BERLIN | Wed Jun 1, 2011 6:30pm IST

BERLIN (Reuters) - Germany expects the European Union and the International Monetary Fund to remain involved jointly in any continued aid programme for debt-laden Greece, a finance ministry spokesman said on Wednesday.
The comments contradict an earlier report in the Frankfurter Allgemeine Zeitung newspaper which had said it appeared certain the IMF would not contribute its share of the next tranche of aid under Greece's international bailout package.
"It is a joint programme which states, the IMF and the (EU) Commission have participated in," Martin Kotthaus said at a regular news briefing.
"It was designed jointly. It will be evaluated jointly, and I also assume that it can only be continued jointly, including when it comes to the question of payouts of future tranches."
Inspectors on the "troika" team of inspectors from the EU, IMF and European Central Bank are in Athens to decide whether to release a tranche of 12 billion euros ($17 billion) next month to keep Greece afloat.
Partly due to IMF demands, discussions on a new package that would meet Greece's needs up to 2014 are also taking place, and countries are eager to see what measures Athens will be taking to regain credibility, for example with its privatisations.
"It must be made crystal clear how these privatisation announcements and plans can be executed concretely, tangibly, and comprehensibly so that all further delays and such can be avoided," Germany's Kotthaus said.
He added that private creditors should participate in any solution to Greece's debt woes, and not leave the entire burden for governments to shoulder.
"Should the taxpayer need be prepared to give Greece more breathing room, then it's natural that private creditors would have to participate in such a project," he said.
"I cannot say how that would look concretely at the moment, since we are still waiting for the report from the Troika," Kotthaus said, adding that he did not expect the report before Friday evening, or perhaps even Saturday or Sunday.

 

[tommy271]

Deputy Minister: Public Organizations Mergers In October



A year and a half after the first announcement of shutdowns and mergers of public organizations, Greek Deputy Minister Theodoros Pangalos said on Wednesday that the program has been postponed for next October.

According to his statement, the new package of mergers and shutdowns will be announced in October, including about 80 organizations, while the 7,000 employees will be assessed by the Supreme Council for Civil Personnel Selection (ASEP).

(capital.gr)

 

[Nobody's]

PUNTO 1-Grecia, accordo con Fmi/Ue vicino, no ritorno dracma

Reuters - 01/06/2011 15:54:05

* Meeting Vienna e Eurogruppo decisivi per aiuti Fmi/Ue
* Esito esame ispettori Ue/Fmi atteso domani o venerdì
* Si discute anche piano aiuti aggiuntivo fino al 2014

di Ingrid Melander e George Georgiopoulos
ATENE, 1 giugno (Reuters) - La Grecia dovrebbero completare entro la fine di questa settimana i colloqui con gli ispettori di Unione europea e Fondo monetario relativi al piano di consolidamento del bilancio nel medio termine e alla prossima tranche di aiuti internazionali, il cui pagamento è cruciale per il paese. Lo dicono fonti vicine alle trattative.

Mentre Atene sta lottando per evitare il default sovrano, il governatore della banca centrale greca ha bollato come "improbabili e ridicole" le ipotesi che prevedono un'uscita del Paese dall'euro per tornare alla dracma.

Gli ispettori della cosiddetta 'troika' - che comprende i funzionari di Ue, Fmi e Bce - sono al lavoro nella capitale greca per decidere se esistano le condizioni per il versamento della quinta tranche di aiuti, 12 miliardi di euro, alla fine di questo mese, che permetterebbe al Paese di rimanere a galla.

In parte a causa delle richieste dell'Fmi, si sta discutendo anche di nuovi aiuti, che dovrebbero sostenere la Grecia fino al 2014.

Interpellata in merito ai tempi di chiusura della verifica dei conti, una fonte ha detto che questa potrebbe concludersi "domani, se siamo fortunati, ma potrebbe anche slittare a venerdì". Un portavoce del ministro delle Finanze tedesco ha dichiarato che la Germania si aspetta la relazione della 'troika' al più presto per venerdì sera e ha aggiunto che Berlino si aspetta che Ue e Fmi restino coinvolte in qualsiasi tipo di programma per la Grecia.

Fonti hanno riferito che il versamento della quinta tranche di aiuti all'interno dell'attuale programma di salvataggio da 110 miliardi di euro sarà vincolata all'esito dell'incontro tra alti funzionari dei Tesori Ue, in corso a Vienna, e di una riunione dei ministri finanziari dell'Eurogruppo, che potrebbe essere anticipato rispetto alla data prevista del 20 giugno.

I funzionari dei Tesori Ue sono impegnati in un meeting nella capitale austriaca per definire le opzioni per un secondo pacchetto di salvataggio che dovrebbe coinvolgere in qualche misura anche il settore privato.

Una fonte greca a conoscenza dell'andamento dei colloqui ad Atene, si è detta ottimista sulla possibilità che la Grecia ricevera la tranche di aiuti necessaria a coprire il deficit di bilancio e a effettuare i pagamenti necessari.

"Ci sarà un modo per arrivare all'approvazione del versamento della quinta tranche " ha detto la fonte a Reuters. "La nuova valutazione includerà una serie di misure per accelerare le privatizzazioni, tagliare la spesa e aumentare le entrate".

Un nuovo pacchetto di aiuti per la Grecia, il cui valore, secondo alcuni funzionari Ue, potrebbe collocarsi sui 65 miliardi di euro, potrebbe essere composto da un insieme di prestiti concessi da Ue e Fmi e assistiti da collaterale e da misure per aumentare le entrate dello Stato.

Il programma prevederebbe una supervisione esterna senza precedenti sul programma di privatizzazioni, che è rimasto al palo da quando è stato approvato il primo piano di salvataggio, un anno fa.

Il vice primo ministro greco Theodoros Pangalos presiederà una riunione ministeriale oggi sulle misure necessarie a ridurre il peso del settore pubblico.


RITORNO ALLA DRACMA SCENARIO "IMPROBABILE E RIDICOLO"
La difficile situazione della Grecia ha spinto alcuni commentatori a ipotizzare un'uscita dalla zona euro, preferibile al rischio di una diffusione dei problemi del Paese in altri paesi membri dell'Unione.

Il governatore centrale greco George Provopoulos ha escluso con forza questo scenario, nel corso di un incontro in cui ha reso noto una ricerca che ha analizzato l'impatto del cambiamento climatico sull'economia greca nei prossimi 90 anni.

Questa ricerca "è una risposta chiara ai vari scenari "improbabili e ridicoli che si sono sentiti in giro di recente. Ricordo che tutti i calcoli sull'analisi dei costi e benefici contenuti nella ricerca sono in euro".

L'entrata della Grecia nella zona euro, che risale al 2001, e l'adozione della valuta unica, impedisce al Paese una svalutazione della propria valuta, al fine di aumentare la competitività dell'economia. Ad ogni modo, la messa a punto di un programma di svalutazione tramite la reintorduzione della dracma, comporterebbe un aumento del peso del debito greco, che resterebbe espresso in euro.

Oggi i dati sul settore manifatturiero, il cui indice Pmi a maggio ha subito un'accelerazione della contrazione, al ritmo più consistente da tre mesi a questa parte, hanno messo in evidenza come l'economia greca sia messa a dura prova dalla crisi debitoria e dalle severe misure di contenimento della spesa imposte dal piano di salvataggio internazionale.

Per la fine di quest'anno, le attese indicano una decremento del Pil pari al 3%, mentre il 2010 si è concluso con una contrazione del Pil del 4,5%.

 

[tommy271]

EU's Rehn: Greece Restructuring Off Table; Vienna Plan Likely




By Bradley Davis
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A new plan for Greece to be hammered out by the so-called troika of institutions aiming to cast a lifeline to the debt-addled nation should arrive within days, a top European Union official said Wednesday.
Again reiterating that a default was not in the cards for Greece, E.U. Economic Affairs Commissioner Olli Rehn said Greece would need to carry on with its plans to sharply reduce its budget deficit and also privatize government-owned businesses.
Were Greece to default, it would likely have contagion effects on other European sovereign debt, Rehn said. A default would also hit E.U. banks that are exposed to Greek debt.
Instead of a default, Rehn said the E.U., International Monetary Fund and European Central Bank--dubbed the "troika"--would likely implement a Vienna-style system by which banks would voluntarily agree to maintain exposure to Greece that would reschedule the debt.
As worry about the domino effect has swirled around Europe, Rehn said Spain has thus far been able to ringfence itself from euro-zone debt problems. If one looks at Spanish bond yields, which have not moved sharply higher, even as the yields of some peripheral states have, one can deduce that Spain has "decoupled" from sovereign-debt worries--at least for now, Rehn said.
The E.U. official spoke at the Council on Foreign Relations.
In the audience, widely known investor George Soros, when asked by Dow Jones whether he was confident the lifeline package for Greece would succeed, demurred, saying he did not wish to comment.



***
Per noi sarebbe la soluzione migliore.

 

[tommy271]

EU Eyes Sweeteners for Greek Debt Extension

By James G. Neuger - Jun 1, 2011 2:01 PM GMT+0200 Wed Jun 01 12:01:26 GMT 2011


European officials preparing Greece’s second bailout in two years may offer bondholders incentives to roll over maturing debt without triggering a credit-rating downgrade that would roil Europe’s banking system, two people with knowledge of the talks said.
Investors may be given preferred status, higher coupon payments or collateral as inducements to buy bonds replacing Greek debt maturing between 2012 and 2014, said the people, who declined to be identified because the talks are in progress.
European leaders are trying to prevent the euro area’s first sovereign default. Last year’s 110 billion-euro ($159 billion) rescue failed to prevent an investor exodus from Greece, saddled with Europe’s highest debt load amid a three- year economic slump. The upgraded package would share costs with investors while skirting a technical default, the people said.
“We are also examining the feasibility of voluntarily rescheduling, which would not create a credit event,” European Union Economic and Monetary Commissioner Olli Rehn said in an interview yesterday in New York. “Debt restructuring is not on the table, it’s not in the cards, it will not be part of our agenda.”
For months, a maturity extension was taboo, as Europe counted on a mix of budget cuts and official loans to put the country’s finances on track and stop the debt crisis at its source.



Greek Offer

Greece has since given up plans to go back to bond markets for funding in 2012, offering deeper deficit cuts and the sale of state assets in exchange for follow-up loans to prevent a default.
The country’s additional needs may be known tonight or tomorrow, as European and International Monetary Fund officials complete work on an assessment of Greece’s public accounts.
Greece’s fate hinges on the stance taken by Chancellor Angela Merkel of Germany, the country that designed the euro in its image and as Europe’s largest economy is the biggest underwriter of bailouts.
Germany has a “clear expectation” that private creditors will bear some costs of Greece’s follow-up package, Finance Ministry spokesman Martin Kotthaus said in Berlin today.
Greece’s debt is likely to mushroom to 157.7 percent of gross domestic product in 2011, the highest in euro history, the European Commission said May 13. It predicted a 3.5 percent economic contraction, shedding doubts whether Greece will generate the tax revenue to pay off its debts.



Papandreou Opposition

European calls for austerity have sparked political warfare in Greece, with opposition parties rejecting Prime Minister George Papandreou’s proposals on May 27. The biggest opposition party, New Democracy, objects to the “policy mix” and not to the principle of saving money, said Notis Mitarachi, the party’s alternate head of economic policy.
“There is in no way a desire to obstruct implementation of the program,” Mitarachi told Bloomberg Television today. “We clearly agree with the need to reduce the budget deficit.”
Greek 10-year bonds trade at less than 55 cents on the euro, a sign of investors’ diminishing expectations of being repaid. Ten-year Greek bonds fell today, pushing the yield up 16 basis points to 16.2 percent at 122:10 p.m. in London.
Europe’s central bankers are caught in the middle of the debate. They have warned that any form of debt restructuring would shatter the Greek banking system, though they are unable on their own to dictate how the euro region’s 17 governments get out of the crisis.



ECB Position

The European Central Bank “might have to reconsider” its opposition to restructuring, Peter Bofinger, a member of Merkel’s council of economic advisers, told Bloomberg Television from Munich today. A restructuring of Greek debt carries risks “but is worth it,” he said.
Europe’s financial leaders need to hammer out a revised Greek package by the end of June, in time to persuade the IMF to pay out its share of the next tranche of loans.
The Washington-based lender provided 30 billion euros of Greece’s original loans, along with a third of the loans since granted to Ireland and Portugal as the spreading crisis threatened the integrity of the euro.
Senior aides to European finance ministers are discussing elements of the package in Vienna today. The ministers themselves may meet as early as next week, with final decisions due at a summit of government leaders on June 23-24.
So-called negative incentives are also under consideration, such as cutting off old Greek bonds from eligibility for use as collateral with the ECB while granting that privilege to new bonds, the people said.
Policy makers’ efforts echo 2009’s so-called Vienna Initiative that leaned on creditors in eastern Europe to roll over expiring bonds, the people said.
European politicians have given sometimes conflicting definitions of options such as “restructuring,” “reprofiling,” “soft restructuring” and “default.” French President Nicolas Sarkozy said May 27 that if “restructuring” means a failure to pay off debt, “then this word won’t be part of the French vocabulary.”



(Bloomberg)

 

[Nobody's]

EU's Rehn: Greece Restructuring Off Table; Vienna Plan Likely




By Bradley Davis
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--A new plan for Greece to be hammered out by the so-called troika of institutions aiming to cast a lifeline to the debt-addled nation should arrive within days, a top European Union official said Wednesday.
Again reiterating that a default was not in the cards for Greece, E.U. Economic Affairs Commissioner Olli Rehn said Greece would need to carry on with its plans to sharply reduce its budget deficit and also privatize government-owned businesses.
Were Greece to default, it would likely have contagion effects on other European sovereign debt, Rehn said. A default would also hit E.U. banks that are exposed to Greek debt.
Instead of a default, Rehn said the E.U., International Monetary Fund and European Central Bank--dubbed the "troika"--would likely implement a Vienna-style system by which banks would voluntarily agree to maintain exposure to Greece that would reschedule the debt.
As worry about the domino effect has swirled around Europe, Rehn said Spain has thus far been able to ringfence itself from euro-zone debt problems. If one looks at Spanish bond yields, which have not moved sharply higher, even as the yields of some peripheral states have, one can deduce that Spain has "decoupled" from sovereign-debt worries--at least for now, Rehn said.
The E.U. official spoke at the Council on Foreign Relations.
In the audience, widely known investor George Soros, when asked by Dow Jones whether he was confident the lifeline package for Greece would succeed, demurred, saying he did not wish to comment.



***
Per noi sarebbe la soluzione migliore.

In parole povere una ristrutturazione volontaria

 

[tommy271]

La Borsa di Atene chiude con l'indice ASE a 1289 punti con - 1,49%.
Prevale l'incertezza con le prese di beneficio, rispetto all'ottimismo di ieri. Buoni volumi di intermediazione a 127 MLN.

I nostri spread rimangono stabil/negativi a 1341 pb.