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

[tommy271]

PM to unveil new fiscal plan, more taxes



Papandreou to brief Juncker and pave the way for a second loan package

Prime Minister George Papandreou is to present Greece’s midterm fiscal plan and its privatization program to the head of the Eurogroup, Jean-Claude Juncker, in Luxembourg on Friday as he hopes to secure not only the June installment of the country’s loan package but the extra funding that will cover an 85-billion-euro gap in public finances over the next three years.
However, the plan that Papandreou is to present will include extra taxes for salaried professionals and pensioners.
Papandreou is expected to provide Juncker with details about his government’s fiscal plan, which will aim to raise or save an extra 28 billion euros by 2015. He will also set out Athens’s plans for selling off state assets. Sources said that the privatizations of state gambling firm OPAP, the Athens Water and Sewage Company and Athens International Airport are to be bumped up to this year in a bid to convince Greece’s eurozone partners that it is taking the program seriously.
Papandreou will also reveal how a new independent agency will oversee the sell-offs.
Final approval is due to come from the Eurogroup meeting on June 20 and any details will be finalized at a European Union leaders’ summit on June 24 that will also pave the way for Greece to enter a new three-year loan pact.
Representatives of the EU and International Monetary Fund are expected to wrap up on Friday their inspection of Greece’s public finances and issue a statement saying that approval of further funding for Greece is a prerequisite for the 12-billion-euro June tranche of its loan deal to be dispensed.
Not all the extra funding will come in the form of loans, sources said. The EU and IMF will provide 30-40 billion euros of financing but privatizations are expected to bring in 25 billion euros and about 20 billion euros will come from a voluntary debt reprofiling. Some private investors are expected to accept swapping their Greek bond with new 10- or 15-year notes. The reprofiling will be handled in such a manner as to avoid triggering credit default swaps, sources said.
Meanwhile, the midterm fiscal plan is expected to hit salaried workers and pensioners as the tax-free threshold will be reduced from 12,000 to 10,000 or 8,000. For self-employed professionals, it will go down to 6,000. Also, restaurants and tavernas will have to charge 23 percent value-added tax rather than 13 percent. This measure will be brought in after the summer. Further taxes on natural gas, heating oil, tobacco and soft drinks are also on the cards.






ekathimerini.com , Thursday June 2, 2011 (22:57)

***
Il giornale parla di circa 20 MLD del pacchetto di aiuti che arriveranno da una "riprofilatura" volontaria del debito. Anche se non si capisce "come", dato che il fatto non dovrà fare scattare i CDS.
Alcuni "investitori privati" accetteranno di scambiare i loro titoli con nuovi bond ellenici a scadenze più in là di 10/15 anni.

 

[tommy271]

Group of PASOK MPs turn on premier



Letter from 16 deputies demands more time for debate of new austerity measures

The rifts within the ruling PASOK party, caused by the government’s handling of the debt crisis, were laid bare on Thursday when 16 Socialist deputies sent a letter to Prime Minister George Papandreou demanding that Parliament be given time to properly debate the new set of austerity measures Greece is about to agree with the troika.
Papandreou looks set to reveal the measures on Friday, when he will meet with Eurogroup chief Jean Claude-Juncker, but the Socialist deputies expressed concern about the midterm fiscal package and the government’s privatization plan not being subject to the usual democratic process.
They said Papandreou and his ministers had not given an evaluation of Greece’s progress one year after signing an emergency loan agreement with the European Union and the International Monetary Fund.
“A year after signing the memorandum, we are at a crucial juncture again. Why?” the MPs asked in their letter. “It is not just an issue of political responsibility; logic demands that we have an evaluation. It is a question of patriotism, democracy and responsibility.
“It is the most basic proof that we respect the votes of our citizens.”
The deputies are concerned that the midterm fiscal plan and the privatization bill will be rushed through Parliament without being debated fully. “They have to understand that we exist, we are not just here for decoration,” one of the 16 deputies, who wished to remain unnamed, told Kathimerini.
However, Papandreou looks set to snub their demands. Sources said on Thursday that he has decided the fiscal plan will be presented as one article in order to prevent Parliament voting on it article by article, which would give PASOK MPs and other lawmakers the chance to vote against aspects of the draft law.






ekathimerini.com , Thursday June 2, 2011 (22:48)

***
Malpancisti all'interno del Pasok.

 

[tommy271]

EURO GOVT-Greek bailout hopes knock Bund future lower






LONDON, June 3 | Fri Jun 3, 2011 2:15am EDT



LONDON, June 3 (Reuters) - German bonds fell on Friday as euro zone officials appeared to be inching closer to a second bailout for Greece but the market should remain buoyed as data is expected to show some weakness in the U.S. labour market.
Senior euro zone officials meeting in Vienna agreed in principle to a new three-year programme for Greece to run until mid-2014, a source close to the negotiations has said.

Greece, for its part, was set to impose a deeper bout of austerity on its struggling economy and promised to speed up a privatisation drive in return for a new international bailout to avoid a debt default.

The June Bund future FGBLM1 opened 24 ticks lower at 125.48.
"There looks like there is a solution to the Greek problem but I am not quite sure if that will last," Charles Berry, trader at Landesbank Baden-Wurttemberg said.
"If there is some bigger story behind Greece, we might see a lower futures market because people were playing the safe-haven story the last five, seven days ignoring all economic data."
The German bond market however should continue to find solace on a string of downbeat news out of the United States -- which has fueled concerns among investors about the sustainability of a global economic recovery.
U.S. employment probably lost steam in May, with the economy likely creating 150,000 jobs last month, according to a Reuters survey, after advancing by an 11-month-high of 244,000 jobs in April. [ID:nN02277124].
Meanwhile, ratings agency Moody's warned on Thursday it would consider cutting the United States' coveted top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the U.S. debt limit.

 

[tommy271]

China's Dagong downgrades Greece's credit rating



14:03, June 03, 2011



China's credit rating provider, Dagong Global Credit Rating Co. Ltd., announced Friday that it has adjusted its rating for Greece's local and foreign currency sovereign credit from BB to CCC level.

The rating agency described the country's credit outlook as "negative" for the next two years while also warning of short-term debt default risks.

Dagong said the downgrade reflected the deterioration of the Greek government's debt repayment capability and the difficulty it will have in achieving economic growth in the near future.

Greece faces the long and arduous task of reforming the structure of its economy, Dagong said, adding the nation is unlikely to register economic growth in the short-term.

A decrease in domestic demand in Greece will drag its economy down by 3.6 percent this year, marking the third consecutive year of the country's recession, Dagong said.

The economy won't see growth until 2013, according to the credit rating provider.

It also said that it will be increasingly difficult for Greece to meet its previously announced plan for fiscal budget cuts in 2011 and even more unlikely that it will achieve its fiscal consolidation goals.

Dagong said Greece's debt is building up and is unlikely to stabilize anytime soon.

Greece's debt reached 142.8 percent of its gross domestic product by the end of 2010. The agency predicted that the figure will mushroom to 163 percent in 2015 and then fall slightly to 151.3 percent in 2020.

European officials are rushing to put together their second bailout plan in two years to stave off renewed financial turbulence in the region.

Dagong shed doubts on whether the new rescue plan will be hammered out successfully and take effect. It was also skeptical of Greece's ability to accomplish structural reforms and sell state-owned assets when the new bailout plan is unveiled.

(Agenzia Nuova Cina)

***
Anche i cinesi molto pessimisti.

 

[giub]

Il sentiment prevalentemente positivo sulla situazione in Grecia contribuisce a rinfrancare i periferici, specie i meno esposti.
L'Euro riguadagna posizioni ad ogni annuncio di risoluzione.
Oggi è atteso l'incontro tra Papandreou e Juncker mentre a partire da lunedì la manovra dovrà essere discussa in Parlamento per ottenere il via libera.
Il pacchetto è molto duro, fatto di tagli e licenziamenti nel settore pubblico. I sindacati hanno già preannunciato l'ennesimo sciopero generale.
La discussione è alta anche all'interno del Pasok mentre è auspicabile un accordo di massima tra tutte le forze politiche disponibili.

Grecia 1339 pb. (1334)
Irlanda 800 pb. (815)
Portogallo 670 pb. (689)
Spagna 231 pb. (233)
Italia 166 pb. (175)
Belgio 108 pb. (113)

L'inguaribile ottimista ed ottimo Tommy
Hai sempre parole dolci e d'amore per il debito greco

I dati sugli spread a me dicono che tutti i paesi sono migliorati fuorché la Grecia che è peggiorata

 

[tommy271]

Greece to impose deeper austerity for new rescue

Fri Jun 3, 2011 2:38am EDT






By Lefteris Papadimas and Ingrid Melander


ATHENS (Reuters) - Greece is set to impose a deeper bout of austerity on its struggling economy and promise to speed up a privatization drive in return for a new international bailout to avoid a debt default.
Prime Minister George Papandreou on Friday will present his side of the deal, a medium-term budget plan, when he meets the chairman of euro zone finance ministers -- the people who must stump up much of the planned new funding along with the IMF.
Senior euro zone officials meeting in Vienna agreed in principle to a new three-year program for Greece to run until mid-2014, a source close to the negotiations said.
This would effectively supersede a 110 billion euro rescue Greece agreed with the European Union and IMF a year ago.
But whereas taxpayers have so far borne the brunt of rescuing Greece and fellow euro zone members Ireland and Portugal, the new deal would involve some participation of private sector investors, the source told Reuters.
Some European politicians have argued that investors who bought Greek government bonds will have to share that burden, perhaps in the form of cutting the value of their debt.
The European Central Bank has fought such an idea, fearing this could provoke a crisis among European banks which hold large sums in Greek debt, and lead to a violent reaction on financial markets far beyond Greek borders.
However, participation of private sector investors in the new deal would be limited to avoid triggering a "credit event," the source said, without providing any figures.
Athens, which is struggling to lower its budget deficit, let alone its 340 billion euro debt mountain, hasn't got a done deal yet. Anything agreed by the officials in Vienna must be approved by the euro zone finance ministers, some of whom represent electorates which are hostile to any more aid to Greece.
Papandreou starts the offensive to win political approval when he meets Eurogroup chairman Jean-Claude Juncker in Luxembourg.
"The prime minister will present the main points of the mid-term plan to Juncker, which include speedier privatizations and new measures to cut government spending and raise revenues," a senior Greek government official said.


OFFENSIVE GESTURES


Greeks are already suffering under waves of austerity imposed after Athens had to seek its first bailout from the European Union and IMF a year ago.
Thousands of protesters gathered in front of parliament on Thursday night for the latest in a series of nightly demonstrations staged for more than week. Booing and whistling, they waved their open hands at parliament, an offensive gesture in Greek culture, and shone lasers at the building.
About 20 protesters tried to attack government spokesman George Petalotis at an event of the ruling PASOK party in an southern Athens suburb late on Thursday, a police source said.
They threw yoghurt and a stone toward Petalotis while he was about to take the podium, without hitting him.
The Greek government official said Athens had signed up to 6.4 billion euros ($9.23 billion) in new measures to cut its 2011 budget deficit and aimed to wrap up bailout talks with a team of international inspectors by Friday.
Greece's original bailout deal has hit a problem. It assumed that Athens could resume borrowing on markets next year, using the money to fund part of its budget deficit.
But this likelihood has steadily shrunk. On Wednesday, ratings agency Moody's downgraded Greece to Caa1. That put Greece -- a member of the euro zone which groups some of the most advanced economies in the world -- on a par with Cuba.
Moody's currently rates only one country lower -- Ecuador, which defaulted on $3.2 billion of debt in 2009.
Athens needs funds fast. This month it is due a fifth, 12 billion euro tranche of the old bailout loan, needed to pay 13.7 billion euros of immediate funding needs. But that money has hinged on the "troika" team of IMF, EU and ECB officials declaring it has met targets for reducing its budget deficit.
Athens has already promised to raise 50 billion euros from privatization by 2015, but not once cent's worth of assets has been sold in the past year. The government has decided to sell a further 10 percent stake in Greece's former monopoly telecoms company, but this modest sale is covered by a 2008 deal.

 

[tommy271]

L'inguaribile ottimista ed ottimo Tommy
Hai sempre parole dolci e d'amore per il debito greco

I dati sugli spread a me dicono che tutti i paesi sono migliorati fuorché la Grecia che è peggiorata

Effetto dell'improvviso downgrade di Moody's.

 

[giub]

Effetto dell'improvviso downgrade di Moody's.

scusa se mi permetto...io l'avrei scritta così:

Il sentiment prevalentemente positivo contribuisce a rinfrancare i periferici, ad esclusione della Grecia che risente del downgrade di Moody's...

 

[tommy271]

ECB tax adviser: Greek debt repayment "utopian"











VIENNA, June 3 | Fri Jun 3, 2011 2:24am EDT

VIENNA, June 3 (Reuters) - An Austrian financial expert sent to Greece by the European Central Bank to study the country's tax system said on Friday it was "utopian" to think the debt-strapped country would be able to repay its debts on time.
Friedrich Schneider, an economics professor at Johannes Kepler University in Linz, was asked by Austrian radio whether Greece could fulfil the terms needed to get its next tranche of loans under an international bailout package and if it were not utopian to believe it could repay what it owes.
"You are absolutely right there. It is utopian that Greece will be able to pay back these debts. Greece's debt has to be reduced," said Schneider, an expert in shadow economies and one of three advisers the ECB sent to Greece, according to the radio.
"The average Greek has to handle losses of 30 to 40 percent of income. That of course spurs unregistered work and the shadow economy, because that is the only place where you can make at least a little exdtra money.
"Without a debt reduction, without a reliable...finance plan, nothing at all is going to work in Greece".

 

[tommy271]

scusa se mi permetto...io l'avrei scritta così:

Il sentiment prevalentemente positivo contribuisce a rinfrancare i periferici, ad esclusione della Grecia che risente del downgrade di Moody's...

Si, le tue righe sono più corrette .