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

[tommy271]

EU/IMF/ECB statement on Greek bailout






Fri Jun 3, 2011 11:53am EDT

(The following statement was released by the European Commission, the ECB and the IMF)


June 3 - Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) have concluded a mission to Greece to discuss recent economic developments and policies needed to keep the country's economic program on track. The mission has reached staff-level agreement with the authorities on a set of economic and financial policies needed to meet program objectives. Strict implementation of these will help to restore fiscal sustainability, safeguard financial sector stability, and boost competitiveness to create the conditions for sustained growth and employment.
-- Overall, significant progress, in particular in the area of fiscal consolidation, has been achieved during the first year of the adjustment program. However, reinvigoration of fiscal and broader structural reforms is necessary to further reduce the deficit and achieve the critical mass of reforms needed to improve the business climate and pave the way for sustainable economic recovery.
-- Regarding the outlook, the recession in 2010 was slightly more pronounced than what was anticipated. But there have been encouraging signs recently, in particular a notable pick-up in exports. Unit labor costs are set to decline further, supporting the strong export dynamics, and inflation is on a declining trend. We expect the economy to stabilize at the turn of the year.
-- In the fiscal area, further sustained deficit reduction will require comprehensive fiscal structural reforms. The government has committed to an ambitious medium-term fiscal strategy that will enable it to maintain its 2011 and medium-term fiscal targets. This strategy includes a significant downsizing of public sector employment, restructuring or closure of public entities, and rationalization in entitlements, while protecting vulnerable groups. On the revenue side, the government will reduce tax exemptions, raise property taxation, and step up efforts to fight tax evasion.
-- The government is committed to significantly accelerate its privatization program. To this effect it will create a professionally and independently managed privatization agency, and has drawn up a comprehensive list of assets for privatization with the aim of realizing revenues of EUR 50 billion by the end of 2015. The government will assess progress against intermediate quarterly and annual targets.
-- In the financial sector, liquidity remains tight, but policies are in place to ensure adequate liquidity provision for the banking system. The banking sector remains fundamentally sound and the authorities are increasing capital requirements to further strengthen capital buffers, giving priority to private market-based solutions. However, the Financial Stability Fund is available as a backstop for viable banks that cannot raise capital in the private market.
-- Further progress has been made with structural reforms. Legislation to modernize public administration, reform healthcare, improve the functioning of the labor market, remove barriers to setting up and operating a business and liberalize transportation and energy has already been passed or is underway. The government will continue to push ahead in these areas, with a particular emphasis in coming months on growth-drivers such as reviving the tourist industry and removing administrative barriers to exports. To make sure that the reform frameworks are effective as soon as possible, the authorities will strengthen the process of implementation, including through technical assistance from the IMF, EU Member States, and the European Commission, and put monitoring mechanisms in place.
-- Building on the agreed comprehensive policy package, discussions on the financing modalities for Greece's economic program are expected to take place over the next few weeks. Once this process is concluded and following approval of the IMF's Executive Board and the Eurogroup, the next tranche will become available, most likely, in early July.

 

[tommy271]

NG Says 55% Take-Up of Voluntary Greek Debt Rollover Possible


Bloomberg June 2, 2011 04:00

June 3 (Bloomberg) -- About 55 percent of investors in Greek government bonds would likely volunteer to roll over holdings of securities maturing through 2013 to help the nation manage its budget deficit, according to ING Groep NV.
"If there was a 100 percent take-up of this idea, Greece would save 15 billion euros in 2011, 33 billion in 2012 and 29 billion in 2013, which would more than cover the gap being left by not getting back to capital markets," Padhraic Garvey, head of developed-market debt in Amsterdam, wrote in an e-mailed note today. "In reality the voluntary take-up would likely be dominated by bank hold-to-maturity portfolios, Greek domestics and the European Central Bank, which would mean a more likely voluntary take-up of about 55 percent."
Greece faces a potential 30 billion-euro ($43 billion) funding gap next year because yields on 10-year bonds are more than 16 percent, likely shutting it out of debt markets.

​

 

[tommy271]

UPDATE: Eurogroup's Juncker Expects Fresh Loans For Greece



(Adds quotes from Juncker in the second to fourth paragraphs.)

By Geoffrey T. Smith
Of DOW JONES NEWSWIRES
LUXEMBOURG (Dow Jones)--Luxembourg Prime Minister Jean-Claude Juncker said Friday he expects euro-zone countries to provide fresh loans to Greece, after his Greek counterpart, George Papandreou, promised to set up an agency to conduct speedy and transparent sales of state-owned assets.
However, Juncker, who also chairs the Eurogroup of euro-zone finance ministers, suggested that the loans will only be extended if Greece's private sector creditors volunteer some form of support to keep the country financed.
"I expect the Eurogroup to agree to additional financing to be provided to Greece under strict conditionality," Juncker said. "This conditionality will include private-sector involvement on a voluntary basis and this private-sector involvement will have to be negotiated with private creditors."
"Under these conditions and on that basis, it is obvious that there will be no exit by Greece from the euro area...and Greece will be able to fully honor its obligations."
Emerging with Juncker after two hours of talks, Papandreou echoed Juncker in saying that Greece remains committed to honoring all its commitments.
Neither man responded to questions.

 

[tommy271]

EU's Rehn: Greek fiscal steps could lead to more aid






BRUSSELS, June 3 | Fri Jun 3, 2011 12:27pm EDT

BRUSSELS, June 3 (Reuters) - The European Union's top economic official said on Friday Greece's latest fiscal commitments were "essential" to restoring the sustainability of state finances and could lead to additional aid for Athens.
Rehn, the economic and monetary affairs commissioner of the EU executive, said in a statement issued after a joint EU/IMF/ECB review mission in Greece that the country's privatisation plans were "particularly important".
"The latest commitments by the Greek authorities are essential to restore fiscal sustainability and create the conditions for sustained growth and improving employment in Greece," Rehn said.
"Decisive steps by the Greek authorities, if followed by full implementation, will pave the way for the Eurogroup (euro zone finance ministers) to look into further steps to ensure that Greece can pursue such economic policies," he said.

 

[tommy271]

EURO GOVT-Greek yields tumble, markets price in new bailout






Fri Jun 3, 2011 12:38pm EDT

* Short-dated Greek debt rallies on fresh bailout reports
* Bunds fall in volatile trade, near-term Greek worries ease
* Long-term Greek problems still linger, Bund rally not over


By William James


LONDON, June 3 (Reuters) - Higher-yielding euro zone bonds rallied and demand for low risk German debt suffered on Friday as markets anticipated policymakers would reach a fresh bailout deal for Greece, soothing near-term concerns. Greek bonds rallied across the curve on talk that a new deal would be struck to ease the country's 2012 funding crunch.
After European markets closed, the EU, ECB and IMF announced a next tranche of international aid for Greece should be available in early July following further talks in the next few weeks on the government's economic programme.[ID:nLDE7521OS]
Luxembourg Prime Minister Jean-Claude Juncker, who heads the Eurogroup of finance ministers, also said on Friday he expected euro zone members to agree on additional financing for Greece.
Greek debt had rallied after sources told Reuters late on Thursday that a deal had been agreed in principle by EU officials to provide Athens with a new bailout package that runs into 2014. [ID:nLDE75202T]
"There are a lot of hopes being invested in a Greek rescue package," said Marc Ostwald, rate strategist at Monument Securities in London.
Safe-haven Bunds settled 50 ticks lower at 125.22 after trading across a wide 96-tick range, having been briefly pushed into positive territory by weak U.S. economic data.
Greatest demand for Greek debt came at the short end of the curve where two-year yields GR2YT=TWEB fell by 170 basis points to 23.616 percent. Ten-year Greek yields fell 22 bps.
The positive mood towards peripheral debt also pushed Spanish and Italian yields lower relative to German debt.
"Sentiment is snowballing. People have realised that they are going to be exposed over the weekend if there is positive news on Greece and the periphery is screaming in," a London-based trader said.
The trader said small sizes of Greek debt were being bought and there had been larger buying of Spanish and Italian bonds.


NEW DEAL, SAME PROBLEMS


A source told Reuters that a new deal for Greece would involve some participation of private sector investors but this will be limited to avoid triggering a "credit event".
In recent days EU officials have focused on the possibility of organising a voluntary rollover of debt, similar to the 2009 Vienna initiative.
The package being mooted was likely to result in a sustained rally at the front end of the Greek curve, though bonds maturing after the expiry of the deal would see less benefit, as long term problems remained unsolved, analysts said.
"It's not so much that private sector involvement like the Vienna initiative would work from an improving debt sustainability point of view, because it won't," said Justin Knight, head of European rates strategy at UBS, referring to the Reuters report.
"It's more that because Greece is funded until that time, the probability of Greece defaulting until 2014 is much less so one would expect a positive, or less negatively-shaped curve until that time"
Credit default swap monitor Markit said one-year CDS had rallied relative to longer contracts, resulting in a flattening of the curve.


BUND RALLY NOT OVER


Bunds briefly hit their highest since mid-January after weak U.S. data exacerbated fears over the strength of the world's largest economy, highlighting the conflicting factors affecting core debt prices.
Optimism over the Greek aid deal had outweighed economic concerns, but if a deal for Greece contained targets deemed too ambitious, safe-haven flow could return to the ascendency, analysts said.

 

[Nobody's]

Grecia, costi di un default proibitivi,sopra benefici-Saccomanni

Reuters - 03/06/2011 18:53:19

VENEZIA, 3 giugno (Reuters) - I costi di un eventuale default della Grecia sarebbero proibitivi e superiori rispetto ai benefici.

Lo ha detto Fabrizio Saccomanni, direttore generale di Bankitalia.

Commentando le notizie di oggi sulla prossima tranche di aiuti alla Grecia erogati da Ue e Fmi, Saccomanni ha detto che "si tratta di una questione di costi e benefici. I costi di un eventuale default della Grecia sarebero proibitivi e di gran lunga superiore ai benefici".

Saccomanni ha poi aggiunto, a margine del consiglio per le relazioni fra Italia e Stati Uniti, che "c'è bisogno di un aggiustamento e ci vuole tempo per fornire l'assistenza finanziaria e consentire le misure necessarie".

Saccomanni ha infine definito "incoraggianti le notizie di questo pomeriggio sulla Grecia".

(Giancarlo Navach)

 

[tommy271]

Adesso aspettiamoci un pò di proteste ad Atene.
Intanto nel Pasok il dibattito è molto acceso, c'è la "lettera dei 16" che potrebbe creare problemi.
Papandreou porterà in Parlamento, lunedì prossimo, le sue proposte da far approvare mediante un testo unico per evitare imboscate sui singoli provvedimenti.
Resta da capire il comportamento dell'opposizione (escluso KKE e SYRIZA che posso intuire ...).

 

[g.ln]

svendite greche

Ogni operazione è una compravendita quindi le vendite non si fermano mai, a nessun valore e in nessun caso.

Si Karl, volevo dire le svendite non si sono ancora fermate.
Aspettiamo lunedì per vederci più chiaro.
Ciao, Giuseppe

 

[buttozzo]

buonasera a tutti prima di andare a lavorare vi vorrei far riflettere stasera sono contento come tutti voi pero' rimango con i piedi per terra e mi spiego.a mente fredda dovremo valutare gli scenari futuri per noi bondisti e mi spiego per i possessori di grecia pmc basso il problema non sussiste possono uscire quando vogliono il problema e per noi bondisti con pmc alto dovremmo usare la testa come scritto nel post dal buon antonio imark se gli scenari futuri diciamo 2 anni non dovessero andare bene per noi sarebbero cazzi amari secondo voi nel 2013 ritorneranno sul mercato?

 

[g.ln]

coraggio ai coraggiosi

Grecia, costi di un default proibitivi,sopra benefici-Saccomanni

Reuters - 03/06/2011 18:53:19

VENEZIA, 3 giugno (Reuters) - I costi di un eventuale default della Grecia sarebbero proibitivi e superiori rispetto ai benefici.
Lo ha detto Fabrizio Saccomanni, direttore generale di Bankitalia.
Commentando le notizie di oggi sulla prossima tranche di aiuti alla Grecia erogati da Ue e Fmi, Saccomanni ha detto che "si tratta di una questione di costi e benefici. I costi di un eventuale default della Grecia sarebero proibitivi e di gran lunga superiore ai benefici".
Saccomanni ha poi aggiunto, a margine del consiglio per le relazioni fra Italia e Stati Uniti, che "c'è bisogno di un aggiustamento e ci vuole tempo per fornire l'assistenza finanziaria e consentire le misure necessarie".
Saccomanni ha infine definito "incoraggianti le notizie di questo pomeriggio sulla Grecia".
(Giancarlo Navach)

E per tutti noi, che di coraggio ne abbiamo avuto (mi riferisco specialmente a coloro che hanno percentuali significative di Grecia nel ptf), le notizie di questa giornata cruciale permettono di ridare fiducia alla nostra operatività e alle nostre convinzioni, messe veramente a dura prova in questi ultimi mesi .
Buona serata, Giuseppe