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

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Grecia, banche italiane esposte a debito per 2,35 mld dlr - Bri
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Reuters - 06/06/2011 12:43:04
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MILANO, 6 giugno (Reuters) - L'esposizione delle banche italiane nei confronti della Grecia è pari a 4,1 miliardi di dollari, che si riducono a 2,35 miliardi se si restringe il campo ai soli titoli di Stato greci. Cifre nettamente inferiori ad altri paesi europei quali Francia e Germania.

E' quanto emerge dai dati della Banca dei regolamenti internazionali (Bri) pubblicati nell'ultimo rapporto trimestrale e relativo al quarto trimestre 2010.

Le banche tedesche sono esposte verso il debito pubblico greco per 22,65 miliardi di dollari, mentre verso l'intero sistema paese (con l'aggiunta di banche e settore privato) la cifra sale a 33,97 miliardi.

Gli istituti francesi hanno un'esposizione verso il debito greco di 14,96 miliardi e di 56,74 miliardi verso la Grecia nel suo complesso.

L'esposizione delle banche europee verso i titoli di Stato greci è di 52,26 miliardi; verso l'intero sistema paese sale a 136,32 miliardi di dollari.

E' evidente l'interesse della Bce nel non dar seguito al default della grecia dal momento che le banche europee sono esposte per circa 95 bneuro (136bn$)....
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Greece sells 10 percent OTE stake to Deutsche Telekom






FRANKFURT | Mon Jun 6, 2011 8:15am EDT

FRANKFURT (Reuters) - Greece on Monday agreed to sell a 10 percent stake in Hellenic Telecom (OTE) to Germany's Deutsche Telekom (DTEGn.DE), as the Mediterranean state accelerates privatization deals to cut its debt pile.
The Greek government exercised a put option to sell a 10 percent stake in OTE for around 400 million euros ($585.7 million), Telekom said in a regulatory filing.
Once the shares have been transferred as part of the put option, the Greek state will hold 10 percent plus one vote in OTE, with Deutsche Telekom owning 40 percent plus one vote.
Deutsche Telekom has spent about 3.8 billion euros since 2008 in amassing a 30 percent stake in southeast Europe's biggest telephony operator to expand its footprint in Greece, Romania, Bulgaria and Albania.
Under the deal the Greek government had a put option until the end of the year to sell a 10 percent stake in the former monopoly to Deutsche Telekom, which already owns 30 percent of the company.
Until Monday's deal, Greece owned a 20 percent stake in OTE, with Telekom owning 30 percent. The remaining 50 percent stake is owned by international and Greek institutional shareholders.


***
Corporate/Privatizzazioni.
 
Greece is likely to get a second rescue package soon

Mon, Jun 6 2011, 12:26 GMT
by Frank Øland Hansen - Danske Bank A/S | View company's profile






  • Leaks from euro area government officials suggest that a tentative agreement on a second aid package for Greece has been reached. It is likely to involve both additional contributions from the EU and private investor participation.
  • A statement from the IMF following the finalisation of the fourth IMF review indicates that Greece will receive the fifth IMF tranche in early July, when the new package has been endorsed by euro area leaders and the Troika.
  • A number of questions remain open. The magnitude of the additional support is not known, but Greece needs an extra EUR60bn for 2012-13. Private investor participation based on the Vienna initiative may cover half of that amount, but details remain unknown.
  • It is also unclear whether such a “voluntary” rollover of debt will be a credit event triggering CDS contracts. European politicians would apparently like the ECB only to accept new bonds as collateral, which would make the decision to participate even less voluntarily. We doubt that the ECB will go ahead with this.
  • Sovereign spreads decreased Friday following the release of the first rumours that a new package is in the pipeline. Two-year Greek sovereign debt dropped around 180bp to 21.25%, the lowest level in more than four weeks.
  • Euro area politicians have a busy month ahead, trying to halt the escalation of the debt crisis. They will need to reach an agreement not only on the second aid facility for Greece, but also on the details of the enlargement of the EFSF lending capacity.
Funding for Greece via EFSF and rollover of old to new debt

According to leaks from euro area officials at the end of last week, an agreement on additional aid has “in principle” been reached, see for instance WSJ or Bloomberg. The package will most likely ensure Greece’s financing for the next two years and it will be financed through a combination of more EU aid and private investor participation following the idea of the Vienna initiative.

The additional EU funds will be funded through the European Financial Stability Facility (EFSF). The magnitude of the additional support has not been decided yet. The original plan was for Greece to return to financial markets in 2012, but that is clearly not feasible. Greece was supposed to get EUR27bn in new funding in 2012 and another EUR38bn from the market in 2013. The new package will help to fill this funding gap. An aggregate package of about EUR60bn would thus buy Greece an extra two years before it would have to return the market. Half of the funding could come from private investor participation based on the Vienna initiative, see below. There have also been rumours of a package of up to EUR100bn, but we find that rather unlikely given the resistance to new rescue packages in e.g. Germany and Finland.

The details of the package will most likely be endorsed and presented either at the Eurogroup meeting on 20 June or the European Council meeting on 24 June (for more background on implications of different aid facilities see Greek debt restructuring difficult to avoid). The rumours do not indicate that the IMF will participate in the new package.

The second package for Greece will however ensure that the country will receive its fifth IMF tranche of EUR12bn in early July. This was stated in a press release from the IMF last Friday. In the light of these statements we now see very little risk that Greece will default on its debt in the short term.

As a precondition for the additional aid Greece will have to implement more reforms. This includes more budget cuts as well as realising the already planned privatisation of publicly owned harbours, real estate and corporations yielding EUR50bn by 2015. The privatisation and asset sales will be handled in cooperation with a number of major international banks including Deutsche Bank, Credit Suisse and Barclays.

Vienna initiative is gaining momentum

According to unnamed sources the private investor participation will happen via a voluntary rollover of maturing debt or an exchange of soon to mature debt with new debt. This is the so-called Vienna initiative. Euro area and in particular Greek banks, pension funds, and other private investors are according to the plan expected to accept a rollover of maturing debt to new debt with a maturity probably in the range of three and a half to seven years. The coupon on the new debt remains to be decided but officials have been cited that it will probably be close to the rate charged on EU support. This is expected to yield around EUR30bn in new funding. This process could start as early as July this year. The Vienna model would be a viable solution for the euro area banking system as it is likely to inflict minimal instant losses on their banking books.

The euro area policy makers favour this approach as they argue that this would not qualify as a “credit event” so CDS-contracts would not be triggered. In a report by S&P released Friday it was argued that even a voluntary debt exchange would qualify as a credit event if the terms are less attractive than those found in the secondary market, which is indeed the case. Hence, it is likely that an “almost” voluntary debt exchange will trigger CDS. Nevertheless, the CDS market for Greece is relatively small (net exposure is around USD5bn), so maybe policy makers should put less emphasis on whether it is a credit event and more on whether it is a viable solution for investors/ the market.

One can question whether private investor participation really will be voluntary. According to WSJ a senior euro area official is cited saying that the euro area governments are hoping that the ECB will encourage the exchange of old to new debt by only accepting the new debt as collateral. The ECB has so far accepted all euro area government bonds as collateral and we do not think that they will alter this practice. That said, it could be that the ECB decides that bigger haircuts will be applied for old Greek government bonds than for the new ones when used as collateral.

Market reaction

Sovereign spreads decreased Friday following the release of the first rumours that a new package was in the pipeline. Two-year Greek sovereign debt dropped around 180bp to 21.25%, which is the lowest level in more than four weeks. EUR/USD increased a large figure on increased risk appetite in the market.

Busy month ahead for euro area policy makers

The escalation of the debt crisis means that the euro area policy makers have a busy month ahead of them. At the Eurogroup meeting on 20 June and the European Council meeting four days later they will have to endorse and present the details of both the second aid facility for Greece and the enlargement of the EFSF to an actual lending size of EUR440bn. Also further negotiations on a potential interest rate reduction for Ireland remain undisclosed. Furthermore, stress tests of euro area banks are expected to be finalized during the month, and hopefully no unpleasant surprises will be revealed.



 
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Germany Awaits Troika Report Before Deciding On Greece



BERLIN (Dow Jones)--Germany says it won't decide on fresh aid for Greece until a review of the current rescue program from the European Commission, the European Central Bank and International Monetary Fund is published.
"We currently aren't in a phase where we can talk about a clear program with the support of the government", Steffen Seibert, spokesman for Chancellor Angela Merkel, said at a regular press conference Monday. "That yet has to be worked out."
Moreover, it is still unclear whether there will be a fresh rescue program for Greece, and under which conditions, finance ministry spokesman Martin Kreienbaum said at the same press conference.
The German government expects the detailed report from the so-called troika on Wednesday, although that isn't absolutely certain either, Seibert said.
Asked whether Merkel supports calls by German Finance Minister Wolfgang Schaeuble for a participation of private lenders in further Greek rescue efforts, Seibert said the government continues to reject an "obligatory participation of private lenders."
That would only be possible after the introduction planned for mid-2013 of the future European Stability Mechanism that is slated to supplant the euro zone's current rescue fund.
Schaeuble in a comment Friday had said in exchange for possible further aid for Greece, private lenders would need to make a "voluntary contribution."
mi pare chiaro che la germania e quindi anche la troika tergiversi sul rapporto per dare il via libera agli aiuti; i primi ad esprimersi dovranno essere i politici greci, con l'approvazione delle misure aggiuntive, altrimenti tutto il castello non sta in piedi....
 
Greek-Chinese Business Forum





(ANA-MPA) -- Greek exports to China jumped 55.9 pct in 2010, Regional Development & Competitiveness Minister Mihalis Chryssohoidis said on Monday, during an address at the high-profile 2011 Greek-Chinese Business Forum in Athens.

The Greek minister added that the east Mediterranean country's ambition was to further increase exports, saying that economic powerhouse China is a timeless and significant partner for the country.


Within this framework, he called on Chinese entrepreneurs and multinationals to take advantage of a new investment environment created in Greece and to develop joint actions with local enterprises in fields where both countries have increased know-how, especially in ocean-going shipping, tourism, energy, commerce and constructions.

"The future of the Greek economy is in exports. The present is already promising. We are implementing a major plan covering the creation of financing tools to support exports and to abolish all counter-incentives,” Chryssohoidis said.


Tourism boost


On his part, Culture & Tourism Minister Pavlos Geroulanos noted that 2010 witnessed a 75-percent increase in the number of Chinese nationals visiting Greece, although he noted that the absolute number still remains low, at roughly 15,000.

Geroulanos emphasised that Greece is keenly interested in attracting visitors from China and other so-called "BRIC" countries, such as Russia, Turkey and India.

He nevertheless cited three obstacles that the Greek side must overcome in order to boost arrivals from China, namely, easier issuance of Schengen Pact visas for Chinese nationals; a permanent air link connecting Beijing and Athens as well as a better understanding by Greek entrepreneurs of the vast Chinese market and Chinese society.

Geroulanos said Greek authorities have already issued directives to consulates to streamline and simplify visa-issuing procedures, while reminding that Greece supports easier visa rules for nationals from China, Russia and Turkey. Additionally, he praised the recent inauguration of an Air China route from Beijing to Athens via Munich, saying interest exists by other air carriers as well.

Finally, the minister said the ministry is already implementing two joint campaigns in China, a Greece-Turkey promotion and a Greece-Israel joint promotion, while talks are being held with Italian and Egyptian tourism authorities for similar promotions.

"We believe the future lies in China," the minister said.

The ambassador of the People’s Republic of China in Greece, Luo Linquan, expressed China’s support to the country’s efforts to promote cooperation between Greek and Chinese enterprises, stressing Chinese multinational Cosco's agreement to operate cargo terminals at the port of Piraeus -- the largest in Greece -- are progressing smoothly, while he announced that a large business delegation from Canton was expected to visit Greece over the next few days for contacts with Greek business people.


Zhang Yujing, the president of the China Chamber of Commerce for Import & Export of Machinery and Electronic Products, said bilateral trade now totals 4.35 billion euros, while he added that 86 Chinese entrepreneurs from 61 enterprises are participating in the Athens forum with the aim to sign agreements with representatives of 187 Greek businesses.

Konstantinos Hasiotis, an advisor to Minister of State Haris Pamboukis, said the goal was for Greece to become an attractive investment destination, while Costas Yannidis, the president of the Hellenic-Chinese Chamber said that despite an ongoing economic crisis, Greece remains a “gate” for Europe and the Balkans along with a valuable companion for Middle East markets.

Constantine Papadopoulos, secretary-general of the international economic affairs of the foreign affairs ministry, told the forum that Greece was the 25th customer of China, while 75 pct of Greek exports to China covered raw and construction materials, whereas the vast majority of Chinese exports to Greece were industrial and retail products.

(ana.gr)
 
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mi pare chiaro che la germania e quindi anche la troika tergiversi sul rapporto per dare il via libera agli aiuti; i primi ad esprimersi dovranno essere i politici greci, con l'approvazione delle misure aggiuntive, altrimenti tutto il castello non sta in piedi....


The crisis in Greece does have its upsides, at least for tourists. The Acropolis, a UNESCO World Heritage site above the rooftops of Athens, recently extended its opening hours. It now closes at 7 p.m. Before, it often closed shortly after lunchtime. "It was unacceptable for our foreign visitors," says Transport Minister Dimitrios Reppas.


In the midst of the crisis, the number of museum guards, at the Acropolis, for example, has magically increased, as have the numbers of ambulance drivers and nurses. "People are enthusiastic," says Reppas, adding: "A real consolidation is underway here." Officials from the European Union, the International Monetary Fund (IMF) and the European Central Bank (ECB), who have a different definition of consolidation, are unlikely to be quite as enthusiastic.....


So much for the theory. A visit to the Acropolis offers an example of what is really happening. There are more museum guards here now, a consequence of the Greek interpretation of consolidation.
Consolidation, Greek Style
Here's how it works: OSE, the national railroad, was expected to eliminate its annual deficit of €1-2 billion by slashing about 1,800 of its 5,800 jobs. But, as in other government-owned businesses, the employees were not let go but transferred to new jobs instead -- albeit with reduced pay.
Greece's partners in the euro zone are gradually losing patience with Prime Minister Papandreou and his team. A year after receiving €110 billion in international financial aid commitments, Greece has hopelessly failed to reach the agreed austerity goals. Its lenders are now questioning the government's ability to reform, the economy has declined even further than feared, and important tax revenues have failed to materialize.
......


.....labor leaders like Nikos Fotopoulos, 48. He is a union leader with the partially state-owned electric utility DEI, a former Trotskyist and, for the last 33 years, a member of Papandreou's PASOK Party. .


Since 1999, his union has received close to €31.3 million in direct and indirect financial subsidies from its employer. In a particularly absurd twist, the utility has paid the union €115,000 in the last three years for demonstrations -- against its own shareholders, and against the government and its austerity measures.
Companies like DEI or the partially state-owned Hellenic Petroleum are still viewed as workers' paradises. The roughly 2,500 employees of the oil company are paid 17.8 monthly salaries a year, and even drivers and doormen earn annual salaries upwards of €90,000. Chairman Tassos Giannitsis nonchalantly attributes the high salary levels to his company's "highly specific business and substantial dependence on international price and profit margins." Besides, he adds, personnel costs make up less than three percent of revenues.

More and more Greeks are also tapping into their savings, either because they need the money or to move a few euros to a safer place, just in case the drachma is reintroduced. Deposits in private bank accounts have already declined by €31 billion since the beginning of 2010.


.............
Economist Varoufakis ran a simulation to see what would happen if the country had to continue along its current austerity course. He concluded that even if Greece fulfilled all requirements and privatization goals, and the recession came to an end, the country's mountain of debt would continue to grow. It would be more than double the national income by 2020, which means that a default would be practically "guaranteed."
That outcome, he noted, was based on optimistic assumptions.
 
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