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

[tommy271]

Sunday’s Eurogroup Meeting Decisive For Greek Issue



International lenders made it clear with statements that nothing should be taken for granted regarding the release of the fifth aid tranche, the new loan and the growth package. The first meeting is scheduled on Sunday at an extraordinary meeting of Eurogroup, while a week late a new meeting will be held.

*The main objective is to achieve the on-time release of the next €12b next installment. Although IMF and EU statements after the adoption of the bills were positive, but the decisions should be finalized, as the IMF cannot pay its slice if the liquidity of a state is not ensured for the next 12 months.

*The issue of the new loan is not certain, international officials note, adding that it would be finalize on Sunday, largely depending on the deal of the private participation.

If technical details are not finalized on Sunday, then the positive scenario is to postpone decisions for the next Eurogroup meeting on July 11. The negative scenario is the postponement of decisions for autumn, as it would give time to international lenders to prepare for a potential Greek default.

Regarding the issue of private participation on a voluntary basis, the President of ECB Jean-Claude Trichet made it clear that the ECB won’t participate in rollover of Greek debt as it is a project involving the private sector, not sovereign.

Thus, the focus is on the French proposal, which has the support of major German banks and insurance funds. It is unclear what proportion of bonds mature will be included in the rollover.

The negotiations are not over yet, and officials note that the progress has been rapid recently. But sources note that the borrowing costs could reach 8%.

*The third part of negotiations is the growth package. On Thursday, Prime Minister Giorgos Papandreou sent a letter to the President of European Commission Jose Barroso, calling for acceleration of financing to Greece though the National Strategic Reference Framework and the suspension of the national contribution. The amount to be saved is not large, while it would cause the reduction of total investments. So, Greece is hoping to an additional support package for the real economy, which several EU executives called new Marshall Plan.

(capital.gr)

***
Da leggere.

 

[PASTELLETTO]

Sunday’s Eurogroup Meeting Decisive For Greek Issue



International lenders made it clear with statements that nothing should be taken for granted regarding the release of the fifth aid tranche, the new loan and the growth package. The first meeting is scheduled on Sunday at an extraordinary meeting of Eurogroup, while a week late a new meeting will be held.

*The main objective is to achieve the on-time release of the next €12b next installment. Although IMF and EU statements after the adoption of the bills were positive, but the decisions should be finalized, as the IMF cannot pay its slice if the liquidity of a state is not ensured for the next 12 months.

*The issue of the new loan is not certain, international officials note, adding that it would be finalize on Sunday, largely depending on the deal of the private participation.

If technical details are not finalized on Sunday, then the positive scenario is to postpone decisions for the next Eurogroup meeting on July 11. The negative scenario is the postponement of decisions for autumn, as it would give time to international lenders to prepare for a potential Greek default.

Regarding the issue of private participation on a voluntary basis, the President of ECB Jean-Claude Trichet made it clear that the ECB won’t participate in rollover of Greek debt as it is a project involving the private sector, not sovereign.

Thus, the focus is on the French proposal, which has the support of major German banks and insurance funds. It is unclear what proportion of bonds mature will be included in the rollover.

The negotiations are not over yet, and officials note that the progress has been rapid recently. But sources note that the borrowing costs could reach 8%.

*The third part of negotiations is the growth package. On Thursday, Prime Minister Giorgos Papandreou sent a letter to the President of European Commission Jose Barroso, calling for acceleration of financing to Greece though the National Strategic Reference Framework and the suspension of the national contribution. The amount to be saved is not large, while it would cause the reduction of total investments. So, Greece is hoping to an additional support package for the real economy, which several EU executives called new Marshall Plan.

(capital.gr)

***
Da leggere.

M'hanno fregato il nome! Marshall Plan!

 

[tommy271]

Intanto la Borsa di Atene ha rotto la soglia psicologica dei 1300 punti.
Ora a 1303 + 1,91%.

Spread sempre in oscillazione stabile a 1359 pb.

 

[tommy271]

Grecia, Intesa SP farà sua parte in rollover debito - Passera

venerdì 1 luglio 2011 10:56




MILANO, 1 luglio (Reuters) - Intesa Sanpaolo (ISP.MI: Quotazione) farà la sua parte nel rollover sui titoli del debito greco.
Lo ha detto l'AD, Corrado Passera, a margine di un evento.
"Intesa farà la sua parte. Per quanto riguarda le scadenze dei prossimi anni, è una cosa talmente piccola che nel bene o nel male possiamo contribuire un po'", ha detto l'AD.
Per Passera, "la modalità indicata dalla Francia (sul rollover dei bond greci) sembra complessa ma ha dentro molto pensiero costruttivo. Mi sembra una strada su cui si possa raggiungere un consenso".
In tema di M&A l'AD ha detto poi di non essere interessato all'istituto polacco Kredyt Bank BKRE.WA messo in vendita dalla controllante belga KBC (KBC.BR: Quotazione).

 

[tommy271]

Papandreou asks EU for quick release of funding



In letter to EC President, premier seeks ‘acceleration of absorption’ of subsidies to boost growth

With the passage of two parliamentary votes paving the way for the release of emergency funding from Greece’s foreign creditors, Prime Minister George Papandreou has written to European Commission President Jose Manual Barroso asking for the swift release of EU subsidies to help the debt-ridden country return to growth.
In a letter sent to Barroso late on Thursday, just hours after a second critical vote in Parliament approved the implementation of a new set of austerity measures Papandreou requested an “acceleration of the absorption” of subsidies destined to go toward the development of infrastructure including Greek ports and roads.
The premier also asked that the participation of the Greek state in subsidizing infrastructure projects be suspended until 2013 so that funding can be focused on boosting growth.
Noting in his letter that, with the positive austerity votes, the government had “fulfilled all its commitments to secure the release of the fifth tranche of emergency funding and the approval of a new [rescue] program,» Papandreou said that his government was preparing a “comprehensive plan for the immediate acceleration of the absorption” of EU subsidies.
The premier stressed that he was not requesting additional EU funding, just the swifter release of subsidies already on the cards.
Together with the provisions of the midterm fiscal program, this could “contribute to extricating Greece more quickly from the crisis,” Papandreou said.
He concluded his letter to the EC President with a proposal for a five-point plan for economic recovery for Greece which would focus on “technical support” for businesses that have been hit by the debt crisis, the possible involvement of the European Investment Bank in major infrastructure projects, support from private investors, the overhaul of programs aimed at tackling rising unemployment and the contribution of technical knowhow from other EU member states.
Papandreou said the combination of this five-point plan with funding support “would contribute to the effective implementation of the midterm fiscal program and to the safeguarding of social cohesion at a very difficult time for the Greek people.”






ekathimerini.com , Friday Jul 1, 2011 (11:16)

La lettera aperta di Papandreou a Barroso.

 

[tommy271]

Greek Bankers On Debt Rollover



Greek bankers watch the processes for the rollover of Greek debt, but they note that it is not the main concern of Greek banks.

On Thursday, German banks agreed to participate in the new aid package to Greece, accepting the extension of the maturity of Greek government bonds.

German banks hold some €10 billion in Greek government bonds but about 55% of them aren’t due to mature until after 2020. The smaller portion due by 2014, around EUR2 billion, would be the focus of this agreement, German FinMin Wolgang Schaeuble said.

Bankers told Capital.gr that the voluntary participation of Greek banks in the rollover of Greek debt should be considered given. However, it won’t solve the main problems of the banks which are liquidity and capital adequacy, and bankers imply that banks will need additional “injections” of liquidity and capital.

Regarding liquidity, conditions for Greek banks become more difficult as the ECB ceiling for the acceptance of treasury bills will be put into effect. This ceiling is equal to the average of the last four months, further restricts the ability to raise funds from the ECB and burdens the bond portfolios with new government bonds.

Bankers admit the need for capital increases, but there are two fronts on the issue of mergers. The first from argues that the mergers should go ahead and banks should not remain inactive, in order to ensure that decision-making centres would remain in Greece.

The other front argues that the mergers are could be ineffective without the prior consolidation of banks .

(capital.gr)

 

[tommy271]

I TITOLI DEI GIORNALI:

The ratification of the implementation Law on Thursday in parliament and the aftermath of the violence in downtown Athens, mostly dominated the headlines on Friday in Athens' newspapers.


ADESMEFTOS TYPOS: "Damage in Athens unbelievable".
AVGHI: "They are playing with the parastate".
DEALnews: "The secret agreement for Greece".
ELEFTHEROS TYPOS: "Civil servants' salaries in troika's freezer".
ELEFTHEROTYPIA: "10 Prosecutors were watching without doing anything".
ESTIA: "Damage to tourism immeasurable".
ETHNOS: "New decrease in civil servants' salaries".
IMERISSIA: "Repayment extension sealed".
KATHIMERINI: "Implementation Law with partial consensus".
NAFTEMPORIKI: "Final negotiations on the support agreement".
RIZOSPASTIS: "Organised government plan to quash the popular movement".
TA NEA: "Reversals in Universities, too".
VRADYNI: "Images with reek of parastate".


(ana.gr)

 

[Imark]

Ottima la giornata ieri per i TDS greci OTC: rialzi diffusi su tutte e le lunghezze, e percentualmente consistenti.

Parliamo di salite quasi mai inferiori agli 1,5 punti pct, con titoli che arrivano a sfiorare rialzi del 4%.

Una performance giornaliera molto buona dunque, pur tenendo presente che - con quotazioni attorno ai 50/100 - basta un rialzo di una figura e mezzo a generare un +3%.

Bene anche i 2037 e 2040, cresciuti in misura di poco inferiore al 3% e con prezzi che si attestano sopra i 43,8/100.

Segnalo come tuttavia il mercato continui, anche nelle fasi di recupero, a non porsi il problema di dare coerenza alla curva dei rendimenti, stanti le incongruenze fra titoli a scadenza ravvicinata fra loro.

Il giorno dopo il mercato ha continuato a mostrare OTC una intonazione positiva, anche se l'incremento dei prezzi si è smorzato notevolmente, e non è mancato alla fine qualche segno rosso.

Il contesto tuttavia ha mostrato una crescita moderata dei prezzi, compresa per la gran parte dei titoli (quelli che hanno chiuso in verde) fra 0,1% ed 1,5%.

Continua il rimbalzo dei lunghissimi, con il 2037 poco sopra i 44/100 ed il 2040 attorno a 44,5/100

 

[Nobody's]

ZONA EURO, RIUNIONE EUROGRUPPO DOMENICA ANTICIPATA IN CONFERENCE CALL SABATO SERA - PORTAVOCE

Reuters - 01/07/2011 11:41:11

 

[Grisù]

April retail sales down 4.8% y-o-y
The fall is mainly attributed to the retail sales outside stores (-24.2% y-o-y), the pharmaceutical products and cosmetics (-22.1% y-o-y) and the furniture, electrical and household equipment (- 20.4% y-o-y) indices. The retail sales index excluding automotive fuel fell by 5.9% y-o-y. The retail sales volume index decreased by 8.8% y-o-y, while, excluding fuel, declined by 7.8% yo- y. Recall that the retail sales fall for March was 13.2%. The reduction in the pace of the y-o-y fall in April was due to the favourable timing of the Easter. For the Jan-Apr period, the retail sales index excluding fuel fell by 11.1% y-o-y and volume decreased by 12.5% y-o-y.