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tommy271
Forumer storico
Moody΄s: Continued Denial Of Market Access To Spur Further Calls On EFSF, ESM
SINGAPORE (Dow Jones)--Distressed euro-zone sovereigns could be locked out of private debt markets for years to come, necessitating official support over the long term, a senior analyst at Moody΄s Investors Service warned Monday.
Writing in the credit rating agency΄s weekly credit outlook report, Chief Credit Officer for Europe Alastair Wilson said increasing signs that help for distressed euro-zone sovereigns won΄t be open-ended could further delay the return of Greece, Ireland and Portugal to private funding markets.
He predicted that their continued lack of market access would cause additional calls on the European Financial Stability Facility and later the European Stability Mechanism, with the private sector potentially sharing the burden. The permanent ESM is due to replace the euro zone΄s temporary rescue facility, the EFSF, in mid 2013.
"It is increasingly clear that private markets will deny distressed sovereigns access for months or even years, and that European Union and International Monetary Fund support will be required over the long term," Wilson said.
European Council President Herman Van Rompuy has called a meeting Monday of top European Union officials over plans for a second rescue package for Greece.
E.U. leaders have agreed that private-sector involvement is necessary for another emergency loan to Greece, so that the burden on euro-area tax payers is lightened. However, talks with the private-sector have yielded little in results.
Wilson said that growing calls for banks to contribute to a support package for Greece suggested that further public sector aid was likely to be dependent on private sector creditors restructuring their holdings of Greek debt and shouldering losses.
This points to increased risk for creditors of Greece and "other debt-burdened European sovereigns that have weak recovery prospects and that lack market access," he noted.
"While the impact on creditors and financial markets (of private-sector burden sharing) may be less severe than that of a payment halt or a principal haircut, the prospect of any form of private sector participation in debt relief is obviously negative for holders of distressed sovereign debt," Wilson said.
SINGAPORE (Dow Jones)--Distressed euro-zone sovereigns could be locked out of private debt markets for years to come, necessitating official support over the long term, a senior analyst at Moody΄s Investors Service warned Monday.
Writing in the credit rating agency΄s weekly credit outlook report, Chief Credit Officer for Europe Alastair Wilson said increasing signs that help for distressed euro-zone sovereigns won΄t be open-ended could further delay the return of Greece, Ireland and Portugal to private funding markets.
He predicted that their continued lack of market access would cause additional calls on the European Financial Stability Facility and later the European Stability Mechanism, with the private sector potentially sharing the burden. The permanent ESM is due to replace the euro zone΄s temporary rescue facility, the EFSF, in mid 2013.
"It is increasingly clear that private markets will deny distressed sovereigns access for months or even years, and that European Union and International Monetary Fund support will be required over the long term," Wilson said.
European Council President Herman Van Rompuy has called a meeting Monday of top European Union officials over plans for a second rescue package for Greece.
E.U. leaders have agreed that private-sector involvement is necessary for another emergency loan to Greece, so that the burden on euro-area tax payers is lightened. However, talks with the private-sector have yielded little in results.
Wilson said that growing calls for banks to contribute to a support package for Greece suggested that further public sector aid was likely to be dependent on private sector creditors restructuring their holdings of Greek debt and shouldering losses.
This points to increased risk for creditors of Greece and "other debt-burdened European sovereigns that have weak recovery prospects and that lack market access," he noted.
"While the impact on creditors and financial markets (of private-sector burden sharing) may be less severe than that of a payment halt or a principal haircut, the prospect of any form of private sector participation in debt relief is obviously negative for holders of distressed sovereign debt," Wilson said.
tommy271
Forumer storico
Italia, Cds 5 anni allarga di 30 pb a 279 pb, nuovo record
lunedì 11 luglio 2011 10:29
LONDRA, 11 luglio (Reuters) - Sale toccando un nuovo record il costo per assicurarsi contro un eventuale default italiano, sulla scia delle tensioni che stanno attraversando i mercati, impauriti che il Paese possa esser contagiato dalla crisi finanziaria europea.
Secondo Markit, il Credit default swaps (Cds) italiano a 5 anni è salito di 30 punti base a 279 punti.
Ciò significa che ora costa 279.000 euro assicurare 10 milioni di euro di debito italiano dal rischio di default.
Record anche per i Cds a 5 anni portoghesi, che salgono di 77 punti base a quota 1090 punti, e per quelli irlandesi, che toccano i 970 punti base, allargando di 68 punti base.
Allargano a un nuovo massimo storico i Cds della Grecia, che salgono di 110 punti base a 2300 punti, mentre i Cds spagnoli allargano di 24 punti base a 338 punti.
lunedì 11 luglio 2011 10:29
LONDRA, 11 luglio (Reuters) - Sale toccando un nuovo record il costo per assicurarsi contro un eventuale default italiano, sulla scia delle tensioni che stanno attraversando i mercati, impauriti che il Paese possa esser contagiato dalla crisi finanziaria europea.
Secondo Markit, il Credit default swaps (Cds) italiano a 5 anni è salito di 30 punti base a 279 punti.
Ciò significa che ora costa 279.000 euro assicurare 10 milioni di euro di debito italiano dal rischio di default.
Record anche per i Cds a 5 anni portoghesi, che salgono di 77 punti base a quota 1090 punti, e per quelli irlandesi, che toccano i 970 punti base, allargando di 68 punti base.
Allargano a un nuovo massimo storico i Cds della Grecia, che salgono di 110 punti base a 2300 punti, mentre i Cds spagnoli allargano di 24 punti base a 338 punti.
tommy271
Forumer storico
Noncore European Sovereign CDS Hit Fresh Records
By Art Patnaude
LONDON–Default insurance costs for Italy, Portugal, Ireland and Greece have all hit record highs Monday, as worries the region’s debt crisis could spread to larger economies such as Italy were in focus ahead of the euro-zone leaders’ meeting in Brussels. Around 0815 GMT, the five-year credit default swap spread on Italy was 0.3 percentage point wider at 2.79 percentage points, while Spain was 0.24 percentage point wider at 3.38 percentage points, according to data-provider Markit. The spread between the asking price and the bid price for these CDS levels has moved further apart, suggesting liquidity is impaired, another sign of stress. Concern about the crisis moved from its primary focus on Greece last week when Moody’s Investors Service Inc. downgraded its rating on Portugal to junk status. “We think it will take some time to restore confidence in markets, especially as the Greece saga is still unresolved,” said Mizuho credit strategist Anke Richter in a note. The CDS spreads of all three countries to have received international bailouts were also at new records. Portugal’s five-year spread was 0.77 percentage point wider at 10.90 percentage point, Ireland was 0.68 percentage point wider at 9.70 percentage points, and Greece was 1.10 percentage points wider at 23 percentage points. “Despite Friday’s approval by the IMF of its latest €3.2 billion of funds for Greece, discussions on a second support program for Greece have got bogged down, not least with limited progress in discussions with private sector creditors on their contribution, while the ECB has remained vocal against any solution resulting in a ‘selective default’,” noted credit strategists at Daiwa Capital Markets. The individual moves came as the iTraxx SovX Western Europe hit a fresh record at 2.47 percentage points, 17.5 percentage points wider than Friday’s record closing level, according to data-provider Markit. CDS are derivatives that function like a default insurance contract for debt. A rise of one basis point in the cost of five-year CDS equates to a $1,000 increase in the annual cost of protecting $10 million of debt for five years. Belgium, which also has a high level of sovereign debt but is not typically included in discussions about the euro zone’s debt crisis, was 0.12 percentage point wider at 1.84/1.9 percentage points, according to a trader.
(The Wall Street Journal)
***
Uno sguardo sui CDS in area euro.
By Art Patnaude
LONDON–Default insurance costs for Italy, Portugal, Ireland and Greece have all hit record highs Monday, as worries the region’s debt crisis could spread to larger economies such as Italy were in focus ahead of the euro-zone leaders’ meeting in Brussels. Around 0815 GMT, the five-year credit default swap spread on Italy was 0.3 percentage point wider at 2.79 percentage points, while Spain was 0.24 percentage point wider at 3.38 percentage points, according to data-provider Markit. The spread between the asking price and the bid price for these CDS levels has moved further apart, suggesting liquidity is impaired, another sign of stress. Concern about the crisis moved from its primary focus on Greece last week when Moody’s Investors Service Inc. downgraded its rating on Portugal to junk status. “We think it will take some time to restore confidence in markets, especially as the Greece saga is still unresolved,” said Mizuho credit strategist Anke Richter in a note. The CDS spreads of all three countries to have received international bailouts were also at new records. Portugal’s five-year spread was 0.77 percentage point wider at 10.90 percentage point, Ireland was 0.68 percentage point wider at 9.70 percentage points, and Greece was 1.10 percentage points wider at 23 percentage points. “Despite Friday’s approval by the IMF of its latest €3.2 billion of funds for Greece, discussions on a second support program for Greece have got bogged down, not least with limited progress in discussions with private sector creditors on their contribution, while the ECB has remained vocal against any solution resulting in a ‘selective default’,” noted credit strategists at Daiwa Capital Markets. The individual moves came as the iTraxx SovX Western Europe hit a fresh record at 2.47 percentage points, 17.5 percentage points wider than Friday’s record closing level, according to data-provider Markit. CDS are derivatives that function like a default insurance contract for debt. A rise of one basis point in the cost of five-year CDS equates to a $1,000 increase in the annual cost of protecting $10 million of debt for five years. Belgium, which also has a high level of sovereign debt but is not typically included in discussions about the euro zone’s debt crisis, was 0.12 percentage point wider at 1.84/1.9 percentage points, according to a trader.
(The Wall Street Journal)
***
Uno sguardo sui CDS in area euro.
StockExchange
Forumer storico
Mi chiedo, relativamente a chi stia tentando di lucrare sui ggb, e io tra loro 
,
se ne valga ancora la pena in termini di rischi/rendimento o se non valga la pena a questo punto, di riempirsi le tasche di azioni bancarie italiane a questi prezzi e lasciarle li per quattro anni.
In questo lasso di tempo o ci si è arricchiti o avremo assistito a un totale cambio di paradigma (cosa che per altro non mi sento di escludere) con la fine del capitalismo finanziario come lo abbiamo conosciuto negli ultimi trent'anni, dove tutto cambia affinchè nulla cambi. Chissà, magari fra quattro anni saremo veramente ridotti ad augurarci di avere un orticello da coltivare e ci ritroveremo a vivere come le comunità Amish...chissà che non sia meglio...
Qualcuno sul Fol, "di là", lo va predicando da tempo indefessamente
,se ne valga ancora la pena in termini di rischi/rendimento o se non valga la pena a questo punto, di riempirsi le tasche di azioni bancarie italiane a questi prezzi e lasciarle li per quattro anni.
In questo lasso di tempo o ci si è arricchiti o avremo assistito a un totale cambio di paradigma (cosa che per altro non mi sento di escludere) con la fine del capitalismo finanziario come lo abbiamo conosciuto negli ultimi trent'anni, dove tutto cambia affinchè nulla cambi. Chissà, magari fra quattro anni saremo veramente ridotti ad augurarci di avere un orticello da coltivare e ci ritroveremo a vivere come le comunità Amish...chissà che non sia meglio...
Qualcuno sul Fol, "di là", lo va predicando da tempo indefessamente
StockExchange
Forumer storico
Si sentivo anche io su Class Cnbc...ma mica ho capito cosa hanno detto....
praticamente nulla...
Tranne rinnovare la piena fiducia all'Italia.
Ma hanno detto qualche cosa in particolaree sulla Grecia?
No...perchè mi è come sembrato di cogliere un certo "smottamento" in quelle che seguo.
frmaoro
il Fankazzista
GRECIA: MARCEGAGLIA, DA UE DECISIONI NEL PIU' BREVE TEMPO POSSIBILE
di: Asca Pubblicato il 11 luglio 2011| Ora 11:42
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(ASCA) - Roma, 11 lug - L'Europa deve ''nel piu' breve tempo possibile'' dare risposte sulla crisi greca che sembra avere conseguenze sempre piu' marcate per molte economie europee. A chiederlo e' il presidente di Confindustria Emma Marcegaglia. Parlando a margine delle celebrazioni per i cento anni dalla fondazione del palazzo del Viminale, il presidente di Confindustria ha ricordato come vi e' ''preoccupazione'' sui mercati in questo momento ed e', quindi, ''fondamentale il fatto che l'Unione europea decida nel piu' breve tempo possibile cosa fare per supportare la Grecia. Questa situazione che si prolunga nel non prendere decisioni chiare sul come affrontare il problema Grecia - ha poi aggiunto la Marcegaglia - sta mettendo in difficolta' tutta la Ue e soprattutto i paesi a maggior debito, e noi - ha concluso - siamo tra questi''.
di: Asca Pubblicato il 11 luglio 2011| Ora 11:42
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(ASCA) - Roma, 11 lug - L'Europa deve ''nel piu' breve tempo possibile'' dare risposte sulla crisi greca che sembra avere conseguenze sempre piu' marcate per molte economie europee. A chiederlo e' il presidente di Confindustria Emma Marcegaglia. Parlando a margine delle celebrazioni per i cento anni dalla fondazione del palazzo del Viminale, il presidente di Confindustria ha ricordato come vi e' ''preoccupazione'' sui mercati in questo momento ed e', quindi, ''fondamentale il fatto che l'Unione europea decida nel piu' breve tempo possibile cosa fare per supportare la Grecia. Questa situazione che si prolunga nel non prendere decisioni chiare sul come affrontare il problema Grecia - ha poi aggiunto la Marcegaglia - sta mettendo in difficolta' tutta la Ue e soprattutto i paesi a maggior debito, e noi - ha concluso - siamo tra questi''.
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tommy271
Forumer storico
Si sentivo anche io su Class Cnbc...ma mica ho capito cosa hanno detto....
praticamente nulla...
Tranne rinnovare la piena fiducia all'Italia.
Ma hanno detto qualche cosa in particolaree sulla Grecia?
No...perchè mi è come sembrato di cogliere un certo "smottamento" in quelle che seguo.
Sulla Grecia, al momento, non trapela nulla di nuovo.
Oltre alle questioni di cui parlavamo questa mattina.
frmaoro
il Fankazzista
essendo una prioritàSi sentivo anche io su Class Cnbc...ma mica ho capito cosa hanno detto....
praticamente nulla...
Tranne rinnovare la piena fiducia all'Italia.
Ma hanno detto qualche cosa in particolaree sulla Grecia?
No...perchè mi è come sembrato di cogliere un certo "smottamento" in quelle che seguo.
si spera che qualsiasi decisione sia presa subito e non a settembre
ripeto l'incertezza è la peggior cosaaaaaaaaaaaaaaaa
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