Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
tommy271
Forumer storico
Borsa:chiudono giu' Atene,Madrid,Lisbona
Rribassi oltre il 2%, tonfo in Portogallo
(ANSA) - ROMA, 11 LUG - Le Borse dei principali Paesi dell'Europa meridionale hanno subito forti cali. Infatti, oltre all'Italia, presentano netti ribassi anche Spagna, Grecia e Portogallo. In particolare, Madrid perde il 2,69%, Atene il 2,58% e Lisbona addirittura il 4,07%.
Rribassi oltre il 2%, tonfo in Portogallo
(ANSA) - ROMA, 11 LUG - Le Borse dei principali Paesi dell'Europa meridionale hanno subito forti cali. Infatti, oltre all'Italia, presentano netti ribassi anche Spagna, Grecia e Portogallo. In particolare, Madrid perde il 2,69%, Atene il 2,58% e Lisbona addirittura il 4,07%.
tommy271
Forumer storico
Italian Stocks, Bonds Plunge as EU Leqaders Plays Down Bailout Risk
Q
By Andrew Davis - Jul 11, 2011 6:47 PM GMT+0200 Mon Jul 11 16:47:53 GMT 2011
(Corrects spelling of Jefferies in seventh paragraph.)
Italian bonds plunged and the country’s stocks fell to the lowest in two years as euro-area finance chiefs failed to convince investors that the region’s second-most indebted nation will avoid following Greece, Ireland and Portugal in needing a bailout.
The yield on the country’s 10-year bond rose 41 basis points to 5.68 percent, the highest in more than a decade, while declines in lenders UniCredit SpA (UCG) and Banca Sanpaolo Intesa SpA pushed the benchmark FTSE MIB index down 4 percent, the largest one-day drop in more than a year. Credit default swaps on Italy’s debt also reached a record.
European Union finance ministers rallied behind Italy before meeting in Brussels today. The nation’s 40 billion-euro ($56 billion) austerity plan to balance its budget in 2014 is “very convincing,” German Finance Minister Wolfgang Schaeuble said. “Italy can get out of this situation on its own,” added Spanish Finance Minister Elena Salgado. Both said Italy won’t need a bailout.
The Italian market meltdown overshadowed their efforts in Brussels to finish a second rescue plan for Greece aimed at ending contagion from the debt crisis. Warnings by Moody’s Investors Service and Standard & Poor’s over Italy’s ability to finance its debt, coupled with internal opposition to the government’s own budget plan, has fueled the sell-off.
Unsustainable Rates
“Over time, Italy cannot afford to pay the interest rates it is paying right now,” Andrew Bosomworth, head of portfolio management at Pacific Investment Management Co. in Munich, said in an interview on Bloomberg Television. “Its debt is unsustainable if we project into the future these sorts of interest rate levels. We do need something to change, be that a policy response or a change in attitude in the markets.”
At almost 120 percent of gross domestic product, Italy’s debt is the EU’s second largest by that measure after Greece. Still, the country’s 1.8 trillion euros of borrowing in nominal terms is more than the combined borrowing of Greece, Spain, Portugal and Ireland.
The Italian government will spend about 75 billion euros, or almost 5 percent of GDP, servicing the shortfall this year and that figure is expected to rise to 85 billion euros by 2014. Jefferies International Ltd. estimates that if the average interest rate on the debt rises to 6 percent over that period rather than the 5 percent forecast, financing costs will jump by another 35 billion euros.
Redemptions
Italy has more than 500 billion euros of bonds maturing in the next three years. That’s about twice as much as the 256 billion euros extended to Greece, Ireland and Portugal in their three-year aid programs.
The two-day plunge in Italian stocks and bonds fueled speculation that the EU would seek to increase the size of its bailout fund in anticipation of an Italian rescue. Schaeuble dismissed a report in Germany’s Die Welt newspaper yesterday that the European Central Bank is seeking have the EU’s bailout fund doubled to 1.5 trillion euros to cover a possible crisis in Italy. “No, there can be no talk of that,” he said.
Until this month, Italy had avoided the worst of the fallout from the debt crisis. Its budget deficit of 4.6 percent of GDP last year was less than half the shortfalls in Greece, Spain and Ireland. The country dodged the real-estate bubble that devastated the Irish and Spanish.
Much of Italy’s debt is held domestically, shielding the country from some of the turbulence in international markets, and a high savings rate by households and companies also made the country’s overall debt levels seem more manageable.
Confidence Drop
Confidence in Italy has eroded in recent weeks after both Moody’s and S&P said they were reviewing their ratings as the country’s anemic growth will make it difficult to tame the debt even if the government achieves its goal of balancing the budget. Moody’s has Italy at Aa2 and last cut the rating in 1993. S&P has an A+ rating and last cut in October 2006.
Italy’s economy expanded an average 0.2 percent annually from 2001 to 2010, compared with 1.1 percent in the euro area. Growth was 0.1 percent in the first quarter, a fraction of the 0.8 percent for the euro region.
Investors have also been unnerved by opposition within Prime Minister Silvio Berlusconi’s government to the austerity plan being pushed by Finance Minister Giulio Tremonti, who is credited with containing spending and keeping the deficit under control. Berlusconi held “a long and cordial working lunch” with Tremonti on July 8, his office said in an e-mailed statement, after press reports that Tremonti was poised to resign over opposition to his budget plan.
Berlusconi and Tremonti haven’t spoken publicly since the market slide deepened on July 8, when the benchmark index slid 3.5 percent. German Chancellor Angela Merkel said she spoke with Berlusconi yesterday and has “full trust” in Italy’s ability to cut its deficit.
(Bloomberg)
Q
By Andrew Davis - Jul 11, 2011 6:47 PM GMT+0200 Mon Jul 11 16:47:53 GMT 2011
(Corrects spelling of Jefferies in seventh paragraph.)
Italian bonds plunged and the country’s stocks fell to the lowest in two years as euro-area finance chiefs failed to convince investors that the region’s second-most indebted nation will avoid following Greece, Ireland and Portugal in needing a bailout.
The yield on the country’s 10-year bond rose 41 basis points to 5.68 percent, the highest in more than a decade, while declines in lenders UniCredit SpA (UCG) and Banca Sanpaolo Intesa SpA pushed the benchmark FTSE MIB index down 4 percent, the largest one-day drop in more than a year. Credit default swaps on Italy’s debt also reached a record.
European Union finance ministers rallied behind Italy before meeting in Brussels today. The nation’s 40 billion-euro ($56 billion) austerity plan to balance its budget in 2014 is “very convincing,” German Finance Minister Wolfgang Schaeuble said. “Italy can get out of this situation on its own,” added Spanish Finance Minister Elena Salgado. Both said Italy won’t need a bailout.
The Italian market meltdown overshadowed their efforts in Brussels to finish a second rescue plan for Greece aimed at ending contagion from the debt crisis. Warnings by Moody’s Investors Service and Standard & Poor’s over Italy’s ability to finance its debt, coupled with internal opposition to the government’s own budget plan, has fueled the sell-off.
Unsustainable Rates
“Over time, Italy cannot afford to pay the interest rates it is paying right now,” Andrew Bosomworth, head of portfolio management at Pacific Investment Management Co. in Munich, said in an interview on Bloomberg Television. “Its debt is unsustainable if we project into the future these sorts of interest rate levels. We do need something to change, be that a policy response or a change in attitude in the markets.”
At almost 120 percent of gross domestic product, Italy’s debt is the EU’s second largest by that measure after Greece. Still, the country’s 1.8 trillion euros of borrowing in nominal terms is more than the combined borrowing of Greece, Spain, Portugal and Ireland.
The Italian government will spend about 75 billion euros, or almost 5 percent of GDP, servicing the shortfall this year and that figure is expected to rise to 85 billion euros by 2014. Jefferies International Ltd. estimates that if the average interest rate on the debt rises to 6 percent over that period rather than the 5 percent forecast, financing costs will jump by another 35 billion euros.
Redemptions
Italy has more than 500 billion euros of bonds maturing in the next three years. That’s about twice as much as the 256 billion euros extended to Greece, Ireland and Portugal in their three-year aid programs.
The two-day plunge in Italian stocks and bonds fueled speculation that the EU would seek to increase the size of its bailout fund in anticipation of an Italian rescue. Schaeuble dismissed a report in Germany’s Die Welt newspaper yesterday that the European Central Bank is seeking have the EU’s bailout fund doubled to 1.5 trillion euros to cover a possible crisis in Italy. “No, there can be no talk of that,” he said.
Until this month, Italy had avoided the worst of the fallout from the debt crisis. Its budget deficit of 4.6 percent of GDP last year was less than half the shortfalls in Greece, Spain and Ireland. The country dodged the real-estate bubble that devastated the Irish and Spanish.
Much of Italy’s debt is held domestically, shielding the country from some of the turbulence in international markets, and a high savings rate by households and companies also made the country’s overall debt levels seem more manageable.
Confidence Drop
Confidence in Italy has eroded in recent weeks after both Moody’s and S&P said they were reviewing their ratings as the country’s anemic growth will make it difficult to tame the debt even if the government achieves its goal of balancing the budget. Moody’s has Italy at Aa2 and last cut the rating in 1993. S&P has an A+ rating and last cut in October 2006.
Italy’s economy expanded an average 0.2 percent annually from 2001 to 2010, compared with 1.1 percent in the euro area. Growth was 0.1 percent in the first quarter, a fraction of the 0.8 percent for the euro region.
Investors have also been unnerved by opposition within Prime Minister Silvio Berlusconi’s government to the austerity plan being pushed by Finance Minister Giulio Tremonti, who is credited with containing spending and keeping the deficit under control. Berlusconi held “a long and cordial working lunch” with Tremonti on July 8, his office said in an e-mailed statement, after press reports that Tremonti was poised to resign over opposition to his budget plan.
Berlusconi and Tremonti haven’t spoken publicly since the market slide deepened on July 8, when the benchmark index slid 3.5 percent. German Chancellor Angela Merkel said she spoke with Berlusconi yesterday and has “full trust” in Italy’s ability to cut its deficit.
(Bloomberg)
Nobody's
Γένοιο οἷος εἷ
Bini Smaghi dimissionario? Il membro Bce fa segno di no
Reuters - 11/07/2011 18:58:46
MILANO, 11 luglio (Reuters) - Lorenzo Bini Smaghi non è membro dimissionario del consiglio esecutivo della Bce.
Presentato a un dibattito sulle prospettive di crescita internazionale come membro dimissionario della Bce, il banchiere ha sorriso, facendo cenno di 'no' con la testa.
Francia e Italia hanno chiesto a Bini Smaghi di dimettersi dall'incarico per lasciare il posto a un francese quando Mario Draghi diventerà presidente della Bce a inizio novembre.
In particolare il presidente francese Nicolas Sarkozy nei giorni scorsi ha detto che Bini Smaghi in una telefonata gli ha detto che lascerà il suo posto nell'esecutivo della Bce prima della fine del 2011.
Una fonte vicina alla vicenda ha riportato che il banchiere fiorentino sarebbe fiducioso di ricevere dal governo italiano una proposta professionale adeguata per lasciare il board della Bce entro fine anno, prima, quindi del termine naturale suo mandato nel maggio 2013.
La Bce ha dichiarato che Bini Smaghi prenderà qualsiasi decisione in merito nella più completa autonomia.
Presentato a un dibattito sulle prospettive di crescita internazionale come membro dimissionario della Bce, il banchiere ha sorriso, facendo cenno di 'no' con la testa.
Francia e Italia hanno chiesto a Bini Smaghi di dimettersi dall'incarico per lasciare il posto a un francese quando Mario Draghi diventerà presidente della Bce a inizio novembre.
In particolare il presidente francese Nicolas Sarkozy nei giorni scorsi ha detto che Bini Smaghi in una telefonata gli ha detto che lascerà il suo posto nell'esecutivo della Bce prima della fine del 2011.
Una fonte vicina alla vicenda ha riportato che il banchiere fiorentino sarebbe fiducioso di ricevere dal governo italiano una proposta professionale adeguata per lasciare il board della Bce entro fine anno, prima, quindi del termine naturale suo mandato nel maggio 2013.
La Bce ha dichiarato che Bini Smaghi prenderà qualsiasi decisione in merito nella più completa autonomia.
tommy271
Forumer storico
Blessing Tells FAZ Banks Could Aid Greece With 50 Billion Euros
By Niklas Magnusson - Jul 11, 2011 6:35 PM GMT+0200 Mon Jul 11 16:35:20 GMT 2011
Commerzbank AG (CBK) Chief Executive Officer Martin Blessing said private investors could provide more than 50 billion euros ($70 billion) in Greek aid by forfeiting repayments and interest to stem the country’s crisis.
Greece needs to “significantly” lower its sovereign debt, ensure liquidity and cut its interest payments to get out of the crisis, Blessing wrote in a commentary to be published in Frankfurter Allgemeine Zeitung tomorrow and released by the newspaper in advance. The best way to achieve that is through a so-called “haircut” and by extending bond maturities and lowering interest payments, he said.
“Without the support of the partner countries, Greece is faced with financial collapse,” Blessing wrote in the newspaper. “There is no democratically enforceable savings program that will allow the country to return to the capital markets in a foreseeable future and repay its debt with interest. Greece needs a rescheduling in terms of a partial debt relief.”
An offer could be made to creditors to exchange their existing bonds with a 30 percent haircut for new 30-year bonds with an interest rate of 3.5 percent that are guaranteed by eurozone countries, he said. This would require investors to forfeit 30 percent of their claims in exchange for liquid notes maturing in 30 years that would reduce Greece’s debt, he said.
(Bloombeg)
By Niklas Magnusson - Jul 11, 2011 6:35 PM GMT+0200 Mon Jul 11 16:35:20 GMT 2011
Commerzbank AG (CBK) Chief Executive Officer Martin Blessing said private investors could provide more than 50 billion euros ($70 billion) in Greek aid by forfeiting repayments and interest to stem the country’s crisis.
Greece needs to “significantly” lower its sovereign debt, ensure liquidity and cut its interest payments to get out of the crisis, Blessing wrote in a commentary to be published in Frankfurter Allgemeine Zeitung tomorrow and released by the newspaper in advance. The best way to achieve that is through a so-called “haircut” and by extending bond maturities and lowering interest payments, he said.
“Without the support of the partner countries, Greece is faced with financial collapse,” Blessing wrote in the newspaper. “There is no democratically enforceable savings program that will allow the country to return to the capital markets in a foreseeable future and repay its debt with interest. Greece needs a rescheduling in terms of a partial debt relief.”
An offer could be made to creditors to exchange their existing bonds with a 30 percent haircut for new 30-year bonds with an interest rate of 3.5 percent that are guaranteed by eurozone countries, he said. This would require investors to forfeit 30 percent of their claims in exchange for liquid notes maturing in 30 years that would reduce Greece’s debt, he said.
(Bloombeg)
Nobody's
Γένοιο οἷος εἷ
PUNTO 1- Italia fragile per bassa capitalizzazione banche - Bini
Reuters - 11/07/2011 19:10:01
(aggiunge dettagli e contesto)
MILANO, 11 luglio (Reuters) - Per il consigliere esecutivo Bce Lorenzo Bini Smaghi un elemento di fragilità dell'Italia è la bassa capitalizzazione degli istituti bancari rispetto ai livelli internazionali.
Punto dolente anche l'elevato ammontare dei titioli di Stato italiani "in pancia" agli istituti di credito.
"La correlazione tra rischio sovrano e bancario è forte per l'alta dimensione del debito sovrano" ha detto Bini Smaghi parlando dell'Italia.
Secondo il banchiere fiorentino ulteriori elementi di "fragilità" sono "quantità importante di debito sovrano in pancia" e la "bassa capitalizzazione delle banche italiane rispetto a quelle internazionali".
"Sui mercati la crisi dei debiti sovrani si è allargata ai titoli bancari con un contagio diretto e la combinazione tra i due è potenzialmente esplosiva" ha aggiunto commentando la situazione generale creatasi negli ultimi giorni sui mercati.
Nelle sedute di venerdì e lunedì pesanti realizzi si sono abbattutui sui mercati finanziari italiani sia borsistico sia secondario.
Il premio di rendimento del Btp decennale rispetto alla controparte Bund è balzato questa sera a oltre tre punti percentuali pieni e Piazza Affari ha bruciato un altro 4% dopo il 3,5% di venerdì.
Hanno lasciato sul terreno poco meno di 8% Intesa Sanpaolo (ISP.MI), che venerdì ha perso quasi 5%, e oltre 6% UniCredit (UCG.MI), reduce dal -8% della seduta precedente.
In preda a movimenti fortemente speculativi, i mercati guardano alla pubblicazione dei risulttai degli stress test sulle banche Ue - cinque le italiane - che verranno diffusi venerdì sera dalla European Banking Association.
Quanto al quadro macro più in generale, il consigliere Bce parla di un rientro soltanto temporaneo della tensione sui prezzi delle commodities e di una generalizzata tendenza della zona euro a una ripresa in grado di alimentarsi ma di forte disparità tra singoli paesi.
MILANO, 11 luglio (Reuters) - Per il consigliere esecutivo Bce Lorenzo Bini Smaghi un elemento di fragilità dell'Italia è la bassa capitalizzazione degli istituti bancari rispetto ai livelli internazionali.
Punto dolente anche l'elevato ammontare dei titioli di Stato italiani "in pancia" agli istituti di credito.
"La correlazione tra rischio sovrano e bancario è forte per l'alta dimensione del debito sovrano" ha detto Bini Smaghi parlando dell'Italia.
Secondo il banchiere fiorentino ulteriori elementi di "fragilità" sono "quantità importante di debito sovrano in pancia" e la "bassa capitalizzazione delle banche italiane rispetto a quelle internazionali".
"Sui mercati la crisi dei debiti sovrani si è allargata ai titoli bancari con un contagio diretto e la combinazione tra i due è potenzialmente esplosiva" ha aggiunto commentando la situazione generale creatasi negli ultimi giorni sui mercati.
Nelle sedute di venerdì e lunedì pesanti realizzi si sono abbattutui sui mercati finanziari italiani sia borsistico sia secondario.
Il premio di rendimento del Btp decennale rispetto alla controparte Bund è balzato questa sera a oltre tre punti percentuali pieni e Piazza Affari ha bruciato un altro 4% dopo il 3,5% di venerdì.
Hanno lasciato sul terreno poco meno di 8% Intesa Sanpaolo (ISP.MI), che venerdì ha perso quasi 5%, e oltre 6% UniCredit (UCG.MI), reduce dal -8% della seduta precedente.
In preda a movimenti fortemente speculativi, i mercati guardano alla pubblicazione dei risulttai degli stress test sulle banche Ue - cinque le italiane - che verranno diffusi venerdì sera dalla European Banking Association.
Quanto al quadro macro più in generale, il consigliere Bce parla di un rientro soltanto temporaneo della tensione sui prezzi delle commodities e di una generalizzata tendenza della zona euro a una ripresa in grado di alimentarsi ma di forte disparità tra singoli paesi.
Nobody's
Γένοιο οἷος εἷ
Ma pensa te
Questo sicuramente darà coraggio ai mercati.....da non credere.....
- Stato
Similar threads
