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

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Ok ora ho capito. Tu pensi si proceda con offerte pubbliche di acquisto, non riacquisto sui book come quando la BCE annunciava di averne comprati.
Ma comunque offerte volontarie? Vabbe' ma magari sempre con le pretese di soglie di adesione, magari molto alte, che ti mettono nella spiacevole posizione da teoria dei giochi e decisioni, se fare hold out e il tuo interesse o decidere in modo cooperativo, che se poi troppi fanno hold-out magari finisce a schifo....
Ma secondo te tutta questa attenzione ai risvolti tecnici per evitare il rating D, ribadendo spesso da più parti che alla fine si cercherà l'adesione volontaria, alla fine si rivelerà una fregatura e si passerà all'adesione "spintanea" come ama dire Russiabond ? :D Voglio dire, porcate tipo le subordinate Irlandesi? Alla cronaca quella vicenda se non erro è passata come Offerta di pubblico scambio "volontaria" (con un revolver alla tempia) :wall:

Almeno le banche irlandesi sono soggetti privati, e comunque almeno SD quando fai il buyback a 10/100 minacciando di pagare 0,1/100 se non passa te lo becchi senza se e senza ma .... fosse anche solo per 1 settimana o per 1 mese...

Ma gli emittenti europeriferici sono sovereign...
 
Low Wages in Greece’s Private Sector

Reports that with the implementation of the Memorandum in 2011, and the Medium-Term Plan, Greece will soon become the “China of Europe” have finally been confirmed.
Under the new legal framework, wages in the private sector from now until the end of 2012, will range from 521 to 900 euros for the vast majority of citizens.
This situation may seem unrealistic but, unfortunately, it reflects the current situation in which employees are required to survive under today’s tough economic conditions.
Within the legal framework, it is possible that from now on, young people, aged from 18 to 25 years, will sign employment contracts with employers in order to get work experience lasting up to 24 months and will be paid 20% less than new recruits, with prior experience in their specialty.
As reported in newspaper ‘Sunday Press’, new recruits on the market today should earn 751 euros gross. But according to the Medium-Term Plan, young people under 25 years will receive 601 euros gross. Subsequently, the net amount will be 521 euros per month.
The situation will be even worse for older workers, whose wages will barely reach 961 euros gross for singles and 1,037 euros gross for married people with 9 years of service.
 
UPDATE 1-Greece borrows 1.62 bln, 6-month T-bill yield drops






Tue Jul 12, 2011 6:43am EDT

* Greece raises 1.625 bln euros from sale
* Yield down 6 basis points to 4.90 pct vs June auction
* Bid-cover ratio 2.88 vs 2.58 in previous sale
* Foreign investors buy around 22 pct of issue
(Adds details, dealer comment)
By George Georgiopoulos


ATHENS, July 12 (Reuters) - Greece raised 1.625 billion euros in an auction of six-month T-bills on Tuesday to roll over maturing short-term debt, paying lenders a slightly lower yield than in a similar sale in June amid rising debt concerns.
There were less foreign investors participating in the sale than a month ago.
"The sale went well considering the tension in the markets and the fact that there were other borrowers out there today like Italy," said a chief dealer at a Greek bank, who declined to be named.
Coming a day after euro zone finance ministers met in Brussels, promising cheaper loans and longer debt maturities but declining to rule out the possibility of a selective default, demand in the auction turned out slightly higher than in June.
The bid-cover ratio was 2.88 compared to 2.58 in the previous sale but foreign bidders bought less of the issue -- 22 percent compared to a 37 percent take-up in June.
Policymakers have been seized with a new sense of urgency after Italy came under market attack last week, fearing that delays in putting together a second Greek aid package could poison investor confidence in weak economies around the region.



BOND MARKET
Under its current bailout Athens faces a funding gap next year. It is highly unlikely to be able to return to bond markets as was originally planned and is looking forward to a second package to take it through to mid-2014.
Italy's short-term cost of borrowing jumped by 150 basis points compared to last month but markets breathed a sigh of relief that managed to place the full amount of 6.75 billion euros it sought.
The gross yield on its one-year bills rose to 3.67 percent.

Greece's auction fetched 1.625 billion euros, including 375 million in non-competitive bids. The issue was priced to yield 4.90 percent, down 6 basis points from an auction in June and above the rate of about 4.2 percent Greece pays on its EU/IMF bailout loans.
Up until March, Greece was funding itself on short durations at a lower cost than the 5.2 percent rate on its bailout loans. A later summit of euro zone leaders agreed to cut the rate by one percentage point and stretch out the repayment period.

Settlement date for the six-month T-bill auction will be July 15 when a previous 2.4 billion euro issue matures. The debt agency will auction three-month paper on July 19 to roll over 2.0 billion euros of bills maturing on July 22.
 
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