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

[tommy271]

Greece's Eurobank in talks to sell Turkish unit






Thu Jul 14, 2011 1:21pm EDT

* Eurobank looking to sell majority stake in Eurobank Tekfen
* Proceeds to boost liquidity, capital adequacy
* Turkish partner Tekfen aims to keep 30 pct stake

(Adds comments by Turkish unit's chairman)



ATHENS, July 14 (Reuters) - Greece's second-largest lender EFG Eurobank (EFGr.AT) is in initial talks to sell a majority stake in its Turkish unit Eurobank Tekfen as it seeks to safeguard its balance sheet against debt loses.
If successful, the deal will be EFG's second divestment outside Greece this year after the sale of a majority stake in its Polish operation Polbank to Austria's Raiffeisen Bank in February for 490 million euros ($698 million).
Greek banks, hit by the country's sovereign debt crisis, have been boosting their capital base to cope with a protracted recession at home that has led to a rise in non-performing loans.
"In current conditions, the possible sale of a majority stake in the Turkish bank will allow a reallocation of funds to boost EFG's activities in countries where it has a significant presence, while at the same time strengthening its liquidity and capital base," the bank said in a bourse filing on Thursday.
Eurobank Tekfen Chairman Mehmet Erten told Reuters in Istanbul that Eurobank EFG had funded the Turkish unit to the tune of 2 billion euros, but was now under pressure to keep resources in Greece to help meet the country's economic crisis.
The group bought 70 percent of Tekfenbank in 2007. The Turkish bank has doubled its loan portfolio since to 1.4 billion euros and runs a network of 57 branches.
Erten said Eurobank EFG might have held talks with potential buyers among banks from Europe and the Gulf.
He said the Turkish partner Tekfen would like to retain its 30 percent stake in any new partnership structure.
Eurobank has operations in Bulgaria, Romania, Serbia, Cyprus, Albania and Ukraine. The group, with assets of 83.2 billion euros, employs 22,500 people and has a network of 1,600 branches.
National Bank (NBGr.AT), Greece's biggest lender, plans to sell 20 percent of its Turkish subsidiary Finansbank as part of capital-boosting moves.

 

[tommy271]

Greek, Cypriot Banks Seen 7 Pass, 1 Fail In Stress Test



-- ATEBank seen most likely to fail
-- Focus will be on the banks exposure to sovereign debt
-- Fitch downgrades Greece's debt and covered bonds at some banks
(Adds further Fitch rating action in paragraph 17.)

By Marietta Cauchi
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--Greek banks are in the eye of the storm, to be closely watched in Friday's Europe-wide stress tests, with particular attention on their vulnerability to sovereign debt as euro-zone debt crisis continues to drag down markets worldwide.
All six of the Greek banks have core Tier 1 capital ratios well above the 5% threshold, but the main concern is their exposure to Greek government bonds, especially following the European Banking Authority's decision last month to include an element of sovereign default probability to the tests on economic and financial stresses.
And late Wednesday, Fitch added to the country's woes, downgrading Greece's long-term foreign and local currency issuer default ratings--down to CCC from B+. The ratings agency said the further downgrade "reflects the absence of a new, fully funded and credible EU-IMF program for Greece, coupled with heightened uncertainty surrounding the role of private creditors in any future funding, as well as Greece's weakening macroeconomic outlook."
Still, analysts and traders expect that 90%-state-owned ATEBank (ATE.AT) is the only bank likely to fail, and will do so despite its recent EUR1.26 billion capital increase, most of which came from the government.
"My feeling is that the stress tests will again be lackluster," Nomura analyst Prathmesh Dave said. "But among the Greek and Cypriot banks, ATEBank is the one most widely tipped to fail and I would agree--I reserve comments on the other seven." he added.
ATEBank was the only bank in the region that failed to reach the 6% threshold in last year's tests. Its current ratio is 1.8%, or 10.8% including a EUR1.26 billion capital increase, as reported in first-quarter results. However, part of the bank's restructuring costs on the recapitalization includes a repayment to the government of EUR675 million, the cash it put into the capital increase in return for preference shares. No one knows whether this will be factored into the stress test, but it will weigh on ATEBank, another analyst said.
Other first-quarter results show National Bank of Greece SA (NBG) with a core Tier 1 capital ratio of 11.8%; EFG Eurobank Ergasias SA (EUROB.AT) at 10.2%; Alpha Bank (AS) at 9.3%; Piraeus Bank SA (TEMP.AT) at 9.7%; Bank of Cyprus PLC (BOC.CP) at 8.2%; and Cypriot Marfin Popular Bank PLC (CPB.CP) at 9.4%.
Alongside ATEBank, NBG, Piraeus Bank and the two Cypriot banks have all boosted their ratios with recapitalizations since the beginning of the year. Meanwhile, Hellenic Postbank (TT.AT), which is 34%-owned and controlled by the government, reported a core Tier 1 ratio of 15.5% at first-quarter results. The bank is cash-rich in deposits and the government has said it wants to fully privatize the lender this year.
However, most of the banks are exposed to sovereign debt and, like their peers across Europe, are expected to take hefty haircuts, or losses, on bonds issued by governments at the heart of the euro zone's financial crisis. Under prevailing market assumptions, Greece needs to repudiate around 40% of its sovereign debt.
The EBA's revision to the stress tests means that banks must now factor in the likelihood of these potential losses on sovereign debt held in their trading books in their probability models for how much they would lose in the "adverse scenarios" that the EBA has laid out for the tests.
Analysts say that because banks typically hold most sovereign debt in their hold-to-maturity "banking books," which won't be directly tested against default.
"The Greek banks generally have a very small amount of bonds on their trading book portfolios--they do have a substantial amount on their banking book but this isn't valued or realized in the profit and loss account," one analyst said.
"NBG holds the most Greek government bonds, but has the highest capital ratio," the analyst added.
NBG has a total EUR19.5 billion outstanding in Greek bonds, according to Nomura analyst Dave. However, EUR5.5 billion of this relates to a swap transaction with the government and might be treated separately.
Alpha Bank has less exposure to Greek bonds but also a lower capital ratio, Dave added.
Meanwhile, Cypriot banks have received no government support and relatively low exposure to Greek sovereign debt, said Manos Giakoumis, analyst at Euroxx Securities.
Later Thursday, Fitch downgraded covered bonds issued by Alpha Bank, Eurobank, NBG and Piraeus Bank. The ratings agency said the downgrades followed the downgrade of Greece's sovereign rating Wednesday and subsequent downgrades of Alpha's, Eurobank, NBG's and Piraeus' long-term issuer default ratings to B- earlier Thursday.

 

[forzaroma]

FMI: AUMENTANO RISCHI AL RIBASSO PER ECONOMIA. RISOLVERE CASO GRECIA


(ASCA) - Roma, 14 lug - ''I rischi al ribasso per l'economia sono aumentati'', lo dice il Fondo Monetario Internazionale, sottolineando come la ripresa 'resti debole nelle economie avanzate mentre quelle emergenti rischiano il surriscaldamento''.

Tra i fattori negativi ''la mancanza di credibili piani di consolidamento dei bilanci pubblici'' che determinano elementi di contagio, per questo il Fondo torna a chiedere ''una soluzione rapida per la crisi debitoria della Grecia''.


***
Certo che è ridicolo chiedere una soluzione rapida quando i primi responsabili sono proprio loro.
Mi associo a Stock: Buffoni!

E sono loro a chiederla agli altri, perchè invece non si espongono in prima persona facendo pressione (non a parole) sui burocrati di bruxelles. Portando proposte serie e condivisibili, perchè a questo punto l'unica cosa certa che la Ue ha "deciso di non decidere" (citazione ormai dotta!!!)

 

[tommy271]

E sono loro a chiederla agli altri, perchè invece non si espongono in prima persona facendo pressione (non a parole) sui burocrati di bruxelles. Portando proposte serie e condivisibili, perchè a questo punto l'unica cosa certa che la Ue ha "deciso di non decidere" (citazione ormai dotta!!!)

Mai fidarsi di quelli del FMI: loro i soldi li portano sempre a casa ... a spese degli altri.

 

[tommy271]

Intanto dalla riunione dell'IIF non è trapelato nulla.
Anche sui siti ellenici non c'è nessuna novità ... per cui prepariamoci al solito "venerdì nero" .

 

[ferdo]

Btp, rendimenti 7% rischio bailout Italia,Spagna -MinFin Irlanda

Reuters - 14/07/2011 14:55:28

DUBLINO, 14 luglio (Reuters) - Con rendimenti dei titoli decennali al 7% si entra in territorio di bailout. E' l'avvertimento che il ministro delle Finanze irlandesi Micheal Noonan ha lanciato a Spagna e Italia, i cui titoli di Stato sono sotto pressione negli ultimi giorni, con rendimenti che hanno sfiorato, e a tratti superato, il 6%.

"Il costo del debito in Spagna e in Italia è appena sopra o appena sotto il 6% questa mattina. Sappiamo per esperienza, visti i casi della Grecia, dell'Irlanda e del Portogallo, che se si sale di un altro punto, arrivando al 7%, si arriva in area bailout", ha detto Noonan alla tv di Stato RTE.

Alle 14,50 di oggi il decennale benchmark italiano su piattaforma Tradeweb <IT10YT=TWEB> rende il 5,65%. Nei momenti di maggior tensione dei mercati, raggiunti nella mattinata di martedì scorso, il rendimento del Btp 10 anni aveva superato il 6%.

Ora possono dire la sua anche a casa nostra

Merkel docet

sto diventando anti-europeista ... kap.zo vuole sta testa di ... di un irlandese?!?!

 

[ferdo]

il mio sogno

magari!

no, penso che sarebbe drammatico per tutti

 

[ferdo]

L'appuntamento settimanale di Alessandro Fugnoli:
http://www.kairospartners.com/drupa...newsletter/Mereologia europea-RN-14.07.11.pdf

Fugnoli ha scritto sempre tanto bene dell'azionario ...
da 22000 a 18000 ...
chissà se fa un minimo di autocritica

 

[Comandante Gerard]

E' l'Italia che dovrebbe far sentire di più la propria voce... è il terzo contribuente UE.

Questo infatti sarebbe ed è fondamentale, di cruciale importanza!
Il problema è la credibilità in questo momento: ma ci rendiamo conto che per esserlo un minimo siamo costretti a far intervenire l'unica persona che ha un prestigio ed un autorevolezza istituzionale spendibile a livello internazionale che corrisponde ad un anziano e per fortuna ancora lucido ed arzillo signore di 85 anni che si chiama Napolitano?

 

[PASTELLETTO]

Steel Guru : EU orders repayment of Greek aluminium aid - 214697 - 2011-07-15

http://dailycaller.com/2011/07/14/sp-warns-it-may-downgrade-us-credit-rating/