Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
Sempre utilissime le tue informazioni 
giub
New Membro
Debt crisis: Markets expect from EU summits no great solution
come together today, EU leaders, analysts expect at best a step forward in Greece question. A bank levy and Euro bonds from the banks could contribute to a more comprehensive solution.
From Bettina Schulz and Daniel Mohr 21st July 2011 2011-07-21 09:09:19
look at the financial markets, investors with deep concern on this Thursday held the EU summit. The recent withdrawal of many fund managers from the Italian loan market has led to market participants before our eyes, can expand as fast the debt crisis of the turbulence. Negotiations are therefore regarded with skepticism?? We expect that the Summit is concerned largely with the debt crisis in Greece and not found a solution for the entire debt crisis of the monetary union, it is at Nomura in London. The crisis is long, but progressed beyond the point at which a temporary solution to bring stability Greece.
? The results of this EU summit in the short term are important, but they will not help on the way to a more integrated Economic and fiscal union?, say the analysts at Barclays Capital. ? Consider the options that would be best suited to establish a definitive line under the debt crisis – such as the issuance of euro bonds as a major step towards fiscal union – are simultaneously the solutions that will give the least, says Nomura?. ? In any case it is important to recognize that the markets after the EU summit in the proposed solutions to the political will of governments to maintain the monetary union?, Warn the experts at Berenberg Bank.
analysts see a positive bank levy
A private creditor participation in any form is always considered a politically opportune and regulatory policy would punish the banks for their past negligence in its investment policy. The crisis, however, would probably – as signaled by the rating agencies and even by many market participants feared – in Portugal and Ireland, and possibly even transfer to Italy and Spain. Moreover, this would trigger additional capital requirements for banks and problems with the rating agencies and the European Central Bank (ECB) conjure up.
However, analysts variant of a bank levy viewed positively, although rejected by the banks in Germany at least officially was. ? That it does not come here to a rating to default gradation, is probably the biggest plus point for the ECB?, According to Deutsche Bank. Berenberg Bank also takes a lot of positive aspects:? A levy or tax would be distributed fairly among all banks. It would discourage anyone from buying the bonds again indebted countries.? However, a levy or tax does not help to reduce the debt burden of Greece.
future expansion of the middle of the rescue mechanism
much appeal in the financial markets also would find the idea of a future issuance of bonds by the Euro European Financial Stability Facility (EFSF). This would allow for assessment of experts from Spain and Italy Nomura favorable refinancing conditions, political solidarity signal to stop the spread of the debt crisis and bring stability thanks to a strong recovery in financial markets. High legal and parliamentary hurdles stood against it. In the face of political opposition, this solution is unlikely, although analysts believe Deutsche Bank is that a split € bond market could be a solution. Here, countries would have a threshold additional capital at potentially much higher returns than the cheap for them € Bonds alone procure the capital market.
The markets also expect the long term by expanding the resources of future rescue mechanism EFSF what signal to the market that would be more than enough funds were available to save Spain and to possibly buy up bonds. However, this could hurt the ratings of France and Germany, and lead to systemic risks in the financial markets, according to the City of London. Another option would be to allow the EFSF to buy up loans of indebted countries, which basically a valuation discount (haircut) on the banks would then be sold and could allow a gradual restructuring of debts with no gradation of the rating agencies. This would presumably well-received by the market. But the downside of this variant is that the means of EFSF would be increased in highly indebted countries were given a false incentive to buy bonds would not alone lead to sustainable solvency, for example, Greece and there are legal hurdles, such as the German parliamentary approval. Makes the long list of disadvantages, according to the analysts at Nomura therefore unlikely that such a thing is decided.
come together today, EU leaders, analysts expect at best a step forward in Greece question. A bank levy and Euro bonds from the banks could contribute to a more comprehensive solution.
From Bettina Schulz and Daniel Mohr 21st July 2011 2011-07-21 09:09:19
? The results of this EU summit in the short term are important, but they will not help on the way to a more integrated Economic and fiscal union?, say the analysts at Barclays Capital. ? Consider the options that would be best suited to establish a definitive line under the debt crisis – such as the issuance of euro bonds as a major step towards fiscal union – are simultaneously the solutions that will give the least, says Nomura?. ? In any case it is important to recognize that the markets after the EU summit in the proposed solutions to the political will of governments to maintain the monetary union?, Warn the experts at Berenberg Bank.
analysts see a positive bank levy
A private creditor participation in any form is always considered a politically opportune and regulatory policy would punish the banks for their past negligence in its investment policy. The crisis, however, would probably – as signaled by the rating agencies and even by many market participants feared – in Portugal and Ireland, and possibly even transfer to Italy and Spain. Moreover, this would trigger additional capital requirements for banks and problems with the rating agencies and the European Central Bank (ECB) conjure up.
However, analysts variant of a bank levy viewed positively, although rejected by the banks in Germany at least officially was. ? That it does not come here to a rating to default gradation, is probably the biggest plus point for the ECB?, According to Deutsche Bank. Berenberg Bank also takes a lot of positive aspects:? A levy or tax would be distributed fairly among all banks. It would discourage anyone from buying the bonds again indebted countries.? However, a levy or tax does not help to reduce the debt burden of Greece.
future expansion of the middle of the rescue mechanism
much appeal in the financial markets also would find the idea of a future issuance of bonds by the Euro European Financial Stability Facility (EFSF). This would allow for assessment of experts from Spain and Italy Nomura favorable refinancing conditions, political solidarity signal to stop the spread of the debt crisis and bring stability thanks to a strong recovery in financial markets. High legal and parliamentary hurdles stood against it. In the face of political opposition, this solution is unlikely, although analysts believe Deutsche Bank is that a split € bond market could be a solution. Here, countries would have a threshold additional capital at potentially much higher returns than the cheap for them € Bonds alone procure the capital market.
The markets also expect the long term by expanding the resources of future rescue mechanism EFSF what signal to the market that would be more than enough funds were available to save Spain and to possibly buy up bonds. However, this could hurt the ratings of France and Germany, and lead to systemic risks in the financial markets, according to the City of London. Another option would be to allow the EFSF to buy up loans of indebted countries, which basically a valuation discount (haircut) on the banks would then be sold and could allow a gradual restructuring of debts with no gradation of the rating agencies. This would presumably well-received by the market. But the downside of this variant is that the means of EFSF would be increased in highly indebted countries were given a false incentive to buy bonds would not alone lead to sustainable solvency, for example, Greece and there are legal hurdles, such as the German parliamentary approval. Makes the long list of disadvantages, according to the analysts at Nomura therefore unlikely that such a thing is decided.
tommy271
Forumer storico
Debt buyback idea gains ground in Greek bailout: source
BRUSSELS | Thu Jul 21, 2011 4:44am EDT
BRUSSELS (Reuters) - A buyback of Greek debt is the only form of private sector involvement in the second Greek bailout that has a chance of not triggering a downgrade to a selective default rating of Greek debt, a euro zone source said.
Euro zone sources close to talks on Thursday on the second Greek bailout said the buyback idea was one of the main options now under consideration.
"On all of the other options so far, the verdict is very clear -- it will lead to selective default, while for the debt buyback -- it is not so sure," one euro zone official said.
"It appears that there is way to organize the buyback that would not lead to a selective default and obviously, if that is the case, that is the way of involving the private sector, which we should support," the source said.
"The fact that the ECB has done it openly for months and nobody has raised the question of selective default shows it is possible to do this kind of operation without triggering a selective default," the source said.
The ECB has bought bonds of Greece, Ireland and Portugal on the secondary market to put a floor under the prices of those bonds.
Asked how such a buyback could be organized, the official, who asked not to be identified, said:
"We will have a little bit of time to organize it -- it would be structured in such a way that we would get the expected results in terms of involvement of investors and at the same time it would not destabilize markets," the source said.
"We have a fairly good idea about the amounts of Greek bonds outstanding in the private sector and the market value we would add a little premium to that. If you do that you can get a fairly substantial amount," the official said.
Asked if such an operation could reduce Greek debt by about a third, the source said:
"One third of the debt would be a little bit ambitious."
The source said the German idea of investors swapping their Greek bonds for paper with longer maturity was also one of the mainstream options, but that it was certain that would trigger a downgrade to a selective default rating.
Euro zone sources said euro zone leaders meeting on Thursday were likely to endorse more flexibility for the operations of the European Financial Stability Facility, the EFSF.
"There is a quite substantial chance for an agreement on enhanced EFSF flexibility," the source said.
"Flexible credit lines or a precautionary arrangement -- I think there is a fair agreement on that, not yet unanimity, but within a context of a more general package it should be possible to find agreement on that," the source said.
"EFSF bond purchases on the secondary market is one major tricky issue. From there, the debate goes over to the more general private sector involvement debate which on secondary markets is basically debt buybacks," the source said.
On the French banks' idea of debt rollover, the source said:
"The stock of the French banks' idea has gone down a little bit because it would trigger a downgrade and it was fairly generous to the banks -- as you should expect from an idea of the banks."
The source said EFSF lending rates, now at funding cost plus 200 or 300 basis points, depending on the maturity of the loans, could be lowered to funding cost plus a much smaller margin.
"Maybe we could the reduce the rates to the balance of payments facility benchmark, but add a little spread maybe, maybe 50 basis points -- but this is a wild guess," the source said.
The balance of payments facility is a European Union fund of 50 billion euros which provides emergency loans at funding cost to non-euro zone members of the European Union.
"Maybe the balance of payments rate plus a little bit in a favorable scenario," the source said.
The new EFSF rate would apply to all euro zone countries involved in EFSF programs -- Ireland, Portugal as well as Greece, when it gets EFSF funding under the second bailout.
BRUSSELS | Thu Jul 21, 2011 4:44am EDT
BRUSSELS (Reuters) - A buyback of Greek debt is the only form of private sector involvement in the second Greek bailout that has a chance of not triggering a downgrade to a selective default rating of Greek debt, a euro zone source said.
Euro zone sources close to talks on Thursday on the second Greek bailout said the buyback idea was one of the main options now under consideration.
"On all of the other options so far, the verdict is very clear -- it will lead to selective default, while for the debt buyback -- it is not so sure," one euro zone official said.
"It appears that there is way to organize the buyback that would not lead to a selective default and obviously, if that is the case, that is the way of involving the private sector, which we should support," the source said.
"The fact that the ECB has done it openly for months and nobody has raised the question of selective default shows it is possible to do this kind of operation without triggering a selective default," the source said.
The ECB has bought bonds of Greece, Ireland and Portugal on the secondary market to put a floor under the prices of those bonds.
Asked how such a buyback could be organized, the official, who asked not to be identified, said:
"We will have a little bit of time to organize it -- it would be structured in such a way that we would get the expected results in terms of involvement of investors and at the same time it would not destabilize markets," the source said.
"We have a fairly good idea about the amounts of Greek bonds outstanding in the private sector and the market value we would add a little premium to that. If you do that you can get a fairly substantial amount," the official said.
Asked if such an operation could reduce Greek debt by about a third, the source said:
"One third of the debt would be a little bit ambitious."
The source said the German idea of investors swapping their Greek bonds for paper with longer maturity was also one of the mainstream options, but that it was certain that would trigger a downgrade to a selective default rating.
Euro zone sources said euro zone leaders meeting on Thursday were likely to endorse more flexibility for the operations of the European Financial Stability Facility, the EFSF.
"There is a quite substantial chance for an agreement on enhanced EFSF flexibility," the source said.
"Flexible credit lines or a precautionary arrangement -- I think there is a fair agreement on that, not yet unanimity, but within a context of a more general package it should be possible to find agreement on that," the source said.
"EFSF bond purchases on the secondary market is one major tricky issue. From there, the debate goes over to the more general private sector involvement debate which on secondary markets is basically debt buybacks," the source said.
On the French banks' idea of debt rollover, the source said:
"The stock of the French banks' idea has gone down a little bit because it would trigger a downgrade and it was fairly generous to the banks -- as you should expect from an idea of the banks."
The source said EFSF lending rates, now at funding cost plus 200 or 300 basis points, depending on the maturity of the loans, could be lowered to funding cost plus a much smaller margin.
"Maybe we could the reduce the rates to the balance of payments facility benchmark, but add a little spread maybe, maybe 50 basis points -- but this is a wild guess," the source said.
The balance of payments facility is a European Union fund of 50 billion euros which provides emergency loans at funding cost to non-euro zone members of the European Union.
"Maybe the balance of payments rate plus a little bit in a favorable scenario," the source said.
The new EFSF rate would apply to all euro zone countries involved in EFSF programs -- Ireland, Portugal as well as Greece, when it gets EFSF funding under the second bailout.
g.ln
Triplo Panico: comprare
Prime indiscrezioni
Ciao Tommy, non mi sembrano male le prime indiscrezioni sull'accordo per il retail.
Rimango però leggermente sospettoso
se non vedo tutto l'accordo.
Aspettiamo con tripla pazienza l'esito del summit.
Ciao, Giuseppe
Ciao Tommy, non mi sembrano male le prime indiscrezioni sull'accordo per il retail.
Rimango però leggermente sospettoso
se non vedo tutto l'accordo.Aspettiamo con tripla pazienza l'esito del summit.
Ciao, Giuseppe
tommy271
Forumer storico
Grecia, prende quota idea buyback per secondo pacchetto aiuti
giovedì 21 luglio 2011 11:02
BRUXELLES, 21 luglio (Reuters) - Un buyback del debito greco è la sola forma di coinvolgimento del settore privato nel secondo pacchetto di aiuti ad Atene che abbia qualche chanche di non scatenare un selective default. Lo ha detto una fonte della zona euro.
"Se su tutte le altre ipotesi il verdetto è chiaro - ovvero porteranno al selective default - per il buyback del debito questo non è scontato" ha detto la fonte.
Fonti della zona euro vicine ai colloqui sul secondo bailout grdco hanno riferito che l'idea del buyback del debito greco è una delle opzioni principali prese in considerazione al momento.
Secondo le fonti, i leader della zona euro che si incontreranno oggi a Bruxelles sosterranno una maggiore flessibilità dell'EFSF, il fondo europeo di salvataggio.
Riguardo la possibilità di un rollover del debito greco, inserita nel cosiddetto schema francese, la fonte della zona euro ha spiegato che la proposta ha perso appeal perchè "scatenerebbe un downgrade e sarebbe troppo generosa con le banche".
***
Riassunto in italiano.
giovedì 21 luglio 2011 11:02
BRUXELLES, 21 luglio (Reuters) - Un buyback del debito greco è la sola forma di coinvolgimento del settore privato nel secondo pacchetto di aiuti ad Atene che abbia qualche chanche di non scatenare un selective default. Lo ha detto una fonte della zona euro.
"Se su tutte le altre ipotesi il verdetto è chiaro - ovvero porteranno al selective default - per il buyback del debito questo non è scontato" ha detto la fonte.
Fonti della zona euro vicine ai colloqui sul secondo bailout grdco hanno riferito che l'idea del buyback del debito greco è una delle opzioni principali prese in considerazione al momento.
Secondo le fonti, i leader della zona euro che si incontreranno oggi a Bruxelles sosterranno una maggiore flessibilità dell'EFSF, il fondo europeo di salvataggio.
Riguardo la possibilità di un rollover del debito greco, inserita nel cosiddetto schema francese, la fonte della zona euro ha spiegato che la proposta ha perso appeal perchè "scatenerebbe un downgrade e sarebbe troppo generosa con le banche".
***
Riassunto in italiano.
tommy271
Forumer storico
Ciao Tommy, non mi sembrano male le prime indiscrezioni sull'accordo per il retail.
Rimango però leggermente sospettoso
Aspettiamo con tripla pazienza l'esito del summit.
Ciao, Giuseppe
Niente di ufficiale, nulla di ufficioso.
Topgun1976
Guest
Io dico una cosa,le cifre sui privati sono di 30mld,vale la pena innescare panico con un Sd,per cosi pochi soldi?Si beccano un -3% sulle Borse sono altro che 30mld...Mah
frmaoro
il Fankazzista
Juncker ammette: non è escluso default selettivo
di: WSI Pubblicato il 21 luglio 2011| Ora 11:10
Share
STAMPA
INVIA 0 
Roma - A meno di due ore dall'inizio della riunione dell'Eurogruppo, attesa per le 13 ora italiana, arrivano alcune indiscrezioni su quanto le autorità europee avrebbero deciso di fare. Ma arriva soprattutto una dichiarazione da pelle d'oca, visto che è pronunciata dallo stesso Jean-Claude Juncker, presidente del'Eurogruppo stesso. Il numero uno dell'istituto ammette che "non è escluso un default selettivo", anche se bisogna fare il possibile per evitare che accada.
di: WSI Pubblicato il 21 luglio 2011| Ora 11:10
Share
Roma - A meno di due ore dall'inizio della riunione dell'Eurogruppo, attesa per le 13 ora italiana, arrivano alcune indiscrezioni su quanto le autorità europee avrebbero deciso di fare. Ma arriva soprattutto una dichiarazione da pelle d'oca, visto che è pronunciata dallo stesso Jean-Claude Juncker, presidente del'Eurogruppo stesso. Il numero uno dell'istituto ammette che "non è escluso un default selettivo", anche se bisogna fare il possibile per evitare che accada.
- Stato
Similar threads
