tommy271
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Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
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tommy271
Forumer storico
Budget Execution Reveals €4.9b Gap
The largest pension funds in Greece are in very difficult position as they have absorbed the biggest part of annual appropriations in the budget in the January-June period, while there is a gap of 4,953 million Euros in the budget execution for the same period.
According to the data available for the execution of the State Budget for the six months January – June 2011, on a fiscal basis, the deficit amounts to 12,747 million Euros compared to the target of 10,374 million Euros set in the 2011 Budget. During the same period in 2010, the State Budget deficit amounted to 9,997 million Euros.
On State Budget (Ordinary and Public Investment Budget), expenditures are lower than the budget target (35,930 mil. Euros) by 644 million Euros while State Budget total revenues (Ordinary and Investment Budget) have a shortfall by 3,016 million Euros compared to the budget target (25,556 mil. Euros).
In particular, on a six month basis (January – June), net revenues amounted to 21,818 million Euros and declining by 8.3% comparing to the respective period of 2010. The revenue shortfall can be mainly attributed to the larger than projected recession – during the period when the Budget was being prepared – in the last quarter of 2010, lower receipts from vehicle’s circulation fees by 393 million Euros in January 2011 (because the due date for payment was not extended into January 2011, as in 2010), the reduced receipts from withholding personal income tax in 2011 due to the more favourable tax treatment of personal income as a result of the new tax law and the income reduction, the non – attribution from the Credit Institutions of the State’s entitlement (10%) on the value of their preferred shares, due to the shifting of their Shareholders General Assembly Meetings and, finally, the increased tax refunds due to the clearing of past years’ obligations.
On the other hand, revenues from the Public Investment Budget increased by 87.7% or 337 million Euros vis-à-vis the six months of 2010.
It is noted that the current revenue shortfall is expected to be tackled during the next six months, based on the anticipated performance of the tax regulations included in the implementing Law of the Medium Term Financial Strategy 2011-2015.
Furthermore, It should be noted that the report on the execution of the State Budget provides revenue data for the six months of 2011 on a cash basis. The total level of revenues for 2011, on a national account basis however, is calculated based on the course of revenues in the first two months of 2012 also, while part of the revenues for the first months of 2011 contribute to the calculation of 2010 revenues on a national accounts basis.
Ordinary budget expenditures increased by 8.8% compared to the same period of 2010. This increase is mainly due to:
the increased interest expenditures by 1,277 million Euros,
the increased grants to Social Security Funds as a result of the reduced receipts from social security contributions by 1,280 million euros,
to the Employment Agency (OAED) for the payment of unemployment benefits by 348 million Euros and
to hospitals by 935 million euros (506 million euros for the year’s 2011 procurements expenditure and 429 million euros for the settlement of past years obligations from procurement).
In particular, primary expenditures increased by 4.5% or 1,111 million Euros during the same period, mainly due to the increased grants to Social Security Funds (primary to the Agricultural Insurance Organization – OGA by 371 million Euros and to the Wage Earners Fund – IKA by 867 million Euros), to OAED by 348 million Euros and to hospitals by 506 million Euros.
Moreover, Public Investment Budget (P.I.B.) expenditures declined by 42.3% or 1,563 million Euros.
It should be noted that the above data correspond to the execution only of the State Budget and thus do not reflect all fiscal data that are taken into account when measuring the General Government deficit according to the ESA95 (Eurostat’s) classification, which is the benchmark for the assessment of the Economic Policy Programme of Greece.
(capital.gr)
***
Il dato che vi ho anticipato ieri.
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The largest pension funds in Greece are in very difficult position as they have absorbed the biggest part of annual appropriations in the budget in the January-June period, while there is a gap of 4,953 million Euros in the budget execution for the same period.
According to the data available for the execution of the State Budget for the six months January – June 2011, on a fiscal basis, the deficit amounts to 12,747 million Euros compared to the target of 10,374 million Euros set in the 2011 Budget. During the same period in 2010, the State Budget deficit amounted to 9,997 million Euros.
On State Budget (Ordinary and Public Investment Budget), expenditures are lower than the budget target (35,930 mil. Euros) by 644 million Euros while State Budget total revenues (Ordinary and Investment Budget) have a shortfall by 3,016 million Euros compared to the budget target (25,556 mil. Euros).
In particular, on a six month basis (January – June), net revenues amounted to 21,818 million Euros and declining by 8.3% comparing to the respective period of 2010. The revenue shortfall can be mainly attributed to the larger than projected recession – during the period when the Budget was being prepared – in the last quarter of 2010, lower receipts from vehicle’s circulation fees by 393 million Euros in January 2011 (because the due date for payment was not extended into January 2011, as in 2010), the reduced receipts from withholding personal income tax in 2011 due to the more favourable tax treatment of personal income as a result of the new tax law and the income reduction, the non – attribution from the Credit Institutions of the State’s entitlement (10%) on the value of their preferred shares, due to the shifting of their Shareholders General Assembly Meetings and, finally, the increased tax refunds due to the clearing of past years’ obligations.
On the other hand, revenues from the Public Investment Budget increased by 87.7% or 337 million Euros vis-à-vis the six months of 2010.
It is noted that the current revenue shortfall is expected to be tackled during the next six months, based on the anticipated performance of the tax regulations included in the implementing Law of the Medium Term Financial Strategy 2011-2015.
Furthermore, It should be noted that the report on the execution of the State Budget provides revenue data for the six months of 2011 on a cash basis. The total level of revenues for 2011, on a national account basis however, is calculated based on the course of revenues in the first two months of 2012 also, while part of the revenues for the first months of 2011 contribute to the calculation of 2010 revenues on a national accounts basis.
Ordinary budget expenditures increased by 8.8% compared to the same period of 2010. This increase is mainly due to:
the increased interest expenditures by 1,277 million Euros,
the increased grants to Social Security Funds as a result of the reduced receipts from social security contributions by 1,280 million euros,
to the Employment Agency (OAED) for the payment of unemployment benefits by 348 million Euros and
to hospitals by 935 million euros (506 million euros for the year’s 2011 procurements expenditure and 429 million euros for the settlement of past years obligations from procurement).
In particular, primary expenditures increased by 4.5% or 1,111 million Euros during the same period, mainly due to the increased grants to Social Security Funds (primary to the Agricultural Insurance Organization – OGA by 371 million Euros and to the Wage Earners Fund – IKA by 867 million Euros), to OAED by 348 million Euros and to hospitals by 506 million Euros.
Moreover, Public Investment Budget (P.I.B.) expenditures declined by 42.3% or 1,563 million Euros.
It should be noted that the above data correspond to the execution only of the State Budget and thus do not reflect all fiscal data that are taken into account when measuring the General Government deficit according to the ESA95 (Eurostat’s) classification, which is the benchmark for the assessment of the Economic Policy Programme of Greece.
(capital.gr)
***
Il dato che vi ho anticipato ieri.
Magari lo leggerete con più attenzione più avanti ...
tommy271
Forumer storico
Capital Adequacy More Critical For Greek Banks
The day after the European Union Summit would reveal the problem of capital adequacy and not liquidity for the banks.
Regardless the solutions expected from the Eurozone leadership and the extension of the debt crisis, experts of international markets told Capital.gr that final solutions in the European crisis should expected only when the U.S. resolve their own debt problems.
What appears as a Greek debt crisis is merely the result of the economic war between U.S. and Europe, with the weakest link as victim”, they note, adding that the goal for Greece is to make its debt sustainable, ie the interest to decline below 5% of GDP.
They state that any king of scaremongering should not be based solely on the outcome of the European Summit. Greece would learn to live rationally and in balance, collecting taxes and contributions and spending less, they indicate.
The same sources comment that the banks’ problem wouldn’t be liquidity, as there are mechanisms to cover this issue. Instead, there would be need for new capital, despite the fact that the Greek banking industry appeared well-capitalized at the stress tests. This means that all possibilities are open for domestic banks, including the European Financial Stability Fund.
Greek banks would face the “sins” of the past that emerged through the debt crisis. These were particularly the “aggressive” growth and the bad loans, and the banks would have to deal with them, forced in large capital increases.
(capital.gr)
The day after the European Union Summit would reveal the problem of capital adequacy and not liquidity for the banks.
Regardless the solutions expected from the Eurozone leadership and the extension of the debt crisis, experts of international markets told Capital.gr that final solutions in the European crisis should expected only when the U.S. resolve their own debt problems.
What appears as a Greek debt crisis is merely the result of the economic war between U.S. and Europe, with the weakest link as victim”, they note, adding that the goal for Greece is to make its debt sustainable, ie the interest to decline below 5% of GDP.
They state that any king of scaremongering should not be based solely on the outcome of the European Summit. Greece would learn to live rationally and in balance, collecting taxes and contributions and spending less, they indicate.
The same sources comment that the banks’ problem wouldn’t be liquidity, as there are mechanisms to cover this issue. Instead, there would be need for new capital, despite the fact that the Greek banking industry appeared well-capitalized at the stress tests. This means that all possibilities are open for domestic banks, including the European Financial Stability Fund.
Greek banks would face the “sins” of the past that emerged through the debt crisis. These were particularly the “aggressive” growth and the bad loans, and the banks would have to deal with them, forced in large capital increases.
(capital.gr)
tommy271
Forumer storico
Crisi: Juncker, "euro non è in pericolo ma è necessaria soluzione".
(Teleborsa) - Roma, 21 lug - Il primo ministro del Lussemburgo e presidente dell'Eurogruppo, Jean Claude Juncker si dice ottimista sul vertice UE che svolgerà oggi a Bruxelles. Juncker plaude la posizione comune trovata da Francia e Germania che, secondo il presidente dell'Eurogruppo, non aiuterà soltanto la Grecia, ma la Zona Euro nel suo complesso. Junker, invece, rimane più scettico sull'accordo per introdurre una tassa sulle banche.
Il primo ministro del Lussemburgo tuttavia ha rassicurato sul fatto che "l'euro non è in pericolo ma è necessario che oggi venga trovata una soluzione".
(Teleborsa) - Roma, 21 lug - Il primo ministro del Lussemburgo e presidente dell'Eurogruppo, Jean Claude Juncker si dice ottimista sul vertice UE che svolgerà oggi a Bruxelles. Juncker plaude la posizione comune trovata da Francia e Germania che, secondo il presidente dell'Eurogruppo, non aiuterà soltanto la Grecia, ma la Zona Euro nel suo complesso. Junker, invece, rimane più scettico sull'accordo per introdurre una tassa sulle banche.
Il primo ministro del Lussemburgo tuttavia ha rassicurato sul fatto che "l'euro non è in pericolo ma è necessario che oggi venga trovata una soluzione".
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