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

[tommy271]

Greece's Titan Q2 net hit by weak building activity






Tue Aug 2, 2011 10:47am EDT

* Building slump in Greece to continue
* Firms sees no turnaround in U.S. operations
* Crisis in Egypt starts to show on results
(Adds quotes, details)



ATHENS, Aug 2 (Reuters) - Greece's biggest cement producer Titan (TTNr.AT), also active in the United States and Egypt, posted a 36 percent fall in profit in the second quarter due to weak building activity in its main markets.
Net income dropped to 27.7 million euros ($39.5 million), above the average forecast of 16.9 million euros in a Reuters poll of nine analysts. Sales fell 23 percent to 304.1 million euros, below analysts' 325.9 million euro forecast.
"The deterioration is mainly due to the collapse of building activity in Greece and its grounding at very low levels in the United States," the company said in a bourse filing.
Cement consumption in Greece has dropped to its lowest level since the 1960s, after construction activity collapsed as a result of the debt-laden country's austerity policies.
Home loans have dried up, and public spending has been frozen as banks and the government cope with the country's debt crisis.
"For the full year, cement demand is estimated to be about 65 percent below its 2006/2007 (peak) levels," the company said.
Political upheaval has also hurt the company's sales in Libya and in Egypt, despite a 25 million euro windfall gain from a tax reversal there.
Titan's operations in Virginia and Florida remain hit by the U.S. housing market bust. A recovery in U.S. construction is not expected before 2012, Titan said.

 

[AAAA47]

per chi segue il mib italiano....dicono che siamo sui minimi degli ultimi 3 anni
magari sbaglio, ma non eravamo scemi a 12000 nel marzo 2009?

02/08/2011 16:44:40 by Websim - Disclaimer
Piazza Affari sui minimi degli ultimi 3 anni

 

[bosmeld]

per chi segue il mib italiano....dicono che siamo sui minimi degli ultimi 3 anni
magari sbaglio, ma non eravamo scemi a 12000 nel marzo 2009?

02/08/2011 16:44:40 by Websim - Disclaimer
Piazza Affari sui minimi degli ultimi 3 anni

tolta la buca siamo sui minimi. il problema é che la buca c'é

 

[tommy271]

Cipro:

Cipro, per evitare il salvataggio esterno necessarie azioni decise - FIRSTonline

 

[mago gambamerlo]

hanno alzato patrimoniale in francia ? scusate l' ot .

 

[tommy271]

Greece banks aim for bond swap offer mid-August - sources






By Lefteris Papadimas
ATHENS | Tue Aug 2, 2011 11:00am EDT

ATHENS Aug 2 (Reuters) - Greece hopes talks with banks on a bond swap will progress fast enough to send a detailed offer spelling out its accounting impact in mid-August, with the aim of completing the exchange in September, Greek banking sources said on Tuesday.
The contribution by private sector bondholders to a rescue plan for the debt-choked country may total as much as 50 billion euros ($71.9 billion), on top of a new, 109 billion euros bailout agreed by euro zone leaders last month.
Complex talks are ongoing with banks on the details of the bond swap and its impact on the lenders' finances, with a target to reach a take-up rate of 90 percent for the scheme.
"Around mid-August we expect to receive from the government a memorandum of understanding which will set out the terms and the procedures on the basis of which the impact and losses to each bank will be accounted. It will also include a timetable," a senior Greek banker told Reuters.
Some creditors have debated the value of boycotting the exchange, particularly if heavily exposed lenders and insurers rush to endorse it in moves that might improve non-participating smaller bondholders' chances of being paid on time and in full.
Greek banks are the biggest private holders of the country's 300 billion euro-plus debt, with a combined government bonds portfolio of about 40 billion euros ($57 billion).
"We will have about 10 to 15 days to study it and return it signed with our response on whether we will participate, to what degree of our portfolio and under which of the four options," the banker said.
Authorities are under time pressure to complete the exchange as soon as possible, with rating agencies having cast Greece deep into junk territory and market sentiment rapidly souring towards sovereign debt in other parts of the euro zone periphery.
The agencies have said they would place a default or temporary default tag on the country's debt once the bond exchange is announced but will assign new ratings quickly once it is completed.
Bank lobby group IIF has said four options would be offered to creditors -- three bond exchanges and one offer of a rollover into debt with maturities of up to 30 years -- alongside a scheme to buy back Greek government bonds.
"As soon as we sign and respond, the government will have an overall picture of the participation," the senior Greek banker said. "Then, there will be a subscription period of about a week during which we will officially subscribe (to the plan)."
Several other senior Greek banking officials confirmed they were expecting to receive a memorandum of understanding around mid-August, with a deadline of two to three weeks to answer.
"The aim is to finish by end-August, meaning to have collected by then all the banks' responses and to have the final participation rate," one banking official told Reuters.
A third banker said: "The time banks will have to respond depends on how fast the whole procedure will be completed for the memorandum of understanding to be sent. All procedures and the bond exchange will have been completed by mid-September."
Greek Finance Minister Evangelos Venizelos has said Greece wants to complete the bond offer quickly to avoid lingering into default territory for long, without giving a specific target date.
The IFF, which is helping coordinate talks on the bond exchange which started in Athens this week, has estimated that about 90 percent of all private holders of Greek debt maturing by 2020 will take part in the scheme.
IIF managing director Charles Dallara told Greek newspaper Kathimerini this weekend that the swap would help Greece return to bond markets by early 2014, dismissing analysts' concerns that the latest bailout package offers only short term respite.

 

[tommy271]

Greece to Halt Payment of 20,000 False Pensions, Mega TV Says

By Eleni Chrepa - Aug 2, 2011 5:04 PM GMT+0200

Tue Aug 02 15:04:27 GMT 2011




Greece will halt payment of 20,000 pensions and benefits that were being wrongfully paid, which will save 120 million euros ($170.8 million) a year, Labor Minister George Koutroumanis told Mega TV.
Greece’s biggest pension fund, IKA, will need an extra 200 million euros in funding by the end of the year to cover payments, Koutroumanis told the Athens-based Mega today. The ministry plans to cover the gap from cross checks to cut incorrect distribution of funds, Mega said, citing Koutroumanis.



(Bloomberg)

 

[tommy271]

Borsa Atene: Ase chiude in calo del 3,2%, bancari in rosso


MILANO (MF-DJ)--La Borsa di Atene chiude con l'indice Ase in calo del 3,2% a 1144,29 punti in una seduta caratterizzata da bassi volumi di scambio.
Gli investitori temono per l'impatto che uno swap di bond potrebbe avere sugli utili del 2* trimestre della banca.
"Emerge una scarsa propensione per i bancari al momento", afferma un analista.
In rosso Piraeus Bank che cede il 7,8%, Eurobank, in calo del 3,7% e Nbg in ribasso del 3,7%. Ppc perde il 4,7% e Ote il 2,9%


***
Se lo swap avrà successo è difficile dar torto all'analista ...

 

[METHOS]

hanno alzato patrimoniale in francia ? scusate l' ot .

Intendi la soglia o le aliquote? Per la soglia mi sembra che volevano passare dai 700 e rotti al milione di euro poi non sò se l'han fatto

 

[tommy271]

Grecia, banche vedono lettera dettagli swap a metà agosto- fonti

martedì 2 agosto 2011 17:28






ATENE, 2 agosto (Reuters) - La Grecia spera che i contatti in corso con le banche per la ristrutturazione dei titoli del Tesoro in mano ai privati proceDano abbastanza in fretta perché Atene sia in grado di presentare a metà agosto un'offerta dettagliata che illustri l'impatto contabile dello swap sul bilancio degli istituti di credito.
Lo riferiscono fonti bancarie elleniche, precisando che l'obiettivo sarebbe di concludere l'offerta di scambio in settembre.
Il contributo dei creditori privati al secondo piano di salvataggio greco potrebbe arrivare a un massimo di 50 miliardi di euro, da sommarsi ai nuovi 109 miliardi concordati il mese scorso a livello di zona euro.
Sui dettagli dell'operazione di swap sono in corso complesse trattative con il settore bancario, che deve conoscere i dettagli dell'offerta di scambio e il suo impatto sui bilanci. Obiettivo di Atene è un'adesione dei privati al nuovo schema nell'ordine di grandezza del 90%.
"Intorno a metà agosto prevediamo di ricevere dal governo un 'memorandum of understanding' che definirà i termini e le procedure in base a cui si dovranno calcolare l'impatto finanziario e le perdite di ciascuno. Il documento comprenderà anche una tabella di marcia" dice una fonte bancaria.
Alcuni creditori privati hanno preso in considerazione di 'boicottare' l'offerta di scambio, in particolare nel caso che i grandi obbligazionisti e le compagnie di assicurazione più esposte aderissero in massa all'offerta aumentando le chance che i piccoli investitori vengano pienamente rimborsati a scadenza.
Le banche elleniche sono il principale investitore sul totale di circa 300 miliardi di titoli del Tesoro in circolazione, con un portafoglio intorno ai 40 miliardi.
"Avremo tra 10 e 15 giorni per valutare l'offerta e inviare la nostra risposta di eventuale adesione, per quanta parte del nostro portafoglio e secondo quale delle quattro opzioni sul tavolo" aggiunge la fonte.


***
In italiano.