Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2 (7 lettori)
- Creatore Discussione tommy271
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tommy271
Forumer storico
Deputy PM airs idea of coalition
Pangalos suggests other parties should be brought in amid growing speculation about default
Ahead of a crucial few days for Greece, speculation about PASOK inviting New Democracy to join the government gathered pace on Friday just about as fast as rumors that the country is on the brink of default.
Deputy Prime Minister Theodoros Pangalos took a significant step in opening up the debate about whether PASOK should bring other parties into government to give the austerity program greater legitimacy.
Some Socialist MPs have suggested this week that their party should seek to form a coalition with New Democracy amid fears that PASOK will be irreparably damaged if it continues to carry sole responsibility for unpopular measures.
Pangalos ruled out the option of snap elections, which is another scenario that has been debated, but said that a coalition could provide the answer to Greece’s political and economic impasse.
“In conditions of crisis, I see a solution in the rallying together of more political forces around the achievement of a single aim,” he told Athina 984 radio. “If this were possible with New Democracy, I would welcome it.”
Prime Minister George Papandreou ruled out working with the conservatives following a failed attempt in the summer to form a coalition government. Pangalos said that any new move to extend a hand to ND would have to have support within the party. “I am not the party’s leader and the elected bodies must also have their say, as will those of New Democracy.”
The likelihood of the two parties working together seems slim. ND leader Antonis Samaras said Friday that if elected to power, he would scrap the government’s phasing out of some civil servants by placing them in a labor reserve. “We will apply the policy that we have already announced. We will not consider them as having been fired,” he said.
Meanwhile, there was a fresh round of speculation Friday about a possible Greek default. European Central Bank governing council member Klaas Knot told a Dutch daily that the possibility could no longer be ruled out. He is the first ECB policymaker to speak openly of the prospect.
“It is one of the scenarios,” Dutch daily Het Financieele Dagblad quoted him as saying. “All efforts are aimed at preventing this, but I am now less certain in excluding a bankruptcy than I was a few months ago.”
There was no official statement from Finance Minister Evangelos Venizelos, who flew to Washington to attend weekend meetings of the International Monetary Fund and the World Bank.
However, Papandreou’s office put out a brief statement after the premier met with PASOK MPs, which quoted him as rejecting the possibility of a default. “Because many things are being said and written, concerning scenarios, I stress one more time that we have chosen to implement the July 21 deal [agreed with eurozone members],” he said.
ekathimerini.com , Friday September 23, 2011 (22:59)
***
Politica interna.
Pangalos suggests other parties should be brought in amid growing speculation about default
Deputy Prime Minister Theodoros Pangalos took a significant step in opening up the debate about whether PASOK should bring other parties into government to give the austerity program greater legitimacy.
Some Socialist MPs have suggested this week that their party should seek to form a coalition with New Democracy amid fears that PASOK will be irreparably damaged if it continues to carry sole responsibility for unpopular measures.
Pangalos ruled out the option of snap elections, which is another scenario that has been debated, but said that a coalition could provide the answer to Greece’s political and economic impasse.
“In conditions of crisis, I see a solution in the rallying together of more political forces around the achievement of a single aim,” he told Athina 984 radio. “If this were possible with New Democracy, I would welcome it.”
Prime Minister George Papandreou ruled out working with the conservatives following a failed attempt in the summer to form a coalition government. Pangalos said that any new move to extend a hand to ND would have to have support within the party. “I am not the party’s leader and the elected bodies must also have their say, as will those of New Democracy.”
The likelihood of the two parties working together seems slim. ND leader Antonis Samaras said Friday that if elected to power, he would scrap the government’s phasing out of some civil servants by placing them in a labor reserve. “We will apply the policy that we have already announced. We will not consider them as having been fired,” he said.
Meanwhile, there was a fresh round of speculation Friday about a possible Greek default. European Central Bank governing council member Klaas Knot told a Dutch daily that the possibility could no longer be ruled out. He is the first ECB policymaker to speak openly of the prospect.
“It is one of the scenarios,” Dutch daily Het Financieele Dagblad quoted him as saying. “All efforts are aimed at preventing this, but I am now less certain in excluding a bankruptcy than I was a few months ago.”
There was no official statement from Finance Minister Evangelos Venizelos, who flew to Washington to attend weekend meetings of the International Monetary Fund and the World Bank.
However, Papandreou’s office put out a brief statement after the premier met with PASOK MPs, which quoted him as rejecting the possibility of a default. “Because many things are being said and written, concerning scenarios, I stress one more time that we have chosen to implement the July 21 deal [agreed with eurozone members],” he said.
ekathimerini.com , Friday September 23, 2011 (22:59)
***
Politica interna.
tommy271
Forumer storico
Greek default talk gets louder
While Finance Minister Evangelos Venizelos was trying to deny scenarios of a Greek default on Friday, officials of Greece’s European Union partners seemed to fuel speculation that an orderly Greek bankruptcy would include a haircut to Greek bonds higher than the 21 percent agreed in the last summit.
“Greece has made the definitive decision to do whatever it can to fully implement and in time all the decisions of the July 21 summit,” said Venizelos.
Separately, German Finance Minister Wolfgang Schaeuble suggested that the terms of Greece’s international rescue might have to be revised.
“One has to see whether what has been envisaged in June, July is still sustainable in the light of more recent developments,” Schaeuble told reporters in Washington before the annual meeting of the International Monetary Fund and the World Bank. At the same time, he said that “to speculate on this at the current juncture would be wrong.” He didn’t say what any new terms might involve.
European Central Bank governing council member Klaas Knot told the Het Financieele Dagblad Dutch daily that a Greek default could no longer be ruled out, and that he wondered “whether the Greeks realize how serious the situation is.”
Separately, the International Institute of Finance (IIF), which thrashed out the July Greek bond rollover plan, issued a report showing that its full implementation would make the Greek debt viable and that it would de-escalate from 155 percent of GDP this year to 122 percent in 2015 and 98 percent in 2020.
The IIF projections were based on the assumptions of privatizations revenue of 50 billion euros by 2015 and 3 percent growth rates between 2015 and 2020.
In response to reports that he had told deputies the alternatives to the July package were either an agreed 50 percent “haircut” in Greek bonds or a disorderly default, Venizelos said, “all other discussions, rumors, comments and scenarios that divert our attention from this central target... do not help our common European task.”
Greece’s two-year bonds currently yield almost 70 percent and credit default swaps indicate more than a 90 percent chance the country will fail to pay back its debt of more than 350 billion euros.
ekathimerini.com , Friday September 23, 2011 (23:00)
“Greece has made the definitive decision to do whatever it can to fully implement and in time all the decisions of the July 21 summit,” said Venizelos.
Separately, German Finance Minister Wolfgang Schaeuble suggested that the terms of Greece’s international rescue might have to be revised.
“One has to see whether what has been envisaged in June, July is still sustainable in the light of more recent developments,” Schaeuble told reporters in Washington before the annual meeting of the International Monetary Fund and the World Bank. At the same time, he said that “to speculate on this at the current juncture would be wrong.” He didn’t say what any new terms might involve.
European Central Bank governing council member Klaas Knot told the Het Financieele Dagblad Dutch daily that a Greek default could no longer be ruled out, and that he wondered “whether the Greeks realize how serious the situation is.”
Separately, the International Institute of Finance (IIF), which thrashed out the July Greek bond rollover plan, issued a report showing that its full implementation would make the Greek debt viable and that it would de-escalate from 155 percent of GDP this year to 122 percent in 2015 and 98 percent in 2020.
The IIF projections were based on the assumptions of privatizations revenue of 50 billion euros by 2015 and 3 percent growth rates between 2015 and 2020.
In response to reports that he had told deputies the alternatives to the July package were either an agreed 50 percent “haircut” in Greek bonds or a disorderly default, Venizelos said, “all other discussions, rumors, comments and scenarios that divert our attention from this central target... do not help our common European task.”
Greece’s two-year bonds currently yield almost 70 percent and credit default swaps indicate more than a 90 percent chance the country will fail to pay back its debt of more than 350 billion euros.
ekathimerini.com , Friday September 23, 2011 (23:00)
tommy271
Forumer storico
Cosco eyes Piraeus expansion
By Katerina Sokou
Kathimerini met up with Captain Fu Cheng Qiu at Pier II during the installation of one of three Super Post Panamax gantry cranes that were delivered earlier this month.
The general manager of Cosco Piraeus Terminal Co Ltd was supervising the progress of the installation so that it went along without a hitch, while also keeping an eye on a cargo ship that was being loaded, making sure that everything was on schedule. “We are all part of chain and this is why the schedule needs to go like clockwork,” he said. “We have to offer good services to our customers so that they continue to choose us.”
Construction for the remodeling of the pier and elevating and strengthening its abutment continue further along. This project, to be completed in a few months’ time, is expected to increase productivity by 30 percent as it will allow the installation of gantry cranes for high-rack storage and better utilization of the available space.
Despite the recession, the commercial port of Piraeus is well on its way to setting a record in container transportation. Captain Fu estimates that so far this year, some 1.5 million TEU (twenty-foot equivalent units) have been shifted through Pier II, breaking the record for 2007. This impressive increase in activity confirms the Chinese shipping giant’s strategy to invest in increasing Piraeus port’s capacity and Fu is already talking about tripling output. To this end, he has put the construction of a section of Pier II to serve larger ships at the top of his list of priorities, and expects this to give the Piraeus Container Terminal a significant comparative advantage. Completion of Pier III, which is part of the concession signed with Cosco by the Piraeus Port Authority (OLP), will increase capacity by 3.7 million TEU on an annual basis, according to Fu.
The main question, however, is whether Cosco is also interested in Pier I, which is currently managed by OLP.
“If your government forms a clear policy to open up the process, then I can say on behalf of Cosco that we are interested,” said Fu. “The situation has changed a lot since Cosco’s arrival in Greece to the present and I am pleased about this. The government understands the importance of investment and the stance of society has also changed toward is. After all, we employ more that 700 workers. At first there were concerns that we would bring labor from China; this is not true, as we have only seven Chinese on the work force. We had to accept your culture and now, as a Chinese, I am trying to explain ours. Our cultures may be different, but both countries have a long history. But, in order to achieve mutual acceptance, we have to open our hearts to one another,” said Fu.
Regarding Greece’s efforts to overcome the current economic crisis, Fu said that “if you continue to aim for stability and persist with privatizations, I trust that the country will emerge from the crisis faster.”
According to Captain Fu, every country must exist within the framework of its capabilities, and for Greece to increase its capabilities it needs to develop its private sector. “This is not a very big country, and it is easy to change the direction of a small ship. It would be very easy for Greece, if the policy is right.”
ekathimerini.com , Friday September 23, 2011 (21:42)
Kathimerini met up with Captain Fu Cheng Qiu at Pier II during the installation of one of three Super Post Panamax gantry cranes that were delivered earlier this month.
The general manager of Cosco Piraeus Terminal Co Ltd was supervising the progress of the installation so that it went along without a hitch, while also keeping an eye on a cargo ship that was being loaded, making sure that everything was on schedule. “We are all part of chain and this is why the schedule needs to go like clockwork,” he said. “We have to offer good services to our customers so that they continue to choose us.”
Construction for the remodeling of the pier and elevating and strengthening its abutment continue further along. This project, to be completed in a few months’ time, is expected to increase productivity by 30 percent as it will allow the installation of gantry cranes for high-rack storage and better utilization of the available space.
Despite the recession, the commercial port of Piraeus is well on its way to setting a record in container transportation. Captain Fu estimates that so far this year, some 1.5 million TEU (twenty-foot equivalent units) have been shifted through Pier II, breaking the record for 2007. This impressive increase in activity confirms the Chinese shipping giant’s strategy to invest in increasing Piraeus port’s capacity and Fu is already talking about tripling output. To this end, he has put the construction of a section of Pier II to serve larger ships at the top of his list of priorities, and expects this to give the Piraeus Container Terminal a significant comparative advantage. Completion of Pier III, which is part of the concession signed with Cosco by the Piraeus Port Authority (OLP), will increase capacity by 3.7 million TEU on an annual basis, according to Fu.
The main question, however, is whether Cosco is also interested in Pier I, which is currently managed by OLP.
“If your government forms a clear policy to open up the process, then I can say on behalf of Cosco that we are interested,” said Fu. “The situation has changed a lot since Cosco’s arrival in Greece to the present and I am pleased about this. The government understands the importance of investment and the stance of society has also changed toward is. After all, we employ more that 700 workers. At first there were concerns that we would bring labor from China; this is not true, as we have only seven Chinese on the work force. We had to accept your culture and now, as a Chinese, I am trying to explain ours. Our cultures may be different, but both countries have a long history. But, in order to achieve mutual acceptance, we have to open our hearts to one another,” said Fu.
Regarding Greece’s efforts to overcome the current economic crisis, Fu said that “if you continue to aim for stability and persist with privatizations, I trust that the country will emerge from the crisis faster.”
According to Captain Fu, every country must exist within the framework of its capabilities, and for Greece to increase its capabilities it needs to develop its private sector. “This is not a very big country, and it is easy to change the direction of a small ship. It would be very easy for Greece, if the policy is right.”
ekathimerini.com , Friday September 23, 2011 (21:42)
tommy271
Forumer storico
Turkish vessel sails to Cyprus
No sign of warship escorting Piri Reis despite earlier warnings by Ankara
The Turkish oil exploration vessel Piri Reis left the port of Izmir on Friday to conduct seismic surveys off the northern coast of Cyprus, but there was no sign of warship escorts despite earlier warnings by Ankara.
Turkish media had reported earlier that three Turkish submarines had left Turkey’s Marmara port and were headed toward Cyprus. But Greek defense officials rebuffed the reports, noting that only one Turkish submarine had been detected in the area, participating in a scheduled naval exercise.
Tensions peaked earlier this week after Nicosia announced that drilling had begun in an offshore area adjoining a gas field off Israel.
Commenting on Friday about a continental-shelf accord signed between Turkish Prime Minister Recep Tayyip Erdogan with the leader of the Turkish-occupied north, Dervis Eroglu, ostensibly allowing Turkish Cypriots to drill in waters surrounding the island, Greek Foreign Ministry sources spoke of “contradictory behavior,” noting that Ankara had first slammed Nicosia for signing a deal to drill for oil and gas off its coastline and then proceeded to sign a similar pact itself.
ekathimerini.com , Friday September 23, 2011 (22:30)
No sign of warship escorting Piri Reis despite earlier warnings by Ankara
Turkish media had reported earlier that three Turkish submarines had left Turkey’s Marmara port and were headed toward Cyprus. But Greek defense officials rebuffed the reports, noting that only one Turkish submarine had been detected in the area, participating in a scheduled naval exercise.
Tensions peaked earlier this week after Nicosia announced that drilling had begun in an offshore area adjoining a gas field off Israel.
Commenting on Friday about a continental-shelf accord signed between Turkish Prime Minister Recep Tayyip Erdogan with the leader of the Turkish-occupied north, Dervis Eroglu, ostensibly allowing Turkish Cypriots to drill in waters surrounding the island, Greek Foreign Ministry sources spoke of “contradictory behavior,” noting that Ankara had first slammed Nicosia for signing a deal to drill for oil and gas off its coastline and then proceeded to sign a similar pact itself.
ekathimerini.com , Friday September 23, 2011 (22:30)
ferdo
Utente Senior
Mah a me' sembra che ristanno incasinando le cose ! A questo punto fanno sta Dutch Auction o lo Swap o Entrambi ? Vediamo tra G20 / IMF / World Bank che si inventano sto fine settimana ? Facciamo alla " Baruffa " e si butta nell' aria la carta EFESSO e giu' ditate negl' occhi e gomitate e chi la piglia prima sconta "solo" il 21 % sul nominale e invece chi prende per ultimo sconta il 70 % sul nominale e chi non prende nulla lo prende nel K !
entrambi
originariamente lo swap era destinato al breve-medio fino al 2020;
il buy back al lungo
non vedo incasinamento eccessivo, anzi mi conforta che stanno seguendo il documento IIF alla lettera, parlava di 20 mld e lo sono, di switch su bond a breve emessi da organismo e viene attuato: nel documento IIF questa offerta era per il debito a lunga scadenza che al tempo quotava 50 (probabilmente non pensavano che le quotazioni sarebbero scese così tanto se no perchè scriverlo); ora ne stanno approfittando per includere anche i brevi che quotano meno, causa ritardo erogazione tranche e questioni varie
dopo swap e buy-back i titoli saranno molto poco liquidi
Ultima modifica:
Gaudente
Forumer storico
e visto che e' sabato e non c'abbiamo un qazzo da fare (veramente io non ho un q da fare 365 giorni all'anno , ma non importa
) di conti facciamone addirittura 4.Lo swap offre l'opportunita' di scelta tra un taglio del nominale con cedola elevata ed un bond par con cedola ridotta (ma ridotta mica tanto) quindi possiamo stimare che la riduzione del debito nominale sara' di circa 20 miliardi.
Supponendo che il buyback sia di 40 miliardi nominali ad un prezzo medio di 50 la Grecia otterra' una riduzione di altri 20 miliardi.
Totale 40 miliardi , sottratti dai 340 miliardi di fine 2010 fanno 300 , quindi aggiungiamo il deficit 2011 di circa 20 miliardi e torniamo a 320 , che rapportati ai 230 del PIL fanno sempre uno spaventoso 140%.
A questo si aggiunge il fatto che la massa dei crediti privilegiati si ingrossa sempre di piu'. IMF 18 , EU 47 EFSF 20 (dopo il buyback) +garanzia degli ZC connessi allo swap e forse pure i titoli della BCE ... viene da chiedersi che recovery possa restare per tutti gli altri.
tommy271
Forumer storico
e visto che e' sabato e non c'abbiamo un qazzo da fare (veramente io non ho un q da fare 365 giorni all'anno , ma non importa
Lo swap offre l'opportunita' di scelta tra un taglio del nominale con cedola elevata ed un bond par con cedola ridotta (ma ridotta mica tanto) quindi possiamo stimare che la riduzione del debito nominale sara' di circa 20 miliardi.
Supponendo che il buyback sia di 40 miliardi nominali ad un prezzo medio di 50 la Grecia otterra' una riduzione di altri 20 miliardi.
Totale 40 miliardi , sottratti dai 340 miliardi di fine 2010 fanno 300 , quindi aggiungiamo il deficit 2011 di circa 20 miliardi e torniamo a 320 , che rapportati ai 230 del PIL fanno sempre uno spaventoso 140%.
A questo si aggiunge il fatto che la massa dei crediti privilegiati si ingrossa sempre di piu'. IMF 18 , EU 47 EFSF 20 (dopo il buyback) +garanzia degli ZC connessi allo swap e forse pure i titoli della BCE ... viene da chiedersi che recovery possa restare per tutti gli altri.
Appunto, nessuna ipotesi di recovery.
Da o a 30 oppure meglio lasciar perdere, vista l'esiguità del vantaggio dell'operazione: così non ci si gioca il ritorno sui mercati finanziari nel 2013.
Non c'è alternativa ragionevole agli accordi del 21 luglio.
Anzi, l'Europa farebbe bene a mettere mano al portafoglio e fare un atto di coscienza: l'invio della "Task Force" è l'unico atto positivo di questi ultimi mesi.
tommy271
Forumer storico
I PREZZI DEGLI HOTEL
Hotel prices in Greece fell in August, as hotel enterprises sought to respond to intensified competition in the market, a report by Trivago - a hotel price website - stated on Friday.
Trivago said the price of a double-bed room in a Greek hotel cost an average (AMNA) 112 euros in August, down 7.0 pct compared with the same period in 2010.
The biggest price declines were recorded in Mykonos (-51 pct to 140 euros), Naxos (-43 pct to 62 euros), Skopelos (-40 pct to 71 euros) and Perissa (Santorini) (-39 pct to 58 euros). On the other hand, Thessaloniki (+23 pct to 102 euros), Athens (+15 pct to 105 euros) and Kalambaka (+13 pct to 87 euros), recorded the biggest percentage increases in the month.
The cost of an overnight stay in a hotel room in Europe cost an average 136 euros in August, while the cost in a hotel room in Istanbul was 146 euros (up 36 pct from August 2010).
(amna.gr)
Hotel prices in Greece fell in August, as hotel enterprises sought to respond to intensified competition in the market, a report by Trivago - a hotel price website - stated on Friday.
Trivago said the price of a double-bed room in a Greek hotel cost an average (AMNA) 112 euros in August, down 7.0 pct compared with the same period in 2010.
The biggest price declines were recorded in Mykonos (-51 pct to 140 euros), Naxos (-43 pct to 62 euros), Skopelos (-40 pct to 71 euros) and Perissa (Santorini) (-39 pct to 58 euros). On the other hand, Thessaloniki (+23 pct to 102 euros), Athens (+15 pct to 105 euros) and Kalambaka (+13 pct to 87 euros), recorded the biggest percentage increases in the month.
The cost of an overnight stay in a hotel room in Europe cost an average 136 euros in August, while the cost in a hotel room in Istanbul was 146 euros (up 36 pct from August 2010).
(amna.gr)
tommy271
Forumer storico
Le previsioni della caduta del satellite paiono come quelli sui nostri bond, tanti calcoli inutili e sbagliati:
http://www.corriere.it/scienze_e_te...1e0-93fc-4b486954fe5e.shtml?fr=box_primopiano
http://www.corriere.it/scienze_e_te...1e0-93fc-4b486954fe5e.shtml?fr=box_primopiano
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