Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2 (9 lettori)
- Creatore Discussione tommy271
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Noloss
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tommy271
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Sinceramente non ho capito molto, forse è l'orario ... quale swap o quale buy-back da parte BCE?
discipline
Guest
Io la leggo così: non solo la BCE non ha più un solo bond di quelli soggetti a ristrutturazione, uscendo completamente e con profitto dalla vicenda, ma in più delega ai singoli governi la facoltà di supportare economicamente la Grecia. Se prima mancava una spinta per far partire lo swap, nonché un ulteriore argomento di convincimento..la chiave del rebus sta tutta quì:
"The ECB “realizes a profit” because it bought the bonds at a discount to face value and it is getting replacement bonds at face value. It then distributes the “profit” on the bonds to the national governments, which are expected to use those funds to support Greece"
ridicoli ripeto sono una massa di burocrati ridicoli che giocano con soldi veri
GiveMeLeverage
& I will remove the world
Europe to Weigh ECB Role to Close Greek Gap
By James G. Neuger - Feb 16, 2012 4:29 PM GMT+0100
European governments are considering cutting interest rates on emergency loans to Greece and using contributions from the European Central Bank to plug a new financing gap in the second bailout program for Athens, two people familiar with the discussions said.
Finance ministers wrangled over how to close the funding hole in a teleconference last night after seeing estimates that Greece’s debt would fall to 129 percent of gross domestic product in 2020, missing a target of 120 percent, said the people, who declined to be named because the talks are still in progress. Last year, the level was about 160 percent.
With the new obstacle in talks over the full program, the ministers’ next meeting on Feb. 20 may be limited to kicking off a bond exchange with private investors that is critical to staving off a Greek default in March, the people said.
As recriminations fly between Greece and its northern European creditors, the clock is ticking toward a March 20 bond redemption when Greece must make a 14.5 billion-euro ($19 billion) payment or become the first country in the euro’s 13- year history to default.
Europe is taking a “stricter stance” on Greece after two years of missed deficit-reduction targets, Estonian Finance Minister Jurgen Ligi told reporters in Tallinn today. “Critical voices are sounding louder than others.”
A two-step decision -- authorizing the bond exchange next week and then completing the 130 billion-euro public aid program -- would raise political risks by requiring two votes in some national parliaments.
Summit Showdown
It would also turn a planned March 1-2 summit of European leaders into a showdown over Greece, after countries including the Netherlands and Finland called for delaying the full package until after Greek elections in April or later.
A consensus is forming to charge Greece lower rates, one of the officials said, while central bankers have indicated that the ECB could funnel future profits from its Greek bond holdings to national governments and on into the crisis program.
Greece obtained its first, 110 billion-euro loan package in May 2010 at rates averaging 5 percent. Euro governments have already cut that figure once, to about 4 percent in March 2011.
Central bankers have agreed that they “don’t wish to make a profit on Greece,” ECB Governing Council member Luc Coene of Belgium said this week. An ECB spokesman today declined to comment.
French Proposal
More controversial is a proposal for national central banks to take part in the private exchange by accepting losses on Greek bonds in their investment portfolios. France is virtually alone in backing that idea, one of the officials said.
The Netherlands, meanwhile, is pushing to saddle bondholders with bigger losses by reopening a “private sector involvement” or PSI agreement for investors to write off roughly 100 billion euros of Greek debt. Investors have agreed to terms with a loss of about 70 percent of the net present value of their holdings.
“We don’t rule out a bigger PSI, but we clearly belong to a small minority on that point because the PSI that has been taken is a enormously big step,” Dutch Finance Minister Jan Kees de Jager told parliament in The Hague today.
The bond exchange can only go ahead once governments authorize the European Financial Stability Facility to provide 30 billion euros, to be used in cash or collateral as an incentive to investors.
“The decisions on PSI need to be made very quickly,” Deutsche Bank AG analysts Gilles Moec, Marco Stringa and Mark Wall said in a note to clients today. “Whether or not the debt exchange makes a crucial difference to the probability for the sovereign to adjust successfully, any future accident in Greece will be more manageable, in terms of European financial stability, after PSI.”
By James G. Neuger - Feb 16, 2012 4:29 PM GMT+0100
European governments are considering cutting interest rates on emergency loans to Greece and using contributions from the European Central Bank to plug a new financing gap in the second bailout program for Athens, two people familiar with the discussions said.
Finance ministers wrangled over how to close the funding hole in a teleconference last night after seeing estimates that Greece’s debt would fall to 129 percent of gross domestic product in 2020, missing a target of 120 percent, said the people, who declined to be named because the talks are still in progress. Last year, the level was about 160 percent.
With the new obstacle in talks over the full program, the ministers’ next meeting on Feb. 20 may be limited to kicking off a bond exchange with private investors that is critical to staving off a Greek default in March, the people said.
As recriminations fly between Greece and its northern European creditors, the clock is ticking toward a March 20 bond redemption when Greece must make a 14.5 billion-euro ($19 billion) payment or become the first country in the euro’s 13- year history to default.
Europe is taking a “stricter stance” on Greece after two years of missed deficit-reduction targets, Estonian Finance Minister Jurgen Ligi told reporters in Tallinn today. “Critical voices are sounding louder than others.”
A two-step decision -- authorizing the bond exchange next week and then completing the 130 billion-euro public aid program -- would raise political risks by requiring two votes in some national parliaments.
Summit Showdown
It would also turn a planned March 1-2 summit of European leaders into a showdown over Greece, after countries including the Netherlands and Finland called for delaying the full package until after Greek elections in April or later.
A consensus is forming to charge Greece lower rates, one of the officials said, while central bankers have indicated that the ECB could funnel future profits from its Greek bond holdings to national governments and on into the crisis program.
Greece obtained its first, 110 billion-euro loan package in May 2010 at rates averaging 5 percent. Euro governments have already cut that figure once, to about 4 percent in March 2011.
Central bankers have agreed that they “don’t wish to make a profit on Greece,” ECB Governing Council member Luc Coene of Belgium said this week. An ECB spokesman today declined to comment.
French Proposal
More controversial is a proposal for national central banks to take part in the private exchange by accepting losses on Greek bonds in their investment portfolios. France is virtually alone in backing that idea, one of the officials said.
The Netherlands, meanwhile, is pushing to saddle bondholders with bigger losses by reopening a “private sector involvement” or PSI agreement for investors to write off roughly 100 billion euros of Greek debt. Investors have agreed to terms with a loss of about 70 percent of the net present value of their holdings.
“We don’t rule out a bigger PSI, but we clearly belong to a small minority on that point because the PSI that has been taken is a enormously big step,” Dutch Finance Minister Jan Kees de Jager told parliament in The Hague today.
The bond exchange can only go ahead once governments authorize the European Financial Stability Facility to provide 30 billion euros, to be used in cash or collateral as an incentive to investors.
“The decisions on PSI need to be made very quickly,” Deutsche Bank AG analysts Gilles Moec, Marco Stringa and Mark Wall said in a note to clients today. “Whether or not the debt exchange makes a crucial difference to the probability for the sovereign to adjust successfully, any future accident in Greece will be more manageable, in terms of European financial stability, after PSI.”
tommy271
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cariatide
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Purtroppo è così
The European Central Bank is swapping its 50 billion euro Greek government bond holdings for new Greek bonds, Germany’s Die Welt newspaper reported, citing unidentified central bank officials.
The swap will be completed by Feb. 20, Die Welt said in a pre-release of an article to be published tomorrow. The ECB is swapping the bonds at their nominal value, generating a profit because they were purchased at a discount.
The profits will be distributed via national central banks to the governments who can do with them as they please, the newspaper said.
This is a technical operation ensuring the ECB will not have to take part in a private sector bond swap, Die Welt said.
ECB Swapping Greek Bonds for New Bonds: Welt - Bloomberg
I nuovi Bond non saranno nella lista degli "swapbond" ...!!!
GiveMeLeverage
& I will remove the world
L'intenzione è di swappare i vecchi bond con nuovi bond emessi esclusivamente per l'ECB.
Ci si aspetta che i nuovi bond siano english law, mentre i vecchi sono in prevalenza (o forse in totalità) greek law.
In questo modo l'ECB eviterebbe lo swap PSI+ e CAC.
discipline
Guest
Precisando che si tratta di una nota di Die Welt, riposto questo commento:
Report by Die Welt that Greece buys ECB
According to unconfirmed reports the ECB would sell all of its SMP holdings back to Greece at par. You may ask were would Greece find the money to do so. Well it can always issue new Greek bonds in lieu of payment and do an exchange through the Euroclear accounts. This is a standard restructuring trick aiming to avoid compliance issues with off market transactions. But compliance is only for commercial banks not for central banks and governments. We do not know the nature of the new bonds but one has to assume that they would be under English law. The ECB may further distribute any profits to the NCB which can then do as they wish.
Some time ago we presented a proposal for improving the PSI (see, here, here and here,). It involved a two stages.
We argued that this would reduce the debt to GDP for Greece to around 100% from day one making it sustainable. If the reports are right Stage 1. is completed. It remains to be seen if Stage 2 would be adopted.
Some time ago we presented a proposal for improving the PSI (see, here, here and here,). It involved a two stages.
- Stage 1. Buy the ECB to reduce the hold out incentives
- Stage 2. Offer the option to cash out bondholders alongside the bond swap.
We argued that this would reduce the debt to GDP for Greece to around 100% from day one making it sustainable. If the reports are right Stage 1. is completed. It remains to be seen if Stage 2 would be adopted.
Andreas Koutras: Report by Die Welt that Greece buys ECB
tommy271
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Se non è un'operazione rivolta anche al mercato è una truffa.
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