Abulico
Forumer storico
bè, comunque sia....anche la BCE prende altra carta greca...mica prende cash...
Si'...ma quella carta gli sara' rimborsata a 100...la nostra, forse, intorno a 25 se ci "caccano".
bè, comunque sia....anche la BCE prende altra carta greca...mica prende cash...
Euro zone central banks to exchange Greek bonds for new ones–Reuters
By Jamie Coleman || February 16, 2012 at 16:35 GMT
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- ECB/ Greek debt swap to be completed over the weekend
- ECB to profit from bond swap. according to Die Welt
FRANKFURT (MNI) - The Eurosystem is currently exchanging at least some of its Greek bonds against new bonds and is realizing a profit by getting face value for Greek bonds it bought at a heavily discounted price, Germany daily Die Welt reported Thursday, citing well-informed sources.
"The profit will be passed on via national central banks to governments," the report said. Governments then have the option to channel funds on to Greece. This appears to be how the European Central Bank has decided to contribute to Greek debt relief as part of the second bailout program.
The newspaper said that bonds with a nominal value of around E50 billion will be exchanged. That figure suggests that the Eurosystem is only exchanging Greek bonds held under the Eurosystem's government bond buy program (SMP) and that no bonds held in the regular investment portfolios of the national central banks are included.
According to the report, the swap is expected to be completed by Monday.
A number of ECB policy makers, including President Mario Draghi, have previously indicated that the central bank could forego some of the profits on Greek bonds in order to contribute to the debt reduction effort for Athens.
Draghi said during his last press conference that the ECB could redistribute parts of its profit to euro area member countries (via the euro area national banks), according to its capital key.
Ecco cosa ne dice a caldo Andreas:
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.
- 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
Thinking this through…
By Jamie Coleman || February 16, 2012 at 17:15 GMT
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So the ECB exchanges EUR 50 bln in Greek debt bought on the markets to “transmit monetary policy” in exchange for bonds with similar characteristics, but the ECB avoids getting swept up in the PSI
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.
But riddle me this: How does the ECB distribute a profit that it has not, in fact, realized? It’s not like they have liquidated the portfolio at face value, they just got more Greek paper.
Perhaps I don’t have this figured out exactly but it looks pretty shady. But that’s the way the game is played in Europe…
Raga'...io spero di sbagliarmi ma non vorrei che con questo swap privato la BCE si trovi adesso in mano nuovi bonds DIVERSI dai nostri.
Questo vorrebbe dire che in caso di swap forzato la BCE resterebbe immune perche' lo scambio riguarderebbe solo i vecchi bonds.
temo che più che fare causa alla BCE si dovrà fare causa alla Grecia. E' lei la debitrice che truffa i creditori. Poi chiaramente...potrai chiedere l'annullamento delle operazioni che hanno danneggiato il compendio fallimentare....
Si'...ma quella carta gli sara' rimborsata a 100...la nostra, forse, intorno a 25 se ci "caccano".
se tutto ciò è vero direi che è chiaro che applicano applicano le Cac a tutti e la bce si salva.
personlmente ho dei bond greci (anche se è poco) ma devo dire francamente che se questi fanno quest'operazione sono dei veri GENI.
dispiace dirlo, ma non ci sono altre parole per definirli
molto positivo per il market
Geni dell'imbroglio ... così son capaci tutti.
Cosa mi dice che non faranno la stessa cosa su altri titoli dell'Eurozona?
è una truffa sottile.
legalmente la cosa è possibile.
penso sia un grande positivo per il mercato se la cosa sia vera.
beneficeranno molto btp e bonos
(mia idea)
ovviamente se la news è vera.
francamente penso che orami all'exhange faranno partecipare tutti.