gualberto
Charlie don't Surf
rientrato anche sulla 5,5 2014 100k a 38,5..
+altre 50 a 38,768
non mi sembra che abbia scambiato così tanto
rientrato anche sulla 5,5 2014 100k a 38,5..
+altre 50 a 38,768
Eurozone Leaders Anticipate ECB Approval
European Union leaders anticipate the green light from the ECB on its participation in the final agreement in order to decide on how to raise funds for EFSF and cover the refinancing of banks after the extensive haircut of Greek bonds.
The negotiations between bankers and policymakers seem to reach to an agreement, which allows the EFSF to increase its firepower by partial leverage through sovereign (including the IMF) and private funds (with a special fund SPIV).
Capital.gr pointed out yesterday that banks’ refusal to accept a larger than 42% haircut was related to the demand for strengthening the EFSF actual capacity to at least €1 trillion in order to cover recapitalization needs without changes in the current composition of share capital.
This refusal remained in force until yesterday, but diplomatic sources in Luxembourg said "a step towards reconciliation now seems to be possible ..."
The solution includes the extension of Greek PSI that would include debt maturity until 2035 amounting to €210 billion, while the haircut could reach a rate of 48%-52%. The proposal seems to have gained ground, therefore Greek FinMin Evangelos Venizelos has been informed, who in turn briefed Greek bankers yesterday evening.
The finalization of the agreement is expected on Tuesday afternoon, but the approval of the ECB is necessary.
If the ECB rejects the rate or terms of the haircut, then discussion would have to start all over again. But it is estimated that an agreement in such a direction is rather unlikely.
The set up of a SPIV and EFSF leverage through sovereign and private funds leave open the possibility of limited access to indirect borrowing from the ECB. This “loophole” is under examination by the ECB.
In any case, Luxembourg sources noted, even if this specific proposal will not be accepted, there is a counterproposal of EFSF functioning as a guarantee mechanism for troubled economies’ bonds.
(capital.gr)
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Da leggere.
non mi sembra che abbia scambiato così tanto
Scusate se è stato già scritto, purtroppo non ho tempo di leggere tutto, il taglio del 60% sarebbe sul valore facciale, quindi le qutazioni scenderebbero ulteriormenteç il FT stima del 75-80% (calcolo sbagliato perche' dipenderebbe dalla scadenza), diciamo che la 2012 finirebbe a circa 40, le successive dipendono dal tasso, se questo e' superiore alle cedole si va sotto 40.
European negotiators have asked Greek debt holders to accept a 60 per cent cut in the face value of their bonds, a hardline stance that far exceeds losses agreed in a deal between private investors and eurozone authorities three months ago.
The stance, delivered to a consortium of international banks at the weekend by Vittorio Grilli, Italian treasury chief and lead eurozone negotiator, is a victory for German-led northern creditor countries who have been pushing for Greek bondholders to accept far more of the burden for a second bail-out.
...
The 60 per cent cut is a significant shift both in magnitude and in kind. The July deal did not force cuts in the face value of Greek debt; instead, bondholders would have been given new bonds that only delayed repayment for 30 years.
The IIF estimated the deal amounted to a 21 per cent reduction in net present value. A person close to bondholders said a 60 per cent cut in face value would be equivalent to a 75-80 per cent reduction in net present value.
According to officials, IIF negotiators have offered a 40 per cent cut in net present value rather than a face value reduction. In addition, the IIF has asked new bonds used in a proposed swap transaction be backed by €55bn in collateral, a €20bn increase on the July deal.
ma non eri già full greece? Quando sei uscito?