Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2
- Creatore Discussione tommy271
- Data di Inizio
- Stato
Nobody's
Γένοιο οἷος εἷ
21:10 Lagarde: applicare con determinazione piano salva Grecia 125 – Applicare con "fermezza e determinazione" il piano di salvataggio della Grecia approvato la scorsa settimana a Bruxelles. E' l'appello rivolto ai paesi europei dalla direttrice generale del fondo monetario internazionale Christine Lagarde. Parlando durante una riunione delle organizzazioni patronali dei paesi del G20, Lagarde ha sottolineato che "ciò che conta è la fermezza e la determinazione dei partner europei nell'applicare al più presto l'accordo del 27 ottobre e superare gli ostacoli che inevitabilmente incontreranno".
discipline
Guest
Quel tipo con quel sorriso intelligente mi fa spesso venire in mente che risus abundat in ore stultorum..quello lì ride sempre
tanto riso tanto pianto diceva mia mamma
ferdo
Utente Senior
gualberto
Charlie don't Surf
Difficile momento di passaggio Papandreou a Cannes
In un clima di pressione della delegazione greca - Si annulla il referendum - sessione straordinaria Giovedi senza Grecia
Cannes, Francia
Momento difficile passare il Primo Ministro Sig. Papandreou Cannes e secondo tutte le indicazioni affrontare forti pressioni a ritirare il referendum. Messaggi da tutte le capitali europee è fortemente negativo per l'iniziativa del primo ministro.
Le controparti sembrano arrabbiati perché credono che mette in discussione le decisioni del vertice scorso e soprattutto la gestione dei pacchetti tutto dissipata crisi del debito nel Vecchio Mondo. Le prime immagini trasmesse da Cannes indicano che la squadra greca non è stato invitato, ma è stato chiesto di spiegare le loro scelte, che nella fiducia dei nostri partner di esporre l'intero progetto europeo.
Il fatto che è stato annunciato la convocazione di emergenza vertice UE Giovedi mattina senza la partecipazione della Grecia crea un clima di preoccupazione per il destino del nostro paese.
In sostanza, la Grecia controllato le scelte e, come approvata dal capitali europee visto come paese irresponsabile. In queste circostanze e la misura di confermare questi sviluppi attesi schiacciante per il nostro paese.
Già, tuttavia, la delegazione greca, ma i greci esperti giornalisti in un ambiente isolato Cannes, indicativo dello stato d'animo dei nostri partner.
tovima
In un clima di pressione della delegazione greca - Si annulla il referendum - sessione straordinaria Giovedi senza Grecia
Cannes, Francia
Momento difficile passare il Primo Ministro Sig. Papandreou Cannes e secondo tutte le indicazioni affrontare forti pressioni a ritirare il referendum. Messaggi da tutte le capitali europee è fortemente negativo per l'iniziativa del primo ministro.
Le controparti sembrano arrabbiati perché credono che mette in discussione le decisioni del vertice scorso e soprattutto la gestione dei pacchetti tutto dissipata crisi del debito nel Vecchio Mondo. Le prime immagini trasmesse da Cannes indicano che la squadra greca non è stato invitato, ma è stato chiesto di spiegare le loro scelte, che nella fiducia dei nostri partner di esporre l'intero progetto europeo.
Il fatto che è stato annunciato la convocazione di emergenza vertice UE Giovedi mattina senza la partecipazione della Grecia crea un clima di preoccupazione per il destino del nostro paese.
In sostanza, la Grecia controllato le scelte e, come approvata dal capitali europee visto come paese irresponsabile. In queste circostanze e la misura di confermare questi sviluppi attesi schiacciante per il nostro paese.
Già, tuttavia, la delegazione greca, ma i greci esperti giornalisti in un ambiente isolato Cannes, indicativo dello stato d'animo dei nostri partner.
tovima
discipline
Guest
Si comincia a capire dove andranno a parare..
Europe might force Greek deal on creditors-source
LONDON | Wed Nov 2, 2011 12:16pm EDT
Nov 2 (Reuters) - Europe is increasingly likely to force investors to take a cut on their Greek bondholdings if they do not voluntarily sign up to a deal to slash the country's debt burden, a person briefed on the negotiations said on Wednesday.
The deal is part of an ambitious plan that was thrown into doubt this week when Greece said in a shock announcement it would vet the three-pronged agreement through a plebiscite.
A referendum would not necessarily sound the death-knell for the plan however, depending on how the question put before the people was phrased, and had been used in previous restructurings of sovereign debt, the person said.
Athens could squeeze out bondholders by changing the law so that the terms of any untendered bonds would have the same terms as the new ones, if a majority of debtholders -- for instance 75 percent -- voted in favour of the exchange.
Qualms that this would mean the deal with banks would no longer be voluntary, and could trigger a pay-out of Credit Default Swaps (CDS) -- something that Europe has long tried to prevent -- were gradually waning, the person said.
"The Europeans are now looking at the need to devote truly susbtantial financial resources to building firewalls around Spain and Italy, and therefore they are beginning to pinch pennies," the person said.
"No longer do you hear the statements you heard in May 2010, (that) whatever it takes, we will fund Greece."
Banks represented by the Institute of International Finance (IIF) agreed to write off the notional value of their Greek bondholdings by 50 percent early on Thursday, Oct. 27, after hours of hard-nosed talks with politicians.
The deal with the banks would reduce Greece's debt ratio to 120 percent of its Gross Domestic Product by 2020, but key details determining the cost for banks -- such as the coupon and the discount rate -- are still being negotiated.
There are 206 bilion euros ($282 bilion) of Greek government bonds in private sector hands, and a 50 percent reduction would reduce Greece's debt burden by some 100 billion euros. Its debt to GDP ratio now stands at 160 percent.
The IIF has sounded an optimistic note about the uptake of the agreement it has brokered, saying more than 90 percent of banks will take part, but others have said lead negotiator Charles Dallara was too optimistic.
"I don't know where he gets any of that. The IIF ... does not hold any bonds themselves. I would take all of that with a grain of salt," the person said.
Greece could change its laws, which for the largest part do not contain so-called Collective Action Clauses (CAC) to squeeze out minorities, and introduce an aggregated rule imposing new conditions on outstanding bonds.
"They've not yet come to that point. But you can look down the road and you can see pretty clearly where this thing is going to shake out," the person said.
"It would be a very mild use of legislative power, and obviously far milder than passing a law saying (everything worth) 100 now is (worth) 50."
Resistance against any form of CAC had largely come from the European Central Bank (ECB) and the French government, but these were now also leaning towards their use, the source said: "voluntary has become code word for CAC".
"It is the same meaning of voluntary that would be true if I stepped out on the 38th floor (of my office), I would voluntarily subscribe to the law of gravity. The splat would be the same," the person said.
Europe might force Greek deal on creditors-source | Reuters
Europe might force Greek deal on creditors-source
LONDON | Wed Nov 2, 2011 12:16pm EDT
Nov 2 (Reuters) - Europe is increasingly likely to force investors to take a cut on their Greek bondholdings if they do not voluntarily sign up to a deal to slash the country's debt burden, a person briefed on the negotiations said on Wednesday.
The deal is part of an ambitious plan that was thrown into doubt this week when Greece said in a shock announcement it would vet the three-pronged agreement through a plebiscite.
A referendum would not necessarily sound the death-knell for the plan however, depending on how the question put before the people was phrased, and had been used in previous restructurings of sovereign debt, the person said.
Athens could squeeze out bondholders by changing the law so that the terms of any untendered bonds would have the same terms as the new ones, if a majority of debtholders -- for instance 75 percent -- voted in favour of the exchange.
Qualms that this would mean the deal with banks would no longer be voluntary, and could trigger a pay-out of Credit Default Swaps (CDS) -- something that Europe has long tried to prevent -- were gradually waning, the person said.
"The Europeans are now looking at the need to devote truly susbtantial financial resources to building firewalls around Spain and Italy, and therefore they are beginning to pinch pennies," the person said.
"No longer do you hear the statements you heard in May 2010, (that) whatever it takes, we will fund Greece."
Banks represented by the Institute of International Finance (IIF) agreed to write off the notional value of their Greek bondholdings by 50 percent early on Thursday, Oct. 27, after hours of hard-nosed talks with politicians.
The deal with the banks would reduce Greece's debt ratio to 120 percent of its Gross Domestic Product by 2020, but key details determining the cost for banks -- such as the coupon and the discount rate -- are still being negotiated.
There are 206 bilion euros ($282 bilion) of Greek government bonds in private sector hands, and a 50 percent reduction would reduce Greece's debt burden by some 100 billion euros. Its debt to GDP ratio now stands at 160 percent.
The IIF has sounded an optimistic note about the uptake of the agreement it has brokered, saying more than 90 percent of banks will take part, but others have said lead negotiator Charles Dallara was too optimistic.
"I don't know where he gets any of that. The IIF ... does not hold any bonds themselves. I would take all of that with a grain of salt," the person said.
Greece could change its laws, which for the largest part do not contain so-called Collective Action Clauses (CAC) to squeeze out minorities, and introduce an aggregated rule imposing new conditions on outstanding bonds.
"They've not yet come to that point. But you can look down the road and you can see pretty clearly where this thing is going to shake out," the person said.
"It would be a very mild use of legislative power, and obviously far milder than passing a law saying (everything worth) 100 now is (worth) 50."
Resistance against any form of CAC had largely come from the European Central Bank (ECB) and the French government, but these were now also leaning towards their use, the source said: "voluntary has become code word for CAC".
"It is the same meaning of voluntary that would be true if I stepped out on the 38th floor (of my office), I would voluntarily subscribe to the law of gravity. The splat would be the same," the person said.
Europe might force Greek deal on creditors-source | Reuters
ferdo
Utente Senior
The CDS warehouse offers a significant level of regulatory transparency and helps to ensure that AIG can’t happen again. Some of the information it captures is public and is available here.
Note in Table 6 of the DTCC data that the net notional on Greek debt currently measures US$3.7 billion. This figure is calculated by summing the net exposures of the protection sellers, so it is impossible for any one firm selling protection to have more than $3.7bn in exposure. Of course, given that there are many net sellers, any one seller’s exposure is likely to be far less.
Also, firms’ net exposures are partially offset by the recovery value of the underlying obligations. For example, if the post-default recovery value of Greek debt was (hypothetically) 50%, the maximum aggregate amount payable would be 50% of $3.7 billion, or $1.85 billion. Furthermore, statistics indicate that, on average, 70 per cent of derivatives exposure is collateralised and the level of CDS collateralization is likely to be even higher as over 90% of CDS transactions (by numbers of trades) are collateralised. Thus, in this example, of the $1.85bn that would be payable, about $1.5bn is secured.
It?s Time to Stop the Nonsense | ISDA media.comment
avevo letto, cosa intende per gross notional and net notional, rispettivamente 74 mld e 3,7 mld (questi quelli dichiarati sopra dall'ISDA)?
gualberto
Charlie don't Surf
mi dai qualche dettaglio?
discipline
Guest
Non ne ho più di quanto grassettato nell'articolo
ferdo
Utente Senior
questo è già il secondo msg in cui dai per prossimo e per scontato un evento che tutto è tranne che certo
invito ad una collaborazione proattiva basata su news reali
grazie
- Stato
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