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27/09/2011 08:01

Crisi: Giappone pronto ad aumentare acquisti obbligazioni europee




(Il Sole 24 Ore Radiocor) - Tokyo, 27 set - Il governo giapponese e' disposto ad acquistare piu' titoli del fondo europeo di emergenza (Fesf) se le autorita' della zona euro riusciranno ad istituire un meccanismo per calmare i mercati.
Lo ha detto martedi' il ministro delle Finanze giapponese, Jun Azumi. "Se verra' lanciato un programma in grado di allentare le tensioni sui mercati finanziari, aiutando la Grecia, non escludo che il Giappone possa partecipare", ha detto Azumi giugno in una conferenza stampa, secondo quanto riporta Kyodo News.
Azumi si riferiva a nuovi acquisti da parte del Giappone delle obbligazioni emesse dalla European Financial Stability (Fesf), il fondo di soccorso per i Paesi fortemente indebitati nella zona euro.
 
Papandreou steps into uncertain fray



PM to meet Merkel in Germany as eurozone discusses Greek default and more comprehensive EFSF



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Prime Minister George Papandreou is due to meet Chancellor Angela Merkel Monday as Greece waits for its next loan tranche and its eurozone partners discuss the creation of a new package to protect the euro from a possible Greek default.
Papandreou and Merkel are due to address German industrialists before having dinner together. Sources said Athens does not expect any tangible outcome from the meeting but it should provide a guide to Germany’s thinking on what the eurozone’s next moves should be.
Following talks between officials at a gathering of the International Monetary Fund and the World Bank in Washington over the weekend, it emerged that Germany and its eurozone partners are considering the option of allowing Greece to conduct an “orderly default” that would involve a 50 percent write-down on its debt. This move would be accompanied by a vast increase in the scope and size, possibly to more than 2 trillion euros, of the rescue fund known as the European Financial Stability Facility (EFSF).
Despite widespread reports about the new thinking within the eurozone, Athens denied that it had discussed the proposals. “This discussion has never been held at government levels,” said government spokesman Ilias Mossialos. “There are reports that others are examining it… we are not delving into such issues.”
Finance Minister Evangelos Venizelos said nobody else could know what was discussed between himself, IMF Managing Director Christine Lagarde and European Central Bank President Jean-Claude Trichet on Sunday. “What is absolutely certain is that there has not been and could not have been any discussion about the so-called scenario of an orderly default.”
Athens insists it is focusing on implementing the latest set of austerity measures aimed at stabilizing its public finances. A European Commission spokesman, meanwhile, said no decision would be taken on Greece’s 8-billion-euro loan tranche at the Eurogroup meeting on October 3.
Instead, officials from the Commission, the IMF and the ECB will visit Greece this week to examine the measures the government has proposed and how likely it is they will be implemented and meet their targets, which include reducing the public deficit to 7.5 percent of GDP this year. Sources said that the troika is also waiting for Athens to confirm at least one privatization before it releases the next loan installment.






ekathimerini.com , Monday September 26, 2011 (23:11)
 
PASOK rifts persist ahead of key vote


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As the government braced for a crucial vote on a controversial new property tax in Parliament Tuesday, there was no indication Monday that any cadres of the ruling Socialist party would vote down the measure though the rifts within PASOK were clear.
The few PASOK MPs who had suggested they might stand down to protest the tax had not given up their seats by late last night. But there was clearly discord within the party. Transport Minister Yiannis Ragousis presented statistics showing that costs for public transport companies have overshot the national budget by 30 percent -- a clear dig at his predecessor Dimitris Reppas, now administrative reform minister, who had accused Ragousis of failing to do the necessary groundwork for the creation of a new pay structure for civil servants when he had been interior minister.
The clash prompted the intervention of Citizens’ Protection Minister Christos Papoutsis, who advised against “displays of excessive irresponsibility.”
Meanwhile, in defiance of Prime Minister George’s Papandreou’s calls for cadres to avoid speculating about early elections, several MPs commented on the prospect in radio interviews Monday.
In a related development, it emerged that the process of compiling lists of surplus staff at dozens of state bodies has hit a snag. Officials at most of the 151 bodies reportedly claimed to be unable to identify surplus staff or demanded additional evaluation criteria, sources said. The bodies have been asked to put 10 percent of their employees on a “surplus list.” These employees would join a labor standby scheme, taking heavily docked wages for 12 months before their status is re-evaluated.


ekathimerini.com , Monday September 26, 2011 (22:34)

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Le tensioni presenti nel paese, investono inevitabilmente il partito di maggioranza.
Situazione abbastanza logorata, ma di tenuta.
 
PM calls Ankara over Cyprus





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Prime Minister George Papandreou telephoned his Turkish counterpart Recep Tayyip Erdogan Monday to appeal for “self-restraint and calm” following a spike in regional tensions over oil and gas and exploration launched last week off the southern coast of Cyprus.
sGovernment spokesman Ilias Mossialos said Papandreou had emphasized the importance “of self-restraint and calm in matters of security in the Eastern Mediterranean” and had stressed Nicosia’s right to exercise its rights as a sovereign state. “Unilateral actions that create problems in the region should be avoided,” Mossialos quoted Papandreou as saying.
According to sources, the prime minister is keen to reboot Greek-Turkish relations, which have stalled after several years of rapprochement. Sources said the two leaders agreed that a bilateral council of high-level officials would convene before early November.
But Mossialos played down Papandreou’s conversation with Erdogan, noting that it effectively replaced a scheduled meeting in New York last weekend between the two men which never happened as mounting pressure on Papandreou to implement reforms obliged him to cancel the trip.
According to Turkish government sources, Erdogan told the Greek premier that Cyprus could only prospect for oil and gas off its shores once a settlement has been reached in United Nations-mediated peace talks to reunify the island.
As an alternative scenario, the Turkish premier reportedly echoed a proposal by Turkish-Cypriot leader Dervis Eroglu for the creation of a committee of Greek-Cypriot and Turkish-Cypriot officials to oversee the drilling and split any gains between the two sides.
Officials in Nicosia had already indicated that revenues from energy reserves could be shared with the Turkish Cypriots.
Last week, Turkey responded to the launch of drilling off Cyprus by heralding a similar initiative with authorities in the island’s Turkish-occupied north.
A Turkish vessel, dispatched to Cyprus last Friday, was reportedly due to start exploration Monday.

ekathimerini.com , Monday September 26, 2011 (22:27)

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L'altro fronte "caldo".
 
Deeper, lengthier cuts coming



Venizelos announces latest set of measures amounting to 6.5-7 billion euros



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By Prokopis Hatzinikolaou and Sotiris Nikas


The target of the latest set of measures that Finance Minister Evangelos Venizelos presented in his speech at the Institute of International Finance on Monday is between 6.5 and 7 billion euros and is likely to be explained in a press conference in Athens at noon on Tuesday.
The measures include the retrospective slashing of tax exemptions from January 2011, new cuts in pensions by an average of 4 percent and an additional 20 percent reduction in state salaries.
“Three months after the additional measures of June, the government has agreed to further measures that amount to 3 percent of the country’s gross domestic product,” Venizelos stated in Washington.
He added that the measures are being taken in order for Athens to meet the fiscal targets set for this and next year in an environment of “deep recession, bad liquidity conditions, uncertainty and anxiety.”
The new measures specifically concern: A 20 percent decrease in state sector salaries in addition to the 15 percent already enforced and the 25 percent reduction at companies in the greater state sector (such as utilities etc); a further cut in pensions by 4 percent on average on top of the 10 percent already applied; a labor standby scheme for 30,000 public sector workers up to the end of 2011; and the application of the rule for one hiring for every 10 layoffs for the whole of the duration of the midterm fiscal plan, i.e. until 2015.
Other provisions include cuts in tax exemptions to the amount of 0.6 percent of GDP, to cover the whole of the year. The tax-free ceiling will go down to 5,000 euros (regarding annual income), which will automatically mean a major cut in the discounts and exemptions that taxpayers currently enjoy.
Finally, the new set of measures includes the hugely controversial emergency property tax, which citizens will pay via their electricity bills. Venizelos suggested that it will amount to 1.1 percent of GDP and continue for the whole of the midterm fiscal plan, against an original plan for just 2011 and 2012, as the minister had announced earlier this month in Thessaloniki.






ekathimerini.com , Monday September 26, 2011 (23:05)
 
Sell-off deals by the weekend





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Athens intends to announce a number of privatization deals by the end of the week, according to government sources, but Finance Minister Evangelos Venizelos scaled back the target for state asset sales amid slumping stock values and delays in implementing the program.
“We will probably be announcing an agreement for three contracts this week,” the ministry’s general secretary for privatizations, Giorgos Christodoulakis, told state radio on Monday.
The deals will likely include extensions to the contracts for gaming company OPAP and Athens International Airport, with the sale of permits for video lotteries also expected.
However Venizelos said in Washington late on Sunday that the government will only collect about 4 billion euros from privatizations by the end of the year, versus a target of 5 billion euros.
So far the government has only collected 400 million euros from the sale of a 10 percent stake in OTE telecom to German giant Deutsche Telekom in June.






ekathimerini.com , Monday September 26, 2011 (23:08)
 
Grecia, ritorno troika ad Atene atteso per domani - fonte

martedì 27 settembre 2011 08:39






ATENE, 27 settembre (Reuters) - Gli ispettori di Ue, Fmi e Bce dovrebbero fare ritorno domani ad Atene, secondo una fonte vicina alla cosiddetta Troika.
"L'esame dovrebbe riprendere normalmente mercoledì" ha confermato la fonte, rispondendo a una domanda sull'eventuale ritorno degli ispettori in Grecia nel corso di questa settimana.
La missione della troika era stata sospesa ad inizio settembre a seguito del mancato rispetto a parte del paese di degli impegni di consolidamento fiscale presi con l'Ue e il Fmi.
 
Europa pensa a veicolo speciale per frenare crisi - CNBC

martedì 27 settembre 2011 08:44






27 settembre (Reuters) - I funzionari europei stanno prendendo in esame la possibilità di iniettare denaro in uno speciale veicolo in grado di emettere bond e di acquistare debito sovrano europeo nel tentativo di contenere la crisi della zona euro. Lo ha riportato nella notte il network televisivo CNBC, citando un alto funzionario europeo.
In base al piano, il veicolo speciale sarebbe istituito dalla Banca europea degli investimenti (Bei) e le sue emissioni potrebbero essere usate come collaterale per la Banca centrale europea.
Secondo CNBC, l'idea sarebbe quella di aumentare la leva finanziaria del fondo di salvataggio Efsf fino a 8 volte.
Parte della dotazione dell'Efsf sarebbe usata per rafforzare la posizione patrimoniale delle banche.
Secondo CNBC, il piano per far leva sull'Efsf è un livello molto avanzato ma, sebbene sia molto dettagliato, potrebbe non essere l'unico progetto in discussione.
La Banca europea degli investimenti non è stata immediatamente disponibile per un commento mentre un altro funzionario impegnato nei colloqui per la risoluzione della crisi ha definito il report di Cnbc "bizzarro".
"Francamente quello che viene detto sulla Bei è abbastanza bizzarro, non è di questo che si sta discutendo".
"Ci sono dei colloqui con la Bei sull'aumento della sua capacità di emettere titoli obbligazionari per finanziare progetti specifici" ha detto il funzionario, riferendosi ai project-bond usati per sostenere i principali progetti infrastrutturali europei.
 
Venizelos e le discussioni a Washington


Nei contatti a Washington e nel corso dei colloqui con la troika del rilascio della sesta puntata verrà riportato a mezzogiorno dal vice primo ministro e ministro delle finanze Evangelos Venizelos.

Στη συνέντευξη Τύπου που θα παραχωρήσει ο κ. Βενιζέλος αναμένεται να δεχθεί πλήθος ερωτήσεων αναφορικά με τα ταμειακά διαθέσιμα, την αποκρυστάλλωση των νέων μέτρων, αλλά και για τις γραπτές διαβεβαιώσεις που έχουν τεθεί ως προϋπόθεση για την επιστροφή της τρόικα στην Αθηνά.​
La conferenza stampa darà il signor Venizelos si aspetta di ricevere numerose domande riguardanti la cassa, la cristallizzazione di nuove misure, ma le garanzie scritte sono state fatte alla condizione che il ritorno della troika ad Atena.

Σύμφωνα με πληροφορίες ήδη η ελληνική κυβέρνηση έδωσε στην ηγεσία του ΔΝΤ ένα προσχέδιο που περιλαμβάνει τα νέα μέτρα.​
Secondo le informazioni già presenti nel governo greco ha dato la direzione del FMI un programma che include nuove misure.

Ωστόσο, το αργότερο μέχρι αύριο, Τετάρτη το υπουργείο Οικονομικών θα πρέπει να έχει στείλει σε ΔΝΤ, Ευρωπαϊκή Επιτροπή και Ευρωπαϊκή Κεντρική Τράπεζα σε επίσημη μορφή τις γραπτές διαβεβαιώσεις για την εφαρμογή των νέων μέτρων που έχουν τεθεί ως προϋπόθεση για την επιστροφή της τρόικα στην Αθηνά.​
Tuttavia, più tardi entro domani, Mercoledì il Tesoro sarà inviato alla FMI, Commissione europea e Banca centrale forma ufficiale di garanzie scritte per l'attuazione delle nuove misure sono state messe come condizione per la restituzione della troika ad Atena.

Πηγές προσκείμενες στην τρόικα δηλώνουν πως τα κλιμάκια και οι επί κεφαλής τους θα επιστρέψουν στην Αθηνά εντός της εβδομάδας, υπό την προϋπόθεση ότι η κυβέρνηση θα παράσχει ενδιάμεσα τις σαφείς γραπτές διαβεβαιώσεις (certain written assurances) για τα μέτρα που προτίθεται να λάβει στο προσεχές διάστημα.​
Fonti vicine alla Troika indicare che i ranghi e la testa torna ad Atene questa settimana, a condizione che il Governo fornirà le assicurazioni intermedie scritta e chiara, (alcune garanzie scritte) per misure da prendere nel prossimo futuro.

Στέλεχος κοντά στην τρόικα δήλωσε σήμερα Τρίτη στο πρακτορείο Reuters : «Ναι η αξιολόγηση θα πρέπει κανονικά να επανεκκινήσει την Τετάρτη».​
Ceppo vicino la troika ha detto il Martedì l'agenzia Reuters: «Sì, la valutazione dovrebbe di norma essere riavviato Mercoledì".

Στο πλαίσιο αυτό το υπουργείο Οικονομικών αναμένεται να συντάξει και να στείλει στην Ευρωπαϊκή Επιτροπή, στην ΕΚΤ και στο ΔΝΤ τις τροπολογίες, τις υπουργικές αποφάσεις και τις εκθέσεις του Γενικού Λογιστηρίου του Κράτους για την απόδοση των μέτρων μαζί με το χρονοδιάγραμμα ψήφισης των διατάξεων.​
In questo contesto, il Ministero delle Finanze dovrebbe elaborare e trasmettere alla Commissione europea, la BCE e le modifiche FMI, le decisioni ministeriali e le relazioni del General Accounting Office sulle misure di prestazioni con le disposizioni tempistica del voto.


(Ta Nea.gr)
 
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