ferdo
Utente Senior
perchè non aderiscono allo swap ?!
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2
- Creatore Discussione tommy271
- Data di Inizio
- Stato
perchè non aderiscono allo swap ?!
Nobody's
Γένοιο οἷος εἷ
tommy271
Forumer storico
Da come ha risposto, si direbbe di no.
Quindi, in teoria, rimarrebbero sull'opzione della volontarietà dello swap: taglio per chi concambia, per gli altri ...
tommy271
Forumer storico
Frantic And Expensive Borrowing Through Treasury Bills
The issuing of Greek treasury bills has risen by 14 times since 2008, while yield has increased rapidly in order to cover short-term funding needs of Greek State, according to Kefaleo weekly newspaper.
Bond market analysts note that the continuous increase in short-term borrowing cannot go on forever. If the country does not regain access in the international markets of borrowing with long-term maturities, then it could face an impasse.
Frequent and large borrowing in three-month and six-month treasury bills fuels uncertainty for the foreseeable future and, increases sharply borrowing costs. Moreover, it causes huge interest expenditure and increases risk of a credit event, in case of an unsuccessful auction.
(capital.gr)
***
Avvertenze per i bot/greek.
The issuing of Greek treasury bills has risen by 14 times since 2008, while yield has increased rapidly in order to cover short-term funding needs of Greek State, according to Kefaleo weekly newspaper.
Bond market analysts note that the continuous increase in short-term borrowing cannot go on forever. If the country does not regain access in the international markets of borrowing with long-term maturities, then it could face an impasse.
Frequent and large borrowing in three-month and six-month treasury bills fuels uncertainty for the foreseeable future and, increases sharply borrowing costs. Moreover, it causes huge interest expenditure and increases risk of a credit event, in case of an unsuccessful auction.
(capital.gr)
***
Avvertenze per i bot/greek.
ferdo
Utente Senior
che analisi geniale e perspicace
tommy271
Forumer storico
.
tommy271
Forumer storico
French, Greek Leaders to Meet on Debt Crisis
By GREG KELLER and JUERGEN BAETZ Associated Press
PARIS September 30, 2011 (AP)
France's president will discuss Europe's tortured attempts to prop up debt-choked Greece when he meets the country's Prime Minister George Papandreou at the Elysee Palace later Friday.
Investors are convinced Greece's latest bailout needs to be changed — mainly by imposing bigger losses on Greece's private bondholders, among which are large French banks — and will look for any indication Nicolas Sarkozy is open to the idea.
France has so far insisted Greece's second bailout package should not be altered, though German Chancellor Angela Merkel said this week she was open to a renegotiation of its terms.
Sarkozy has striven to show a unified position with Merkel, but financial markets were spooked this week by signs of a widening disagreement between the eurozone's two largest members. Stocks were down again on Friday, ending on a downbeat note the third quarter, which has seen the sharpest market losses since 2008.
Greece was saved from default by an initial €110 billion ($150 billion) bailout in May last year. A planned second €109 billion rescue package for Greece this year includes a voluntary participation by private bondholders, who agreed to write off about 20 percent on their Greek debt holdings.
Many experts say those writedowns should be closer to 50 percent. The debate among European leaders now is whether to allow such a move under controlled conditions, providing help to banks that may take heavy losses on Greek bonds they hold.
Papandreou is on a European tour, having met with Merkel on Tuesday, to drum up support for Greece. He has stressed the importance of the EU's July 21 agreement, under which Greece was granted its second bailout, and insists Greece will meet its debt and deficit targets.
The July deal has yet to be ratified, and is still making its way through the eurozone's 17 capitals.
Part of the July deal was to expand the size and powers of Europe's rescue fund, the European Financial Stability Facility. German, Cypriot and Austrian lawmakers were the latest to approve the measure. France approved the deal earlier this month.
On Thursday, officials from the International Monetary Fund, European Central Bank and European Commission — known as the troika — resumed their review of reforms Greece must make to qualify for its latest installment of bailout loans.
Greece has been reliant since May last year on regular payouts of loans from the €110 billion bailout from other eurozone countries and the IMF.
The troika had originally been expected to approve Greece's next batch of loans, worth €8 billion, in early September. Greece has said that without the loans, it has enough funds to see it through mid-October, after which it runs out of cash and will be unable to pay salaries and pensions.
The slow pace of progress in the debt crisis has caused markets to fall sharply over the past months and fueled calls for an overhaul of the economic governance of the euro.
The head of the EU's executive, Jose Manuel Barroso, said day-to-day decision-making needed to be centralized in European bureaucracies, above sovereign nations.
France and Germany, which represent about half of the bloc's output, have proposed holding two annual summits where eurozone governments would focus on economic policy.
While Barroso said he supports the idea of such meetings, he told the Friday edition of German daily Sueddeutsche Zeitung that the "micro-management" of European economic policy needed to be done through centralized institutions, according to a translation provided by his office.
———
By GREG KELLER and JUERGEN BAETZ Associated Press
PARIS September 30, 2011 (AP)
France's president will discuss Europe's tortured attempts to prop up debt-choked Greece when he meets the country's Prime Minister George Papandreou at the Elysee Palace later Friday.
Investors are convinced Greece's latest bailout needs to be changed — mainly by imposing bigger losses on Greece's private bondholders, among which are large French banks — and will look for any indication Nicolas Sarkozy is open to the idea.
France has so far insisted Greece's second bailout package should not be altered, though German Chancellor Angela Merkel said this week she was open to a renegotiation of its terms.
Sarkozy has striven to show a unified position with Merkel, but financial markets were spooked this week by signs of a widening disagreement between the eurozone's two largest members. Stocks were down again on Friday, ending on a downbeat note the third quarter, which has seen the sharpest market losses since 2008.
Greece was saved from default by an initial €110 billion ($150 billion) bailout in May last year. A planned second €109 billion rescue package for Greece this year includes a voluntary participation by private bondholders, who agreed to write off about 20 percent on their Greek debt holdings.
Many experts say those writedowns should be closer to 50 percent. The debate among European leaders now is whether to allow such a move under controlled conditions, providing help to banks that may take heavy losses on Greek bonds they hold.
Papandreou is on a European tour, having met with Merkel on Tuesday, to drum up support for Greece. He has stressed the importance of the EU's July 21 agreement, under which Greece was granted its second bailout, and insists Greece will meet its debt and deficit targets.
The July deal has yet to be ratified, and is still making its way through the eurozone's 17 capitals.
Part of the July deal was to expand the size and powers of Europe's rescue fund, the European Financial Stability Facility. German, Cypriot and Austrian lawmakers were the latest to approve the measure. France approved the deal earlier this month.
On Thursday, officials from the International Monetary Fund, European Central Bank and European Commission — known as the troika — resumed their review of reforms Greece must make to qualify for its latest installment of bailout loans.
Greece has been reliant since May last year on regular payouts of loans from the €110 billion bailout from other eurozone countries and the IMF.
The troika had originally been expected to approve Greece's next batch of loans, worth €8 billion, in early September. Greece has said that without the loans, it has enough funds to see it through mid-October, after which it runs out of cash and will be unable to pay salaries and pensions.
The slow pace of progress in the debt crisis has caused markets to fall sharply over the past months and fueled calls for an overhaul of the economic governance of the euro.
The head of the EU's executive, Jose Manuel Barroso, said day-to-day decision-making needed to be centralized in European bureaucracies, above sovereign nations.
France and Germany, which represent about half of the bloc's output, have proposed holding two annual summits where eurozone governments would focus on economic policy.
While Barroso said he supports the idea of such meetings, he told the Friday edition of German daily Sueddeutsche Zeitung that the "micro-management" of European economic policy needed to be done through centralized institutions, according to a translation provided by his office.
———
tommy271
Forumer storico
Ackermann Sees ‘Some Sort’ of Debt Restructuring for Greece
September 30, 2011, 10:47 AM EDT
By Matthias Wabl and Nicholas Comfort
(Updates to add Ackermann comments from second paragraph.)
Sept. 30 (Bloomberg) -- Greece may ultimately face a form of debt restructuring following efforts by European policy makers to prevent its woes from spreading to other countries, said Deutsche Bank AG Chief Executive Officer Josef Ackermann.
“We will probably have some sort of restructuring of the Greek debt,” Ackermann, who heads Germany’s biggest bank, said in a speech in Zurich today. The bank chief cautioned against moving hastily, saying his chief concern was that other countries would end up in a similar situation.
European leaders are fighting to ease investor concern that Greece’s sovereign debt crisis will spread to Spain and Italy and cause losses for the region’s banks. German lawmakers approved an expansion of the euro-area rescue fund’s scope yesterday, and bondholders are in the midst of consultation with authorities on a debt swap as part of the bailout.
Greece’s debt burden in terms of gross domestic product is set to come down to about “100 percent in 2020,” said Ackermann. “That is still not enough, but it’s a good step,” and the Greeks need to “do more.”
With the European Commission expecting the overhauled 440 billion-euro ($592 billion) European Financial Stability Facility in place by mid-October, euro finance chiefs will discuss next week how to speed up plans for a permanent rescue fund that provides more capital and a tool for managing defaults.
The current plan by European policy makers is a “first step and the debt buyback is a second step,” said Ackermann, 63. Greek “privatization efforts are a third,” while the extension of maturities will be another.
September 30, 2011, 10:47 AM EDT
By Matthias Wabl and Nicholas Comfort
(Updates to add Ackermann comments from second paragraph.)
Sept. 30 (Bloomberg) -- Greece may ultimately face a form of debt restructuring following efforts by European policy makers to prevent its woes from spreading to other countries, said Deutsche Bank AG Chief Executive Officer Josef Ackermann.
“We will probably have some sort of restructuring of the Greek debt,” Ackermann, who heads Germany’s biggest bank, said in a speech in Zurich today. The bank chief cautioned against moving hastily, saying his chief concern was that other countries would end up in a similar situation.
European leaders are fighting to ease investor concern that Greece’s sovereign debt crisis will spread to Spain and Italy and cause losses for the region’s banks. German lawmakers approved an expansion of the euro-area rescue fund’s scope yesterday, and bondholders are in the midst of consultation with authorities on a debt swap as part of the bailout.
Greece’s debt burden in terms of gross domestic product is set to come down to about “100 percent in 2020,” said Ackermann. “That is still not enough, but it’s a good step,” and the Greeks need to “do more.”
With the European Commission expecting the overhauled 440 billion-euro ($592 billion) European Financial Stability Facility in place by mid-October, euro finance chiefs will discuss next week how to speed up plans for a permanent rescue fund that provides more capital and a tool for managing defaults.
The current plan by European policy makers is a “first step and the debt buyback is a second step,” said Ackermann, 63. Greek “privatization efforts are a third,” while the extension of maturities will be another.
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