robinson
Forumer storico
Cosa c'è di nuovo sotto il sole di
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2
- Creatore Discussione tommy271
- Data di Inizio
- Stato
Cosa c'è di nuovo sotto il sole di
tommy271
Forumer storico
Buona idea ...
robinson
Forumer storico
Cosa c'è di nuovo sotto il sole in questo teatrino della politica?
Che i partiti che vanno al governo si cambiano d' abito l' un l' altro.
Prova a rileggere il post facendo queste semplici variazioni:
1) al posto di B. mettici P. (Prodi): quanto è stato sputtanato da chi mangiava mortadella addirittura in parlamento?
2) al posto di Fini mettici Mastella (o Bertinotti): l' opposizione non gridava anch' essa al fare un passo indietro? mentre P. si attaccava a quei suoi 2 voti in più per governare? e chiedeva: uno Scilipoti, datemi uno Scilipoti!!
(ma all' epoca non era ancora stato scelto come "sommo" politico da Di Pietro)
Insomma, quali sono le differenze?
Ripeto: non sono Berlusconiano e nemmeno Prodiano (ed ora Bersaniano); basta solo vedere questo teatrino come sia stucchevole.
All' estero quei filibustieri dei Merkosy stanno facendo politica economico-finanziaria basandosi molto sulle debolezze di Mr. B.: sarà solo un alibi, ma occorre che questo alibi venga tolto di mezzo, per il bene del Paese.
tommy271
Forumer storico
Crisi/ Van Rompuy: Fra 3 giorni le soluzioni di Ue ed Eurozona
In cinque punti, tutte le misure su cui converge il consenso
Bruxelles, 24 ott. (TMNews) - Il vertice dell'Eurozona si è concluso ieri sera poco prima delle 22 senza nessuna decisione ufficiale, come aveva abbondantemente annunciato la cancelliera tedesca Angela Merkel, dopo avere praticamente imposto agli altri leader una 'seconda puntata' del vertice da tenere mercoledì prossimo, per fare approvare preventivamente dal Bundestag le decisioni che verranno adottate contro la crisi finanziaria.
Non si tratta, tuttavia, di un nulla di fatto: non sembrano essere rimaste forti divergenze fra gli Stati membri, sulle soluzioni che dovranno comunque essere affinate e precisate al livello tecnico, come ha detto ieri sera, durante la conferenza stampa finale della riunione, il presidente del Consiglio europeo Herman Van Rompuy: "In questi tre giorni - ha spiegato - concluderemo i lavori. Nel frattempo c'è una fase tecnica, a cui parteciperanno anche i ministri economici e finanziari".
Van Rompuy ha indicato cinque punti su cui mercoledì verranno adottate le attese decisioni che dovrebbero arginare la crisi e possibilmente chiuderla: innanzitutto, "alcuni paesi" dovranno garantire "il rispetto degli obiettivi" di consolidamento finanziario e "accelerare le riforme strutturali". Facendo riferimento a quanto aveva detto nel pomeriggio sull'Italia, il presidente del Consiglo europeo ha ripetuto: "Fra oggi e mercoledì, certi Stati membri dovranno rassicurare gli altri partner che attueranno pienamente i loro impegni". Alla domanda sull'eventualità che questi impegni non siano presentati mercoledì, Van Rompuy e Barroso hanno risposto: "Lo faranno".
In cinque punti, tutte le misure su cui converge il consenso
Bruxelles, 24 ott. (TMNews) - Il vertice dell'Eurozona si è concluso ieri sera poco prima delle 22 senza nessuna decisione ufficiale, come aveva abbondantemente annunciato la cancelliera tedesca Angela Merkel, dopo avere praticamente imposto agli altri leader una 'seconda puntata' del vertice da tenere mercoledì prossimo, per fare approvare preventivamente dal Bundestag le decisioni che verranno adottate contro la crisi finanziaria.
Non si tratta, tuttavia, di un nulla di fatto: non sembrano essere rimaste forti divergenze fra gli Stati membri, sulle soluzioni che dovranno comunque essere affinate e precisate al livello tecnico, come ha detto ieri sera, durante la conferenza stampa finale della riunione, il presidente del Consiglio europeo Herman Van Rompuy: "In questi tre giorni - ha spiegato - concluderemo i lavori. Nel frattempo c'è una fase tecnica, a cui parteciperanno anche i ministri economici e finanziari".
Van Rompuy ha indicato cinque punti su cui mercoledì verranno adottate le attese decisioni che dovrebbero arginare la crisi e possibilmente chiuderla: innanzitutto, "alcuni paesi" dovranno garantire "il rispetto degli obiettivi" di consolidamento finanziario e "accelerare le riforme strutturali". Facendo riferimento a quanto aveva detto nel pomeriggio sull'Italia, il presidente del Consiglo europeo ha ripetuto: "Fra oggi e mercoledì, certi Stati membri dovranno rassicurare gli altri partner che attueranno pienamente i loro impegni". Alla domanda sull'eventualità che questi impegni non siano presentati mercoledì, Van Rompuy e Barroso hanno risposto: "Lo faranno".
tommy271
Forumer storico
Taglio dei titoli di Atene Juncker: per i creditori intervento obbligatorio
(articolo di ieri)
(...)
I numeri terrorizzanti sulla sostenibilità futura del debito pubblico della Grecia, contenuti nel rapporto della Trojka composta da Commissione europea, Bce e Fmi, consigliano un taglio netto del 50-60% di fatto obbligatorio. «La partecipazione delle banche dovrebbe essere volontaria - ha spiegato il presidente dell' Eurogruppo e premier lussemburghese Jean-Claude Juncker -. Ma, se non saranno d' accordo si dovrebbe arrivare a una soluzione obbligatoria». Anche perché le preoccupazioni dell' Eurozona si stanno sempre più spostando sul rischio di contagio dei problemi della Grecia nel settore bancario e in grandi Paesi dell' Eurozona come Italia e Spagna. «Non siamo più il problema centrale dell' Europa - ha confermato il ministro delle Finanze greco Evangelos Venizelos -. Ora la questione è più generale e riguarda tutti i Paesi dell' euro».
(articolo di ieri)
(...)
I numeri terrorizzanti sulla sostenibilità futura del debito pubblico della Grecia, contenuti nel rapporto della Trojka composta da Commissione europea, Bce e Fmi, consigliano un taglio netto del 50-60% di fatto obbligatorio. «La partecipazione delle banche dovrebbe essere volontaria - ha spiegato il presidente dell' Eurogruppo e premier lussemburghese Jean-Claude Juncker -. Ma, se non saranno d' accordo si dovrebbe arrivare a una soluzione obbligatoria». Anche perché le preoccupazioni dell' Eurozona si stanno sempre più spostando sul rischio di contagio dei problemi della Grecia nel settore bancario e in grandi Paesi dell' Eurozona come Italia e Spagna. «Non siamo più il problema centrale dell' Europa - ha confermato il ministro delle Finanze greco Evangelos Venizelos -. Ora la questione è più generale e riguarda tutti i Paesi dell' euro».
Ultima modifica:
tommy271
Forumer storico
Banks raise Greek haircut offer to 40 percent in talks - source
FRANKFURT | Mon Oct 24, 2011 6:30am BST
FRANKFURT (Reuters) - Bankers have offered to stretch the voluntary haircut on Greek debt to 40 percent, while politicians demand the private sector agree to writedowns of at least 50 percent, senior German banking source said on Sunday.
Politicians, including German finance minister Wolfgang Schaeuble have asked private creditors to Greece to accept steeper writedowns on their holdings than the 21 percent losses agreed last July.
Politicians and bankers are still wrangling over how to restructure Greek debt as part of negotiations to reform the common currency.
EU officials have also demanded that banks prop up their capital cushions to meet a core tier one capital ratio of 9 percent, in a bid to make the financial system more able to withstand a restructuring of Greek debt.
Banks are seen needing just under 100 billion euros (87 billion pounds) with the bulk required by banks in Greece, Spain and Portugal.
Big name banks caught in the crossfire will have to raise less than they feared two weeks ago, and should be able to raise it privately, through existing shareholders or sovereign funds, bankers and analysts said.
To meet the more stringent capital requirements, even large lenders like Deutsche Bank and Commerzbank are being asked to bulk up their capital position.
Deutsche needs an additional 2 billion euros which it can raise via retained earnings, shedding risk weighted assets, and via a small capital increase if needed, the senior German banking source, who declined to be named, said on Sunday.
The private sector is still striving to reach a deal on Greek debt writedowns by Sunday, another source said.
In July, banks and insurers agreed to contribute 50 billion euros to reducing Greece's debt via a debt buyback and swap agreement, which equated to a 21 percent writedown. That is now seen as insufficient to make Athens' debt sustainable.
Deutsche Bank analysts last week outlined a way for banks to contribute a 40 percent "haircut" on Greek sovereign debt without substantially changing the terms of July's debt-relief deal.
FRANKFURT | Mon Oct 24, 2011 6:30am BST
FRANKFURT (Reuters) - Bankers have offered to stretch the voluntary haircut on Greek debt to 40 percent, while politicians demand the private sector agree to writedowns of at least 50 percent, senior German banking source said on Sunday.
Politicians, including German finance minister Wolfgang Schaeuble have asked private creditors to Greece to accept steeper writedowns on their holdings than the 21 percent losses agreed last July.
Politicians and bankers are still wrangling over how to restructure Greek debt as part of negotiations to reform the common currency.
EU officials have also demanded that banks prop up their capital cushions to meet a core tier one capital ratio of 9 percent, in a bid to make the financial system more able to withstand a restructuring of Greek debt.
Banks are seen needing just under 100 billion euros (87 billion pounds) with the bulk required by banks in Greece, Spain and Portugal.
Big name banks caught in the crossfire will have to raise less than they feared two weeks ago, and should be able to raise it privately, through existing shareholders or sovereign funds, bankers and analysts said.
To meet the more stringent capital requirements, even large lenders like Deutsche Bank and Commerzbank are being asked to bulk up their capital position.
Deutsche needs an additional 2 billion euros which it can raise via retained earnings, shedding risk weighted assets, and via a small capital increase if needed, the senior German banking source, who declined to be named, said on Sunday.
The private sector is still striving to reach a deal on Greek debt writedowns by Sunday, another source said.
In July, banks and insurers agreed to contribute 50 billion euros to reducing Greece's debt via a debt buyback and swap agreement, which equated to a 21 percent writedown. That is now seen as insufficient to make Athens' debt sustainable.
Deutsche Bank analysts last week outlined a way for banks to contribute a 40 percent "haircut" on Greek sovereign debt without substantially changing the terms of July's debt-relief deal.
tommy271
Forumer storico
ND leader warns of dangers of economy
New Democracy leader Antonis Samaras made a fresh effort this weekend to convince European leaders that his party has a more constructive approach to Greece’s debt crisis than the PASOK government.
Samaras was attending a meeting of the European People’s Party (EPP), being held on the sidelines of the European Union leaders’ summit in Brussels. In a speech to the EPP, the group representing center-right parties in the European Parliament, Samaras reiterated his belief that more emphasis needs to be given to kickstarting the Greek economy.
Samaras favors lower taxation and more incentives for business, but he also warned that a bigger haircut of Greek debt than previously planned hid some “major dangers” for Greece, especially as the country’s pension funds hold some 25 billion euros in bonds.
“Apart from the haircut, the viability of Greek debt requires strong growth rates and big and continuous primary surpluses,” said Samaras. “That is why we need to restart the Greek economy.”
New Democracy sources told Sunday’s Kathimerini that the party will put more emphasis on assuring European counterparts that it would not be a barrier to fiscal reform should it come to power. The conservatives feel they have been unjustly portrayed in the international media as being an obstacle to Greece applying its austerity program.
However, Samaras will also make it clear that he is not willing to participate in a national unity government should, as many expect, Prime Minister George Papandreou make such a suggestion in the weeks to come.
ND will instead insist on snap elections, which it hopes it can win, possibly after more than one round of voting.
ekathimerini.com , Sunday October 23, 2011 (22:33)
New Democracy leader Antonis Samaras made a fresh effort this weekend to convince European leaders that his party has a more constructive approach to Greece’s debt crisis than the PASOK government.
Samaras was attending a meeting of the European People’s Party (EPP), being held on the sidelines of the European Union leaders’ summit in Brussels. In a speech to the EPP, the group representing center-right parties in the European Parliament, Samaras reiterated his belief that more emphasis needs to be given to kickstarting the Greek economy.
Samaras favors lower taxation and more incentives for business, but he also warned that a bigger haircut of Greek debt than previously planned hid some “major dangers” for Greece, especially as the country’s pension funds hold some 25 billion euros in bonds.
“Apart from the haircut, the viability of Greek debt requires strong growth rates and big and continuous primary surpluses,” said Samaras. “That is why we need to restart the Greek economy.”
New Democracy sources told Sunday’s Kathimerini that the party will put more emphasis on assuring European counterparts that it would not be a barrier to fiscal reform should it come to power. The conservatives feel they have been unjustly portrayed in the international media as being an obstacle to Greece applying its austerity program.
However, Samaras will also make it clear that he is not willing to participate in a national unity government should, as many expect, Prime Minister George Papandreou make such a suggestion in the weeks to come.
ND will instead insist on snap elections, which it hopes it can win, possibly after more than one round of voting.
ekathimerini.com , Sunday October 23, 2011 (22:33)
tommy271
Forumer storico
Progress, but no results at EU leaders' meeting
After debt talks, EU leaders to meet again on Wednesday as haircut still undecided
Greece remains on tenterhooks after a meeting of European Union leaders in Brussels on Sunday failed to deliver any final decisions on the recapitalization of European banks, the strengthening of a rescue fund and on the size of haircut for Greek bondholders, although there were signs that progress was made on all these issues.
Government sources said that the next few days, before EU leaders convene again on Wednesday, remain vital for negotiations.
One of the areas to be examined is what kind of haircut private investors would be willing to take. The EU leaders discussed a writedown of about 50-60 percent but Athens is adamant that the proposal has to be based around investors accepting the haircut voluntarily. Private sector holders of Greek government bonds agreed in July to a 21 percent writedown in the value of their holdings to reduce Greece’s debt burden, but this is now deemed too little.
A troika report seen by EU leaders before their meeting indicated that with just a 21 percent haircut, Greece’s debt-to-GDP ratio would remain at about 180 percent for the next four years and would still be at 130 percent by 2030.
However, Greece and its eurozone partners want to retain the voluntary element to the haircut to avoid a credit default and the triggering of CDS contracts, which would have a serious knock-on effect in the banking sector.
“We need to take corrective moves to make [the package] more balanced, to the benefit of the official sector and of Greece, and not to the benefit of the banks,” a Greek official told Reuters on condition of anonymity.
Prime Minister George Papandreou did not make any comments immediately after the meeting. But, in a joint news conference with German Chancellor Angela Merkel, French President Nicolas Sarkozy said progress was being made on plans to recapitalize Europe’s banks, strengthen the European Financial Stability Facility (EFSF) and deal with the Greek crisis.
“Work is progressing well on the banks, on the fund and the possibilities of using this fund, the hypotheses are narrowing, and a rather broad agreement is in the process of being drawn up,” Sarkozy said. “On the question of Greece, things are progressing. We haven’t finished yet. We have until Wednesday.”
A full summit of the European Union’s 27 member states is to be held on Wednesday alongside a summit gathering leaders of the 17-nation eurozone.
ekathimerini.com , Sunday October 23, 2011 (22:54)
After debt talks, EU leaders to meet again on Wednesday as haircut still undecided
Government sources said that the next few days, before EU leaders convene again on Wednesday, remain vital for negotiations.
One of the areas to be examined is what kind of haircut private investors would be willing to take. The EU leaders discussed a writedown of about 50-60 percent but Athens is adamant that the proposal has to be based around investors accepting the haircut voluntarily. Private sector holders of Greek government bonds agreed in July to a 21 percent writedown in the value of their holdings to reduce Greece’s debt burden, but this is now deemed too little.
A troika report seen by EU leaders before their meeting indicated that with just a 21 percent haircut, Greece’s debt-to-GDP ratio would remain at about 180 percent for the next four years and would still be at 130 percent by 2030.
However, Greece and its eurozone partners want to retain the voluntary element to the haircut to avoid a credit default and the triggering of CDS contracts, which would have a serious knock-on effect in the banking sector.
“We need to take corrective moves to make [the package] more balanced, to the benefit of the official sector and of Greece, and not to the benefit of the banks,” a Greek official told Reuters on condition of anonymity.
Prime Minister George Papandreou did not make any comments immediately after the meeting. But, in a joint news conference with German Chancellor Angela Merkel, French President Nicolas Sarkozy said progress was being made on plans to recapitalize Europe’s banks, strengthen the European Financial Stability Facility (EFSF) and deal with the Greek crisis.
“Work is progressing well on the banks, on the fund and the possibilities of using this fund, the hypotheses are narrowing, and a rather broad agreement is in the process of being drawn up,” Sarkozy said. “On the question of Greece, things are progressing. We haven’t finished yet. We have until Wednesday.”
A full summit of the European Union’s 27 member states is to be held on Wednesday alongside a summit gathering leaders of the 17-nation eurozone.
ekathimerini.com , Sunday October 23, 2011 (22:54)
tommy271
Forumer storico
Haircut’s pros and cons for Greece
Greeks should not oppose a sizable slash in the country’s public debt because of its negative effects
By Dimitris Kontogiannis
By all accounts, the EU appears ready to depart from its current approach to the eurozone sovereign crisis centered on dealing with liquidity problems now and solvency issues later. The new approach appears to be more holistic as it tries to address the Greek public debt overhang and the contagion to other countries. Greece should prepare for the consequences.
Countries and policymakers should not repeat the same mistakes and put politics before economics. This is more so if they are large countries like Germany.
After the fall of the Berlin Wall, West Germany decided to reunify with weaker East Germany at a one-to-one exchange rate because it judged good politics should prevail over bad economics. It took almost a decade to absorb the costs of that approach.
Germany, the largest economy of the eurozone and biggest contributor to EU bailouts, felt it was politically correct to support a liquidity approach for Greece’s and perhaps other EU peripheral countries’ solvency problems in 2010, although it perhaps understood this solution was not the best from the economic point of view.
The Greek economic adjustment program agreed with the troika back in May 2010 was a manifestation of the liquidity approach. As some critics expected, the approach simply delayed the day of reckoning.
On one hand, it failed both to facilitate Greece’s return to the international capital markets in 2011 or early 2012 as initially projected and to restore economic growth, and, on the other, it exposed the core eurozone countries to contamination.
In other words, this approach may have been good politics but it was certainly bad economics.
Germany appears to have learned the lesson by reportedly insisting on providing a greater debt relief to Greece than envisaged in the decisions of the EU summit on July 21.
Given its weight in EU decision-making, one should expect it to prevail after yielding some concessions to France and others.
Of course, this set of decisions, which normally will give bigger firepower to the European Financial Stability Facility (EFSF) and call for the recapitalization of European banks to be able to withstand large losses from periphery bonds, will entail a reduction in Greece’s debt burden.
It looks quite likely that private holders of Greek bonds will have to suffer steep losses if a NPV loss or haircut of 50 percent or greater is imposed voluntarily or not as expected. Unfortunately, Greek banks and social security funds will have to pay the price of their own past mistakes in holding too many local bonds and trusting Greek politicians. So, bank shareholders will most likely lose a great deal of their property and pensioners may risk losing part of their future income.
Of course, there may be more negative side effects in the Greek economy. Greek borrowers may seek similar treatment from local banks, namely a haircut on their loans, which could increase non-performing loans (NPL) in the local banking system even further.
Even now, some sophisticated borrowers have tried to take advantage of Greek banks’ need to deleverage and boost their liquidity by offering them mutually advantageous deals, amounting to a haircut.
One may also expect that the haircut mentality will pass on to companies, which may demand a haircut in their deals with their suppliers and others, boosting the numbers of bankruptcies. Even consumers may start asking for lower prices after the haircut.
However, one should remember that everything, more so a haircut on a state’s obligations to creditors, has implications. The most important thing is whether the government, the banking sector, the business community and the trade unions are ready to handle the consequences, as doing nothing will be worse.
Those in Greece who oppose a sizable reduction in the Greek public debt because of its adverse side effects should remember that the continuation of the current situation will breed more uncertainty, and hurt market sentiment and the real economy even further.
The market has been saying all along to all parties involved in the Greek and eurozone sovereign crisis that a final comprehensive solution has to be found. Germany, more than anybody else in the eurozone, appears to have got the message and be ready to act.
The Greeks should not oppose a sizable cut in the country’s public debt because of its negative effects. After all it was they, particularly the government, the political elite and the labor unions, who opted for this solution by objecting to a sizable haircut in the public sector, the country’s main source of economic problems.
ekathimerini.com , Sunday October 23, 2011 (22:32)
***
Opinioni.
Greeks should not oppose a sizable slash in the country’s public debt because of its negative effects
By all accounts, the EU appears ready to depart from its current approach to the eurozone sovereign crisis centered on dealing with liquidity problems now and solvency issues later. The new approach appears to be more holistic as it tries to address the Greek public debt overhang and the contagion to other countries. Greece should prepare for the consequences.
Countries and policymakers should not repeat the same mistakes and put politics before economics. This is more so if they are large countries like Germany.
After the fall of the Berlin Wall, West Germany decided to reunify with weaker East Germany at a one-to-one exchange rate because it judged good politics should prevail over bad economics. It took almost a decade to absorb the costs of that approach.
Germany, the largest economy of the eurozone and biggest contributor to EU bailouts, felt it was politically correct to support a liquidity approach for Greece’s and perhaps other EU peripheral countries’ solvency problems in 2010, although it perhaps understood this solution was not the best from the economic point of view.
The Greek economic adjustment program agreed with the troika back in May 2010 was a manifestation of the liquidity approach. As some critics expected, the approach simply delayed the day of reckoning.
On one hand, it failed both to facilitate Greece’s return to the international capital markets in 2011 or early 2012 as initially projected and to restore economic growth, and, on the other, it exposed the core eurozone countries to contamination.
In other words, this approach may have been good politics but it was certainly bad economics.
Germany appears to have learned the lesson by reportedly insisting on providing a greater debt relief to Greece than envisaged in the decisions of the EU summit on July 21.
Given its weight in EU decision-making, one should expect it to prevail after yielding some concessions to France and others.
Of course, this set of decisions, which normally will give bigger firepower to the European Financial Stability Facility (EFSF) and call for the recapitalization of European banks to be able to withstand large losses from periphery bonds, will entail a reduction in Greece’s debt burden.
It looks quite likely that private holders of Greek bonds will have to suffer steep losses if a NPV loss or haircut of 50 percent or greater is imposed voluntarily or not as expected. Unfortunately, Greek banks and social security funds will have to pay the price of their own past mistakes in holding too many local bonds and trusting Greek politicians. So, bank shareholders will most likely lose a great deal of their property and pensioners may risk losing part of their future income.
Of course, there may be more negative side effects in the Greek economy. Greek borrowers may seek similar treatment from local banks, namely a haircut on their loans, which could increase non-performing loans (NPL) in the local banking system even further.
Even now, some sophisticated borrowers have tried to take advantage of Greek banks’ need to deleverage and boost their liquidity by offering them mutually advantageous deals, amounting to a haircut.
One may also expect that the haircut mentality will pass on to companies, which may demand a haircut in their deals with their suppliers and others, boosting the numbers of bankruptcies. Even consumers may start asking for lower prices after the haircut.
However, one should remember that everything, more so a haircut on a state’s obligations to creditors, has implications. The most important thing is whether the government, the banking sector, the business community and the trade unions are ready to handle the consequences, as doing nothing will be worse.
Those in Greece who oppose a sizable reduction in the Greek public debt because of its adverse side effects should remember that the continuation of the current situation will breed more uncertainty, and hurt market sentiment and the real economy even further.
The market has been saying all along to all parties involved in the Greek and eurozone sovereign crisis that a final comprehensive solution has to be found. Germany, more than anybody else in the eurozone, appears to have got the message and be ready to act.
The Greeks should not oppose a sizable cut in the country’s public debt because of its negative effects. After all it was they, particularly the government, the political elite and the labor unions, who opted for this solution by objecting to a sizable haircut in the public sector, the country’s main source of economic problems.
ekathimerini.com , Sunday October 23, 2011 (22:32)
***
Opinioni.
- Stato
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