Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2

[tommy271]

Lettera di intenti:

Memorandum of Economic and Financial Policies, February 8

Ottimo Carib, lo leggerò con calma.

 

[tommy271]

Un'occhiata velocissima non vedo nulla che riguarda i nostri GGB... tutto in termini di sostenibilità del debito, privatizzazioni e sistema bancario.

 

[Road Glide]

Come diceva Ficodindia, gli ultimi rumors davano il 15% in titoli EFSF anzichè il contante.
Comunque molto generica, non aggiunge nulla di nuovo rispetto a quello che già sappiamo.
Innanzitutto: l'offerta è anche diretta al retail? I tempi di adesione quali e quanti sono? Il prospetto quando verrà pubblicato?
Ecc. Ecc. Il resto glielo possiamo tranquillamente offrire noi del thread ...

Ma soprattutto, l'adesione è volontaria?

 

[giub]

Un'occhiata velocissima non vedo nulla che riguarda i nostri GGB... tutto in termini di sostenibilità del debito, privatizzazioni e sistema bancario.

punto 35....
Ma niente da rilevare...solo un comprehensive...

 

[StockExchange]

punto 35....
Ma niente da rilevare...solo un comprehensive...

Avevano le idee chiare sulle cifre, quando hanno scritto il punto 35

 

[sethi]

### Grecia: elementi per accordo sul tavolo, ma Eurogruppo per ora frena - FOCUS
(dal nostro corrispondente Antonio Pollio Salimbeni) (Il Sole 24 Ore Radiocor) - Bruxelles, 09 feb - Tutti gli elementi per decidere adesso sono sul tavolo, ma i ministri finanziari dell'Eurozona per ora frenano. La riunione dell'Eurogruppo durera' ancora per molte ore, secondo alcuni per tutta la notte e al momento non e' certo neppure che si concludera' con un via libera al secondo prestito alla Grecia (130miliardi dopo il primo prestito che e' stato di 110 miliardi). Dopo l'annuncio da Atene che a livello tecnico era stato trovato il compromesso su tutti i punti del nuovo pacchetto di misure di bilancio ed economiche (dal taglio di salari, posti di lavoro pubblici, privatizzazioni, pensioni), la conferma dell'accordo per il riscadenzamento volontario del debito da parte del settore privato (a Parigi si sono riuniti i banchieri, poi i vertici dell'International institute of finance si sono trasferiti a Bruxelles) e' arrivato anche il semaforo verde della Bce. Aps-y-

###Grecia: elementi per accordo sul tavolo, ma Eurogruppo per ora frena - FOCUS -2-

(Il Sole 24 Ore Radiocor) - Bruxelles, 09 feb - Mario Draghi ha indicato chiaramente che se la Bce non puo' subire perdite sui titoli ellenici perche' in tal modo finanzierebbe uno Stato, puo' pero' dare una parte dei profitti registrati su quei titoli agli stati dell'Eurozona (attraverso il Fondo salva-stati). Il 'puzzle' sembra completo. Scorrendo i documenti e valutando indiscrezioni e battute dei ministri finanziari, sembra di capire che tanta prudenza sull'esito della riunione di questa sera dipende da un anello mancante: come sara' vincolato il governo greco al rispetto di impegni sui quali non c'e' la matematica certezza che saranno rispettati al centesimo e nei tempi previsti. Si sta lavorando sullo stretto controllo del modo in cui vengono spese le 'tranche' del prestito. Insomma, della Grecia ci si fida ancora poco. E cosi' molti ministri e la Commissione dicono che per dare il via libera al prestito e' necessario "che le misure concordate siano attuate". Solo che cio' non potra' avvenire in tre-quattro giorni. E ora sono arrivati ad un termine ma hanno davanti una decisione da prendere ........fiducia o non fiducia ...........

 

[frmaoro]

HIGHLIGHTS-Euro zone ministers, officials after Greek talks

Reuters - 09/02/2012 23:50:03

BRUSSELS, Feb 9 (Reuters) - Euro zone finance ministers and officials met on Thursday to discuss a second financial bailout package for Greece, after leaders in Athens clinched a long-stalled deal on reforms and austerity measures.

Following are comments by ministers and officials after the talks:
EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER
ON AIMS OF GREEK REFORMS: "The programme should respect the parameters set by heads of state and government on Oct. 26,2011, that is a) it should secure a decline in the Greek debt to GDP ratio with an objective of reaching 120 percent by 2020, and b) the additional programme financial will amount to up to 100 billion euros up until 2014, this excludes the officialsector sweeteners of up to 30 billion."


ON MONITORING GREEK REFORMS: "We also stressed the importance of strengthening the governance and monitoring structures to ensure the success of the new programme and asked the Commission toput forward proposals to this end."


ON WAY AHEAD: "Despite the important progress achieved over the last days, we did not yet have all necessary elements on the table to take decisions today.

"First, the Greek parliament should approve on Sunday the policy package agreed between Greece and the (EU/IMF) troika. Secondly, additional structural expenditure reductions of 325 million euros in 2012 should be rapidly identified in order to ensure that the deficit target isachieved. And thirdly, we would need to obtain strong political assurances from the leaders of the coalition parties on the implementation of the programme."


Following are earlier comments by ministers and officials, ahead of the talks:
SPANISH ECONOMY MINISTER LUIS DE GUINDOS
ON SITUATION IN SPAIN: "I don't think (the uncertainty surrounding Greece) affects Spain. Spain is a completely different situation. Tomorrow we will announce a labour reform, last week we announced banking reform, two weeks we announced a budget stability law.

"The situation in Spain is one of a path of economic reforms that take it towards macroeconomic stability."


BELGIAN FINANCE MINISTER STEVEN VANACKERE "There will be no green light for Greece this evening. Ministers want assurances that decisions (Greece has taken) will be implemented, that is crucial. There is still a lot of conditionality."


EU ECONOMIC AND MONETARY AFFAIRS COMMISSIONER OLLI REHN
"I am sure that this staff level agreement will tonight be thoroughly scrutinised by the finance ministers of the euro area member states.

"I think we will have a very thorough discussion and it's now up to the Greek governmentand parliament to convince its European partners through a strong commitment and concrete actions in terms of ensuring fiscal consolidation and structural reforms."


"...It's up to the Greek government to provide concrete actions throughlegislation and other actions to convince its European partners that a second programme can be made to work."


AUSTRIAN FINANCE MINISTER MARIA FEKTER
ON AGREEMENT WITH GREECE: "The Greeks will vote in a few weeks and by then wewant to guarantee that even after the election, no matter what constellation they will have, that the deal sticks."


ON SECOND GREEK PACKAGE: "The Greeks still have to do their homework from the previous package before we agree on anew package, the new package has austerity measures on the one hand and privatisation on the other hand, so the economy can grow a bit better, that they can build up their exports, that the daily running of the government is better."


"Onthe individual measures, we do expect monthly progress so that Greece can get back on its feet all by itself."


GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE
ON RESULTS SO FAR: "We have come very far, but we are still not far enough. But I think it's good that we have a intermediate results and that we tell Greece and Greece's negotiating partners clearly what the conditions for a second bailout are and that's what we will do tonight.

"You don't need to wait around becausethere will be no decision (tonight)."


ON GREEK COMMITMENTS: "Greece has to implement what it has not implemented from the first programme before we can decide on a second."

"We will hold our talks now, but as far as I know westill don't have the conditions that were clearly required by the council (of EU leaders)."


ON SECOND PROGRAMME: "We need a programme that, on top of the prior actions Greece should have taken, will reduce Greece debt-to-GDP ratio to 120 percent by 2020 and does not exceed the upper limit of what Europe can afford - that's 100 billion euros, plus 30 billion euros in sweeteners."


"We will certainly not discuss a top-up, as we are negotiating within the mandate thatheads of state and government have given us."


EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER
"I don't think that we will have a definitive and final decision tonight. We have to discuss several elements of the proposals that will besubmitted to us....

"This is not a disaster, the debate has to be ended."


GREEK FINANCE MINISTER EVANGELOS VENIZELOS
"We are finally here. We have a staff level agreement with the (EU-IMF) Troika for a new, strong and credibleprogramme. We have also a deal with the private creditors on the basic parameters of the PSI (private bondholder losses).

"We need now the political endorsement of the Eurogroup, for the final steps."


IMF MANAGING DIRECTOR CHRISTINELAGARDE
"There is clearly some very encouraging news coming out of Athens and ... after the very heavy duty work that has been done lately, I think it's positive."


IRISH FINANCE MINISTER MICHAEL NOONAN
"The contagion effectof the crisis in Greece is factored into bond prices in Ireland. A Greek resolution would enable us to get back to the markets, as we expect to do, some time in the course of the year."


DUTCH FINANCE MINISTER JAN KEES DE JAGER
"There will not be a final deal, but more importantly, we have to see first what the (EU-IMF) Troika has to report: a 'yes' or 'no', Greece has complied with all actions needed for the release of the second programme.

"We did not see that yet, thereare only announcements that they did so but we want to see real implementation of measures needed by the Greek government and also the full commitment of all leaders in Greece for future measures."

"I want to hear from the EU-IMF Troika what hasbeen discussed. From experience I know you must look very carefully to see if it all makes sense."

(Reporting by Claire Davenport, Jan Strupczewski, Robin Emmott, Marine Hass, Daniel Flynn and John O'Donnell; editing by Rex Merrifield)
Keywords: EUROGROUP GREECE/

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[bosmeld]

Francamente sono curioso di vedere come va a finire. Cmq se fosse vero accordo. Comprare su questi prezzi non dovrebbe essere male

 

[0451850]

00:10 10 FEB 2012

(AGI) - Bruxelles, 9 feb. - Per poter varare il secondo pacchetto di aiuti internazionali alla Grecia, "non ci sono ancora tutti gli elementi": lo ha detto, al termine della riunione dell'Eurogruppo, il presidente Jean Claude Juncker.

Juncker ha chiarito nella conferenza finale della riunione di stasera che per raggiungere un accordo definitivo con Atene per l'avvio del nuovo programma di aiuti da 130 miliardi di euro, la Grecia dovra' chiarire come coprira' il buco da 300 milioni di euro che ancora esiste nel piano concordato oggi.
"Abbiamo chiesto al governo greco di identificare da qui a mercoledi' ulteriori tagli per un valore di 300 milioni di euro," ha detto Juncker. "Questo e' una prerequisito cruciale per l'accordo".
Juncker ha convocato per mercoledi' prossimo una nuova riunione dei 17 ministri delle Finanze dell'Euro, per decidere il secondo pacchetto di aiuti alla Grecia. Lo ha detto lo stesso Juncker al termine della riunione di stasera.

 

[discipline]

Lettura della buonanotte..

Plan for a Greek Debt Bailout Puts the Banks First

By FLOYD NORRIS
Published: February 10, 2012

It now appears that Europe is prepared to pay what it needs to pay to save its banks.
But not to rescue Greece.
Once again, there is optimism that a new round of European talks are going to result in an announcement of a Greek bailout. On Thursday, the Greek political parties caved in and agreed to a new austerity package that will satisfy the latest European demands.
When other loose ends are tied up, it appears the Greeks will have given up their principal bargaining chip - the threat that if they are allowed to collapse, they will take the European financial system with them.
If that happens, then at some point down the road, when it turns out that Greece has again fallen short of its deficit reduction targets, Germany will again demand more sacrifices. If the Greeks refuse, then the rest of Europe could be in a position to let Greece go. It might or might not stay in the euro zone, but a bankrupt Greece would be left to fend for itself, with much of the rest of Europe saying - just as it did two years ago, when Greece's distress was just becoming clear - that it is a small country of little importance to the rest of Europe.
Perhaps Europe, in its stumbling and sometimes disorganized fashion, will have accomplished a large part of what it set out to do. It will have put a fence around the Greek tragedy and preserved - most of, if not all - the euro zone. As for rescuing Greece, well, you can't win them all.
The current European attitude was best captured by a document that was circulated as part of the now-abandoned German proposal to force Greece to accept a "budget commissar" to supervise its spending.
"Greece has to legally commit itself to giving absolute priority to future debt service," said the document, said to have been circulated by German officials. "State revenues are to be used first and foremost for debt service." Whatever money was left over could be used for other purposes, such as paying police salaries or purchasing hospital supplies.
That was shot down because it sounded so undemocratic and authoritarian, said Whitney Debevoise, a partner in Arnold & Porter with long experience in international bond negotiations. "Plan B is the escrow."
Escrow does sound like something neutral. But it apparently means the same thing. European aid to Greece would go into an escrow account, to be released as Europe saw fit and withheld if Greece again failed to live up to its promises to cut its budget deficit. But of course the money would be released for debt payments on the restructured bonds. For at least a few years, banks and others that own the new Greek bonds would be assured of collecting their interest payments.
"The euro area will be able to call the bluff of the Greek government," said Jacob Kirkegaard, an economist at the Peterson Institute for International Economics. "Greece says, 'If we default, all hell breaks loose.' The reality is that the threat from Greek contagion becomes a lot less credible."
The escrow system may also persuade more bondholders to go along with the "voluntary" restructuring. Anyone who did not, hoping that the handful of unexchanged bonds would be paid since the cost would not be that great, would run the risk that Europe would release funds to pay debt service on the new bonds, but not on unexchanged old ones. There have been Greek rescue packages before, followed by new crises. But this could be different.
By the time it becomes clear that Greece cannot meet its new promises, the recapitalization of major European banks may be completed, and in any case they will have no immediate worry of a Greek default. The European Stability Mechanism, the new European bailout fund, will be in place, and perhaps the International Monetary Fund will have raised more capital. The much-talked-about "firewall" could be a reality, preventing contagion.
There are a lot of ifs in all that, and reasons for caution. Any capital infusion by the International Monetary Fund presumably would have to proceed without the participation of the United States; Congress has yet to sign on to the last capital increase. And European attempts to build that firewall have in the past included more rhetoric than hard cash.
But the essential part would be done. The Greek threat would be contained.
An optimist might think that would make it more likely the Greeks would really try to comply this time, and that the threat of a European cutoff would spur reform. Even if that were to happen, however, it is hard to see Greece's economy improving much, and no particular reason to think the new budget targets will prove to be more realistic than their predecessors.
Already some in Europe seem to be looking ahead to the prospect of Greece's abandoning the euro. "There is absolutely no 'man overboard' if we miss someone from the euro zone," Neelie Kroes, a member of the European Commission, told a Dutch newspaper this week, adding that the claim that the "whole edifice" would collapse if one country left the euro zone "is simply not true."
There is, of course, no legal way for Greece, or any other country, to leave the zone, and it is hard to see how a departure could avoid being very messy. But nothing that has been done so far provides any reason to hope that Greece will be able to revive its economy without an exit and a substantial devaluation of the new Greek currency. And without an economy that offers growth and hope, Greek tax revenue will continue to be disappointing.
The troika negotiating with the Greeks - the International Monetary Fund, the European Central Bank and the European Commission - sought some of the advantages a devaluation would offer by demanding a reduction in the Greek minimum wage. It appears to have gotten that, and the expectation is that other private sector wages will be reduced as well. That idea sounds horrifying to Greeks, who assume their personal obligations, for food and clothes and housing costs, will not also be cut.
There is nothing new in leading European states' insisting that debts owed to their banks and citizens by sovereign states must take precedence over any other call on a debtor nation's resources. It is not, however, a particularly noble tradition.
In 1902, Venezuela seemed to be unwilling to discuss settling international debts incurred during a series of civil wars. Germany, Italy and Britain responded by sending in gunboats. German ships bombarded a Venezuelan fort - the Germans said the Venezuelans fired first - and some civilians were killed.
In the end, Venezuela agreed that 30 percent of its revenue from tariffs on imports would be diverted to debt service. Some of the debts - which included reimbursing the European powers for the costs of sending the warships - were reduced.
In those days, international arbitration was available at The Hague under elaborate rules, and the case wound up in arbitration. Not, however, on the issue of whether it was proper to send in warships. Instead the issue was whether the countries that did send in the ships should have priority in collecting the debt payments over citizens from other countries, like the United States, that had not resorted to military force.
The Russian czar was chosen to appoint a panel to consider the case, and chose two Russians and one Austrian. The panel ruled that it made perfect sense for those that manned the warships to be paid first. The "neutral powers," as the noncombatants were called, would otherwise get equal benefit from a war they did not pay for.
There was more than a little international revulsion to that whole affair, and in 1907 the Hague conventions were modified to outlaw the use of military force to settle debts.
There is no military force here, of course. But it appears the result may be about the same. Greece is being allowed to reduce what it owes, but the European powers of this era will make sure that the remaining debts have "absolute priority" over any other obligations.
​