signori non ho resistito e mi sono preso un lotticino di refer xs0214446188
pagato 63
titolo senior
scadenza 16/03/2015
non é garantito dal governo.
refer a 5 emissioni, 3 sono garantite, e 2 no.
questa é una delle due non garantite.
anche se io do una garanzia implicita. speriamo di aver fatto bene....
sei un grande .l'hai preso con iw?ci sono anche le hellenic railways le hai studiate?
LISBON (Dow Jones)--Portugal faces a rapidly dwindling array of options if it is to avoid making a formal request for a bailout from the European Union and the International Monetary Fund before general elections are held June 5. The government must repay EUR4.23 billion in debt due later this month, and EUR4.9 billion right after the elections, in mid-June. To do that, it has to borrow from investors, starting with a sale of EUR1 billion in six- and 12-month Treasury bills Wednesday.
Portuguese banks have been among the main buyers of government debt in recent months, but with the government's credit ratings continuing to weaken, they are becoming increasingly unwilling to add to their purchases.
Should the state be unable to sell new bonds in sufficient quantities to make its repayments, it would have to look to the European Union and the International Monetary Fund for help.
But both those institutions have said they can't provide short-term financing to get Portugal through the election campaign, and then negotiate a longer term deal with the new government.
And that makes it increasingly likely that the outgoing government of Prime Minister Jose Socrates will have to make a formal request for a bailout, setting in train negotiations on painful austerity measures that would take place in the middle of a close-fought election campaign.
Portugal's banks owned EUR19 billion of government debt in January, roughly 12.5% of total public debt, although they have accounted for a greater share of purchases in recent auctions.
According to a person familiar with the situation, Portugal's banks are meeting with the nation's central bank ahead of the auction to make it clear their appetite for government bonds is dwindling rapidly.
"The Portuguese banks play an important role in the financing of the state but are now in a very, very tight position," said Joao Cantiga Esteves, economist at the Technical University of Lisbon. "At this moment, if the Portuguese banks stop buying Portuguese sovereign debt, Portugal will need to ask for a bailout more quickly."
The meeting between the banks and government appears to be a response to the possibility that Portuguese government debt could be cut to junk status by the leading credit rating agencies, at which point it wouldn't be accepted by the European Central Bank as collateral for short-term loans. in February, ECB loans to Portugal's banks totaled EUR41.1 billion.
Earlier Tuesday, Moody's Investors Service cut Portugal's long-term government-bond rating even closer to junk grade and placed it on review for possible downgrade.
That action Tuesday has already squeezed the country's banks, by pushing Portuguese collateral further down the sliding scale of haircuts that the ECB applies in its lending operations. With the loss of Portugal's last A- or equivalent rating, the banks can only borrow 90c on the euro against a 10-year Portuguese bond, as opposed to 96c beforehand.
Moody's was the last of the three major ratings agencies to downgrade Portugal following two tumultuous weeks in which the prime minister resigned, the country revised its budget deficit estimate for 2010 higher, and the euro zone agreed to a new 'European Stability Mechanism' that could force Lisbon to restructure its debt and force losses on bond holders after 2013.
"More likely than not, the government will have to tap the European Financial Stability Facility after the elections," Moody's senior analyst Anthony Thomas told Dow Jones Newswires. The EFSF is the euro zone's current rescue fund, due to be replaced in July 2013 by the ESM.
The current caretaker government has told the ratings agency it has the ability to cover debt repayments until June, he noted.
But the demands on the government's scarce funds are growing.
The finance ministry said Tuesday that it will cover Rede Ferroviaria Nacional's debt obligations as the rail infrastructure company faces a potential shortfall in its ability to repay a loan guarantee next week.
This leaves the company EUR54 million short of the amount needed, meaning unless it can raise the funds in the open market this week, the government will need to step-in in order to avoid default.
With the state's room for maneuver narrowing, the daily newspaper Publico Monday reported that the EU and Portuguese officials were discussing a possible bridge loan for Portugal that would prevent the country from needing to borrow in public markets, where 10-year Portuguese bonds trade at punishing yields of nearly 9%.
But the EU Commission Tuesday said such an arrangement isn't an option.
"The commission doesn't give loans like this," said spokesman Amadeu Altafaj Tardio.
The only financing available to Portugal would be through the EFSF or the European Financial Stability Mechanism, a much smaller fund backed by the EU budget, he said.
"The conditions for those are: We need a request by the member state and we need an agreement on a program of economic adjustment," Tardio said.
Like the EU, the IMF historically doesn't provide such "bridge loans." During the financial crisis, the IMF did develop two new lines of credit called the precautionary and flexible credit lines. But those require the requesting economies to be relatively sound already, particularly since one comes without conditions and the other with limited restrictions.
While a bridging loan is without precedent, so too is a multi-year agreement with a caretaker government. As with previous twists in the euro zone's fiscal saga, new ways of responding to novel situations may yet be necessary.
"If Portugal needs funds before it gets a new government something must be done," said one euro-zone diplomat. "It will be madness to negotiate a bailout of tens of billions of euros with a caretaker government. So we will have to be creative and come up with a short-term facility."
-Patricia Kowsmann, Matthew Dalton and Paul Hannon, Dow Jones Newswires, +351-916-466-297,
patricia.kowsmann@dowjones.com
(Art Patnaude, Alex MacDonald and Ian Talley contributed to this story)
(END) Dow Jones Newswires
April 05, 2011 11:26 ET (15:26 GMT)
di sasso dopo la prosopopea a colori sgargianti delle prime pagine.
.Sia i margini operativi che la bottom line.
... attendiamo presto un suo contributo alla discussione 
