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[tommy271]

Qui la prima pagina del "Diario de Noticias": la Troika non cede di un millimetro

Veja as capas dos jornais de hoje

 

[C.Bonacieux]

qui sono meno pessimisti:
Troika: Governo garante que resultados das avaliações são positivos - TSF

l giorno in cui Gates e il ministro delle Finanze rivelano le conclusioni della 'troika', nelle recensioni 8 ° e 9 °, fonte il governo assicura che la TSF i loro risultati sono positivi.
Così, l'esecutivo può recedere dal bilancio dello Stato proposto per il prossimo anno, che sarà consegnato in Parlamento entro il 15 ottobre.
Con la "luce verde" troika queste valutazioni ottavo e nono, il Portogallo riceveranno five mille e cinquecento milioni di euro.
Governo fonte ha anche confermato la TSF che la troika non si mosse a l'obiettivo di disavanzo rilassamento del quattro per cento nel 2014.
Una conferenza stampa sui risultati delle valutazioni della troika è prevista per il 18.00.

 

[tommy271]

Portogallo: via libera a piano austerita' da ''troika''

03 Ottobre 2013 - 19:50







(ASCA) - Lisbona, 3 ott - Il Portogallo ha ottenuto l'approvazione da parte dei suoi creditori internazionali degli obiettivi del suo piano di austerita', ma non beneficera' di un alleggerimento dei suoi obiettivi di deficit.

Lo ha annunciato il governo nel corso di una conferenza stampa. Lisbona auspica di portare l'obiettivo di disavanzo di bilancio al 4,5% per il 2014, ma ''la troika'' (Ue-Bce-Fmi) non ha rivisto la sua posizione e accetta solo il 4%'', come precedentemente previsto, ha detto il vice primo ministro portoghese Paulo Portas.

Gli ispettori della troika hanno passato al setaccio le misure di austerita' che il Portogallo ha implementato in cambio del programma di aiuti internazionali.

La luce verde dalla troika potrebbe allentare le tensioni nei mercati del debito e contribuire a tassi debitori piu' bassi, spera il governo portoghese .

Il tasso debitore del Portogallo a dieci anni e' diminuito leggermente a 6,755 %, ma resta vicino alla soglia critica del 7%, considerata insostenibile dagli analisti .

Il Portogallo ha ricevuto finora 65,8 mld Euro su un totale di 78 miliardi di aiuti promessi dall'Unione europea e dal Fondo monetario internazionale come parte del programma in atto fino a giugno 2014.

Intanto il debito continua ad accumularsi : alla fine di settembre, il governo ha rivisto al rialzo il suo obiettivo per quest'anno, assumendo un livello pari al 127,8 % del pil, ben al di sopra del livello della troika (122,9) % .

 

[tommy271]

EU/IMF says Portugal bailout on track, see court risks



LISBON | Thu Oct 3, 2013 2:10pm EDT







(Reuters) - Portugal's EU and IMF lenders said on Thursday the country's adjustment program under a bailout is broadly on track amid early signs of economic recovery, but warned the Constitutional Court could put Lisbon's return to market financing at risk.

"The program remains broadly on track, with the authorities determined to achieve its objectives... Provided the authorities persevere with steadfast program implementation, euro area member states have declared they stand ready to support Portugal until full market access is regained," they said in a statement.

It said the program's 2013 fiscal deficit target of 5.5 percent of GDP is within reach, while the government has reaffirmed its commitment to the 2014 deficit target of 4 percent.

But recalling that the Constitutional Court has shot down several government austerity measures over the past 14 months, they said the possibility of more measures being declared unconstitutional would require a change to the 2014 draft budget in order to meet the agreed deficit target.

"This, however, would imply increasing risks to growth and employment and would reduce the prospects for a sustained return to financial markets," the statement said.


(Reporting By Andrei Khalip, editing by Axel Bugge)

 

[tommy271]

Portugal not ruling out bond issues this year: minister


LISBON | Thu Oct 3, 2013 2:08pm EDT







(Reuters) - Portugal does not rule out carrying out bond issues this year but the goal is to resume regular bond issuance in 2014, when the country's bailout ends, Finance Minister Maria Luis Albuquerque said on Thursday.

"Talking about next year, certainly," she told reporters when asked about bond issues.

"It is our objective, it is a condition of the conclusion of the bailout, and it is also our intention to carry out some bond swaps."

(Reporting By Sergio Goncalves and Daniel Alvarenga, writing by Axel Bugge, editing by Andrei Khalip)

 

[tommy271]

IMF/Troikaortugal Prgm'Broadly on Track,'Signs of Recov-Text

By Heather Scott







--Could Conclude 8th/9th Review in Nov to Allow E5.6 Bln Loan Tranche

WASHINGTON (MNI) - The International Monetary Fund, European Commission and European Central Bank said Thursday Portugal's economic program remains "broadly on track," and there are early signs of economic recovery. The troika could conclude the latest review of the program next month, which would release a 5.6 billion euro loan tranche:


The complete statement follows:



Statement by the EC, ECB, and IMF on the Eighth and Ninth Review Mission to Portugal
Staff teams from the European Commission (EC), European Central Bank (ECB), and International Monetary Fund (IMF) visited Lisbon during September 16-October 3 for the combined eighth and ninth quarterly reviews of Portugal's economic adjustment program.

There are early signs of a recovery in economic activity. Economic activity is now projected to contract by 1.8 percent in 2013 - an upward revision of 0.5 percentage points - before expanding by 0.8 percent in 2014. Unemployment is expected to remain below 18 percent next year and significant external adjustment is ongoing, with Portugal gaining export market share for the third year in a row.

The program's 2013 fiscal deficit target of 5.5 percent of GDP is within reach. Budget execution has been supported by solid revenue performance and improved expenditure control, while underperformance in some parts of the budget is being addressed. Public sector reforms continue to strengthen financial management, fight tax evasion, restructure state enterprises, and reduce costs of public-private partnerships.

The authorities have reaffirmed their commitment to the 4 percent of GDP deficit target for 2014. Reflecting a thorough assessment of the balance between the necessary fiscal adjustment, economic growth, and financing prospects, it was agreed to reaffirm the fiscal deficit target as revised in the 7th review. To reduce the excessive weight of the public sector in the economy, the key consolidation measures to be proposed in the draft Budget for 2014 will rightly aim at rationalizing and modernizing public administration, improving the sustainability of the pension system, and achieving cost savings across ministries. A rigorous implementation of the draft Budget for 2014 will be a decisive step toward respect of the Treaty on Stability, Coordination and Governance (the Fiscal Compact). In the event that some of the measures were determined to be unconstitutional, the government would need to reformulate the draft Budget in order to meet the agreed deficit target. This, however, would imply increasing risks to growth and employment and would reduce the prospects for a sustained return to financial markets. 2

While banks' buffers are adequate, the operating environment remains challenging. Banks' solvency has been further strengthened following some additional recapitalisation efforts, while liquidity conditions are gradually improving amid ongoing, and necessary, deleveraging of balance sheets. Nevertheless, profitability remains weak, calling for enhanced and sustained vigilance by the Banco de Portugal and ongoing efforts to improve its supervisory and resolution frameworks. Credit conditions remain challenging, although with recent improvements for the export-oriented sectors. Measures to ensure adequate funding for viable small- and medium-sized companies are being implemented, including initiatives to encourage the diversification of financing sources.

The program's agenda of structural reforms is well advanced, and effective implementation will be key to sustaining competitiveness gains. Important progress has been made in the areas of labor markets, judicial reforms, reforms of network industries, and regulated professions, with some initial evidence of an impact on the functioning of the economy. A blueprint for a comprehensive reform of corporate income tax has also been prepared, but implementation would need to respect fiscal consolidation targets. Progress is being made, although with some delays, in the reduction of barriers to doing business via easing of administrative burdens and licensing procedures. The authorities are also committed to explore the scope for new initiatives, which will be especially important in view of the need to foster competitiveness and job creation.

The program remains broadly on track, with the authorities determined to achieve its objectives. Over the summer, sovereign yields reversed earlier gains, amid market concerns about the predictability of policymaking following short-lived political turbulence and Constitutional Court rulings that blocked key policy measures. Public debt remains sustainable; it is now expected to peak at 127.8 percent in 2013 and to decline thereafter. Resolute program implementation and reaffirmed ownership will support the government's return to full market financing. Provided the authorities persevere with steadfast program implementation, euro area member states have declared they stand ready to support Portugal until full market access is regained. Portugal's culture of political and social dialogue remains an important asset to the program.

Portugal's economic adjustment program is supported by loans from the European Union amounting to E52 billion and a E26 billion Extended Fund Facility with the IMF. The conclusion of the 8th and 9th reviews could take place in November, subject to the approval of ECOFIN and EUROGROUP and of the IMF Executive Board. This would allow for the disbursement of E5.6 billion (E3.7 billion by the EU, and about E1.9 billion by the IMF) following the approval of the current reviews. The joint mission for the next program review is expected to take place in November 2013.

 

[tommy271]

(...)

Foreign money managers were net sellers in June and July after buying in May, increasing the proportion of securities owned by residents. Domestic banks held a record 33 billion euros ($45 billion) of the nation’s government debt on Aug. 31, European Central Bank data published last week showed.

Portugal’s debt handed investors a loss of 1.4 percent in the July to September period, the worst performance of 14 euro-area sovereign markets tracked by Bloomberg World Bond Indexes. Spanish securities earned 3.1 percent, Italian debt gained 1.7 percent and Greek bonds added 11 percent, the indexes show.

Government bonds and Treasury bills held by Portuguese investors rose to a record 62.6 billion euros at the end of July, up 16 billion euros from March 2011, which was a month before the country requested aid, according to the latest figures from the Bank of Portugal.

(...)

Fleeing Foreigners Impede Portugal?s Own Exit Plans: Euro Credit - Bloomberg

 

[neosephiroth86]

BUZZ-Portugal passes its review, but enthusiasm is limited



Portugal managed to pass its bailout review by the troika, but market reaction
was muted and the review itself restrained. Growth forecasts were raised to
-1.8% from -2.3% for this year and to +0.8% from +0.6% for next year. The
deficit targetfor this year remains -5.5%, which the review said Portugal
should reach. Next year's target was left at -4%. But reaching that will take
another EUR4bn of spending cuts, and the Constitutional Court has shot down
several previous austerity measures.Although the 10-year spread to Bunds
contracted 11 bps when the review was completed, the 10-year yield and spread on
Portugal are still much wider than those for Italy, Spain and Ireland, while
2s/10s is flat - a fact that highlights how risks arebeing priced in at the
front end. A second bailout or even a credit line seems likely next year, but
the key is whether policy makers will also opt for a PSI. If Ireland shows it
can stand on its own two feet once it exits the programme this December,
aversion to more radical steps for Portugal is less likely. For full comment,



NON POSSA ESSERE MAI

 

[C.Bonacieux]

BUZZ-Portugal passes its review, but enthusiasm is limited



Portugal managed to pass its bailout review by the troika, but market reaction
was muted and the review itself restrained. Growth forecasts were raised to
-1.8% from -2.3% for this year and to +0.8% from +0.6% for next year. The
deficit targetfor this year remains -5.5%, which the review said Portugal
should reach. Next year's target was left at -4%. But reaching that will take
another EUR4bn of spending cuts, and the Constitutional Court has shot down
several previous austerity measures.Although the 10-year spread to Bunds
contracted 11 bps when the review was completed, the 10-year yield and spread on
Portugal are still much wider than those for Italy, Spain and Ireland, while
2s/10s is flat - a fact that highlights how risks arebeing priced in at the
front end. A second bailout or even a credit line seems likely next year, but
the key is whether policy makers will also opt for a PSI. If Ireland shows it
can stand on its own two feet once it exits the programme this December,
aversion to more radical steps for Portugal is less likely. For full comment,



NON POSSA ESSERE MAI

 

[tommy271]

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