Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2

[drbs315]

Oct. 11, 2011, 10:26 a.m. EDT
EU's Barroso to offer bank capital plan Wednesday

By William L. Watts
FRANKFURT (MarketWatch) -- European Commission President Jose Manuel Barroso said he would unveil a proposal for recapitalizing European banks on Wednesday. "Tomorrow, in the commission, I will make some proposals," including measures on bank recapitalization, Barroso told reporters after a meeting with Dutch Prime Minister Mark Rutte in The Hague. "In terms of recapitalization of European banks ... we believe that we need a kind of comprehensive response, taking into account all aspects, not just one aspect" of the crisis, he said.

 

[Topgun1976]

SG 583
buy a 49

Pure io ,Preso Bnp a 69

 

[camaleonte]

Crisi, Frattini: no asse franco-tedesco,"Europa decida insieme" - Yahoo! Finanza


Forse non lo sa ancora che, noi dobbiamo fare solo i compiti...
e, non venitemi a dire che sono OT.

 

[MRPINK]

Il presidente
del direttivo del gigante austriaco dell'energia Omv XS0629626663 ha
citato la data del 2018 per la messa in funzione del
gasdotto Nabucco, vale a dire un anno piu' tardi rispetto
alla data ufficiale (2017). Secondo Gerhard Roiss, la prima
fornitura di gas all'Europa di provenienza dall'asia
Centrale via Nabucco non avra' luogo prima del 2018 "e'
l'informazione di cui disponiamo attualmente" ha detto Roiss
all'agenzia di stampa austriaca Apa. Il gasdotto Nabucco,
destinato a ridurre la dipendenza dell'Europa dal gas russo,
e' concorrente del gasdotto South Stream (Gazprom, Eni, Edf,
Basf) che ha in progetto di trasportare gas dal Caspio. I
tratti finali, infatti, nel cosiddetto Corridoio Sud vedono
in corsa i due gasdotti Igi Poseidon (Edison e Depa) e Tap
(Statoil, Egl, E.On), entrambi destinati ad approdare sulle
coste della Puglia. Nabucco, il cui costo stimato e' di circa
7,9 miliardi di euro, sara' lungo circa 4.000 kilometri e
partendo dal Caspio attraversera' la Turchia, la Bulgaria, la
Romania e l'Ungheria, bypassando la Russia e l'Ucraina. Il
consorzio che porta avanti il progetto e' quindi formato da
Rwe (Germania), Omv (Austria), Mol (Ungheria), Transgaz
(Romania), Bulgargas (Bulgaria) e Botas (Turchia).

 

[claudioborghi]

Krugman: cose troppo giuste perchè entrino nella testaccia della Merkel

Wise Words On Europe - NYTimes.com

 

[claudioborghi]

Italy’s downgraded debt a better bet than ‘triple A’ UK

In theory è così, in practical senza un'ECB che dice chiaro e tondo che monetizza il debito se c'e' bisogno (infatti grecia, portogallo e c. sono "andati") è molto meglio il debito di un paese con lender di ultima istanza di quello di un paese che non ce l'ha. Fine della storia.

 

[fenox]

Groupama of France Says It Will Make Bond Payments This Month - Businessweek

sei sicuro al 100%? la compagnia non ha rilasciato comunicati ufficiali; reuters e radiocor sono silenti e il titolo è venduto a 29.50; io credo sia meglio comprarlo ex cedola e aspettare ancora qualche giorno

 

[Andre_Sant]

Italy’s downgraded debt a better bet than ‘triple A’ UK



You would be forgiven for thinking that something has suddenly gone awfully wrong in Italy. Last week it was downgraded by both Moody’s and Fitch. Moody’s cut, by a hefty three notches to A plus, was its first downgrade of Italy in 18 years.
The move came just a couple of weeks after the approval of the biggest fiscal adjustment of any leading country in decades. Then again, markets had already taken absence from fundamentals, driving Italian sovereign funding costs above 5 per cent – so the rating agencies, following tradition, adjusted their rating regardless of economic fundamentals.


But sometimes the market gets it all wrong, as is the case now. Consider the following: while Italy funds itself at 5.1 per cent, the UK government funds itself at 1.6 per cent (and is therefore rated triple A).
Italy and the UK are two countries broadly of the same size, wealth and income. Italy is more geared towards manufacturing, with many corporates plugged into the German export machine. The UK is more geared towards services.
Granted, the Italian government’s debt is larger than that of the UK (some 119 per cent of gross domestic product compared with 80 per cent of GDP). But the Italian private sector has stronger balance sheets than the UK private sector, so the two countries’ net international investment positions (net debt of anyone in the country to foreign creditors) are both very comfortable at minus 24 per cent of GDP in Italy, against minus 13 per cent of GDP in the UK.
This means that the Italian sovereign transfers more resources (as interest payments) to foreign creditors than the UK sovereign, while the Italian private sector transfers fewer resources to foreign creditors than the UK private sector. Hence, the Italian government has stronger private wealth for potential future taxation than the UK.
Coming through the crisis, both governments knew that they had to address their fiscal imbalances, and so they did. In the UK, the government passed legislation last year that will tighten the fiscal stance by 2.6 per cent of GDP by the end of parliament in 2014-15, and by another 1.1 per cent of GDP for the first year thereafter, for a total of 3.7 per cent of GDP through to 2016.
This comes on top of fiscal measures implemented by the previous government. All in all, the UK primary balance is set to improve from a worrisome deficit of 5.0 per cent of GDP this year to a modest surplus of 1.3 per cent of GDP in four years.
In Italy, the government passed legislation two weeks ago that will tighten their fiscal stance by 3.5 per cent of GDP by 2014, which comes on top of last year’s tightening of 1.5 per cent of GDP, for a total of a sizeable 5 per cent of GDP. These measures are set to improve the fiscal primary balance from a surplus this year of 0.9 per cent of GDP to a surplus of 5.7 per cent of GDP in four years. Yes, there are implementation risks, but Italy starts with a primary surplus; the UK starts with a sizeable deficit.
In spite of Italy’s better fiscal position and more comprehensive measures, it now pays more than 5.1 per cent (in euros) for its debt while the UK pays just 1.6 per cent in sterling. Could the difference be due to investors’ expectations of future sterling appreciation? Hardly.
Indeed, the argument seems to go the other way. Curiously, investors seem to like the UK precisely because of the country’s ability to weaken its currency (apparently disregarding the loss imposed by such depreciation) because – the argument goes – this will boost future growth and hence tax revenues. The only problem is that this theory has not really worked that well in practice.
Since the end of 2007, UK GDP has contracted cumulatively by 3.4 per cent in spite of the great sterling depreciation as exports failed to recover. Italy’s GDP contracted by 4.4 per cent during the same period. Meanwhile, weaker sterling has lowered imports as the UK became poorer in real terms through higher inflation. In 2007, the average Brit was 30 per cent richer than the average Italian; now they are just 5 per cent richer, according to Eurostat.
Another curious argument relates to central bank underwriting of the sovereign. Yes, the Bank of England may be more comfortable printing money than the European Central Bank but such printing presumably involves some risk of weakening the exchange rate. And make no mistake about it, the ECB is Italy’s central bank and, as already demonstrated, it stands behind the Italian sovereign like any central bank would do in any civilised society. But while the ECB buys Italian sovereign debt, it does so against policy conditionality.
So what would you rather own? The bond on a government being pushed by its central bank to adjust its underlying fundamentals (while backstopping the most extreme market sentiment) or the bond of a government with less ambitious fiscal plans with a central bank behind it which prints without conditionality attached? Oh, and you’ll be paid 3.5 percentage points more for the former...

tutto molto bello
ma uk per stampare nn deve chiedere alla germania
l'italia/bce per stampare deve chiedere alla germania.

questo quindi, purtroppo, cambia tutto

ciao

 

[Imark]

Credo interessino qui gli esiti dell'incontro fra francesi e tedeschi... salvo ulteriori dettagli, sembrerebbe essere passata la linea tedesca sulla ricapitalizzazione delle banche ... e si comprenderebbe anche l'irritazione italiana... vedremo la linea riguardante le banche di altri paesi...

French banks committed to raising capital-minister

PARIS | Tue Oct 11, 2011 9:38am EDT

Oct 11 (Reuters) - French banks are committed to raising their capital under a common Franco-German agreement on recapitalising troubled European banks, French Foreign Minister Alain Juppe said on Tuesday.
"Regarding French banks, they are committed to raising their capital ratios to 9 percent of assets," Juppe told parliament, asked about an agreement by Paris and Berlin at the weekend to come up with a plan to stabilise banks.
"We will achieve this by mobilising banks' own revenues, private capital and if necessary as a last resort, public capital," he said.

 

[stefmas]

...anche se avrei voglia di incrementare a questi prezzi ...sempre sulla 464 .......starò fermissimo ...

Conoscendoti... fermissimo fino alla prossima occasione / ripensamento