[dariomilano]

Originalmente inviato da andgui

A proposito rubo da altra discussione:

PENSIERO DEL GIORNO:
"La finanza pubblica deve essere sana, il bilancio deve essere in pareggio, il debito pubblico deve essere ridotto,
l'arroganza dell'amministrazione deve essere combattuta e controllata e l'aiuto ai paesi stranieri deve essere diminuito per evitare il fallimento di Roma.
La popolazione deve ancora imparare a lavorare invece di vivere di sussidi pubblici”.
Cicerone , (“De Re publica”, 55 avanti Cristo)

andgui.

dai allora abbiamo ancora 1po' di tempo prima della caduta dell'impero

Originalmente inviato da andgui

Se non spieghi chi erano gli "azionisti" i lettori con meno di 50 anni pensano si tratti di quelli che hanno le azioni, o le avevano come Marchionne (che non essendo un "marchione") ha appena venduto azioni FIAT e FIAT INDUSTRIAL per oltre 12 milioncini. Pinzillacchere, quisquilie etc.. direbbero nei Quartieri Spagnoli.

andgui.

in effetti se spiegate è meglio io non so mica chi sono gli azionisti

[iulius]

Originalmente inviato da dariomilano

dai allora abbiamo ancora 1po' di tempo prima della caduta dell'impero



in effetti se spiegate è meglio io non so mica chi sono gli azionisti

Marchionne "dixit": 2 siti produttivi su 5 in Italy sono a rischio. Evviva!

Sapete come andrà a finire la Fiat?

Ora la Fiat controlla la Crysler; domani l' America controllerà la Fiat.
Non l' immaginavate?
Evviva!

[salcatal]

Originalmente inviato da dariomilano

dai allora abbiamo ancora 1po' di tempo prima della caduta dell'impero



in effetti se spiegate è meglio io non so mica chi sono gli azionisti

Ciampi=Monti

Partito d'Azione - Wikipedia

[dariomilano]

Originalmente inviato da salcatal

Ciampi=Monti

Partito d'Azione - Wikipedia

grazie effettivamente leggendo qui non risultano punti "negativi", a parte a parer mio la nazionalizzazione del comparto industriale..

[salcatal]

Originalmente inviato da dariomilano

grazie effettivamente leggendo qui non risultano punti "negativi", a parte a parer mio la nazionalizzazione del comparto industriale..

Non si tratta di trovare punti negativi nel manifesto del partito d'azione, ma nelle azioni degli azionisti.

Tralascio Ciampi, per amore di patria e passo a Monti.

Quello che imputo a Monti, cosa per la quale sono molto deluso, è la composizione del GOVERNO, zeppo di alti burocrati di Stato.

Appena ho letto la composizione del Governo ho capito che eravamo caduti dalla padella alla brace.

Perchè è chiaro che questo governo non poteva e non può porsi come obiettivo prioritario della sua azione l'estirpazione del cancro che corrode l'ITALIA, che è il PIL intermediato dalla PUBBLICA AMMINISTRAZIONE.

Ed infatti la RIDUZIONE DELLA SPESA PUBBLICA è rimandata ad una futura spending rewiev.

Quindi si darà un incarico a qualche amico di Monti per studiare e a noi resterà alla fine resterà solo il costo dello studio, cioè altra spesa pubblica.

Qui trovate molte cose che riflettono il mio pensiero, a partire dall'articolo sui folli adempimeni fiscali fatti, poi rifatti e infine disfatti con aggravio di costi e adempimenti a carico dei contribuenti (elenco clienti e fornitori), passando dall'articolo sulle incredibili retribuzioni degli alti dirigenti dello Stato, commisurati ai risultati ottenuti per finire alla stampa italiana.

CHICAGO BLOG » Oscar Giannino

[salcatal]

Del resto ragionando lucidamente va considerato che era una pia illusione la speranza che il Governo Monti potesse mettere mano al vero problema che affligge l'Italia.

Quando la SPESA PUBBLICA raggiunge quei livelli significa che la MAGGIORANZA della popolazione vive e gravita intorno ad essa.

Con tutto quello che questo significa.

[salcatal]

Originalmente inviato da iulius

Marchionne "dixit": 2 siti produttivi su 5 in Italy sono a rischio. Evviva!

Sapete come andrà a finire la Fiat?

Ora la Fiat controlla la Crysler; domani l' America controllerà la Fiat.
Non l' immaginavate?
Evviva!

Caro Iulius,

se ci pensi bene e' inevitabile che la FIAT cerchi di smarcarsi dall'Italia.

Per i motivi più volte elencati l'Italia e' un ambiente ostile per chi sta sul libero mercato.

[dariomilano]

Greece Issues Exchange Offer Terms; Raises Minimum Acceptance Threshold To 75% From 66%; €10 Billion Buys PSI Killer



Three days ago we recoiled in terror at the stupidity of Greek leaders, when we learned that the Greek exchange offer would be deemed satisfactory if only 66% of bondholders accept it as valid, as it would mean an immediate abrogation of UK-law bonds which have a 75% minimum covenant threshold as specified in the indenture. Apparently this was a "small oversight" on behalf of the gross amateurs in charge of this process as according to the just released full exchange offer doc, this threshold was mysteriously raised to the proper minimum acceptance threshold of 75%. Of course, it is needless to say that at least 25% of Greek bondholders will decline the offer, either in the current Greek law exchange, or the forthcoming UK-law one, which would throw the whole process into a tailspin. Because here is the kicker, from the release: "if less than 75% of the aggregate face amount of the bonds selected to participate in PSI are validly tendered for exchange, and the Republic does not receive consents that would enable it to complete the proposed exchange with respect to bonds selected to participate in PSI representing at least 75% of the aggregate face amount of all bonds selected to participate in PSI, the Republic will not proceed with any of the transactions described above." So here's the math: if one has 25% +1 of the €177 billion in Greek-law bonds, they can smash the entire process (and give Germany a way out, wink wink). At today's price of about 20 cents on the dollar, this means that one can hold Greece, and thus Europe (assuming Europe wants Greece in the Eurozone and Germany itself is not the biggest shadow hold out) hostage for less than €9 billion. Or better yet, since the total bonds subject to PSI are about €206 billion, this means UK law bonds of just €29 billion are part of the deal, and one can buy a blocking stake there, at roughly 30 cents on the euro, for a meager €2 billion in cash out today. Furthermore since many hedge funds already have built up blocking stakes, this almost certainly means that Greece will not get the requisite needed votes to pass the exchange. Wondering if these hold-outs are actively shorting the market knowing they can bring Europe to its knees with virtually no capital at risk? You should be.
And 75% is just the absolute minimum threshold: somehow Greece thinks it has a realistic chance of getting 90% to agree to get raped, run over, and crammed down by 4 other classes of senior noteholders:

In addition, unless bonds representing at least 90% of the aggregate face amount of all bonds selected to participate in PSI are validly tendered for exchange, the Republic will not be required to settle any of the exchanges. However, if the Republic receives consents to the proposed amendments that would result in at least 90% of the aggregate face amount of all bonds selected to participate in PSI (including bonds tendered for exchange) being exchanged on the terms proposed by the Republic, the Republic intends, subject to all other conditions being satisfied and in consultation with its official sector creditors, to declare the proposed amendments effective and to complete the exchange of all bonds selected to participate in PSI that would be bound by the proposed amendments.

If at least 75% but less than 90% of the aggregate face amount of all bonds selected to participate in PSI are validly tendered for exchange, the Republic, in consultation with its official sector creditors, may proceed to exchange the tendered bonds without putting any of the proposed amendments into effect.

And that, ladies and gentlemen, is the German "out", because since Greece will at best get an absolute minimum passing threshold, Germany will just say Nein and call the process abusive.
As posted before, here is the walkthru for the transaction, just replace 66% with 75% in the minimum threshold case.

[salcatal]

Originalmente inviato da dariomilano

Greece Issues Exchange Offer Terms; Raises Minimum Acceptance Threshold To 75% From 66%; €10 Billion Buys PSI Killer



Three days ago we recoiled in terror at the stupidity of Greek leaders, when we learned that the Greek exchange offer would be deemed satisfactory if only 66% of bondholders accept it as valid, as it would mean an immediate abrogation of UK-law bonds which have a 75% minimum covenant threshold as specified in the indenture. Apparently this was a "small oversight" on behalf of the gross amateurs in charge of this process as according to the just released full exchange offer doc, this threshold was mysteriously raised to the proper minimum acceptance threshold of 75%. Of course, it is needless to say that at least 25% of Greek bondholders will decline the offer, either in the current Greek law exchange, or the forthcoming UK-law one, which would throw the whole process into a tailspin. Because here is the kicker, from the release: "if less than 75% of the aggregate face amount of the bonds selected to participate in PSI are validly tendered for exchange, and the Republic does not receive consents that would enable it to complete the proposed exchange with respect to bonds selected to participate in PSI representing at least 75% of the aggregate face amount of all bonds selected to participate in PSI, the Republic will not proceed with any of the transactions described above." So here's the math: if one has 25% +1 of the €177 billion in Greek-law bonds, they can smash the entire process (and give Germany a way out, wink wink). At today's price of about 20 cents on the dollar, this means that one can hold Greece, and thus Europe (assuming Europe wants Greece in the Eurozone and Germany itself is not the biggest shadow hold out) hostage for less than €9 billion. Or better yet, since the total bonds subject to PSI are about €206 billion, this means UK law bonds of just €29 billion are part of the deal, and one can buy a blocking stake there, at roughly 30 cents on the euro, for a meager €2 billion in cash out today. Furthermore since many hedge funds already have built up blocking stakes, this almost certainly means that Greece will not get the requisite needed votes to pass the exchange. Wondering if these hold-outs are actively shorting the market knowing they can bring Europe to its knees with virtually no capital at risk? You should be.
And 75% is just the absolute minimum threshold: somehow Greece thinks it has a realistic chance of getting 90% to agree to get raped, run over, and crammed down by 4 other classes of senior noteholders:

In addition, unless bonds representing at least 90% of the aggregate face amount of all bonds selected to participate in PSI are validly tendered for exchange, the Republic will not be required to settle any of the exchanges. However, if the Republic receives consents to the proposed amendments that would result in at least 90% of the aggregate face amount of all bonds selected to participate in PSI (including bonds tendered for exchange) being exchanged on the terms proposed by the Republic, the Republic intends, subject to all other conditions being satisfied and in consultation with its official sector creditors, to declare the proposed amendments effective and to complete the exchange of all bonds selected to participate in PSI that would be bound by the proposed amendments.

If at least 75% but less than 90% of the aggregate face amount of all bonds selected to participate in PSI are validly tendered for exchange, the Republic, in consultation with its official sector creditors, may proceed to exchange the tendered bonds without putting any of the proposed amendments into effect.

And that, ladies and gentlemen, is the German "out", because since Greece will at best get an absolute minimum passing threshold, Germany will just say Nein and call the process abusive.
As posted before, here is the walkthru for the transaction, just replace 66% with 75% in the minimum threshold case.

Buon fine settimana.

Non riesco ad immaginare come finirà il caso Grecia, ma di una cosa sono sicuro.

Anche nell'ipotesi, ormai probabile e forse desiderata da tutti, che la Grecia esca dall'euro e proceda a un default disordinato, gli effetti sui mercati sarebbero minimi, almeno nel breve termine.

Ciò in quanto, con il governo Monti e con le iniezioni di liquidità della BCE, è stata stesa una rete di sicurezza intorno agli altri malati dell'Europa, e in particolare per le dimensioni dell'economia l'Italia e la Francia.

Con il governo Monti non perché abbia ben operato, ma solo perché è un podestà forestiero.

Il podestà forestiero - Corriere della Sera

Ed è stato rimosso, quindi, il pericolo che anche l'Italia mettesse in dubbio la partecipazione all'euro.

Berlusconi: L'euro è una moneta strana

[salcatal]

Comunque per tornare a temi di borsa ecco qualcuno che finalmente capisce qualcosa.


DJ MARKET TALK: France Telecom Well Placed Vs Iliad -S&P Equity

MF-Dow Jones - 24/02/2012 08:21:48



0721 GMT [Dow Jones] France Telecom is well placed to out-manoeuvre competitor Iliad in France S&P Equity says, following news of its deal which will enable Iliad customers to roam on FT's network. The deal is likely to bring FT EUR1B in six years, says S&P Equity. Additionally, 2011 earnings Wednesday were in-line, adds S&P Equity. The researcher says FT is doing the right thing by protecting its balance sheet. It notes FT now aims to distribute 40%-45% of operating cashflow as dividends, EUR1.21-to-EUR1.35/share this year, down from EUR1.40/share. S&P Equity's recommendation on FT is buy with EUR14 target . Shares closed Thursday at EUR11.61. (inti.landauro@dowjones.com)