Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (4 lettori)

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tommy271

Forumer storico
EU: Greece Deficit Revisions Purely Routine



BRUSSELS (Dow Jones)--Revisions to the Greek budget deficit are purely routine as part of the European Union's so-called excessive deficit procedure for countries which break the bloc's fiscal rules, a spokesman for the EU's executive arm said Tuesday.
"This is pretty routine," a spokesman for EU Economic and Monetary Affairs Commissioner Olli Rehn told reporters. "There is no political manipulation, it is an accounting exercise."
According to figures released by Europe's statistics agency, Eurostat, earlier Tuesday, Greece's budget deficit equaled 10.5% of gross domestic product last year. That compares with a 9.4% deficit estimated by the government.
He added the Greek figures are reliable and praised the Greek government's privatization plan and budgetary reforms.
"This is a process that isn't just relevant to Greece, it affects all countries in excessive deficit procedure," he added. "There will be further discussions on this next week and next month... I don't want to speculate at this stage."
 

tommy271

Forumer storico
ASE In Declining Mood, Sentiment Remains Weak



Athens Exchange moves in a declining mood on Tuesday after a four-day break, while Eurostat announces the revision of 2010 state deficit.

With almost all of its titles in negative territory, the banking index posted early losses of 1.44%, while Greek bond spreads and CDS record new highs, as the speculation for a possible restructuring of Greek debt continues unabated.

Marfin Analysis commented in its morning report that the announcement of Greece’s 2010 deficit could set the tone for this week.

“Better visibility vis-à-vis government’s medium term fiscal and privatisation plans could gradually improve sentiment if targets and the way to reach them are considered achievable”, Marfin added.


Similarly, Pegasus Securities noted that the market’s psychology remains traumatized.


“While uncertainty prevails over a number of issues (share capital increases, downgrades, corporate results) that have proven unsupportive during the recent past, a situation that will certainly take some time to heal in order for fear syndromes to discharge”, Pegasus said.

The course of the domestic market could also be affected by the trends of foreign markets, Pegasus added.

Across the board, the General Index is at 1,424.03 units, down 0.51% in a very thin turnover of €14.3m. A total amount of 32 shares rise, 56 decline and 33 remain unchanged.

Banks are at 1,059.35 units, down 0.68%. Only Geniki Bank and Eurobank are in green, posting gains of 3.15% and 1.17% respectively. On the other hand, Piraeus Bank and ATEbank fall by 3.60% and 2.13%, while Proton Bank, Hellenic Postbank, Marfin Popular Bank and Attica Bank lose 1.75%, 1.71%, 1.20% and 1.15% respectively.

(ana.gr)
 

tommy271

Forumer storico
Ma nel confronti dei privati propone un default seppure morbido oppure è per il risanamento ad ogni costo?

Suppongo il primo, se vorrà rastrellare voti ...
Ad ogni modo è perchè ci sia una rinegoziazione degli accordi (già in parte ottenuta dal Pasok con uno sconto sugli interessi da pagare ed un allungamento delle scadenze)
Su quali basi di "forza" questa rinegoziazione debba avvenire, proprio non saprei.
 

tommy271

Forumer storico
Energy Minister Criticises Public Power Corp’s Union



Environment and Energy Minister Tina Birbili criticised GENOP, Public Power Corp’s union, in an interview with the radio station Vima FM.

The Minister commented that trade unions should be self-existent and not involved into any transactions with the authorities, and added that funding of GENOP by PPC has been suspended until the final settlement of the issue.

Regarding privatization of PPC, Tina Birbili stressed that government’s position is that the state should maintain the control of the company. However, the privatization should be in line with the market and the value of the company, she said, adding that the issue remains a priority for Greece.

Scenarios for further privatization of PPC are under consideration, in the context of opening of the electricity market, said Tina Birbili, clarifying that the parallel privatization of PPC and the sell-in of lignite production (swaps) are not possible. The sale of 40% of PPC production through lignite would mean a reduction of PPC’s profitability, she added.

Regarding the government’s main objectives in electricity market, Energy Minister said:

- The energy mix should change. The production through lignite should be decreased in favour of Renewable Sources.

- Secondly, there should be an opening for the corporation, in order to expand in Southeast European markets.

- Thirdly, market conditions should favour the commercial viability of private investors.

(capital.gr)

***
Come vi dicevo nei giorni scorsi la questione non è la privatizzazione ma la "Golden Share".
 

tommy271

Forumer storico
Greek FinMin: Impact Of Recession Larger Than Anticipated



Greek Finance Ministry said that the impact of the recession on GDP in 2010 was larger than anticipated.

The Hellenic Statistical Authority (ELSTAT) has sent to Eurostat the first notification with preliminary data, estimating the General Government deficit for 2010 at 10.5% of GDP, said the Ministry in a statement.

It added that following a series of institutional reforms implemented by the Government, most notably the establishment of the independent Hellenic Statistical Authority (ELSTAT), Eurostat no longer has reservations about the quality of Greek deficit data.

“Greek statistical data are now characterized by absolute transparency and credibility” it said.

Moreover, the observed deviation in the General Government deficit for 2010 relative to the estimate in the State Budget 2011 (9.4% of GDP) is mainly due to the following reasons:

a) The impact of the recession on GDP in 2010 was larger than anticipated. According to the State Budget 2011, GDP in 2010 was estimated to be 231,888 million Euro while the Hellenic Statistical Authority (ELSTAT) estimates the figure as 230,173 million Euro. This change contributed to an increase in the General Government deficit as a share of GDP by 0.1%.


b) The deterioration in tax revenues (0.6% of GDP) resulting from the fact that the recession in the last quarter of 2010 was larger than projected in the State Budget 2011. It should be noted that tax revenues for 2010 on a national accounts basis are determined also by the level of certain categories of revenues in the first two months of 2011, which to a large degree reflect economic activity in the last quarter of the previous year.

c) The deterioration in the fiscal balance of Local Governments (0.25% of GDP) that is due to the payment of past debts at the end of 2010.

d) The deterioration in the financial performance of the Social Security Funds (0.5% of GDP) as the larger than projected increase in unemployment led to a reduction in social security contributions. As with tax revenues, it should be noted that the performance of Social Security Funds for 2010 on a national accounts basis is determined also by the level of certain categories of social security contributions in the first two months of 2011.

e) The deterioration in the financial performance of public hospitals (0.3% of GDP).

On the other hand, relative to the figures in the State Budget 2011, the fiscal data released today show an improvement in the balance of reclassified State-owned Enterprises (0.35% of GDP), as well as in the accrued interest payments adjustment of national accounts (0.29% of GDP).

In summary, it is clear that the above-mentioned differences are mainly the result of the deeper than anticipated recession of the Greek economy that affected tax revenues and social security contributions. At the same time, they underline the difficulties in reducing the deficit in areas of the budget or of the public administration where more effort is necessary, as in addressing tax and social security evasion, and containing expenditures in hospitals, social security funds, local administration and public enterprises.

In any case, the Greek Government remains committed to achieving its deficit targets under the Economic Adjustment Programme and all necessary measures in that direction are accounted for in the context of the Medium Term Fiscal Strategy, which will be submitted to Parliament by May 15 2011.

(capital.gr)

***
Lo sforamento del deficit/Pil ...
 

tommy271

Forumer storico
Greece vows to address budget slippage-UPDATE 1

http://addthis.com/bookmark.php?v=250&username=xa-4b3b289a78ad3f92 GREECE-DEFICIT/ (UPDATE 1)
* Eurostat ups Greece's 2010 deficit to 10.5 pct of GDP
* Government says will address fiscal slippage
* Analysts say revision will mean more belt-tightening
* Greek CDS, short-dated yields at euro-era highs

(Adds details, analyst comment, background)


By George Georgiopoulos


ATHENS, April 26 (Reuters) - Greece, scrambling to persuade markets it can avoid a debt restructuring, pledged on Tuesday to redouble efforts to plug a budget gap which euro zone figures showed hit a bigger than expected 10.5 percent of output last year.
The upward revision by Eurostat of the 2010 deficit from 9.4 percent of GDP added to the fiscal burden of a government still aiming to return to bond markets before emergency funding under a 110 billion euro EU/IMF bailout expires late next year.
"The revision shows how difficult the government's job is of sticking to its fiscal promises against a backdrop of an extremely weak economy," said analyst Diego Iscaro at IHS Global Insight. "The figures will do nothing to end the constant rumours of debt restructuring we've had in recent weeks."
Investors continued to shun Greek debt on Tuesday, pushing the country's credit default swaps -- the cost of insuring against the risk of default -- as well as its short-dated yields to their highest since the launch of the euro zone.

The Finance Ministry attributed the 2010 shortfall to a deeper than expected recession and said more effort was needed in some areas of the budget including hospital spending, tax and social security evasion.
"The Greek government remains committed to achieving its deficit targets," it said in a statement. "All necessary measures in that direction are accounted for in the context of the medium-term fiscal strategy which will be submitted to parliament by May 15."
Earlier this month Athens laid out plans to sell stakes in key state firms and make further budget savings, including measures totalling 3.0 billion euros to address the fiscal slippage.

Details on the fiscal and reform measures are expected later this month.
But analysts say a weak economy makes it tougher to generate the required budget revenue and more efforts will be needed.
"The 2010 deficit figure and the underperformance of state budget revenues in the first quarter of 2011 will likely necessitate additional measures worth more than 3.0 billion euros this year to ensure fulfillment of the 2011 fiscal target," said EFG Eurobank economist Platon Monokroussos.
Greece aims to shrink its budget gap to 7.4 percent of GDP this year.
"The key thing you can learn from this is that just piling on extra programmes is not necessarily going to solve the problem," said Ben May of Capital Economics.
"This is going to be counterproductive and is not the solution and something more fundamental needs to be done, whether that's a restructuring or fiscal transfers," he added.
 

gianfranco199

Forumer attivo
Ciao Tommy, è ipotizzabile nella migliore delle ipotesi,un'allugamento della scadenza,ad esempio dal 2019 al 2025,con taglio interessi,dal 6 al 2 %,senza toccare il nominale, o è solo un sogno irrealizzabile?


Suppongo il primo, se vorrà rastrellare voti ...
Ad ogni modo è perchè ci sia una rinegoziazione degli accordi (già in parte ottenuta dal Pasok con uno sconto sugli interessi da pagare ed un allungamento delle scadenze)
Su quali basi di "forza" questa rinegoziazione debba avvenire, proprio non saprei.
 

Brisico

Forumer attivo
Atene, 26 Aprile - La Grecia farà tutto il necessario per rispettare rigorosamente i propri impegni, dopo la revisione al rialzo del proprio deficit del 2010 (fissato oggi dall'eurostat al 10,5% del Pil dal 9,4% previsto). Lo ha comunicato il Ministero delle Finanze ellenico, precisando che questo scarto era atteso e si è rivelato in linea con le previsioni ufficiali.
 

tommy271

Forumer storico
Ciao Tommy, è ipotizzabile nella migliore delle ipotesi,un'allugamento della scadenza,ad esempio dal 2019 al 2025,con taglio interessi,dal 6 al 2 %,senza toccare il nominale, o è solo un sogno irrealizzabile?

Personalmente credo che se quest'anno la recessione dovrebbe essere ancora più profonda di quella stimata si potrebbe imporre la necessità di una ristrutturazione del debito a partire da primi mesi del 2012.
Però non è detto che il percorso sia così meccanico.
Se il PIL inizia a dar segni di ripresa, tutte queste ipotesi possono scomparire come neve al sole.

Nel caso la mia ipotesi è che ci possa essere un allungamento dei termini di scadenza, nell'ordine dei 5 anni, mantenendo il nominale a 100.
Sul taglio cedolare, la Grecia, può risparmiare qualcosa ma non è una priorità.
 
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