Spanish government debt rose to 75.9 percent of its economy in the second quarter of the year according to figures published by the Bank of Spain.
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How the world sees Greece
Showing posts with label business_finance. Show all posts
Showing posts with label business_finance. Show all posts
Friday, September 14, 2012
Spain's government debt hits 75.9 pct of its GDP
Greece may get more time to meet commitments
Arriving for the start of two days of discussions between Europe's finance ministers in the Cypriot capital, De Jager said Greece does not have much flexibility as it tries to get more time to achieve its budget cuts and reform measures required by its rescue lenders.
Debt-crippled Greece has depended since May 2010 on international rescue loans, granted by its European partners and the International Monetary Fund, in return for a deeply unpopular austerity program.
Greek Prime Minister Antonis Samaras, who is currently struggling to get an agreement on an €11.5 billion ($14.7 billion) package of spending cuts for the coming two years with the two leaders of his coalition government, says no new money will be needed, arguing that Greece could raise more short-term money in the markets and rework its current spending plans.
Debt-crippled Greece has depended since May 2010 on international rescue loans, granted by its European partners and the International Monetary Fund, in return for a deeply unpopular austerity program.
Greek Prime Minister Antonis Samaras, who is currently struggling to get an agreement on an €11.5 billion ($14.7 billion) package of spending cuts for the coming two years with the two leaders of his coalition government, says no new money will be needed, arguing that Greece could raise more short-term money in the markets and rework its current spending plans.
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Thursday, September 13, 2012
Greek Democratic left head Kouvelis: No public sector layoffs
Greek Democratic left head Kouvelis: No public sector layoffs ForexLive (blog) ... to understand Greek society; Spending cuts difficult to implement; Talks on budget continuing. Dude, Greece needs to understand the mindset of its creditors. No one gives a toss about the Greek mindset after flushing hundreds of billions down the ... |
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Wednesday, September 12, 2012
News Summary: More Greek anti-austerity strikes
ANGRY GREEKS: In the latest Greek anti-austerity strikes, state hospital doctors, school teachers and local authority employees walked off the job to protest planned salary and funding cuts under a new $14.7 billion austerity package. About 1,500 retired and serving military officers also marched in protest.
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Greek asset sales kicking in
Greek asset sales kicking in ForexLive (blog) The Greek Asset Sales fund will meet next week to launch an international tender to sell 29% of state-owned lottery and gambling company Opap. The Troika has been begging the Greeks to pick up the pace of asset sales since the crisis began…Things ... Greece resumes privatisation drive, shortlists property bidders |
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Greece faces more anti-austerity strikes, protests
ATHENS, Greece (AP) — A fresh wave of anti-austerity strikes has hit Greece, whose fractious governing coalition leaders are struggling to finalize further spending cuts for the coming two years.
State hospital doctors, school teachers and local authority employees have walked off the job to protest planned salary and funding cuts under the new €11.5 billion ($14.7 billion) package.
State hospital doctors, school teachers and local authority employees have walked off the job to protest planned salary and funding cuts under the new €11.5 billion ($14.7 billion) package.
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Greece faces more anti-austerity strikes, protests
A fresh wave of anti-austerity strikes has hit Greece, whose fractious governing coalition leaders are struggling to finalize further spending cuts for the coming two years.
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Monday, September 10, 2012
U.S. Stocks Little Changed as Greek Crisis Offsets Stimulus Bets
U.S. Stocks Little Changed as Greek Crisis Offsets Stimulus Bets San Francisco Chronicle Stocks declined today as Greek Prime Minister Antonis Samaras meets officials from the nation's creditors after failing to secure agreement from coalition partners on spending cuts. Greece's Democratic Left leader Fotis Kouvelis, whose party is one of ... |
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Greek PM seeks to convince creditors of austerity plan
The head of Greece’s government holds crucial talks in Athens with representatives of the international lenders that are funding the country’s financial bailout packages.
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Greece Industrial Production (YoY) falls 5% in Jul
Greece Industrial Production (YoY) falls 5% in Jul FXstreet.com Greece Industrial Production (YoY) falls 5% in Jul. Mon, Sep 10 2012, 09:01 GMT | FXstreet.com · Share. Related News. French July Industrial output rises to +0.2% m/m · Bank of France Aug business climate indicator for industrial sector rises to 93 ... |
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Greece talks with lenders drag on
Greece talks with lenders drag on NEWS.com.au "We still have a long way to go. We have not completed anything, we spoke in general terms," the source said on Sunday after talks between Finance Minister Yannis Stournaras and representatives of the so-called troika of the European Union ... |
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Friday, July 20, 2012
Euro crisis deepens as time starts to run out for Spain's banks and regions
Spain drags the eurozone closer to the edge of collapse despite winning the backing of finance ministers from the single currency's major economies for a €100bn bank rescue fund
Spain dragged the eurozone closer to the edge of collapse despite winning the backing of finance ministers from the single currency's major economies for a €100bn (£77.8bn) bank rescue fund.
Concerns that Madrid is running out of options to bring down the debts of its ailing banks and bankrupt regions sent the country's borrowing costs soaring above 7.2% – a rate seen as unsustainable for a country that cannot devalue its own currency and is suffering a lengthy double-dip recession.
The bank bailout had been supposed to push down the country's borrowing rates, but the country's problems continue to mount. On Friday the region of Valencia was forced to turn to the Spanish central government for cash help.
That move, together with a downgrade of Spanish bonds to junk status by the credit ratings agency Egan Jones, saw the Madrid stock market suffer its biggest one day fall for two years.
Markets in London, Paris and Frankfurt followed suit with the FTSE 100 falling 1% to 5651. The euro crashed to historic lows against several currencies. Against the pound it fell to 77.72 pence, marking its lowest since the aftermath of the Lehman Brothers collapse in October 2008.
The prospect of Spain standing near the exit to the eurozone with Greece and Portugal had seemed outlandish only a few weeks ago, after eurozone leaders agreed to press ahead with more co-operation and a rescue for Madrid that targeted its banks.
Stock markets climbed and solvency fears eased after the summit, which many saw as provided a lengthy breathing space for politicians to work out a broader rescue package. But the shortcomings of the agreement have once again undermined renewed confidence in the eurozone and sent the bond yields of several countries higher, including Spain and Italy.
Comments by German officials added to the febrile atmosphere with hardliners questioning the eurozone's ability to carry on while southern European countries wrestled with major reforms and public spending cuts.
The Spanish government said a predicted rise in GDP next year of 0.4% had proved optimistic, and the economy would suffer another year of recession. The new forecast that the economy will contract by 0.5% shocked analysts, who said a raft of austerity measures would delay a recovery for several years.
Mariano Rajoy, the leader of Spain's right-wing government, has pushed through €65bn (£50.6bn) of spending cuts and tax rises to meet deficit targets set by Brussels, which are widely blamed for pushing the economy back into recession for another year.
Shortly before the bank bailout was agreed by eurozone ministers on Friday, the Valencia regional government admitted it could no longer fund itself on the markets and requested what is, in effect, a bailout by the Spanish government. Regional governments deliver the key parts of the welfare state, including health, education and social services.
Eastern Valencia said it was asking for central government help as it could not refinance loans that must be paid off this year. Regional vice president José Ciscar did not say how much was needed. "Like other regions, Valencia is suffering the consequences of liquidity restrictions in the markets," he said.
It will become the first of Spain's 17 semi-autonomous regions to tap a new, week-old €18bn (£14bn) fund designed to provide them with liquidity. The fund is part-financed with a loan from the state-owned lottery company.
Valencia, which has long been run by Rajoy's PP, is emblematic of Spain's current crisis. A property crash has hit both regional government income and the region's banks, with its three main banks having to be rescued. Local politicians, meanwhile, have a growing reputation for corruption and frivolous spending.
Valencia mopped up a quarter of the €17bn (£13.2bn) of extra money made available by central government in April to pay a backlog of regional government bills.
Just as Rajoy's government refuses to call the European rescue fund money a bailout, so Valencia's government insisted its request for special funding should not be described as one. "Valencia is signing up to a financing mechanism which other regions will also need in the coming days, without any further measures," Ciscar said.
Last year the regions not only failed to meet government-set deficit reduction targets, but actually increased their joint deficit. Rajoy's government has passed legislation allowing it to take direct control of the finances of regions that stray too far off target.
Analysts believe most regions will miss this year's 1.5 percent deficit target. The government last week asked at least eight of them to revise their 2012 budgets, threatening to take over the finances of some of them.
Analysts at Capital Economics said Spain had suffered a debilitating exodus of funds from its banks and a sharp detioration in its own funding position. As the reliance of the Spanish government on its own banks for funding grows (while the banks themselves are relying on the ECB), so the likelihood of Spain requiring a full-blown sovereign bailout grows too.
European leaders pleaded for calm after signing the final agreement to lend Spain €100bn of funds to underpin its banks.
European Central Bank executive Benoît Cœuré said at a conference in Mexico that it was startling to see international investors fearful of getting their money back from members of the single currency.
However, he said the fundamental measures of economic success were stronger in the eurozone than other developed areas. The eurozone's annual deficit in 2012, he pointed out, is expected to be 3% compared to 8% in the US, and 10% in Japan. He said the eurozone's total public sector debt will reach 90% at the end of the year compared to 106% in the US and 235% in Japan.But his comments were largely ignored as Mariano Rajoy's right wing government went back into crisis mode.
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Head of Greek privatisation fund resigns: source
The chief executive of Greece's privatisation fund has resigned, his office said on Friday, citing a lack of government support, planning delays and forecasting paltry asset sales this year.
"Without the government's unreserved support it is clearly impossible to rapidly carry out the privatisation programme," the outgoing executive, Costas Mitropoulos, said in a resignation letter to the finance ministry.
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Outgoing Greek Privatizations Head: New Govt Failed To Support Agency
 Greek Reporter | Outgoing Greek Privatizations Head: New Govt Failed To Support Agency Wall Street Journal ATHENS--The outgoing chief executive of Greece's privatizations agency accused the country's recently appointed coalition government Friday of failing to actively support it and predicted that revenues from state asset sales this year will fall ... Greek privatisation agency chief resigns -officials Greek Privatisation Agency Chief Resigns Head of Greek privatisation fund resigns: source |
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Saturday, July 7, 2012
Finance standoff means Japanese government could 'run out of money' by October
In a crisis that echoes ones felt by other countries like the U.S. and Greece, all state spending - including salaries, pensions and unemployment benefits - could be halted if no solution is found.
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Friday, July 6, 2012
Greek PM promises focus on growth
Prime Minister Antonis Samaras promises to focus on reforms and measures to restore economic growth in Greece, in his first major speech to parliament.
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Greece Drops Plan to Renegotiate Bailout Terms
Greece Drops Plan to Renegotiate Bailout Terms Firedoglake The way the Greek election worked is that Syriza, the far-left party, said they would completely renegotiate the bailout terms that forced austerity on the. |
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New Greek prime minister outlines crisis policy
 Atlanta Journal Constitution | New Greek prime minister outlines crisis policy San Jose Mercury News ATHENS, Greece—Greece s Prime Minister Antonis Samaras says his new three-party coalition government is ready to carry out a broad series of structural reforms, and acknowledges the country s deficit reduction program has gone off target. Greek PM Samaras: new gov't to emphasize privatizations, full liberalization ... New Greek PM to outline crisis policy as debt inspection continues Greek PM says to focus on growth, reforms |
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Thursday, July 5, 2012
Greece drops demand to ease bailout terms
 Winnipeg Free Press | Greece drops demand to ease bailout terms Financial Times Greece's new government has dropped a plan to seek softer terms for its second bailout following warnings that it would be rejected by international lenders. Yannis Stournaras, finance minister, said the governing coalition would have to accelerate. Greece's new FinMin: some reforms off track Greece Promises More On Reforms Front, Admits To Problems Greece's new finance minister: some economic reform efforts off-track |
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Venizelos calls for extension of fiscal adjustment
Greece now needs the clear political support of its partners, so that the fiscal crisis will not turn into a crisis of social cohesion and political dysfunction, because Greece cannot serve as a "laboratory of failure of the eurozone policies" but rather of those policies' renewal to bring it out of the crisis.
The words belong to Pasok party leader Evangelos Venizelos, who was speaking at a meeting of his party's parliamentary group.
The words belong to Pasok party leader Evangelos Venizelos, who was speaking at a meeting of his party's parliamentary group.
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