Greece | The Corner .eu

Markets 23rd January 2012

Mr Geithner wins: CDSs today rule, yet only cover 1% of Greek sovereign debt

The press all over the world is debating the repercussions of the imminent agreement between Greece –and the EU– and the International Institute for Finance (IIF), chaired by Charles Dallara and which holds $206 billion of the the total $350bn of Greek sovereign bonds (the ECB has another $60bn). According to the Financial Times, the agreement would require a haircut of 68% but what seems to be the most difficult to issue…

Markets 19th January 2012

A 68% haircut for Greece’s bonds? And the CDS?

By Tania Suárez, in Madrid | The markets are looking very closely at Greece after the negotiations for the bailout froze due to issues involving the private sector participation. The press is now speculating over a possible 68% haircut to bear by creditors as reported in the Financial Times on Wednesday. As Nordkapp analysts explain this is the road toward a deleveraging frame “upon which the solutions to the European…

World economy 2nd November 2011

“45.5% of Greeks would vote in favor in the austerity referendum”

According to surveys that JP Morgan analysts have carried out for their investors, this is what the Greeks believe at this moment: Impact of Europe summit in Greece: 44% negative; 15% likely to be negative; 36% positive or probably positive. The agreement is a great loss of sovereignty for Greece: 49% Greece should stay within the Euro: 73% Greece should return to the Drachma: Less than 20% The agreement with Europe should be approved by: absolute majority…

World economy 2nd November 2011

"45.5% of Greeks would vote in favor in the austerity referendum"

According to surveys that JP Morgan analysts have carried out for their investors, this is what the Greeks believe at this moment: Impact of Europe summit in Greece: 44% negative; 15% likely to be negative; 36% positive or probably positive. The agreement is a great loss of sovereignty for Greece: 49% Greece should stay within the Euro: 73% Greece should return to the Drachma: Less than 20% The agreement with Europe should be approved by: absolute majority…

In Europe 1st November 2011

Euro sceptics, beware euro scepticism

As scepticisms go, the euro type of scepticism has often been a problematic movement in many European countries and particularly those on the Mediterranean shores. Instead of injecting a healthy dose of self-criticism and reality-check against ethereal principles under which most of the European Union’s administrative structures have grown accustomed to little public accountability, many euro sceptics hide ideological identities that would be hard to maintain on the surface of…

Markets 7th October 2011

BoE, ECB prepare field for the unstoppable Greek default

At Bankinter, analysts expect markets to register a further downward move in the coming weeks. In fact, they believe that markets right now “are probably too excited by the prospects of a coordinated and positive outcome for the euro zone. In reality, the only tangible factor one could be led by to optimism is the fact that the ECB has some unconventional measures taken, but these are not decisive in…

Markets 4th October 2011

Agreement on collateral for Finland’s contribution to the second Greek bailout

Step by step, European authorities may believe that they’re getting on with the job, but capital markets clearly dislike the speed; actually, the lack of any speed at all. The euro-group has requested further adjustment measures for 2013-2014 from Greece and wants an acceleration of privatisation plans, too. Unfortunately, it has been decided to delay the release of the €8bn sixth tranche of the first rescue of Greece beyond the initially marked date…

Markets 4th October 2011

Agreement on collateral for Finland's contribution to the second Greek bailout

Step by step, European authorities may believe that they’re getting on with the job, but capital markets clearly dislike the speed; actually, the lack of any speed at all. The euro-group has requested further adjustment measures for 2013-2014 from Greece and wants an acceleration of privatisation plans, too. Unfortunately, it has been decided to delay the release of the €8bn sixth tranche of the first rescue of Greece beyond the initially marked date…

Markets 26th September 2011

Spanish optimism: Bankinter says don’t make a drama out of the Greek default

Whether it is a much needed voice in these days of near-panicking headlines or simply right forecasting only time will tell, and this means probably October or December at the longest, but Bankinter Análisis somehow on Monday managed to wrap up its not exactly uncommon message of ‘please, mind the gap and stay away from the markets’ to investors in a much calmer accent than most notes we read at…

Markets 26th September 2011

Spanish optimism: Bankinter says don't make a drama out of the Greek default

Whether it is a much needed voice in these days of near-panicking headlines or simply right forecasting only time will tell, and this means probably October or December at the longest, but Bankinter Análisis somehow on Monday managed to wrap up its not exactly uncommon message of ‘please, mind the gap and stay away from the markets’ to investors in a much calmer accent than most notes we read at…