- Член од
- 17 март 2005
- Мислења
- 11.493
- Поени од реакции
- 1.587
Се копрцаа јужниве, питаа, ја псуеа Германија, но на крајот ете им го ММФ дома. Сега им го стегаат каишот.
Ќе биде многу интересно да се прочита извештајот за две недели кога ќе заврши мониторингот од страна на ММФ.
Богатите Грци веќе ги вадат парите, над 10 милијарди евра се преместени на сигурно.
http://www.bbc.co.uk/macedonian/news/story/2010/04/100407_greece.shtml
----------------------------
----------------------------
СИТЕ КОМЕНТАРИ - ТУКА.
-----------------------------
-----------------------------
И eве подетално како пропаѓаат грчките банки:
UPDATE: Greek Nerves Reach Boiling Point, Pressure Euro, Bonds
By Katie Martin and Emese Bartha
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The yield on Greek 10-year bonds rose to near 7.6%
Thursday, a fresh record high, increasing chances that Greece may need a bailout
as concerns about its solvency increased.
Economists warned that new doubts over the country's banks and government
funding plans now threaten to create a vicious circle of bad news.
"The fear factor is beginning to creep in. In fact, it's galloping in," said
Neil Mellor, a senior currencies analyst at Bank of New York Mellon in London.
The euro, which Greece shares with 15 other nations, tumbled to near $1.3300
by midday. If the late-March low point of $1.3270 breaks, as many suspect it now
will, the currency is probably in line for a drubbing as new chart-watching traders join
the euro-selling fray.
The difference paid on Greek 10-year bonds over comparable German bonds rose to a new
high of 4.48 percentage points around midday Thursday, reflecting the higher premium investors
demand on Greek debt.
The latest spate of nerves increased doubts that the Greek government will be
able to convince U.S. and Asian investors to buy up to $10 billion in new debt to
fill funding gaps by the end of May.
If it can't refinance in capital markets, the Greek government may have to
ask the European Union and the International Monetary Fund to activate a
financial rescue plan drafted late last month. This, EU leaders fear, could
reflect poorly on the euro monetary system and its managers.
"Following the price action in Greek government bonds over the last couple of
days, we consider it increasingly likely that the Greek government will be forced
to change strategy and ask for a rescue, " Nomura International warned in a note
to clients Thursday.
Investors now fear that Greek banks may struggle to find short-term financing
in money markets as other banks withhold funds because of default risk, harking back
to the breakdown in interbank lending after the collapse of the U.S.
investment bank Lehman Brothers in 2008.
Prices for Greek government bonds, a main source of collateral used by Greek
fell sharply again Thursday and the cost of insuring them against default
soared. That makes life even tougher for Greece's banks, creating a self-feeding
wave of nerves, economists warned.
In a clear sign of bond-market nerves, the cost of insuring Greek sovereign
bonds against default rose to 4.66% Thursday morning, according to CMA
DataVision, breaking the previous record of 4.25% in early February. That means
it now costs $466,000 a year to insure a notional $10 million of Greek debt for five
years, an increase of $53,000 from Wednesday.
"Given that Greek government bonds are probably among the most liquid assets
that Greek banks have on the balance sheets, this may continue to weigh on them,"
said analysts at Barclays Capital in a note to clients.
Barclays Capital analysts stressed that it is easy to over-interpret reports that Greek
banks suffered EUR8 billion ($10.68 billion) in outflows in the first two months of this year.
Still, the Barclays analysts added, "Such deposit-flight stories can be self-fulfilling at times...
Fears about such a vicious circle developing will likely remain alive."
Traders retain a relatively recent memory of this kind of snowball effect. In
2007, U.K. bank Northern Rock suffered a run on deposits that led to the bank's
failure and eventual nationalization. In 2008, U.S. investment bank Lehman
Brothers collapsed after it was effectively excluded from the short-term lending
markets because of fears over its solvency.
Greek banking stocks on the Athens Stock Exchange remained under heavy
selling pressure Thursday because of liquidity concerns and reports of dwindling
deposits. Greek bank stocks have fallen an average 14.7% over the past week,
extending the sector's decline to 46.3% over the past six months.
The sharp rise in Greek bond yields Thursday and rapidly dwindling interbank
funding are pushing up the likelihood that Athens will ask for outside help in
its struggle to fund itself.
Market watchers say the danger is that Greek banks can no longer find other
banks to lend them short-term funds in the interbank money market, in which
banks lend to each other to fund normal operations. When supply seizes up, as
it did for many banks during the 2008 credit crisis, banks can soon run low on cash.
"The access to money-market funds--both secured and unsecured--is virtually
nonexistent for Greek banks, with the exceptions of overnight electronic trade,"
said Lena Komileva, who heads the economics team covering the Group of Seven
leading industrialized nations at Tullett Prebon, a top interdealer money broker.
"But you cannot finance an entire economy by rolling over one-day funds."
The cost of insuring debt issued by Greece's four largest banks moved sharply
wider Thursday, on fears they may be struggling to borrow short-term cash.
For example, the annual cost of insuring EUR10 million of bonds issued by EFG
Eurobank (EUROB.AT) rose EUR41,000 to EUR452,500, while the cost of insuring
a similar amount of debt issued by Piraeus Bank (TPEIR.AT) rose EUR63,000 to
EUR474,100.
"This is clearly a sign that the Greek authorities have reached the end of
the line and need to make a phone call to the IMF," said analysts at BNP
Paribas in a morning note to clients.
On Wednesday, the government confirmed that local banks are asking to tap
into the rest of a EUR28 billion liquidity support package put in place when the
credit crisis first broke out. The remaining amount of unused funds, mainly in
the form of borrowing guarantees, totals EUR17 billion.
Ќе биде многу интересно да се прочита извештајот за две недели кога ќе заврши мониторингот од страна на ММФ.
Богатите Грци веќе ги вадат парите, над 10 милијарди евра се преместени на сигурно.
http://www.bbc.co.uk/macedonian/news/story/2010/04/100407_greece.shtml
----------------------------
----------------------------
СИТЕ КОМЕНТАРИ - ТУКА.
-----------------------------
-----------------------------
И eве подетално како пропаѓаат грчките банки:
UPDATE: Greek Nerves Reach Boiling Point, Pressure Euro, Bonds
By Katie Martin and Emese Bartha
Of DOW JONES NEWSWIRES
LONDON (Dow Jones)--The yield on Greek 10-year bonds rose to near 7.6%
Thursday, a fresh record high, increasing chances that Greece may need a bailout
as concerns about its solvency increased.
Economists warned that new doubts over the country's banks and government
funding plans now threaten to create a vicious circle of bad news.
"The fear factor is beginning to creep in. In fact, it's galloping in," said
Neil Mellor, a senior currencies analyst at Bank of New York Mellon in London.
The euro, which Greece shares with 15 other nations, tumbled to near $1.3300
by midday. If the late-March low point of $1.3270 breaks, as many suspect it now
will, the currency is probably in line for a drubbing as new chart-watching traders join
the euro-selling fray.
The difference paid on Greek 10-year bonds over comparable German bonds rose to a new
high of 4.48 percentage points around midday Thursday, reflecting the higher premium investors
demand on Greek debt.
The latest spate of nerves increased doubts that the Greek government will be
able to convince U.S. and Asian investors to buy up to $10 billion in new debt to
fill funding gaps by the end of May.
If it can't refinance in capital markets, the Greek government may have to
ask the European Union and the International Monetary Fund to activate a
financial rescue plan drafted late last month. This, EU leaders fear, could
reflect poorly on the euro monetary system and its managers.
"Following the price action in Greek government bonds over the last couple of
days, we consider it increasingly likely that the Greek government will be forced
to change strategy and ask for a rescue, " Nomura International warned in a note
to clients Thursday.
Investors now fear that Greek banks may struggle to find short-term financing
in money markets as other banks withhold funds because of default risk, harking back
to the breakdown in interbank lending after the collapse of the U.S.
investment bank Lehman Brothers in 2008.
Prices for Greek government bonds, a main source of collateral used by Greek
fell sharply again Thursday and the cost of insuring them against default
soared. That makes life even tougher for Greece's banks, creating a self-feeding
wave of nerves, economists warned.
In a clear sign of bond-market nerves, the cost of insuring Greek sovereign
bonds against default rose to 4.66% Thursday morning, according to CMA
DataVision, breaking the previous record of 4.25% in early February. That means
it now costs $466,000 a year to insure a notional $10 million of Greek debt for five
years, an increase of $53,000 from Wednesday.
"Given that Greek government bonds are probably among the most liquid assets
that Greek banks have on the balance sheets, this may continue to weigh on them,"
said analysts at Barclays Capital in a note to clients.
Barclays Capital analysts stressed that it is easy to over-interpret reports that Greek
banks suffered EUR8 billion ($10.68 billion) in outflows in the first two months of this year.
Still, the Barclays analysts added, "Such deposit-flight stories can be self-fulfilling at times...
Fears about such a vicious circle developing will likely remain alive."
Traders retain a relatively recent memory of this kind of snowball effect. In
2007, U.K. bank Northern Rock suffered a run on deposits that led to the bank's
failure and eventual nationalization. In 2008, U.S. investment bank Lehman
Brothers collapsed after it was effectively excluded from the short-term lending
markets because of fears over its solvency.
Greek banking stocks on the Athens Stock Exchange remained under heavy
selling pressure Thursday because of liquidity concerns and reports of dwindling
deposits. Greek bank stocks have fallen an average 14.7% over the past week,
extending the sector's decline to 46.3% over the past six months.
The sharp rise in Greek bond yields Thursday and rapidly dwindling interbank
funding are pushing up the likelihood that Athens will ask for outside help in
its struggle to fund itself.
Market watchers say the danger is that Greek banks can no longer find other
banks to lend them short-term funds in the interbank money market, in which
banks lend to each other to fund normal operations. When supply seizes up, as
it did for many banks during the 2008 credit crisis, banks can soon run low on cash.
"The access to money-market funds--both secured and unsecured--is virtually
nonexistent for Greek banks, with the exceptions of overnight electronic trade,"
said Lena Komileva, who heads the economics team covering the Group of Seven
leading industrialized nations at Tullett Prebon, a top interdealer money broker.
"But you cannot finance an entire economy by rolling over one-day funds."
The cost of insuring debt issued by Greece's four largest banks moved sharply
wider Thursday, on fears they may be struggling to borrow short-term cash.
For example, the annual cost of insuring EUR10 million of bonds issued by EFG
Eurobank (EUROB.AT) rose EUR41,000 to EUR452,500, while the cost of insuring
a similar amount of debt issued by Piraeus Bank (TPEIR.AT) rose EUR63,000 to
EUR474,100.
"This is clearly a sign that the Greek authorities have reached the end of
the line and need to make a phone call to the IMF," said analysts at BNP
Paribas in a morning note to clients.
On Wednesday, the government confirmed that local banks are asking to tap
into the rest of a EUR28 billion liquidity support package put in place when the
credit crisis first broke out. The remaining amount of unused funds, mainly in
the form of borrowing guarantees, totals EUR17 billion.
