Economia
Está acessível aqui (via Alphaville).
De acordo com os pressupostos do documento documento o montante dos títulos que vencem até meados de 2014 ascende a 85,5 mil milhões de euros dos quais 25 mil nilhões de euros são detidos pelo BCE e os restantes 65,5 mil milhões pelos investidores privados, sendo o objectivo que os participantes no plano financiem cerca de 30 mil milhões de euros, podendo optar entre (meus sublinhados):
- Opção A: "will invest a minimum of 70% of the principal amount of proceeds received (the “Received Amounts”) in new Greek government bonds, resulting in a net debt financing of at least 50% of the Received Amounts for Greece, as described below (the “New GGBpg”): i) Government bonds issued by the Hellenic Republic with a maturity at issue of 30 years; ii) With a full principal guarantee by an SPV collateralised by zero-coupon bonds purchased from one or more AAA-rated sovereigns, supranational institutions or European agencies (the “Collateral”); iii) Bearing interest at a rate of 5.5% plus the yearly Greek GDP growth capped at 2.5% and floored at 0% per annum ; and iv) Listed on an EU regulated market, but with restricted trading in the New GGBpg until 1st January 2022 ";
- Opção B: "will invest a minimum of 90% (and preferably 100%) of the Received Amounts in new GGBs as described below (the “New GGB”): i) Government bonds issued by the Hellenic Republic with a maturity at issue of 5 years; ii) Bearing interest at a rate of 5.5% ; and iii) Listed on an EU-regulated market, but with restricted trading".
De salientar que de acordo com o documento o processo está condicionado a: i ) "Informal clearance from rating agencies that the Proposal will not trigger a downgrade to default or similar status on the Hellenic Republic, Existing GGB, New GGB or New GGBpg"; ii) "ECB’s willingness not to sell its Existing GGBs during the Period"; iii) "A significant majority of bondholders participate as Participants"; iv) Greece respects its commitments under the Program"; and v) "The European Union and the International Monetary Fund respect their current commitments, disburse funding as provided under the Program and continue to provide assistance to promote the medium-term sustainability of the Greek fiscal situation".
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Economia
O texto da proposta francesa
Está acessível aqui (via Alphaville).
De acordo com os pressupostos do documento documento o montante dos títulos que vencem até meados de 2014 ascende a 85,5 mil milhões de euros dos quais 25 mil nilhões de euros são detidos pelo BCE e os restantes 65,5 mil milhões pelos investidores privados, sendo o objectivo que os participantes no plano financiem cerca de 30 mil milhões de euros, podendo optar entre (meus sublinhados):
- Opção A: "will invest a minimum of 70% of the principal amount of proceeds received (the “Received Amounts”) in new Greek government bonds, resulting in a net debt financing of at least 50% of the Received Amounts for Greece, as described below (the “New GGBpg”): i) Government bonds issued by the Hellenic Republic with a maturity at issue of 30 years; ii) With a full principal guarantee by an SPV collateralised by zero-coupon bonds purchased from one or more AAA-rated sovereigns, supranational institutions or European agencies (the “Collateral”); iii) Bearing interest at a rate of 5.5% plus the yearly Greek GDP growth capped at 2.5% and floored at 0% per annum ; and iv) Listed on an EU regulated market, but with restricted trading in the New GGBpg until 1st January 2022 ";
- Opção B: "will invest a minimum of 90% (and preferably 100%) of the Received Amounts in new GGBs as described below (the “New GGB”): i) Government bonds issued by the Hellenic Republic with a maturity at issue of 5 years; ii) Bearing interest at a rate of 5.5% ; and iii) Listed on an EU-regulated market, but with restricted trading".
De salientar que de acordo com o documento o processo está condicionado a: i ) "Informal clearance from rating agencies that the Proposal will not trigger a downgrade to default or similar status on the Hellenic Republic, Existing GGB, New GGB or New GGBpg"; ii) "ECB’s willingness not to sell its Existing GGBs during the Period"; iii) "A significant majority of bondholders participate as Participants"; iv) Greece respects its commitments under the Program"; and v) "The European Union and the International Monetary Fund respect their current commitments, disburse funding as provided under the Program and continue to provide assistance to promote the medium-term sustainability of the Greek fiscal situation".
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- A Descida De Rating Da Grécia Pela Moody's
A Moody's justifica a sua decisão de descer o rating da dívida da Grécia de Ca from Caa1 com base no "announced EU support programme and debt exchange proposals by major financial institutions implies that private creditors will incur...
- A Posição Da Standard & Poors Sobre A Proposta Francesa
Pronunciando-se sobre a proposta francesa para um "roll-over" da dívida grega detida pelos investidores privados a Standard & Poors veio considerar que em ambas as opções colocadas aos investidores no âmbito daquela proposta "investors...
- Opções Para Um Roll-over Da Dívida Grega
Chamo a atenção para um post do Aphaville em que citanmdo um analista do banco Nomura aponta três alternativas possíveis para um roll-over da dívida grega: "(1) bond maturity extensions, which almost certainly would result in default or selective...
- Ainda Sobre A Grécia - As Declarações Do Governador Do Banco De França
Numa altura em que crescem as dúvidas (ver aqui e aqui) crescem as dúvidas quanto à capacidade do Governo grego para fazer aprovar as novas medidas de austeridade exigidas pela União Europeia e o FMI chamo a atenção para as declarações do Governador...
- Bancos E Governos
Phillip Bagus explica: "... Today's banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks' survival depends on privileges and government interventions. Such an intervention explains...