|Trappe à Dettes : Quelles conséquences pour les banques françaises en cas de faillite de la Grèce?|
|Le blog à Lupus, 07/05/2011 (en Français )|
La Grèce va-t-elle réussir à rembourser ses dettes? La question s’impose, alors que l’endettement du pays devrait atteindre 340 milliards d’euros cette année
Et elle inquiète ses créanciers, au premier rang desquels on compte les banques françaises.
Les banques françaises possèdent ainsi 56,740 milliards de dollars de créances en Grèce
La Société générale, qui publié ses résultats trimestriels ce jeudi, a ainsi vu son résultat net à l’international chuter de 61% en raison aussi de la crise économique en Roumanie, où le groupe est présent avec sa filiale BRD, mais surtout à cause de sa filiale grecque Geniki. BNP Paribas a pour sa part estimé qu’une restructuration de la dette grecque n’aurait qu’un impact limité sur le groupe, à hauteur de 1,2 milliard d’euros.
Et ZH sur les spreads de taux :
|Guest Post: It’s Only PIG: Fears About Spain Are Overblown|
|ZeroHedge, 07/05/2011 (traduire en Français )|
Et alors que la Grèce vient réclamer toujours plus d'argent gratuit, on lui demande maintenant, du collatéral...
|EU Seeks Collateral for More Greek Aid; Trichet Reiterates Restructuring "Not on the Agenda", Market Reiterates "Trichet is a Pompous Fool"|
|Mish's Global Economic Trend Analysis, Mike Shedlock, 07/05/2011 (traduire en Français )|
Trichet Says No Greek Debt Restructuring
Please consider Trichet: Restructuring of Greek debt is “not on the agenda”
Greek debt restructuring, anticipated by markets, is “not on the agenda,” insisted Thursday the president of the European Central Bank Jean-Claude Trichet in Helsinki.
Trichet Says No Irish Debt Restructuring
The ECB sings the same tune for Ireland as noted in Trichet reiterates opposition to Irish debt restructuring
EUROPEAN CENTRAL Bank (ECB) chief Jean-Claude Trichet has reiterated his opposition to any debt restructuring by Ireland, saying the terms of the EU-IMF bailout plan for the State have been approved by “the entire world”.
Collateral for Extra Greek AidTout ça devient grotesquement pathétique On leur demande de gager quoi ? Leurs montres rolex ? L'or de la banque centrale ? Et après ? Ils vont gagner 3 mois de raz'gratis... Et ensuite ? Une fois passés les 3 mois... On fait quoi ?
Bloomberg reports EU Said to Consider Requiring Collateral for Extra Greek Aid
European Union officials may require Greece to provide collateral for aid as policy makers struggle to prevent the euro area’s first sovereign debt restructuring, said a person with direct knowledge of the situation.
Expanding the 110 billion-euro ($158 billion) lifeline Greece received last year may mean that assets or revenue from asset sales are used to secure extra funds, the person said. Demanding collateral, an idea floated last year by Finland, may help avoid a political backlash against bailouts.
|Europe is running a giant Ponzi scheme|
|Financial Times, Mario Blejer, 05/05/2011 (traduire en Français )|
One of the pillars upon which the euro was established was the principle of “no bail-out”.
Here is where this situation resembles a pyramid or a Ponzi scheme. Some of the original bondholders are being paid with the official loans that also finance the remaining primary deficits. When it turns out that countries cannot meet the austerity and structural conditions imposed on them, and therefore cannot return to the voluntary market, these loans will eventually be rolled over and enhanced by eurozone members and international organisations.
Mais bon, il faut absolument sauver les patrimoines bidons en assurance vie des vieux goinfres, et la sur consommation à crédit de la France, financée par les intérêts payés par les PIIGS... C'est tout ce qui compte !
|EU To Greece: "We Want To Help You Help Yourself"... And We Want To Own You After You File For Bankruptcy|
|ZeroHedge, 07/05/2011 (traduire en Français )|
So for those wondering what happened at last night's secret finance minister meeting, one one hand, as Dow Jones reports, Greece "asked its euro-zone partners to ease the country's deficit targets as it struggles to comply with strict austerity terms set under last year's financial bailout agreement, a senior euro-zone government official said Saturday. The senior official said Greece acknowledged that it is unlikely to be able to return to the bond market next year and might need to tap the European Financial Stability Facility, the EU's new bailout fund, for funding. A German proposal to possibly extend the maturities of Greek debt falling due in 2012 also was discussed, this person said. Athens has a long-term borrowing requirement of EUR27 billion in 2012. "Greece has asked for the deficit targets to be eased, specifically to push the budget deficit target of 3% of GDP in 2014 forward by at least two years."" Alas, as expected the latest panhandling attempt by Greece was met with abject failure: "No decisions were taken, according to the Commission's statement. Greece's request for easier terms didn't win the assent of Germany and other participants in Friday's meeting, according to a senior European official." In other words, the country is on autopilot, and possibly worse.
Per Bloomberg: "European Union officials may require Greece to provide collateral for aid as policy makers struggle to prevent the euro area’s first sovereign debt restructuring, said a person with direct knowledge of the situation."In other words, for the first time since Weimar, a country may soon be forced to collateralize superpriority debt issuance to foreign creditors: an exercise not really seen in international politics since the Weimar war reparations... and at least Germany had its own currency back then. Summary: the EU just told Greece to prepare for Debtor in Possession loan issuance. Basically should Greece default, and it will, the Parthenon will go to Germany, Santorini will go to Luxembourg, Piraeos will likely end up in IMF hands, and the Chinese will own the rest. Welcome to sovereign debt restructurings for the 21st century.
“We need to help Greece help itself. What’s the alternative? We don’t want to be pushed over the edge into restructuring.”