Grecia contra la pared, espera el oxigeno ....por CAJA.
IMF looks at offering Greece more cash
By David Oakley in London, Alan Beattie in Washington and Kerin Hope in Athens
Published: April 27 2010 17:27 | Last updated: April 28 2010 08:52
The International Monetary Fund is looking at raising its share of Greece’s financial rescue package by €10bn ($13.2bn) amid fears that the planned €45bn bail-out will fail to prevent the country’s debt crisis from spiralling out of control.
On Wednesday Greece’s securities regulator banned short-selling in shares on the Athens bourse until June 28 after investors responding to the country’s deepening debt crisis ditched Greek assets a day earlier.
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In depth: Greece debt crisis - Apr-26European debt fears weigh on Nikkei - Apr-28Opinion: Greek crisis begets German backlash - Apr-27Lex: Greek risk - Apr-27Confusion over deal’s size upsets markets - Apr-27Governor tells Athens to act ‘more decisively’ - Apr-27“The Capital Market Commission, having considered the extraordinary conditions in the Greek market, has decided to ban short selling on the Athens stock exchange. The rule will be in effect from April 28 until June 28,” it said.
Stock markets on both sides of the Atlantic tumbled on Tuesday and the euro fell below $1.32 – a key level not breached in more than a year – after Standard & Poor’s downgraded Greece’s long-term credit rating to junk status, the first eurozone member to have its debt cut to junk. S&P said the average recovery for holders of Greek debt was estimated at 30 per cent to 50 per cent in the event of a debt restructuring.
The S&P 500 fell 2.4 per cent and leading European indices suffered their heaviest falls this year. Shares in Athens fell 6 per cent as banks plunged more than 9 per cent. And Portugal’s stock market was down nearly 5 per cent.
Greek government bonds suffered further heavy falls on growing concern that the country may need to restructure its debts in spite of the proposed eurozone and IMF rescue. Yields on US and German government bonds also fell sharply.
The Vix index, a measure of “fear” in the US stock market, rose by more than 30 per cent, its biggest one-day jump since the height of the financial crisis in October 2008.
The moves highlighted the potential that the Greek crisis – the result of too large a debt load and expectations that it may default or have to restructure that debt – could spread and have knock-on effects on the global economy.
“Contagion is worsening,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.
Senior bankers and officials in Washington and Athens told the Financial Times that the IMF was in talks to increase its aid contribution by €10bn. The fund could make that sum available under a planned three-year loan, according to an Athens-based analyst familiar with the talks.
Money Supply blog
Track the falls in rating from all the major agencies against Greece and Portugal
Investors and policy specialists said expectations of the size of the three-year package in Washington had increased to at least €70bn. The EU has so far proposed to provide €30bn and the IMF €15bn. “The fund’s current ceiling for Greece is €25bn and the release of the extra amount is under discussion,” the analyst said. The IMF declined to comment.
Jean-Claude Trichet, European Central Bank president, said a Greek default was “out of the question”. European Commission officials said debt restructuring was not under consideration in talks between Greece, the EU and the IMF.
Gold rose to a record high in euro and sterling terms, reaching $1,162.20 an ounce in New York. Greek two-year bond yields rose 2 percentage points to 14.96 per cent – a record high since Greece joined the euro.
Investors said Greece needed some €100bn in financial support and believe the proposed €45bn is likely only to be enough for a short-term fix, enabling for Greece to fund itself to the end of the year.
Reporting by David Oakley, Alan Beattie, Kerin Hope, Aline van Duyn, Tony Barber, Gerrit Wiesmann and Ralph Atkins
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