Rus News Journal

Forex: Greece presses again for euro

Euro at morning session on Tuesday, on November, 15th, cost 1,36 dollars Participants of the auctions a little with watchfulness concern the new prime minister of Greece and steadfastly watch situation development at world stock exchanges.

Greece fluctuates again

the Greek party New democracy which along with PASOK (Vsegrechesky socialist movement) is key political force in the country, not begins to support acceptance of additional measures of rigid economy, in particular reduction of budgetary expenses, increase of taxes and reduction of state employees. With such statement leader of the party Antonis Samaras has the day before acted, transfers Reuters.

We will not vote for new measures of rigid economy - the politician ascertained. He also has added that not begins to sign any documents in which adherence is expressed anti-recessionary measures. The commissioner of the European Union insisted on the last on economy and monetary - the credit policy Olli Ren. According to A.Samarasa, it is enough and oral guarantees. We will remind, O.Ren has demanded written guarantees from leading politicians of Greece that they will adhere to the obligations taken by the country within the limits of the second demand line of credit to republic.

thus, reception of the next portion of money from EU can come across again a barrier. On what means there lives Greece, it is necessary to guess only, after all in September 2011. The IMF commission suggested to accelerate translation process of money to the country in view of it already then heavy financial position.

Papadimos prays for forgiveness the markets

the Budgeted deficit of Greece in 2011. Will make about 9 % of gross national product that exceeds the forecasts made earlier - at level of 8,5 % of gross national product. The new prime minister has informed on it - the minister of Greece Lukas Papadimos, transfers Reuters. He has declared that the policy spent by last government became the reason of strengthening of recession in the country. However, according to the head of the new coalition government, effective reforms will help to level growth of a budgeted deficit and its expected negative consequences. The Greek prime minister has acted in parliament of the country and has presented prblizitelnyj a variant of the anti-recessionary program which, in particular, assumes expansion of tax base and struggle against evasion from payment of taxes.

L.Papadimos also has declared that Greece managed to observe all requirements for reception of the sixth credit tranche on 8 mlrd euro within the limits of the operating program of the help from a three of creditors - the European Union, the European central bank and the International currency fund. In its opinion, a paramount problem in struggle against crisis now is the prompt reception of the sixth tranche then it will be necessary to finish negotiations with a three of creditors about granting of the second package of the financial help in volume 130 mlrd euro. According to L.Papadimosa, the Greek authorities realise that the positive outcome of negotiations depends on ability of the country to carry out undertaken and to carry out structural reforms.

the European banks start to be unsteady

the Italian bank group UniCredit plans to involve 7,5 mlrd euro of the additional capital in the beginning 2012., the company in a press - release has informed the day before. It becomes the largest round dokapitalizatsii among the European banks more than for a year. The group declared dead losses for III quarter 2011. At a rate of 1,2 mlrd euro, or 10,6 mlrd euro after write-offs on gudvillu (goodwill).

the Plan of attraction of the additional capital will be placed for consideration extraordinary meeting of shareholders UniCredit on December, 15th 2011. Dopemissija it is planned for I quarter 2012. UniCredit plans to let out new ordinary actions, having given the repayment right of priority to existing shareholders. Within the limits of the new strategic plan for the period to 2015. The group also has refused payment of dividends for 2011. Also declared intention to reduce 5,2 thousand regular positions in Italy to 2015.

After dokapitalizatsii on 7,5 mlrd euro UniCredit expects to lift factor of sufficiency of the base capital of the first level (Core Tier 1 ratio) above 9 % already in 2012. And above 10 % - in 2015. It will allow bank to bring the level of the capital into accord as with requirements of the European management on bank supervision (EBA), and with new international standards Basel III .

As a whole this news was expected - group UniCredit became one of victims of confusion in the markets of sovereign bonds. Nevertheless the given signal does not foretell anything good. To bank sector of Europe if the markets of state bonds are stabilised at current levels can be demanded considerable dokapitalizatsija, and.

all it creates preconditions to start a powerful wave of decrease in the European currency. And if now this falling has technical character within the limits of trends at any moment it can outgrow in full-scale sales. We will consider euro pair/ yen from the technical point of view:

In October 2011. bulls have undertaken unprecedented attack on purpose to push euro against yen upwards, and it left the descending channel (1 - 2). However attack of buyers has, seemingly, choked - the European currency decreases again. Within the next few days there will be an important event: If players on euro increase become more active and will lift its course against yen the pair will grow to the purpose at level of a line 200 - day sliding average (3). If the pair continues to decrease, there will be its return to the descending channel (1 - 2) that only will strengthen pressure upon uniform currency.

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