Turnaround for Greece Government Finances Starts with Correctly Measuring Debt and Debt Relief
|
|
|
- Hector Eaton
- 8 years ago
- Views:
Transcription
1 Turnaround for Greece Government Finances Starts with Correctly Measuring Debt and Debt Relief Keynote Presentation [Between George Stathakis, Minister of Economy and Kostas Bakoyiannis, Regional Governor of Central Greece] Paul B. Kazarian Founder, Chairman, & CEO JAPONICA PARTNERS PMI-Congress 2015 Restructuring Greece: Project Managing the Challenge Athens, 5 November Organizers Sponsors -- Draft v of 15
2 Turnaround for GREECE: Discoveries 1. Debt is a huge competitive advantage, not a debt mountain. 2. Has no financial statements, not even a balance sheet. 3. Uses single-entry cash-basis accounting systems. 4. Has no turnaround managers. 2 of 15
3 Turnaround for GREECE: PV of Net Debt Greece Present Value (PV) of net debt to GDP was 22% of peers and PV of debt to GDP was 60% of peers when correctly calculated using international macroeconomic and accounting rules. (, billions; 2013 data except as noted.) Greece Peer Post-Programme Countries % of Peers Greece Average Ireland Spain Portugal Italy 1. Future Face Value of Debt/GDP 175% 120% 124% 94% 129% 133% 2. GDP , , Future Face Value of Debt ,069 International macro-economic and accounting rules: 4. PV of Debt , PV of Debt/GDP 60% 68% 113% 115% 92% 112% 133% 6. Financial Assets Financial Assets/GDP 50% 32% 39% 29% 42% 20% 8. PV of Net Debt , PV of Net Debt/GDP 22% 18% 80% 76% 63% 70% 112% 10. PV Impact PV Impact/GDP 107% 7% 8% 2% 17% 0% GREECE PV OF NET DEBT WAS INDEPENDENTLY VERIFIED ON 15 AUGUST Note: Future Face Value of Debt is synonymous with face value. Financial Assets data from Eurostat, Financial Balance Sheets 2013 data (accessed on 31 May 2014), except Ireland, Italy, and Spain (2012); Greece Financial Assets data also noted in the IMF, 5th Review for Greece, June 2014, page of 15
4 Turnaround for GREECE: Debt Service In 2016, Greece debt service, which is interest expense and principal payments less rebates and deferrals, as a % of GDP is 47% of peers. IMF Gross Debt Service Financing Needs % of GDP 1 % of GDP 2 1. Greece 6% 19% 2. Ireland 10% 9% 3. Italy 15% 17% 4. Spain 13% 17% 5. Portugal 11% 20% 6. Peer Average 12% 15% 7. Greece % of Peer Average 47% 123% Notes: 1. Source: Bloomberg, EC, and IMF data. Excludes T-Bills. Greece adjusted for deferred interest and SMP/ANFA rebates. 2. Source: IMF data. 4 of 15
5 Turnaround for GREECE: Debt Relief Third Programme: Under the terms of the 86 billion August 2015 third programme, Greece debt relief is 64.4 billion. Measurement Rules: International accounting rules (IPSAS/IFRS) and international macroeconomic rules (2008 SNA and 2010 ESA) have harmonized principles for measuring debt relief. Terms: Interest expense is currently approximately 1% with maturities approaching 50 years and grace periods 20 years. Disbursements to Date: 13 billion in August Auditable Model: Auditable excel model documentation can be found at 5 of 15
6 Turnaround for GREECE: 100-Day Plan Underlying Assumption: Greece has a 5-star finance ministry. Milestones Day 30 Day 60 Day International PV of Change in net Preliminary Accounting Standards net debt worth for major balance sheet (IAS) decisions Year GGB Borrowing 6.0% 5.0% 3.0% Cost 3. Athens Stock Market 15% 25% 40% Value Increase* 4. GGB New Issues - 2 billion 3 billion 5. Better Credit Ratings - B BB 6. IMF DSA IAS Precision - PV of net debt Debt service 7. ECB Treatment of GGBs - Programme eligible *Cumulative. QE eligible 6 of 15
7 Turnaround for GREECE: Reading Greece s New Agreement with Europe: This Time Different? Intereconomics. September/October Pelagidis, Theodore and Kazarian, Paul B. Greece s Debt Sustainable? Harvard Business School Case Study. June Serafeim, George "Greece Owes Less Than Europe Says." Politico. 2 July Soll, Jacob (author of The Reckoning: Financial Accountability and the Rise and Fall of Nations, Basic Books 2014.) Greece Adopts IPSAS! Public Finance International. May Ball, Ian 7 of 15
8 Turnaround for Greece Government Finances Starts with Correctly Measuring Debt and Debt Relief Questions and Answers Paul B. Kazarian Founder, Chairman, & CEO JAPONICA PARTNERS 8 of 15
9 Turnaround for GREECE: Q&A Question 1: Why do so many people continue to use a meaningless future face value number for Greece debt? Summary Answer: Legal reasons of Maastricht Treaty definition, lack of education, and political motivations. 9 of 15
10 Turnaround for GREECE: Q&A Question 2: Do international accounting and international macroeconomic statistics rules provide the same present value of Greece debt? Summary Answer: Yes. Numbers will be very close if not the same when the rules and principles are correctly followed. 10 of 15
11 Turnaround for GREECE: Q&A Question 3: Did you say the Greece government does not even have a balance sheet and still uses single entry cash-basis accounting systems? Summary Answer: Correct. What is called a balance sheet is nowhere near a real balance sheet. 11 of 15
12 Turnaround for GREECE: Q&A Question 4: What can we do to help the government start the turnaround? Summary Answer: You can help starting now by asking Greece government and political officials one question. Ask: what is Greece present value of net debt as a % of GDP compared to other programme countries? 12 of 15
13 Turnaround for GREECE: Q&A Question 5: Are creditors not using present value of net debt in order to avoid accounting for losses? Summary Answer: Under international accounting standards, the EFSF, ESM, and IMF loans have been properly structured to avoid losses upon origination. The losses excuse often used to place blame where it does not belong. 13 of 15
14 Turnaround for GREECE: Q&A Question 6: Are you saying that if the Greece government reported the correct debt number it would help? Summary Answer: Massive help and absolutely essential. Greece is a turnaround. Accurate numbers and a 5-star finance ministry are the only way to start. 14 of 15
15 Question: What was the present value (PV) of Greece government net debt as a percentage of GDP relative to peers? Answer: 22% 15 of 15
Re-Thinking Sovereign Debt Summit
The Only Win-Win Solution for Europe Requires a Fresh Start on Greece State-Building and a Fresh Start on Greece Correctly Calculating Debt Relief from Prior Restructurings -- Japonica Partners Internal
Overcoming the Crisis
Overcoming the Crisis Klaus Regling, Managing Director, ESM Bank of Greece Athens, 10 July 2014 Reasons for the crisis The crisis was caused by a very specific mix of circumstances: Excessive deficit/debt
General Government debt: a quick way to improve comparability
General Government debt: a quick way to improve comparability DEMBIERMONT Christian* BIS Bank for International Settlements, Basel, Switzerland Christian.Dembiermont@bis.org In simple words the General
ENDING THE GREEK CRISIS Debt Management and Investment- led Growth
NON- PAPER ENDING THE GREEK CRISIS Debt Management and Investment- led Growth SUMMARY The Greek government has recently presented the institutions with its comprehensive reform proposals for completing
European Sovereign Debt Crisis Policy Proposal Presented by the French Republic 9 November 2012
European Sovereign Debt Crisis Policy Proposal Presented by the French Republic 9 November 2012 The European Redemption Pact We propose the enactment of the European Redemption Pact, with several amendments.
INVESTOR CONFERENCE CALL EUROPEAN STABILITY MECHANISM TUESDAY 25 TH SEPTEMBER 11AM
INVESTOR CONFERENCE CALL EUROPEAN STABILITY MECHANISM TUESDAY 25 TH SEPTEMBER 11AM Introduction by Klaus Regling First I d like to say that this is a good moment for our call. A number of important things
FINANCIAL ASSISTANCE FACILITY AGREEMENT. between EUROPEAN STABILITY MECHANISM. KINGDOM OF SPAIN as the Beneficiary Member State
Execution Version FINANCIAL ASSISTANCE FACILITY AGREEMENT between EUROPEAN STABILITY MECHANISM KINGDOM OF SPAIN as the Beneficiary Member State THE BANK OF SPAIN as Central Bank and FONDO DE REESTRUCTURACIÓN
Proposal by the Managing Director for a Financial Assistance Facility Agreement (FFA) with the Hellenic Republic
14 August 2015 Proposal by the Managing Director for a Financial Assistance Facility Agreement (FFA) with the Hellenic Republic 1. Background On 8 July 2015, the Hellenic Republic ( Greece ) made an official
FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP
FROM GOVERNMENT DEFICIT TO DEBT: BRIDGING THE GAP Government deficit and debt are the primary focus of fiscal surveillance in the euro area, and reliable data for these key indicators are essential for
Fiscal consolidation: the Greek case. Dionysios A. Lalountas Directorate of Macroeconomic Policy & Forecasts Ministry of Finance
Fiscal consolidation: the Greek case Dionysios A. Lalountas Directorate of Macroeconomic Policy & Forecasts Ministry of Finance 1 Structure of the presentation Macroeconomic developments before the sovereign
Greek banks and corporate funding costs
NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap
Portugal: restoring credibility and confidence
MINISTÉRIO DAS FINANÇAS Portugal: restoring credibility and confidence London School of Economics and Political Science Vitor Gaspar February 1, 2012 MINISTÉRIO DAS FINANÇAS 1 Outline 1. On the way to
PRELIMINARY DRAFT DEBT SUSTAINABILITY ANALYSIS
June 26, 2 GREECE IMF Country Report No. /16 PRELIMINARY DRAFT DEBT SUSTAINABILITY ANALYSIS The following document has been released: A Preliminary Draft Debt Sustainability Analysis (DSA) prepared by
Greece Current trajectory & macroeconomic outlook
Greece Current trajectory & macroeconomic outlook 2 η Διημερίδα Επίκαιρα Ζητήματα Φορολογικού Δικαίου 12-13 Δεκεμβρίου 2015 e-θέμις Dr. Platon Monokroussos Group Chief Economist Eurobank Ergasias S.A.
Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)
NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics
Stability in the Eurozone: Challenges and Solutions
Stability in the Eurozone: Challenges and Solutions Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance IMFS Working Lunch, Frankfurt (Main), 15 July
General government deficit and debt 2015
Government Finance 206 General deficit and debt 205 General deficit 2.7 per cent and debt 63. per cent relative to GDP in 205 According to the preliminary data reported by Statistics Finland to Eurostat,
MAPFRE in 2014. Antonio Huertas. Presentation of Annual Results February 11, 2015. MAPFRE Chairman & CEO
MAPFRE in 2014 Presentation of Annual Results February 11, 2015 Antonio Huertas MAPFRE Chairman & CEO 2014 Results MAPFRE's results are excellent: 845 million euros in profits 2013 2014 % Consolidated
DEBT MANAGEMENT OFFICE NIGERIA
DEBT MANAGEMENT OFFICE NIGERIA MANAGING NIGERIA S DEBT STOCK Presentation at the Investor/Issuer Education Outreach Programme Organised by Securities and Exchange Commission on July 27, 2011 By Patience
72/2015-21 April 2015
72/2015-21 April 2015 Provision of deficit and debt data for 2014 - first notification Euro area and EU28 government deficit at 2.4% and 2.9% of GDP respectively Government debt at 91.9% and 86.8% In 2014,
Solving the Greek Crisis
A solution to the Greek debt dilemma exists. Solving the Greek Crisis Lawrence Goodman June 24, 2011 The Economic Subcommittee (ESC) to Bank Advisory Committees during the Brady Debt restructuring era
PRESS RELEASE Amsterdam, 23 July 2010
CORPORATE COMMUNICATIONS PRESS RELEASE Amsterdam, 23 July 2010 ING comfortably passes CEBS stress test Outcome reflects strong capital position and resilient balance sheet Under adverse stress scenario
The Debt Challenge in Europe. Alan Ahearne and Guntram Wolff October 2011
The Debt Challenge in Europe Alan Ahearne and Guntram Wolff October 2011 Outline The challenge: debt overhang and price adjustment. Large increase in private debt prior to the crisis. Balance-sheet adjustments
ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES
NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics
Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions
Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Background On 25 June 2012, the Spanish Government applied for external financial assistance
VAKIFBANK GLOBAL ECONOMY WEEKLY
VAKIFBANK GLOBAL ECONOMY WEEKLY Is Italy Going To Be The New Weak Link After Greece? T. Vakıflar Bankası T.A.O 25 July 2011 No: 27 1 Vakıfbank Economic Research Introduction... Debt crisis which has threatened
Low Base Interest Rates: An Opportunity in the Euro Debt Crisis
Low Base Interest Rates: An Opportunity in the Euro Debt Crisis by Marius Kokert, Dorothea Schäfer, and Andreas Stephan Member states of the euro area have been struggling with the legacies of the severe
Debt P r e s e n t e d b y K a r e l F o r d e
Debt Management Reform in Antigua and Barbuda Common wealth Secretariat / CARADEM forum 17-18 June 2013 Debt P r e s e n t e d b y K a r e l F o r d e P u b l i c D e b t O f f i c e r, M i n i s t r y
Recent measures for refinancing and restructuring Spain s corporate debt: Opportunities and impact on the banking sector
Recent measures for refinancing and restructuring Spain s corporate debt: Opportunities and impact on the banking sector María Romero and Itziar Sola 1 The high level of Spain s private debt, particularly
European perspective
Fiscal policy challenges from a European perspective Ludger Schuknecht Director General Economic and Fiscal Policy Strategy; International Economy and Finance Federal Ministry of Finance, Germany Banco
Assessment of the actual or potential financing needs of Cyprus
EUROPEAN COMMISSION DIRECTORATE GENERAL ECONOMIC AND FINANCIAL AFFAIRS Brussels, 12 April 2013 Assessment of the actual or potential financing needs of Cyprus In compliance with Article 13 of the ESM Treaty,
U.S. Financial Accounts: Uses and Improvements
U.S. Financial Accounts: Susan Hume McIntosh Group Manager, Financial Accounts Projects Board of Governors of the Federal Reserve System Financial Information Forum of Latin American and Caribbean Central
Asset Quality Review and Stress Test. Comprehensive Assessment Results
Asset Quality Review and Stress Test Comprehensive Assessment Results November 2014 Disclaimer This presentation has been prepared solely for informational purposes. Any projections or other estimates
METHODOLOGICAL NOTE GENERAL GOVERNMENT DEBT COMPILED ACCORDING TO THE METHODOLOGY OF THE EXCESSIVE DEFICIT PROCEDURE (EDP)
METHODOLOGICAL NOTE GENERAL GOVERNMENT DEBT COMPILED ACCORDING TO THE METHODOLOGY OF THE EXCESSIVE DEFICIT PROCEDURE (EDP) Introduction The functions attributed to the Banco de España by Spanish legislation
The Greek debt trap: an escape plan
The Greek debt trap: an escape plan Policy contribution 2012/19 Zsolt Darvas 7 November 2012 Highlights: Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking
Overcoming the Debt Crisis and Securing Growth- Irreconcilable Challenges for the Euro-zone?
Franco-German Conference Overcoming the Debt Crisis and Securing Growth- Irreconcilable Challenges for the Euro-zone? Cinzia Alcidi, CEPS May 3, 2010, Paris Outline: General post crisis background Debt
Consolidated balance sheet
Consolidated balance sheet Non current assets 31/12/2009 31/12/2008 (*) 01/01/2008 (*) Property, plant and equipment 1,352 1,350 1,144 Investment property 7 11 11 Fixed assets held under concessions 13,089
COMMERZBANK Capital Update - EU Wide Stress Test Results.
COMMERZBANK Capital Update - EU Wide Stress Test Results. COMMERZBANK was subject to the 2011 EU-wide stress test conducted by the European Banking Authority (EBA), in cooperation with the Bundesanstalt
Each month, the Office for National
Economic & Labour Market Review Vol 3 No 7 July 2009 FEATURE Jim O Donoghue The public sector balance sheet SUMMARY This article addresses the issues raised by banking groups, including Northern Rock,
Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license.
Attribution 4.0 International (CC BY 4.0) This presentation is licensed under a Creative Commons Attribution 4.0 International license. Therefor you are free to share and adapt this presentation even for
General Government Debt
2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines
Debt Management and DMFAS Experience
Arab Republic of Egypt Central Bank OF Egypt Debt Management and DMFAS Experience Tenth Advisory Group Meeting Geneva, 26-27 November 2015 1 OUTLINE Central Bank of Egypt Debt Management History DMFAS
Outstanding Loans Received From Abroad by Private Sector. Definitions and Explanations. Statistics Department Balance of Payments Division
Outstanding Loans Received From Abroad by Private Sector Definitions and Explanations Statistics Department Balance of Payments Division Contents I- Definitions... 3 II- Compilation Of The External Debt
UPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
Lodewyk Erasmus IMF Resident Representative Khartoum
Lodewyk Erasmus IMF Resident Representative Khartoum Sudan s External Debt External debt at end-2013 Amounted to $45 billion Equal to 691 percent of exports Equal to 64 percent of GDP Almost 88 percent
DSG international plc Trading update announcement 14 January 2010 9.30 am ANALYSTS SCRIPT
DSG international plc Trading update announcement 14 January 2010 9.30 am ANALYSTS SCRIPT Good morning Ladies and Gentlemen. I am joined on this call by Nicholas Cadbury and David Lloyd-Seed. The purpose
United States House of Representatives. Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
United States House of Representatives Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt
Euro Summit. Brussels, 12 July 2015 SN 4070/15 EUROSUMMIT. Euro Summit Statement
Euro Summit Brussels, 12 July 2015 SN 4070/15 EUROSUMMIT Subject: Euro Summit Statement Brussels, 12 July 2015 The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities as a
Definition of Public Interest Entities (PIEs) in Europe
Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.
ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK. of 14 September 2012. on measures relating to personal insolvency (CON/2012/70)
EN ECB-PUBLIC OPINION OF THE EUROPEAN CENTRAL BANK of 14 September 2012 on measures relating to personal insolvency (CON/2012/70) Introduction and legal basis On 25 July 2012, the European Central Bank
THE EU ARCHITECTURE TO AVERT A SOVEREIGN DEBT CRISIS
by Rodrigo Olivares-Caminal * Abstract This paper analyzes what has been the EU institutional reaction to the Euro-area sovereign debt problems, focusing in particular on the new architecture designed
Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance
Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON
The Eurozone and Greece: A Client Update
DIMENSIONAL FUND ADVISORS Special Posting The Eurozone and Greece: A Client Update June 2012 Events in the Eurozone, particularly Greece s future participation in the currency union, have been the overwhelming
Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy
Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy
Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank
Investment and Investment Finance in Croatia, how can the EIB contribute? Dario Scannapieco and Debora Revoltella European Investment Bank 24 March 2014 Outline EU and Croatia key challenges The Investment
Adjusting in the euro area: the case of Portugal
Adjusting in the euro area: the case of Portugal Vítor Gaspar Trinity College Dublin April 11 th, 2013 Crisis and its aftermath: a chronology 1999 2008 2009 2010 2011 2012 2013 2014 2015 POSTPONING THE
Greece. 1. Economic situation
2. COUNTRY NOTES: GREECE 119 1. Economic situation The Greek economy is in a recession in the wake of the economic and sovereign debt crisis, exacerbated by the impact that austerity measures are having
For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.
- - - For further information UBI Banca Investor Relations Tel.+ 39 0353922217 Email: investor.relations@ubibanca.it UBI Banca Press relations Tel.+ 39 0302433591 +39 3358268310 Email: relesterne@ubibanca.it
Klicken Sie, um das Titelformat. zu bearbeiten. The Eurocrisis: new challenges for the EU s. economic policy. Thomas Westphal. 23th of February 2015
The Eurocrisis: new challenges for the EU s Klicken Sie, um das Titelformat economic policy zu bearbeiten Thomas Westphal Klicken Director Sie, General um das European Format Policy des Untertitel-Masters
SECOND AMENDMENT AGREEMENT. Relating to the MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT. between EUROPEAN FINANCIAL STABILITY FACILITY
FINAL DRAFT 12 DECEMBER 2014 SECOND AMENDMENT AGREEMENT Relating to the MASTER FINANCIAL ASSISTANCE FACILITY AGREEMENT (as amended by an Amendment Agreement dated 12 December 2012) between EUROPEAN FINANCIAL
Public Debt and Contingent Liabilities: A Cross-Country Comparison
Public Debt and Contingent Liabilities: A Cross-Country Comparison Melchior Vella and Gevit Duca * 1. Contingent Liabilities 1.1 What are contingent liabilities? Contingent liabilities are obligations
TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM (ESM)
Subject: TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM (ESM) EN TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM (ESM) BETWEEN THE KINGDOM OF BELGIUM, THE FEDERAL REPUBLIC OF GERMANY, THE REPUBLIC
Balance sheet structure absorbed adverse PSI+ effect
Full Year 2011 Results Participation in PSI+ 1 leads to additional impairment of Euro 3.2 billion Core Tier I at Euro 1.3 billion 2 post PSI+ related impairment Balance sheet structure absorbed adverse
How To Understand Factoring
EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary
Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries
LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart
The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011
The economic outlook for Norway Governor Øystein Olsen Sparebanken Hedmark 7 September GDP Index, = Euro area US Brazil India China Sources: IMF and Norges Bank GDP Index, = Euro area US Brazil India China
Key Highlights on Italian Economy
Key Highlights on Italian Economy Incontro con l Ambasciatore Reinhard Schäfers e il prof. Roland Berger Franco Bassanini 25 Marzo 2014 Cassa depositi e prestiti Italian economy / Key highlights GDP is
Conference Call Annual Results 2013/14
AT&S first choice for advanced applications Conference Call Annual Results 2013/14 Andreas Gerstenmayer (CEO) Karl Asamer (CFO) Martin Theyer (IR/PR) 8th May 2014 8:30am CET AT & S Austria Technologie
Debt Refinancing Under the 7(a) Program. Lynn G. Ozer Executive Vice President Government Guaranteed Lending
Debt Refinancing Under the 7(a) Program Lynn G. Ozer Executive Vice President Government Guaranteed Lending Debt Refinancing SBA-guaranteed loan proceeds may not be used to refinance debt originally used
Greek Debt Crisis An Introduction to the Economic Effects of Austerity. Panagiotis Mantalos 1. Department of Statistics, Swedish Business School.
1 Greek Debt Crisis An Introduction to the Economic Effects of Austerity Panagiotis Mantalos 1 Department of Statistics, Swedish Business School. Örebro University, Sweden ABSTRACT We trace the reasons
Central Government Budget 2015
Central Government Budget 2015 September, 30th 2014 1 Spain Macroeconomic Scenario Year on year % change (ESA 2010) 2012 2013 2014F 2015F Real GDP -2.1-1.2 1.3 2.0 Nominal GDP -1.9-0.6 1.4 2.7 GDP 2014
COUNCIL IMPLEMENTING DECISION
EUROPEAN COMMISSION Brussels, 14.7.2015 COM(2015) 357 final 2015/0157 (NLE) Limited Proposal for a COUNCIL IMPLEMENTING DECISION on granting short term Union financial assistance to Greece EN EN EXPLANATORY
Definition of Accounting
SOLUTIONS TO EXERCISES Lesson 1: Definition of Accounting 1. What is accounting? What are its main functions? Accounting is the process of financially measuring, recording, summarizing and communicating
GOVERNMENT OF ST. KITTS AND NEVIS
GOVERNMENT OF ST. KITTS AND NEVIS MEDIUM-TERM DEBT MANAGEMENT STRATEGY 2013-2015 Prepared by: Ministry of Finance December 2012 TABLE OF CONTENTS I. Introduction.. 1 II. Medium-Term Debt Management Objectives.
How To Write A Medium Term Debt Strategy
Medium-Term Debt Strategy Based on Client Presentation May 2010 1 Outline Developing a Medium-Term Debt Strategy Risk Indicators and Sensitivity Analysis Cost-Risk Analysis Implementation Performance Measurement
General government pension obligations in Europe
General government pension obligations in Europe Reimund Mink 1 1. Introduction The population of Europe is ageing. This is not a new phenomenon, but a process common to almost all developed, and most
Designing a European Fiscal Union: Lessons from the Experiences of Fiscal Federations
Designing a European Fiscal Union: Lessons from the Experiences of Fiscal Federations 1 The Sample 13 federations: Argentina, Australia, Austria, Belgium, Brazil, Canada, Germany, India, Mexico, South
A European Unemployment Insurance Scheme
A European Unemployment Insurance Scheme Necessary? Desirable? Optimal? Grégory Claeys, Research Fellow, Bruegel Zsolt Darvas, Senior Fellow, Bruegel Guntram Wolff, Director, Bruegel July, 2014 Key messages
Appendix 5. Heavily Indebted Poor Countries (HIPC) Initiative and
Appendix 5. Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) 1 1. The objective of the Heavily Indebted Poor Countries (HIPC) Initiative of the IMF and World
STABILITY PROGRAMME 2014-2017
STABILITY PROGRAMME 2014-2017 COUNCIL OF MINISTERS APRIL 30 2014 Stability Programme 2014-2017 The Council of Ministers has approved today the referral to Brussels of: The Stability Programme 2014-2017,
Introduction. The different concepts of public debt
DEVELOPMENTS IN SPANISH PUBLIC DEBT SINCE THE START OF THE CRISIS The authors of this article are Luis Gordo, Pablo Hernández de Cos and Javier J. Pérez, of the Directorate General Economics, Statistics
The Debt Management Office
The Debt Management Office Based on a client presentation October 2010 1 Outline The Debt Management Office Different institutional arrangements Internal organisation and operation Building a DMO What
1731 der Beilagen XXIV. GP - Staatsvertrag - 03 Vertragstext in englischer Sprache (Normativer Teil) 1 von 62
1731 der Beilagen XXIV. GP - Staatsvertrag - 03 Vertragstext in englischer Sprache (Normativer Teil) 1 von 62 TREATY ESTABLISHING THE EUROPEAN STABILITY MECHANISM BETWEEN THE KINGDOM OF BELGIUM, THE FEDERAL
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003
Financial market integration and economic growth: Quantifying the effects, Brussels 19/02/2003 Presentation of «Quantification of the Macro-Economic Impact of Integration of EU Financial Markets» by London
Frankfurt, June 5th 2009. Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO
Frankfurt, June 5th 2009 Goldman Sachs European Financials Conference Mr. Roberto Higuera, CEO Disclaimer This presentation has been prepared by Banco Popular solely for purposes of information. It may
European Fitness Market in 2014 50.1 million. members. 48,000 facilices. billion euro revenues. 400,000 employees
EUROPEACTIVE European Fitness Market in 2014 50.1 million members 48,000 facilices 26.8 billion euro revenues 400,000 employees The European Health & Fitness Market Report 2015 The European fitness market
European Debt Crisis and Impacts on Developing Countries
July December 2011 SR/GFC/11 9 SESRIC REPORTS ON GLOBAL FINANCIAL CRISIS 9 SESRIC REPORTS ON THE GLOBAL FINANCIAL CRISIS European Debt Crisis and Impacts on Developing Countries STATISTICAL ECONOMIC AND
The Investment Expert - Stockholm 22/10/2013. Brunello Rosa - RGE (c) - Mapping the Political and Economic Environment for Investment 1
The Investment Expert - Stockholm 22/1/213 Today s Discussion: 1. The role of central banks in influencing economic recovery Credible and incredible Forward Guidance 2. EZ economy: is it really the end
ANNUAL REPORT EUROPEAN STABILITY MECHANISM
2014 ANNUAL REPORT EUROPEAN STABILITY MECHANISM 2014 ANNUAL REPORT EUROPEAN STABILITY MECHANISM 2 EUROPEAN STABILITY MECHANISM Table of contents Introduction to the ESM...........................................................................................................................................................................................................................
Annual Borrowing Plan
20154 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Federal Ministry of Finance Annual Borrowing Plan 2016 January 2016 www.fmf.gov.ba INTRODUCTION In order to increase transparency, fiscal
In 2012, GNP in constant prices increased by 1.8% compared with 2011.
8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased
Remarks at 5th SEEK Conference on Overcoming the Crisis: How to Foster Innovation and Entrepreneurship in a Diverging European Economy?
Remarks at 5th SEEK Conference on Overcoming the Crisis: How to Foster Innovation and Entrepreneurship in a Diverging European Economy? Peter Praet Member of the Executive Board 5 years ahead growth expectations
For a Europe-wide coordinated levy on wealth
The nature of the crisis For a Europe-wide coordinated levy on wealth - European ATTAC Network - A constantly increasing disparity of wealth is an intrinsic aspect of capitalism. Wealth grows faster than
Republic of Tajikistan: Joint Bank-Fund Debt Sustainability Analysis
February 2006 Republic of Tajikistan: Joint Bank-Fund Debt Sustainability Analysis Tajikistan s risk of debt distress is moderate. Under the baseline scenario, all the external debt burden indicators are
Debt and Default. Costas Arkolakis teaching fellow: Federico Esposito. February 2014. Economics 407, Yale
Debt and Default Costas Arkolakis teaching fellow: Federico Esposito Economics 407, Yale February 2014 Outline Sovereign debt and default A brief history of default episodes A Simple Model of Default Managing
Low repo rate supports upturn in inflation. Governor Stefan Ingves Bank & Finans Outlook 18 March 2015
Low repo rate supports upturn in inflation Governor Stefan Ingves Bank & Finans Outlook 18 March 2015 Sweden - a small open economy in an uncertain world Large oil price fluctuations Negative interest
BUSINESS AND INDUSTRY (B&I) LOAN GUARANTEE
Rural Development Business & Cooperative Programs www.rurdev.usda.gov/ma Southern New England State Office 451 West Street, Suite 2 Amherst, MA 01002 Phone: 413-253-4300 Fax: 413-253-4347 Norwich Area
ACCESS TO FINANCE. of SMEs in the euro area, European Commission and European Central Bank (ECB), November 2013.
ACCESS TO FINANCE Improving access to finance is essential to restoring growth and enhancing competitiveness. Investment and innovation are not possible without adequate financing. Difficulties in accessing
DAC and Non-DAC Donors at the Crossroads: The problem of Export Credits. Pranay Sinha University of Birmingham
DAC and Non-DAC Donors at the Crossroads: The problem of Export Credits Pranay Sinha University of Birmingham Context Non DAC donors growing development financing without transparent information sharing
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department
EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis