TRUMPETS OF GLORY OR OF MOVED AWAY FOR NEXT WEEK

The European Central Bank studies to allow that the Greek funds in the wallets of investment of the central banks are subject to the same discounts that the private investors will assume, they said sources from the national entities to Reuters. 

The banks of the area euro possess around 20.000 million Eurus in Greek debt in their traditional investment wallets. The funds are not included in the purchases of 40.000 millions of the BCE like part of the program begun in May of 2010 and that now he tries to protect of the discounts. Three sources of central banks of the area euro said that the topic of assuming losses is debating at the present time inside the BCE. One of the sources said that that possibility is to 50 percent and he added that the only limit of time regarding this decision is related with the agreement on the Hellenic debt with the private sector that one waits it is closed next week. 

If the central banks assume losses in their investment wallets in funds, it would provide an immediate quantity to Athens and it would represent a new contribution of the BCE, besides the benefits of 12.000-15.000 millions of derived Eurus of the program of purchases and that they will also be available.  

Yesterday, some Greek and European leaders made an effort to transmit a message of trust regarding the Greek rescue, mainly after he filtered that the Government from Greece and their international creditors have reached an agreement on different formulas so that the country saves the 325 demanded additional millions. 

The president of the Euro group, Jean Claude Juncker, it has assured that Greece is very far from reducing the debt level to 120% in 2020. This was one of the requirements that the troika had imposed to the Hellenic country to be able to receive the second rescue, which will be debated in the meeting of the Euro group of Monday. For it, Juncker has said that it trusts in that the officials of the area euro find a form of coming closer to that objective for Sunday at night. 

On the other hand, the German chancellor, Angela Merkel; the president of the Government from Italy, Mario Monti, and the first Greek minister, Lukas Papadimos, was shown today trusted in that an agreement is reached on the second rescue to Greece during the meeting of the Euro group of next Monday. The three maintained today a phone conversation after Merkel has to cancel the meeting that had foreseen today in Rome with its Italian homologous, it is affirmed that the dialogue was frank and with a constructive spirit, and in him the three participants have been shown trusted in that on Monday in the Euro group you could get an agreement on Greece." 

It is possible that during the summit of Monday the second help of 130.000 million Eurus is approved Greece, although the president of the Euro group, Jean-Claude Juncker, already noticed that more consultations will be required about how it will be supervised the application of the adjustment measures and agreed reformations. 

Monti has manifested in passing occasions that Italy is in favor of solutions that they close the Greek matter and it has considered that Athens has already taken on the other hand important" "steps, Greece finished yesterday of fulfilling the duties demanded by the troika to receive the new rescue of at least 130.000 millions, to the one that the Euro group, if everything goes like it is foreseen, he should give green light on Monday. As we see it seems that we are coming closer at the end as he said in the title alone it is necessary to wait the touch of trumpets and to recognize if it is a touch of glory or of retreat. 

Also dig to highlight the paper that to my way of seeing is playing in these last compasses Mario Monti it is evident that the situation of Italy depends as much of herself as of that that passes with Greece Italy he needs time and that alone time achieved it if the pressure is tranquilized Greece it has more than enough. We are playing a domino departure and the records cannot be placed if the previous player doesn't put you before the appropriate record with the number of points with which you can continue this it is what Mario Monti attempts, and to the wait this Mariano Rajoy praying so that after moving Italy it registers it is him frank the possibility to add his record that at the moment he has hidden in the hand.  

On the other hand, the other two rescued countries, Portugal and Ireland; they seem to advance little by little for the good road. The country lusa, in spite of the economic recession in which is, seems not to need more external help. He has insisted this way him today their first minister that has refused that the country will request a second rescue. The situation of Ireland is still better. The country has begun to grow and he also discards to request a second rescue to the UE and he has intention of returning to the international markets in financing search at the end of this year, as the Irish secretary of State assured for Europe, Lucinda Creighton, in an interview with Europe Press.  

We don't have foreseen to enter in a new program (of rescue) neither to request new funds. Our intention is to return to the international markets at the end of this year", he affirmed. The program of adjustment tax to Ireland for the UE and the International Monetary Fund (IMF) as compensation of a rescue quantified in 85.000 million Eurus it is working very well, at the moment the qualification agency Fitch has stopped to qualify Iceland like voucher garbage (BB+) and it elevates him the rating a step until BBB -. 

Because good as comment to close the week with a point of optimism is not bad in Spain we lower salaries again we continue with the cuttings the government he passes the time this weekend in carrying out me way of seeing an unnecessary internal congress, in some moments in that the things don't seem to justify losses of time, and mainly expenses that although it seems that the same ones run in charge of the PP it is not this way, they run since in charge of Spain the funds of the parties they come from the financing of the state according to the benches votes and other prebends.