Tuesday, June 30, 2015

IMF can give another 30 days to Athens. But it is unlikely – Daily News – Lisbon

Athens did not pay. The debt of EUR 1 600 million it had to pay until yesterday the International Monetary Fund does not extend or include grace periods. Alexis Tsipras and Yanis Varoufakis, Prime Minister and Finance Minister Greeks had already said they would not pay and so it happened. Failure to pay the debt puts Greece in an unprecedented position: is the first developed economy to fail commitments to the IMF in 71 years of history. Still, the rating agencies only consider a true default if Athens fails to pay you have to do to the ECB, this month:. Are over 3.5 billion

1 – Greece will the only country to miss a payment to the IMF?

No. The IMF has a list of defaulters, but does not involve a very high trading volume, or developed States. Among those who have overdue debts are Zimbabwe, Sudan, Peru, Liberia, Congo, Vietnam, Iraq.

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Greek Deputy Prime Minister suggests referendum can still be … – Daily News – Lisbon

According to the Greek press, Dragasakis, the Syriza, the ERT suggested that the referendum could be canceled, stressing that this is a political decision.

Zoe Konstantopoulou, President of the Greek Parliament, cited by Reuters, He said, however, that it is constitutionally impossible now halt the referendum. This was called for Sunday by Tsipras and should question the Greeks whether they accept the last proposal made by creditors or not.

Remember that Greece can go into technical default today, the day I had to repay 1.5 billion euros to the IMF and ending the extension of its current bailout. Tsipras today sent a letter proposing a third bailout for Greece, but without the IMF, which was rejected by the finance ministers of the eurozone, meeting in a conference call this afternoon.

Tomorrow morning’s new teleconference of the Eurogroup, announced on Twitter his president, the Dutch Minister of Finance Jeroen Dijsselbloem, to discuss the situation. The Greek Finance Minister, Yanis Varoufakis, was to present a new package of measures that are close to the demands made by lenders in order to rescue a third, advances the ‘Kathimerini’.

Ian Traynor, editor the ‘Guardian’ advances on its Twitter account that during the teleconference of the Eurogroup Yanis Varoufakis today tried to change the referendum by a debt relief but failed to get anywhere with this negotiating position.

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The Lisbon Stock Exchange opens in fall slightly after drop of more than 5 … – Business Journal – Portugal

the Lisbon Stock Exchange opens in slight drop after drop of more than 5% in the week of the start

The PSI-20 opened the session on terça- Tuesday, June 30, in slight decline of 0.46%, after having decreased over 5% in the week of the start.

After falling 5.2% in Monday’s session, which marks the start of the week, the Lisbon stock exchange opened on Tuesday to back down lightly. The 0.46% drop recorded at the beginning of the session put the PSI-20 at 5505.26 points.

The trend was similar in other European markets, still suffering the impacts of the crisis in Greece, on the day that expects Athens fails to meet the payment to an IMF loan of 1.6 billion euros.

In Lisbon, BPI recovers from losses the previous day. On Monday session banking was the most penalized sectors across Europe. But the session Tuesday, BPI was already showing positive development. At startup rose 1.59%, after a fall of 8.45% on Monday. BPI cotava so in the session starting in 1.023 euros.

But the BCP and Banif continued the downward direction. After a devaluation of 11% in Monday’s session, the next day took off bringing even a drop of 0.65% to the bank led by Nuno Amado, which put each share will be worth 7.47 cents. Banif already devalued 1.41% to 0.61 cents after the fall of 9.17% Monday.

At the sitting of Tuesday the most negative signal will, however, for the media sector. Cofina fell at the opening, 2.65% and Impresa 2.44%.

The start of European stock markets was negative, despite rises in Asian stocks.

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Greeks ask third rescue for another two years, but no … – Daily News – Lisbon

In his letter to the president of the Eurogroup, Prime Minister Alexis Tsipras asks the European Stability Mechanism be added, taking into account the “urgent financial problems” that Greece faces “in the second half of 2015 and around the year 2016 “.

In four points, the letter signed by the head of the Greek government appoints the factors that” should “the need for financing” urgent “. The first is the “absence of disbursement of the second program since 2014″. The government also points out that “the Republic does not have access to market financing, according to the meaning of Article 1 of the treaty of the European Stability Mechanism.”

The other two reasons seek to somehow blame the European bodies, saying “the program expires on June 30 and the application for extension to complete the pending negotiations was not accepted”.

We read in the letter that “the ECB does not extend the Liquidity Assistance Emergency, “with a note still saying,” Moreover, the Greek financial system is necessary to maintain the stability of the euro zone. “

” Given that today, June 30, 2015, is the deadline set in the Eurogroup statement of 20 February 2015, to reach an agreement, Greece requests financial assistance from the European Stability Mechanism in the form of a two-year rescue, “said the letter shall make the Jeroen Dijsselbloem.

Athens undertakes to use the funds that will be calculated “exclusively for debt service, both in external and internal obligations”.

“In conjunction with the loan, the Greece asks the EFSF (European Financial Stabilization, to design and redesign the debt profile in the spirit of European Commission proposals to make it sustainable in the long run, “said Alexis Tsipras.

Finally The Greek prime minister calls for the current unlocked the rescue funds, calling for an “extension for a short period” in order to prevent “trigger a default process,” given that to date the Mayan night, Athens would have to deliver 15 500 million to the IMF.

Before you sign the letter, Tsipras ensures that “Greece is fully committed to the external debt service in a way that ensures the viability of the economy , growth and cohesion “.

Negotiations

The proposal will be discussed at an extraordinary meeting today to 18.00, a teleconference between finance ministers eurozone, said the President of the Eurogroup Jeroen Dijsselbloem.

What suggested the president of the European Commission?

Jean-Claude Juncker has proposed to the Prime Minister Greek A last-minute deal, the creditors accept “close” if Athens commit today to accept the latest proposal and campaign for “yes” in the referendum.

The proposal of creditors to release money to Athens is Saturday and includes – among others -. increases in VAT on various products and services, reductions in pensions, gradual end to early retirement and increasing the pensionable age

The theme of pensions was which created more tension between lenders and Athens, and the problem in this case is mainly the so-called ‘Ekas’, the solidarity surcharge for pensioners, lenders do not consider a retirement pension because they do not depend entirely made of discounts and want it to be deleted.

Since the debt restructuring, the government mainly supported by left-wing party Syriza has claimed, not part of the proposed package.

Community sources said the creditors have indicated to the Greek executive who would be available to discuss a debt relief, which represents about 180% of gross domestic product (GDP), almost double the wealth produced by Greece, but only when negotiating a third rescue the country .

The promises of Tsipras on television

Prime Minister assured last night that will respect the outcome of Sunday’s vote and leave government admits . Tsipras says it is impossible to pay today to the IMF to EUR 1.5 billion.

“The decision of the Greek people will be respected and implemented.” The promise was left by Alexis Tsipras, assuming that it dismiss the case Sunday’s referendum dictate the victory of yes to the proposal of the creditors submitted to the government which provided for increased austerity measures, such as the rise in VAT. In an interview to a Greek television, Tsipras said he was not “a prime minister who remains in office come rain or shine.”

The leader of Syriza, which sees the referendum as a way to continue negotiations – “our goal is to be better armed in the further negotiations” – believes that the stronger the rejection of the proposal, the stronger will be in Greece for the next talks

The prime. Greek Minister was also adamant about the impossibility of paying the country today 1.5 billion to the IMF. “It is possible that lenders expect us to pay the IMF imposed when choking banks?” He asked, adding that “from the moment they decide to raise the choking will be paid.” With banks closed until July 6, Tsipras admits that “the scenario is not ideal,” but stressed that Greece “will survive” with or without external aid program. “The Greek people saw that the last five months did what we could to reach an agreement,” he said, stressing he does not believe that lenders want Greece to leave the euro zone.

ECB charges : it is the fault of the Greeks

The European Central Bank does not exclude the Greek exit from the euro zone and insists that occur will be the responsibility of the Greek Government, which decided to end the negotiations, he said Benoît Coueuré, ECB board member.

“The Greek exit from the euro zone, which was a theoretical hypothesis, can unfortunately no longer be ruled out,” he said in an interview published today by the French business daily Le Echos .

Coeuré, adding that “is the result of the Greek government”, insisted that both the ECB and the European authorities want to keep Greece in the single currency and that, therefore, made their proposal in Last week, it specifically lowered the requirements in terms of fiscal surplus.

“The decision to discontinue the negotiations was made by the Greek authorities. Surprised us because we were finished quite intense and fruitful exchanges, “he said.

Coueuré proved to be convinced that the Greeks vote” yes “in the referendum of 05 July,” the eurozone authorities will find a way “to start up an aid program, although the current expires today.

The head of the ECB acknowledged that the executive Alexis Tsipras had made the restructuring of Greek debt a priority, but claimed that since February 20 the Eurogroup had warned that this matter would only be debated in a second phase and before Athens had to adopt “a credible reform program”.

Regarding the possible consequences of a Greek exit the single currency, Coeuré admitted that the market turmoil on Monday shows that there was a “surprise effect” because until Wednesday did not admit the rupture of negotiations.

However, Coeuré found that the reaction was “relatively moderate”, demonstrating “the extent to which Greece is a unique case”, “the euro zone resilience to external shocks” and that “safety nets put in place in recent years have fulfilled their role.”

In any case, Coeuré said it was necessary to maintain “vigilance”.

“If there are risks we are willing to use the tools at our disposal” as the massive program of buying bonds and even “new instruments as part of our mandate,” he said.

An injunction

Greece does not rule out the possibility of recourse to justice to prevent its exit from the euro zone in the event of a settlement fail. “The Greek government will make use of all legal rights at their disposal,” the British newspaper Daily Telegraph, citing Yanis Varoufakis.

“We are advise us and we will certainly consider the possibility of an injunction from the European Court of Justice. The EU treaties do not provide [a] exit from the euro and refuse to accept it. Our belonging [to the area] is not negotiable, “he said.

IMF does not receive today

The Greek Finance Minister, Yanis Varoufakis, confirmed today that Greece will not repay the loan of approximately 1,600 million euros to the International Monetary Fund (IMF), which expires today.

Varoufakis was asked by journalists who were waiting at the entrance of the Finance Ministry in Athens . “No,” replied tersely, before entering the ministry.

Earlier, Deputy Minister of Finance Greek, Nadia Valavani, had stated that Athens would not repay the loan of some EUR 1,600 million the IMF unless it were found a last minute solution that would meet this payment and avoid getting into “default”.

Valavani said today in a statement to state television that the payment would still be possible if Greece could 1,800 million euros of Greek debt securities income 2014 in the hands of the European Central Bank (ECB).

The minister insisted that to make the repayment would not need a new agreement with the institutions (European Commission, ECB and IMF) as part of the current bailout program.

Up to 18:00 in Washington (00:00 in Lisbon), Greece can make this repayment grouping three payments June, otherwise will default in relation to the IMF.

If Greece does not pay today, you start a processing process, which, as recalled Valavani, can last a month until the failure is declared .

Once it is confirmed that Greece did not pay, it is expected that the director general of the IMF, Christine Lagarde, inform the Executive Board of the institution, possibly the same day.

A crucial day for the liquidity of Greece will again be Wednesday, when it is expected that the ECB Governing Council decides to maintain the emergency credit provision to Greek banks.

Rajoy supports resignation of the Greek government

The Spanish prime minister hopes the victory of “yes” in Sunday’s referendum in Greece on a Greek government arrangement with creditors, and a new government in Athens.

Mariano Rajoy has now become the first European leader to openly support the resignation of radical left-wing government in Greece, by appealing to the Greeks to accept austerity measures in Sunday’s referendum.

Rajoy said that the victory of “yes” in the referendum would be good for Greece, because it would allow creditors to negotiate with a new government in Athens.

“If (the Greek prime minister ) Alexis Tsipras lose the referendum, it would be better for Greece, because to say “yes” to maintain the eurozone, the Greek people allow negociássemos with another government, “Rajoy told the Cope radio.

In case of victory of “no”, the “Greece will have no choice but to abandon the euro,” said Rajoy, whose party is currently facing a rapid rise in Spain’s new radical left party “Podemos`, a close ally of Syriza, led by Tsipras.

In Italy, Prime Minister Matteo Renzi said that structural reforms, adopted by Rome, put the country “out of the firing line” of the consequences of the debt crisis in Greece .

“We take with courage the path of structural reforms, the economy is in recovery process and under the protection of” umbrella chuva` the European Central Bank, “Renzi said quoted by the business daily Il Sole 24 Ore, on the contagion effect of the Greek crisis to other economies over-indebted eurozone in 2011.

At the risk of contagion of the Greek crisis to members of the eurozone to be no more a threat , Renzi said the “concern not just in Italy, and concerns now the global difficulties scenarios that may arise.”

Asked about the tough stance of Germany in the negotiations of the Eurogroup that ended with the refusal to extend the bailout program for Greece, Renzi said any effort to blame Berlin for the situation “is a convenient alibi that does not correspond to reality.”

“Now the risk is that the referendum becomes a choice between (German Chancellor Angela) Merkel and Tsipras. That would be a mistake, and that’s what Tsipras wants. It is no coincidence that the victory of Syriza in the elections was due more to talk about Mrs Merkel than Greece, “he added.

On the other hand, the Austrian Finance Minister Democrat Jörg Schelling said today in Vienna that the decision not to extend aid to Greece is a “kind of release blow” to the Eurogroup.

In statements made before a meeting of the cabinet, Schelling confirmed the Eurogroup remains “open” to new negotiations with Athens, but warned that the situation was “disoriented”.

Merkel does not close doors

German Chancellor Angela Merkel said today that does not know any new European proposal for Greece to unlock a last-minute deal.

“The Commission’s latest offer I know of is the last Friday and I can not say anything more” said Merkel, after Brussels have said that proposed a solution of “last minute” to the Greek prime minister, Alexis Tsipras.

However, the German leader reiterated that “the door remains open” for further negotiations with Athens.

(updated News at 18:49)

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Germany keeps unemployment to the lowest level since … – Digital Journal

The unemployment rate remained at 6.4% in June, according to data corrected the seasonal variations released by the Federal Labour Agency.

The number of unemployed fell on a miilhar, for a total of 2.79 million people. The observed decrease was less than six thousand of the decrease observed in May.

In gross terms, the unemployment rate in Europe’s largest economy fell from 6.3% in May to 6.2%.

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Alexis Tsipras may accept the proposed “last minute” Jean … – Daily News – Lisbon

Reasons for change? The newspaper, citing government sources, ensures that approaching deadline for payment to the IMF – ends at 23 hours – and pressure caused by the closure of banks have led some government officials to advocate that one should accept the proposal of Juncker.

Yes or no?

The Greek Government has not yet responded to the last offer made by the President of the European Commission to reach an “agreement last time “on financial assistance to Greece, said today a spokesman of the European Commission.

Margaritis Schinas confirmed in the daily press conference of the Community executive, which, following a call from the Prime Minister Greek President to the Commission on Monday evening, Juncker, after consulting the President of the Eurogroup, Jeroen Dijsselbloem, explained Alexis Tsipras what form could be reached that last-minute compromise could be considered by the Eurogroup in an emergency meeting.

According to the spokesperson, and despite having been asked for a response by midnight Monday, just has not happened so far, “and the time is now very short” for even to reach an agreement before the end of the current assistance program, which ends today.

“The European program of financial assistance expires today at midnight,” recalled more than once the spokesman Commission, who confirmed are still ongoing contacts between Brussels and Athens.

What do you suggest the President of the European Commission?

Jean-Claude Juncker has proposed to Greek Prime Minister a last-minute agreement, the creditors would accept “close” if Athens commit today to accept the latest proposal and campaign for “yes” in the referendum.

According to Community source without need the exact terms of the proposal, the Greek prime minister, Alexis Tsipras, is aware of the proposal and was informed that today should send a letter to European Commission President, Jean-Claude Juncker, the chairman of the Eurogroup Jeroen Dijsselbloem, the German Chancellor Angela Merkel and French President François Hollande, “to accept the proposal Saturday the three institutions” and furthermore “would have to commit to a ‘campaign for the yes on this basis.”

This answer would have to arrive during the day, in which the rescue program ends, the time of the Eurogroup emergency meeting.

The proposal of creditors to release money to Athens is last Saturday and includes – among others -. increases in VAT on various products and services, reductions in pensions, gradual end to early retirement and increasing the pensionable age

The theme of pensions was the most tension created between lenders and Athens, and the problem in this case is mainly the so-called ‘Ekas’, the solidarity surcharge for pensioners, lenders do not consider a pension, because it depends completely discounts made and want it to be deleted.

Since the debt restructuring, the government mainly supported by left-wing party Syriza has claimed, not part of the proposed package.

Community sources said lenders did know the Greek executive who would be available to discuss a debt relief, which represents about 180% of gross domestic product (GDP), almost double the wealth produced by Greece, but only when negotiating a third bailout of the country.

The promises of Tsipras on television

Prime Minister assured last night that will respect the outcome of Sunday’s vote and leave government admits. Tsipras says it is impossible to pay today to the IMF to EUR 1.5 billion.

“The decision of the Greek people will be respected and implemented.” The promise was left by Alexis Tsipras, assuming that it dismiss the case Sunday’s referendum dictate the victory of yes to the proposal of the creditors submitted to the government which provided for increased austerity measures, such as the rise in VAT. In an interview to a Greek television, Tsipras said he was not “a prime minister who remains in office come rain or shine.”

The leader of Syriza, which sees the referendum as a way to continue negotiations – “our goal is to be better armed in the further negotiations” – believes that the stronger the rejection of the proposal, the stronger will be in Greece for the next talks

The prime. Greek Minister was also adamant about the impossibility of paying the country today 1.5 billion to the IMF. “It is possible that lenders expect us to pay the IMF imposed when choking banks?” He asked, adding that “from the moment they decide to raise the choking will be paid.” With banks closed until July 6, Tsipras admits that “the scenario is not ideal,” but stressed that Greece “will survive” with or without external aid program. “The Greek people saw that the last five months did what we could to reach an agreement,” he said, stressing he does not believe that lenders want Greece to leave the euro zone.

ECB charges : it is the fault of the Greeks

The European Central Bank does not exclude the Greek exit from the euro zone and insists that occur will be the responsibility of the Greek Government, which decided to end the negotiations, he said Benoît Coueuré, ECB board member.

“The Greek exit from the euro zone, which was a theoretical hypothesis, can unfortunately no longer be ruled out,” he said in an interview published today by the French business daily Le Echos .

Coeuré, adding that “is the result of the Greek government”, insisted that both the ECB and the European authorities want to keep Greece in the single currency and that, therefore, made their proposal in Last week, it specifically lowered the requirements in terms of fiscal surplus.

“The decision to discontinue the negotiations was made by the Greek authorities. Surprised us because we were finished quite intense and fruitful exchanges, “he said.

Coueuré proved to be convinced that the Greeks vote” yes “in the referendum of 05 July,” the eurozone authorities will find a way “to start up an aid program, although the current expires today.

The head of the ECB acknowledged that the executive Alexis Tsipras had made the restructuring of Greek debt a priority, but claimed that since February 20 the Eurogroup had warned that this matter would only be debated in a second phase and before Athens had to adopt “a credible reform program”.

Regarding the possible consequences of a Greek exit the single currency, Coeuré admitted that the market turmoil on Monday shows that there was a “surprise effect” because until Wednesday did not admit the rupture of negotiations.

However, Coeuré found that the reaction was “relatively moderate”, demonstrating “the extent to which Greece is a unique case”, “the euro zone resilience to external shocks” and that “safety nets put in place in recent years have fulfilled their role.”

In any case, Coeuré said it was necessary to maintain “vigilance”.

“If there are risks we are willing to use the tools at our disposal” as the massive program of buying bonds and even “new instruments as part of our mandate,” he said.

The Greek response . An injunction

Greece does not rule out the possibility of recourse to justice to prevent their exit from the euro zone in the event of a settlement fail. “The Greek government will make use of all legal rights at their disposal,” the British newspaper Daily Telegraph, citing Yanis Varoufakis .

“We are advising us and we will certainly consider the possibility of an injunction from the European Court of Justice. The EU treaties do not provide [a] exit from the euro and refuse to accept it. Our belonging [to the area] is not negotiable, “he said.

Greece can pay the IMF? Maybe . without agreement

Athens will not repay the loan of 1,600 million euros to the International Monetary Fund (IMF), which expires today, unless it is found a last-minute solution to meet this payment and avoid getting into “default”.

The Deputy Minister of Finance of Greece, Nadia Valavani, said today in a statement to state television that the payment would still be possible if Greece could the 1,800 million euros of income from debt securities that are Greek 2014 in the hands of the European Central Bank (ECB).

Valavani insisted that to make the repayment would not need a new agreement with the institutions (European Commission, ECB and IMF) as part of the current bailout program.

Up to 18:00 in Washington (00:00 in Lisbon), Greece can make this repayment grouping three June payments, otherwise will default in relation to the IMF.

If Greece does not pay today, you start a processing process, which, as Valavani recalled, can last a month until the default is declared.

In this regard, the French finance minister, Michel Sapin, considered that the non-payment of Greece to the IMF today would have “major consequences”.

Once it is confirmed that Greece did not pay, it is expected that the director general of the IMF, Christine Lagarde inform the Executive Board of the institution, possibly the same day.

A crucial day for the liquidity of Greece will again be Wednesday, when it is expected that the ECB Governing Council decides to maintain the emergency credit provision to Greek banks.

The ECB has kept liquidity injections to ensure the solvency of banks, but did not increase the ‘ceiling’ of claims of around EUR 90,000 million, which after the high of last week deposits outputs difficult the situation of financial institutions.

The Greek prime minister, Alexis Tsipras blamed the Eurogroup to have triggered the ECB’s decision not to increase lending to not accept the request Greece to extend the prolongation of the rescue, in order to carry out calmly the referendum next Sunday.

According to the Greek Prime Minister, this decision of the ECB triggered the imposition by the government of banking restrictions in last Monday.

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Varoufakis confirms that Greece has not paid to the IMF on Tuesday – Jornal de Negócios – Portugal

The Greek finance minister has already confirmed that Athens will not make the repayment to the IMF which has scheduled for Tuesday. And still hope an agreement with creditors.

“No.” That is how the Minister of Finance of Greece Yanis Varoufakis, responded to a journalist who asked him if Athens will refund about 1.6 billion euros to the International Monetary Fund (FM), reveals Reuters.

Asked about the possibility to reach an agreement with creditors Varoufakis just said. “I hope so”

If Greece receive an irrefutable proposal reconsiders the referendum, said port -Voice the Greek Government for Economic Affairs, Eucleides Tsakalotos, quoted by the Greek financial information site, Live Squawk.

The head of Greece for negotiations with creditors, believes in a greater flexibility by creditors in next few days.

Tsakalotos considers the referendum to be held in Greece next Sunday, July 5, is part of the negotiation process is not a substitute.

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Offers for New Bank delivered to the 17 hours – publico

                 


                         
                     


                         

                 

 
                         

Candidates for the purchase of the New Bank deliver on Tuesday, up to 17 hours, the binding offers by the bank. However, according to the Journal of Business , there may be new proposals on the table since the Bank of Portugal (BoP) admits request additional offers to drive up the price paid by the bank that joined the no toxic assets BES.

                     


                         There are five candidates -Santander finalists, Fosun, Anbang Insurance Group, Apollo Global Management and Cerberus – which have not put forward whether or not to proceed with binding offers. The finalists have been advised of the intention of the regulator, writes the Business Journal on the issue on Tuesday. It is a final open auction where the shortlisted candidates are invited to submit best deals, without any further negotiation. It is recalled that both the government and the BoP had already advocated a sale by competitive auction which will tend to prevail cash inflow.

The resolution fund, managed by Banco de Portugal, injected 4900 million in bank (of which 3,900 million is a State loan) and bids will be less than this amount. The be confirmed, it means that the authorities not only did not prevent the failure of BES as conceived a resolution model that generated losses.


 
                     
                 

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Tsipras guarantees that will respect the result of the referendum – Daily News – Lisbon

Alexis Tsipras assured that will respect the outcome of Sunday’s referendum. “The decision will be respected and implemented,” said the Greek prime minister in an interview to a Greek television.

The leader of Syriza said he did not believe that lenders want Greece to leave the euro zone, stressing that happening would have enormous consequences. He said he sees the referendum as a way to “continue negotiations”.

Tsipras said that the stronger the rejection of the proposal, the stronger will be in Greece for the next talks.

With banks closed until the 6th of July and the uncertainty about the future of the country at the lack of agreement with creditors, Tsipras admits that the “scenario is not ideal,” but stressed that Greece “will survive” with or without foreign aid program. “The Greek people saw that the last five months did what we could to reach an agreement. We did our best,” he said.

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The Lisbon Stock Exchange has fallen most – publico

                 


                         
                     


                         

                 

 
                         

The day anticipated to be negative in the markets and it did. First in Asia, then in Europe and now on Wall Street, global squares are painted “red”. It was a Monday of sharp falls in every street in Europe, with the Lisbon Stock Exchange head to recording the largest decrease of 5.22%. None of the currently 18 companies listed on the PSI-20 escaped.


                     


                          The PSI-20 has even slipping 6.16% to finally close with the biggest devaluation since the 2013 political crisis, when Vítor Gaspar and Paulo Portas resigned.

Monday, who else felt the clash in Lisbon square was the BCP, whose shares fell 11.1%, falling to 0.0752 euros. Bit behind were the Pharol (formerly PT SGPS), losing 10%, and Mota-Engil, down 9.16%. Among the biggest falls, soon after, they closed the other two banks operating in the PSI-20. The titles of Banif fell -8.82%, going to be worth 0.0062 euros, while BPI shares fell -8.45% to 1.007 euros.

In Europe, Milan also dropped over 5% or so ago was the Madrid stock exchange, retreating 4.56%. The selling pressure was lower in the actions of the squares of Paris and Frankfurt, but no longer significant, with decreases of 3.74% and 3.56% respectively. The negative sentiment extended to the City of London, where the decline was 1.97%, and reached Wall Street, where the major indexes are down. The Dow Jones lost 1.24% and the Nasdaq down 1.38%.

Eduardo Silva, the XTB manager, tells PÚBLCIO that uncertainty is so much about what will happen after that no scenario It should be taken for granted. “I think the rates could fall even more than we have seen today, while interest will really feel the pressure. For now, the feeling is containment and the downward movement of European indices may climb in a dramatic way, before a total breakdown scenario. “In this most critical scenario of risk aversion, points out,” the PSI-20 one of the most targeted indices. “

This pressure also happens in the debt market in relation to the economies in the euro crisis peaks, were more vulnerable. “The bonds of peripheral countries follow the swing high. With the latest developments there is a lot of uncertainty, what looked like a definitive removal scenario quickly evolved into uncertainty in which no scenario seems definitive, “notes Eduardo Silva.

The Greek debt interest rates with a maturity of ten years surged on Monday, rising to 15% when last Friday the titles were 11.16%

The pressure in the secondary market -. where investors they exchange debt securities of States or manifest exchange of intentions without ever materialize them. – intensified immediately on the other peripheral countries, although less sharp rises

The interest rates on Portuguese debt climbed to third, 08% at the end of the day, against 2.718% on Friday. The same happened with the titles of Spain (2,358%) and Italy (2,395%), contrary to what was found with the German debt (reference market) and Irish, who negotiated falling.

What happens to the Portuguese debt this context of uncertainty? Filipe Silva, asset management director of Banco Carregosa, note that the rise of Portuguese interest does not compare with the situation stress in Greece, but stresses that the uncertainty generated does not anticipate the way the markets in the coming days.

“Interest on the debt of Portugal, Italy and Spain are rising. Debt interest of other European countries are rising. Why? The countries of southern Europe may be the ‘ next in the row ‘, while the rich countries reinforce its role as refuge and are in debt interest down. Interest to ten years in Portugal are around 3%, with a 25 basis points rise. Debt to six years rose from 1.79% to 1.95%. . It is a slight increase, nothing to compare to other situations of stress on Greece, but it is still an increase of interest “Filipe Silva choose an image to describe the situation in the markets,” How the referendum on Sunday, and even a few days later, the uncertainty is such that it seems a lottery. “

                     
 
                     
                 

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Monday, June 29, 2015

After three months of decline, unemployment rises to 13.2 … – publico

                 


                         
                     

                 

 
                         

After three consecutive months of decline, unemployment rose again in May, now affecting 13.2% of the workforce. The data released Monday by the National Statistics Institute (INE) are provisional and the final amount will only be known in the next publication, so only a few weeks if you can confirm that there really is an interruption of the downward trend that prevailed since February.

                     


                         The unemployment rate was 0.4 percentage points above the final value determined for April (12.8%), offsetting the decrease in the previous two months.

The INE points to the existence of 676.8 thousand unemployed, representing an increase of 2.9% from April. In practice, there are 19,000 people who say they are out of work.

Following the trend, youth unemployment also increased. In May 33.3% of the assets between 15 and 24 were unemployed, while April was 31.7%.

Compared to the same period last year, the figures show that unemployment It continues to shrink, falling from 14.4% in May 2014 to 13.2% in May 2015. Still, the pace of decline was slower than in the first months of the year. The same applies to young people, whose unemployment rate rose from 36.5% to 33.3%.

Contrary to what happens in the released data every three months, monthly estimates of the INE consider the population between 15 and 74 years and the figures are seasonally adjusted. The unemployment rate without considering the seasonal effects of some business sectors (tourism, agriculture, for instance) also increased to 13% in May. This is an increase of 0.2 percentage points compared to April but down 1.1 percentage points compared to May 2014.

The figures for May, says the institute are provisional, “since it is a mobile quarter in which for the first two months the collection of the Labour Force Survey information has been completed (April and May 2015) and for the third month a projection was based on models time series “. Definitive figures will not be known next highlight.

This is what happened with the data for the month of April. In the first estimate, the INE pointed to an unemployment rate of 13%, but the information now disclosed the number has been revised and after all was in 12.8%.

In May, the INE also gives account a decline in the working population. The number of people employed fell by 0.5% compared with the previous month to 4.4 million, while year on year there is an increase.

The monthly decrease of the employed population was found mainly among men (-1.2%) and young people (-1%), but also in adults (-0.5%). Women were the exception, having registered a slight increase of female employment (around 0.2%), which resulted in over five thousand people employed than in the previous month.

The INE He started releasing monthly data on the labor market in November last year. At the time, the institute explained the methodology and warned that the data would be subject to revisions. But earlier this year the president of the institute, Alda Carvalho was called on Parliament by the majority of MPs to explain the reasons for these revisions.


 
                     
                 

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S & P 500 registers biggest drop since April 2014 and exhausts gains … – Jornal de Negócios – Portugal

The main US stock markets ended in negative territory, to monitor the sentiment in stock markets around the world, at a time intensify fears about the financial crisis in Greece.

The Standard & amp; Poor’s 500 ended the session losing 2.1% to 2057.71 points, thus registering the steepest drop since April 2014. He stepped back to the average value of the last 200 sessions and has exhausted valuations since the beginning of the year following now add only 0.07% in the accumulated 20015.

Meanwhile, the Dow Jones industrial depreciated 1.95% to 17596.35 points, accumulating a loss of 1.21% since January.

But the technological index Nasdaq Composite, which last week reached a record high score, yielded 2.40% today to 4958.46 points. Also since April last year that the Nasdaq had not lost so much ground in one session.

Wall Street closed well in the red, with concerns about the future of Greece to focus new attention. As in the rest of the world, the financial sector was the one that most influenced the trend on Monday session, with the sector index falling 2.5%.

Citigroup and JPMorgan Chase retreated more than 2.5%, whereas DuPont, Visa and Boeing lost more than 2.6%, leading the declines in the Dow Jones.

The ADR of the National Bank of Greece sank 23%.

ADRs [American Depositary Receipts] are representative certificates of deposit of shares of foreign companies traded on the stock exchange in the country of origin, which are traded on US stock exchanges like shares if they were.

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Government prefers positive side of unemployment figures – TVI24

The government said on Monday the more positive side of unemployment figures. This after the INE have revealed that the unemployment rate dropped to 13.2% in May , compared with the same month last year, but rose against the final estimate for April 12, 8%

The prime minister stressed that the values ​​of May May “will still be revised” so preferred to focus on the figures for April. “It is good, of course, because it means that latest figure compares very well with a year ago.”

Passos Coelho, who was in Braga, in the renewal of the partnership between the University of Minho and Bosch, expressed the wish that employment associated with these numbers and “especially one who comes to check up on future, involving as much as possible less precarious and more skilled employment. If not acontrecer, growth will be limited in the future medium and long term, “he admitted.

The Minister of Employment, in turn, welcomed the reduction in the unemployment rate in Portugal since 2013, doing, however, a negative assessment to the figures provided by the INE face to April.

“The unemployment figures over the last year are good, when we compare the decline in unemployment over the last year, is positive,” said Pedro Mota Soares.

“It behooves us to remember that we are talking about since the beginning of 2013 until today a reduction of about 230 000 people who left an unemployment situation, when we looked at last month (April) the data is not positive, “he said.

Pedro Mota Soares was speaking to journalists in the village of Careers in the municipality of Portalegre, on the sidelines of the inauguration of a nursing home that had an investment of EUR 1.9 million, creating about 30 work stations.

 
                                                                                     

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Brussels turns back to Tsipras and enters campaign for a “yes” – publico

                 


                         
                     


                         
                     


                         

                 

 
                         

One by one, the leaders of the major European economies have sent a clear message to the Government of Alexis Tsipras and the Greeks called to vote in a referendum next Sunday: the query is not only about the agreement that was being negotiated, It is about the permanence of Greece in the euro.


                     


                          The President of the European Commission, Jean-Claude Juncker, lamented the “betrayal” of Tsipras, accusing Athens of interrupting negotiations were “on track” and set the tone. “A ‘no’ means that Greece says’ no ‘to Europe.’” “I ask the Greeks to vote ‘yes’.”

When the Greek Prime Minister announced the country carrying out the consultation on the plan proposed by the creditors, the International Monetary Fund and European Union, other European leaders decided that the financial assistance plan is void. Tsipras called for extending the program, which officially ends Tuesday, but has been told that it will not happen. According to the President of the European Council, Donald Tusk, “there is no availability between member states” to review the decision.

After a meeting with Juncker, President of the European Parliament, Martin Schulz, shewed if even willing to go to Greece to explain that the proposal of the creditors is positive, contrary to what the Syriza and defend the vote “yes”. “As a convinced European, I will campaign and fight to convince the Greeks that they must accept the outstretched hand of the European and remain in the euro area”

In almost all EU capitals -. Lisbon was the major exception – , governments gathered urgency to assess the referendum announced by Tsipras early Saturday. There was extraordinary minister of directors, meetings of heads of state with their hard core, meetings with heads of the respective central banks or even in the case of Berlin, an unprecedented meeting that brought together the leaders of all parties represented in Parliament.

At the end of each meeting, each Head of State or Government had two messages. An internal, to reassure their populations face the consequences of a possible Greek exit from the euro and potential contagion risks to their economies; Tsipras and another addressed to the Greeks who elected him in January.

“It’s called democracy, the Greek people have the right to decide what you want for your future. But what is at stake is whether the Greeks want to stay in the eurozone or risk going out, “said Francois Hollande, the French President. Chancellor Angela Merkel was more restrained – after saying that “if the euro fails, Europe fails,” she explained that it wants to “press” the Greeks, but it is required to “point out the consequences” of the result of 5 referendum July.

It was up to Merkel’s coalition partner, Sigmar Gabriel, Deputy Foreign Minister said in so many words that “Greece is voting whether to stay or out of the euro, a vote on the ‘no’ is a clear decision against the stay in the euro. ” “This is the question the European referendum will not be a derby between the European Commission and Tsipras, but between the euro and the drachma. This is the choice, “he wrote in turn the Italian Prime Minister Matteo Renzi, in his Twitter page.

In London, David Cameron Government was assembled in the morning. In the afternoon, the finance minister, George Osborne, told the House of Commons that the referendum is a Greek choice about staying or not in the euro zone, warning that an exit will be “traumatic”. “We expect the best, but preparing for the worst,” also said, assuring British living in Greece that their savings are safe.

A day after he telephoned Merkel on Monday it was time for Barack Obama to call the French President. – The US leader and Hollande said is “willing to work together to help restart dialogue” and find a solution
Payoffs and credibility
Athens blames the lenders, Brussels and European capitals blame Athens. Some say that others lied, others on the other side there was never real willingness to negotiate.

“We hear of ultimatums, blackmail. But from where come the insults, the threats?”, Denounced Juncker, ensuring that Tsipras Government abandoned the negotiating table when the proposal was being discussed could have “easily” driven “to an agreement on Saturday Eurogroup”. It was “a demanding and complete package, but fair” that did not involve pay cuts or pensions “. Juncker says that if the proposal Friday appears as final, when there was still scope for working in places, Tsipras “lack of truth”, accusing him of “selfishness”.

The Athens answer It began to arrive via a statement from the executive spokesman Gabriel Sakellaridis: “The required rate of good faith and credibility in negotiations is sincerity.” Then it was Tsipras himself to ensure that he was told was that “he had 48 hours to accept” what was described as “final proposal”. The prime minister refuses why was his government to abandon negotiations, as they had been given by finished the other side.

“I say to the Greeks that they should not commit suicide out of fear to die … should vote ‘yes’ regardless of the question, “also said Juncker, even before the contents of the ballot paper. The Luxembourg former prime minister also wanted to tell the Greeks that Syriza and its acts “are not worthy of the great Greek nation.” Like Renzi, turned to sports language yet to say who will not see “Plato in the second division.”

In a crisis that is perpetuated and that no one knows how many days were presented as “the all or nothing “means any volte-face is always possible.

For the president of the Eurogroup Jeroen Dijsselbloem, was the Greeks who decided this way, the removal of the negotiations, and in that no one” can involve “. But “the door is always open, even if the options and time are very limited.” At issue is the euro zone, he said, but first of all, Greece. “This is really about the future of Greece – also the eurozone – but mainly from Greece.”
Miguel Castro Mendes in Brussels

 
                     
                 

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UTAO: deviation in the 1st quarter of the deficit is “risk factor” for meta … – publico

                 


                         
                     

                 

 
                         

The budget deficit in the first quarter, from 5.8% of GDP presented an “unfavorable shift” against the annual target, the UTAO considers to be a “risk factor” to meet the 2015 deficit target, 2.7%.

                     


                         In its quick note on national accounts for general government, to which Lusa had access today, the Technical Unit of Budget Support (UTAO) states that “the overall general government deficit in the first quarter exceeded the target for the annual deficit” , being 3.1 percentage points above the target of 2.7% of GDP.

The independent technical supporting parliament say that in nominal terms and excluding extraordinary measures, “the deficit first quarter represents approximately 49% of total planned deficit for the whole year. “

” The scale of the unfavorable deviation (…) it is still a risk factor for the fulfillment “of the budgetary target the government set for this year, to reduce the budget deficit to 2.7% of gross domestic product (GDP), warn yet.

The economists UTAO consider that “there is uncertainty” when the budgetary performance of the rest of the year and identify factors both ways.

The execution until April (registered public accounting) has presented “less favorable fiscal performance than anticipated in the state budget for 2015 but the results of budget execution have been improving throughout the year, says the UTAO.

In addition, the technical note that “this year there may be a higher uncertainty about the fiscal performance compared to other years to the extent that a change occurs legislative cycle “.

However, UTAO proviso that, despite the” weight mean “deficit in the first three months of the year,” the negative deviation from the annual target in the first quarter should not be understood as necessarily indicative of expected performance for the whole year, “as it is” still very partial information. “

Last week, the National Institute of Statistics (INE) released the value of the budget deficit of the general government by March, which reached 2.4443 billion euros, equivalent to 5.8% of GDP in that period, which compares with a deficit of 5.9% in the same period.

 
                     
                 

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UTAO says deviation in the deficit is “risk factor” for annual target – TVI24

The budget deficit 5.8% of GDP in the first quarter presented an “unfavorable shift” against the annual target, the UTAO considers to be a “risk factor” to meet the 2015 deficit target of 2.7%.

In a quick note on national accounts for general government, to which Lusa had access on Monday, the Technical Unit of Budget Support (UTAO) states that “the overall general government deficit in the first quarter exceeded the goal for the annual deficit, “getting 3.1 percentage points above the target of 2.7% of GDP.

The independent technical supporting parliament claim that, in nominal terms and excluding the extraordinary character of measures, “the first quarter of the deficit represents approximately 49% of total planned deficit for the whole year.”

“The scale of the unfavorable deviation (…) it is still a risk factor for the fulfillment” of the budgetary objective that the government set for this year, to reduce the budget deficit to 2, 7% of gross domestic product (GDP), warn yet.

The economists UTAO consider that “there is uncertainty” when the budget performance of the rest of the year and identify factors in both directions.

The execution until April (registered public accounting) has presented “less favorable fiscal performance than anticipated in the state budget for 2015, but the results of budget execution have been improving over year, says the UTAO

In addition, the technical note that “this year there may be a higher uncertainty about the fiscal performance compared to previous years, in that there will be a change of legislative cycle.”

However, the UTAO safeguard that despite the “significant weight” of the deficit in the first three months of the year, “the unfavorable deviation from the annual target in the first quarter should not be understood as necessarily indicative of performance expected for the whole year, “as it is” still very partial information. “

Last week, the National Statistics Institute (INE) released the value of the budget general government deficit up March, which reached 2.4443 billion euros, equivalent to 5.8% of GDP in that period, which compares with a deficit of 5.9% a year earlier.
 
                                                                                     

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EDP ​​and REN privatization cautioned not “interests … – Daily News – Lisbon

The Court of Auditors says that in the case of the privatization of EDP and REN, the government has taken legislative measures “to beware the strategic interests of the Portuguese State after the completion of the privatization process”.

In the audit report of the processes of (re) privatization of the electricity sector, unveiled today, the Court points out that, despite the privatization decree of EDP and REN and the sales agreement and strategic partnership contain references to safeguard the national interest, “was not provided any penalty clause for non-compliance.”

That court therefore concludes that, “in both cases” have not taken any legal steps to ensure the strategic interests of the state after completion of the privatization, “as requirements established in article 27 of the framework law on privatizations.”

The audit notes that “the Portuguese State posture” proved “less adequate when compared to that of some European countries that clearly protect its strategic assets “

The institution gives even examples:.” Some of these countries preserve those assets by setting limits on the acquisition of strategic assets by foreign entities that are not part of the space Europe (Germany, Austria and Finland), strengthening state control or through special powers ‘golden shares’ (Belgium, France, Poland and Italy) and / or the arrest of most of the capital (Lithuania and Iceland) ” .

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Paulo Portas believes that increased investment will reduce rate … – Jornal de Negócios – Portugal

The Deputy Prime Minister Paulo Portas said today that the fall in the unemployment rate in Portugal “is a positive trend” and believes that increased investment will create jobs.
 
 

Paulo Portas, who spoke at the ‘Cash 2020 – Services, Commerce and Restoration’ in Estoril, noted that the country “has come to have an unemployment rate 17.7% “which is now” around 13% “.

Now,” viewed from the side of people who are still at around 13%, the indicator macro [a decline in the unemployment rate ] did not affect their lives, in their families or in their daily lives, “said the governor.

However, the government official considered that the positive trend of investment will be able to give the Portuguese a” horizon the greatest hope from the perspective of building a society with job opportunities. ” But “new jobs” are not even return to the jobs that our fathers have known, “he said.

Paulo Portas believes that with the resumption of investment in Portugal, employment will rise up because this indicator “grew four times” between 2013 and 2014, rising from 2.2 billion to EUR 8 800 million.

The unemployment rate fell to 13.2% in May, year on year, but up 0.4 percentage points over the final estimate for April, settling at 12.8%, according to the monthly estimate released today by the INE.

According to the National Institute of Statistics (INE), the flash estimate of unemployed for May is 676,800 people, an increase of 2.9% over the final value obtained for April (over 19,100 people).

“In May 2015, the provisional estimate of the unemployment rate was 13.2%, which translates into an increase of 0.4 percentage points from the previous month, which contributed to the increase in unemployed and . the decrease of the employed population, “reads the document INE

In May, the unemployed population increased in all groups: men (5.3%; 17 200), adults (2.1%; 11,400), young people (6.6%, 7700) and women (0.6%;. 1900)

This month, the female unemployment rate (13.3%) exceeded that of men (13.2%) by 0.1 percentage points, but both increased compared with April (0.1 percentage points and 0.7 percentage points, respectively).

The unemployment rate among young people stood at 33.3%, increasing 1.6 percentage points from the previous month, and the unemployment rate of adults stood by 11.6% and increased 0.2 percentage points from the previous month.

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Greece: Euro fell briefly below $ 1.1 in … – Vision

Tokyo 29 jun (AP) – The European single currency fell today, briefly, down 1.1 US dollars due to investor fears about Greece that could lead the European country to a default and even the exit from the euro zone.

The euro fell early in the session in Asia to 1.0952 US dollars after having closed on Friday in New York to $ 1.169.

The last time the European currency fell below $ 1.1 was in early June.

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China will have 30.34% of the capital and 26.04% of the votes of the new bank … – Correio da Manhã

06/29/2015 5:42

China will have 30.34% of the capital and 26 04% of the votes of the new international bank

 By Lusa

China will have 30.34% of the capital and 26.06% of the vote the new Asian Investment Bank Infrastructures (Baii), the framework agreement was signed today in Beijing by representatives of 50 countries, including Portugal and Brazil.

This is the first international development bank proposed China, for almost two years, and the Chinese state will contribute 29,780 million (27,045 million euros) of 100,000 million dollars (90,816 million euros) as stipulated capital base Baii.

More than two capital-thirds (75%) of the bank will be distributed among Asian countries and the rest belong to other founding members, including Germany, Australia, France, UK, Switzerland and other major economies, said the official Chinese press.

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