MALTA leader area EURO per crescita del PIL

MALTA leader area EURO per crescita del PIL

maltaway saupload_monetary-strangulation-summer-2016

MALTA in Europa, con l’Euro, con nessuna svalutazione dei salari ma con una loro crescita continua che alimenta i consumi, debito in discesa e con i migliori parametri a livello mondiale….che ci sia qualcos’altro nello spiegare la capacità di un paese di competere e attrarre cervelli e capitali???

Maltaway ha delle risposte e delle azioni da intraprendere per la tua residenza a malta che tu sia un individuo, un professionista, un’impresa o una grande corporation

Per la tua nuova residenza vieni a Malta e stai lontano da questi paesi

Che tu sia un pensionato, un imprenditore, un investitore o un professionista, stai alla larga da questi paesi, non solo dall’Italia…se decidi di prendere la residenza in una giurisdizione migliore, evita di diventare azionista di un paese indebitato e di mettere sulle tue spalle parte di questo debito come già stai sperimentando nel belpaese, vieni a Malta con www.maltaway.com dati macro ormai prossimi a un deficit all’1% e a un debito del 60%

MALTAWAY: INVESTIRE A MALTA NELLE ACQUE TRANQUILLE DI UN PAESE STABILE E SICURO

Trasferire a Malta la residenza, la tua vita, i tuoi familiari, il tuo business, il tuo patrimonio, significa migliorare la gestione del tuo rischio
Corporate & Assets Governance, World Class, MALTA, Worldwide

http://www.maltaway.com/commissione-europea-malta-deficit-a-11-e-debito-sotto-il-60/The 17 countries with the highest level of government debt

maltaway malta view 3 cities

One of the most interesting and important rankings is actually the level of government debt.

By looking at level of gross government debt as a percentage of GDP, it can indicate how able a country is to pay back debts without incurring further debt.

Basically the lower the debt-to-GDP ratio the better.

Take a look to see who made the top 17 and who beat Greece for the top spot.

17. Iceland – 90.2%. Prior to the credit crisis in 2007, government debt was a modest 27% of GDP. At the time of WEF’s rankings, its debt was still super high.

17. Iceland – 90.2%. Prior to the credit crisis in 2007, government debt was a modest 27% of GDP. At the time of WEF's rankings, its debt was still super high.

Flickr/Jonathan Percy

16. Barbados – 92.0%. The tax-haven nation is the wealthiest and most developed country in the eastern Caribbean, but its growth prospects look weak due to austerity measures to combat the effects of the credit crisis eight years ago.

16. Barbados – 92.0%. The tax-haven nation is the wealthiest and most developed country in the eastern Caribbean, but its growth prospects look weak due to austerity measures to combat the effects of the credit crisis eight years ago.

Reuters

Kierre Beckles of Barbados reacts after competing in the women’s 100 metres hurdles heats during the 15th IAAF World Championships.

15. France – 93.9%. The eurozone’s second-biggest economy has been recovering “in fits and starts,” says the country’s statistical agency.

15. France – 93.9%. The eurozone's second-biggest economy has been recovering "in fits and starts," says the country's statistical agency.

Julian Finney/Getty Images

French fans soak up the atmosphere ahead of the UEFA EURO 2012 group D match between France and England at Donbass Arena on June 11, 2012, in Donetsk, Ukraine.

14. Spain – 93.9%. S&P is confident that Spain’s buoyant growth prospects and labour-market reforms will boost its outlook.

14. Spain – 93.9%. S&P is confident that Spain's buoyant growth prospects and labour-market reforms will boost its outlook.

Reuters

Lidia Valentin of Spain competes in the women’s 75kg weightlifting competition during the World Weightlifting Championships.

13. Cape Verde – 95.0%. The island nation is a service-orientated economy and suffers from a poor natural-resource base. This means it has to import 82% of its food, leading to vulnerability to market fluctuations.

13. Cape Verde – 95.0%. The island nation is a service-orientated economy and suffers from a poor natural-resource base. This means it has to import 82% of its food, leading to vulnerability to market fluctuations.

Reuters

Cape Verde’s Prime Minister Jose Maria Neves speaks during a news conference.

12. Belgium – 99.8%. The country is known as “the sick man of Europe,” because while the government managed to reduce the budget deficit from a peak of 6% of GDP in 2009 to 3.2% — its debt is still incredibly high.

12. Belgium – 99.8%. The country is known as "the sick man of Europe," because while the government managed to reduce the budget deficit from a peak of 6% of GDP in 2009 to 3.2% — its debt is still incredibly high.

Reuters

Honda Moto3 rider Livio Loi of Belgium falls during the Japanese Grand Prix.

11. Singapore – 103.8%. It’s one of the wealthiest countries in the world but the island nation suffers from high debt. The government is now trying to find new ways to grow the economy and raise productivity.

11. Singapore – 103.8%. It's one of the wealthiest countries in the world but the island nation suffers from high debt. The government is now trying to find new ways to grow the economy and raise productivity.

Getty

Yang Wang of China shows his dejection just before the finish line.

10. United States – 104.5%. The US hiked interest rates for the first time in seven years in December last year. In March, Federal Reserve Chair Janet Yellen said the economy was on a path of slow and steady growth.

10. United States – 104.5%. The US hiked interest rates for the first time in seven years in December last year. In March, Federal Reserve Chair Janet Yellen said the economy was on a path of slow and steady growth.

REUTERS/Kevin Lamarque

9. Bhutan – 110.7%. The small Asian economy is closely linked to India and depends heavily on it for financial assistance and foreign labourers for infrastructure.

9. Bhutan – 110.7%. The small Asian economy is closely linked to India and depends heavily on it for financial assistance and foreign labourers for infrastructure.

Reuters

King Jigme Khesar Namgyel Wangchuck, left, kisses Queen Jetsun Pema in front of thousands of residents gathered for the third day of their wedding ceremony at the Changlimithang stadium in Bhutan’s capital, Thimphu, on October 15, 2011.

8. Cyprus – 112.0%. The country’s excessive exposure to Greece hit it hard when the European sovereign-debt crisis rippled across the world in 2010. Like Greece, it had to be bailed out by international creditors and enforce capital controls and austerity measures to get funding.

8. Cyprus – 112.0%. The country's excessive exposure to Greece hit it hard when the European sovereign-debt crisis rippled across the world in 2010. Like Greece, it had to be bailed out by international creditors and enforce capital controls and austerity measures to get funding.

AP Images

7. Ireland – 122.8%. The country exited its bailout programme two years ago but still faces a huge debt pile. But it’s on the right track. Ireland has already had success in refinancing a large amount of banking-related debt.

6. Portugal – 128.8%. Portugal exited its own bailout programme in the middle of 2014. However, GDP was still 7.8% lower than it was at the end of 2007.

6. Portugal – 128.8%. Portugal exited its own bailout programme in the middle of 2014. However, GDP was still 7.8% lower than it was at the end of 2007.

AP Photo/Armando Franca

Portuguese Prime Minister Pedro Passos Coelho, center, and Deputy Prime Minister Paulo Portas, right, wave during an election campaign march in Lisbon, Portugal, Friday, October 2, 2015.

5. Italy – 132.5%. The country’s proportion of debt to GDP is the second highest in the Eurozone.

5. Italy – 132.5%. The country's proportion of debt to GDP is the second highest in the Eurozone.

REUTERS/Max Rossi

4. Jamaica – 138.9%. The services industry accounts for 80% of GDP, but high crime, corruption, and large-scale unemployment drag the country’s growth down. The International Monetary Fund said Jamaica has to reform its tax system, among other things.

4. Jamaica – 138.9%. The services industry accounts for 80% of GDP, but high crime, corruption, and large-scale unemployment drag the country's growth down. The International Monetary Fund said Jamaica has to reform its tax system, among other things.

Reuters

People wait for the unveiling of a statue of late reggae legend Bob Marley in Kingston February 8, 2015.

3. Lebanon – 139.7%. The country used to be a tourist destination but war in Syria and domestic political turmoil have led to a lack of an official budget for months.

3. Lebanon – 139.7%. The country used to be a tourist destination but war in Syria and domestic political turmoil have led to a lack of an official budget for months.

REUTERS/Mohamed Azakir

Lebanese singer Mouin Shreif waves the Lebanese national flag during a protest against corruption and against the government’s failure to resolve a crisis over rubbish disposal, near the government palace in Beirut, Lebanon, August 23, 2015.

2. Greece – 173.8%. The country has taken over €320 billion worth of bailout cash and it’s looking increasingly impossible to pay it all back — especially since it has had to implement painful austerity measures to get its loans. But it’s surprisingly not the worse country in the world for government debt.

2. Greece – 173.8%. The country has taken over €320 billion worth of bailout cash and it's looking increasingly impossible to pay it all back — especially since it has had to implement painful austerity measures to get its loans. But it's surprisingly not the worse country in the world for government debt.

REUTERS/Cathal McNaughton

A woman smokes a cigarette in front of a postcard display in the village of Fira on the Greek island of Santorini, Greece, July 2, 2015.

1. Japan – 243.2%. The country is in a troubling spot. Its economy is growing very slowly and now the central bank has implemented negative interest rates.

1. Japan – 243.2%. The country is in a troubling spot. Its economy is growing very slowly and now the central bank has implemented negative interest rates.

Reuters

An amateur sumo wrestler holds a baby during a baby-crying contest at Sensoji temple in Tokyo, May 30, 2015.

Il governo Italiano è interessato al meglio di voi, il debito dal 2007 è cresciuto di €564 Miliardi

Il governo Italiano è interessato al meglio di voi, il debito dal 2007 è cresciuto di €564 Miliardi

maltaway_italy_protection

Mi scuso per la franchezza della foto, ma ha lo scopo di attirare l’attenzione del lettore medio e di far comprendere di cosa si parla.

Can I help you? Vi consigliamo di spostare assets e income fuori dal bel paese

Il debito si riduce per 3 strade, inflazionando, ristrutturando e con nuove tasse….la crescita del PIL è pura utopia, nello stesso periodo 2007-2015 il debito  +564 Miliardi e il PIL +27 Miliardi

Possiamo aiutarvi a decidere e ad agire per proteggere il vostro patrimonio e le vostre entrate?

Bruxelles, 7 mar. (askanews) from Yahoo Finance – L’Italia ha adottato, dopo lo scorso novembre, misure che hanno aumentato il deficit pubblico, e ora rischia “deviazioni significative” dal percorso di riduzione del disavanzo verso l'”obiettivo di medio termine” (il pareggio strutturale di bilancio) prescritto dal Patto di Stabilità Ue riformato. Inoltre, sebbene l’aumento del rapporto debito/Pil si sia finalmente arrestato nel 2015, e si preveda un leggero calo nel 2016, secondo le proiezioni l’Italia non rispetterà la “regola del debito”, che richiede una riduzione di 1/20 all’anno dell’eccedenza rispetto alla “soglia di Maastricht” del 60% rispetto al Pil. Lo afferma, in sostanza, l’Eurogruppo, nella parte dedicata all’Italia delle conclusioni della sua riunione svoltasi oggi a Bruxelles.

“Notiamo – si legge nella dichiarazione dell’Eurogruppo – che dopo la valutazione fatta a novembre sono state decise delle misure aggiuntive che hanno aumentato il deficit e c’è ora un rischio di deviazione significativa dal percorso di aggiustamento previsto verso l’obiettivo di medio termine”.

Per l’Italia, “secondo le previsioni economiche d’inverno della Commissione, il bilancio strutturale dovrebbe peggiorare dello 0,7% del Pil nel 2016, a fronte del miglioramento dello 0,1% che era richiesto, tenendo conto della flessibilità già concessa”, ricorda l’Eurogruppo. E aggiunge: “Notiamo che la Commissione aveva affermato che l’Italia rispetta i criteri per qualificarsi per la concessione di una deviazione temporanea secondo le clausole per le riforme strutturali e gli investimenti”.

La Commissione, si ricorda nel documento, “farà una valutazione nella primavera 2016”. Ma, continuano i ministri delle Finanze dell’Eurozona, “notiamo ulteriormente che, anche se verrà concesso il potenziale massimo di flessibilità, rimane il rischio di una deviazione significativa”.

L’Eurogruppo riconosce “che il rapporto debito/Pil si è stabilizzato nel 2015 ed è previsto che diminuisca nel 2016”, ma ciò nonostante, “l’alto livello del debito resta fonte di preoccupazione”. Inoltre, puntualizzano i ministri delle Finanze, “sulla base delle previsioni economiche d’inverno, l’Italia non sembra poter rispettare la regola del debito nel 2015 e nel 2016”.

“In questo contesto – conclude l’Eurogruppo – attendiamo con interesse la prossima nuova valutazione della Commissione del rispetto, da parte dell’Italia, delle condizioni previste dal ‘braccio preventivo’ del Patto di Stabilità e dalla regola del debito, e salutiamo l’impegno dell’Italia ad attuare le misure necessarie a garantire che il bilancio del 2016 rispetti le regole del Patto”.

Fonti del Ministero dell’Economia e Finanza sottolineano come l’Eurogruppo abbia ricordato che, secondo la Commissione, “l’Italia rispetta i requisiti per il riconoscimento della flessibilità relativa a riforme e investimenti”, e ritengono inoltre “molto importante che si sia preso atto che nel 2015 il debito si è stabilizzato ed è previsto in diminuzione nel 2016”.

Secondo le stesse fonti, “il confronto con gli altri Stati membri dell’Eurozona sul monitoraggio delle politiche di bilancio è stato costruttivo”. La dichiarazione adottata oggi dall’Eurogruppo, concludono le fonti, “replica quello adottato lo scorso novembre in occasione della valutazione dei bilanci programmatici degli Stati membri effettuata dalla Commissione”.

L’Italia è un problema per l’Europa, ma soprattutto per i suoi cittadini (Italiani) e per chi ha sottoscritto il suo debito…..in parte le 2 cose coincidono. MALTAway ti aiuta a capire le alternative per la residenza, la protezione del tuo patrimonio e le azioni da intraprendere per ridurre questo rischio e migliorare la qualità della vita

Con MALTAway un pensiero ed un’analisi globale ed un’azione locale nel paese in Area EUropa ed Emea più competitivo

Leggete con attenzione la posizione di una delle migliori penne d’Europa, esci dalla tua area di comfort e percorri una nuova strada

La posizione economica dell’Italia è insostenibile e sfocerà in un default a meno che non vi sia un’immediata e duratura inversione di tendenza sul piano economico

La perdita di capacità industriale è irreversibile, e il debito pubblico continuerà a crescere fino a quando non si renderà necessaria una qualche forma di ristrutturazione.

L’Italia potrà essere “tenuta a galla” artificialmente per un periodo di tempo piuttosto lungo, ma non indefinitamente, perché nel frattempo l’economia reale continuerà a deteriorarsi e il rapporto debito/Pil continuerà ad aumentare.

http://www.ft.com/intl/cms/s/0/02cb9932-3ff0-11e4-936b-00144feabdc0.html?siteedition=uk#axzz3FLRgfSkW

TUTELA DEL PATRIMONIO : CONFRONTO TRA FONDO PATRIMONIALE, TRUST E FONDAZIONE PRIVATA MALTESE

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

La reputazione Internazionale dell’ITALIA sempre più simile a quella della Grecia e per alcune questioni (mafia,debito,burocrazia) anche peggio

Italia è ormai da tempo un paese dove è diventato istituzionale fottere il prossimo, non aspettare a lungo perchè (più) prima (che) poi toccherà anche a te

I flussi di capitali e di teste in uscita dall’Italia sono davvero spaventosi, distribuite il vostro rischio come persone,famiglia,asset, impresa, competenze su altri paesi…ma non seguite il gregge

Maltaway vi offre soluzioni pratiche che potete valutare ed iniziare ad implementare in pochi giorni

Italy’s organised crime groups have demonstrated devious ingenuity in everything from drug trafficking and prostitution to extortion and counterfeiting.
Now they have found a new source of illicit profits: the migration crisis that has seen thousands of asylum-seekers land on Italian shores after crossing the Mediterranean Sea from north Africa.

The care and feeding of such migrants may end up costing the Italian government as much as €800m per year, with it offering private individuals, companies and non-profit organisations up to €35 a day per person to host them. That includes a daily pocket money allowance of €2.50 that hosts are supposed to pay directly to the refugees.
Those funds have proven irresistible to the Mafia, according to Italian prosecutors and watchdog groups, who say criminal groups have succeeded at rigging the awarding of the contracts for the management of migrant reception centres in several high-profile cases.
“This is a very widespread problem. Welcoming migrants has become a big business,” says Gabriella Stramaccioni, who is charge of social policy at Libera, an anti-Mafia organisation. “We believe many centres are involved, in several cities,” she adds.
In one intercepted phone call released by Italian police last year, Salvatore Buzzi, a leftwing social activist who served time in jail for murder in the 1980s, remarked: “Do you have any idea how much I earn on immigrants? Drugs are less profitable.” Mr Buzzi, who was arrested, denies any wrongdoing.
This week brought a grim reminder of the human toll of the refugee crisis, after as many as 40 people drowned about 30 miles off the north African coast when their inflatable dinghy flooded.
Those who reach land safely face huge obstacles to rebuild their lives in Europe. Criminal involvement in their lodging and care has only darkened their plight since it can often lead to reduced services for the refugees.
It has also provided fodder for anti-immigrant groups seeking to block any form of public assistance to the new arrivals. “We must stop the departures and the landings, and block all the contracts,” Matteo Salvini, leader of the anti-immigrant Northern League, wrote last month on Facebook.
According to Italian officials, the criminal enterprise that has come to dominate the business of lodging asylum seekers is a group based in Rome — known as Mafia Capitale — that has made public corruption one of its main sources of revenue.
Traditional Mafia groups such as Sicily’s Cosa Nostra, the Calabrian ‘Ndrangheta or the Neapolitan Camorra — have also been linked to the migrant trade, but have so far been less active.

The Roman organisation was unearthed by Italian prosecutors last December. Its top brass allegedly colluded with local politicians and government officials to have the migrant centres run by “co-operatives”, or charity groups, that could serve their interests. Mr Buzzi is alleged to have had close ties to such groups.
Giovanni Salvi, the former chief prosecutor of Catania, in Sicily, the first Italian destination for many migrants, says organised crime gained a foothold in the migrant business because the flood of arrivals — some 170,000 people last year and as many expected this year — have left public officials scrambling each day to find accommodations, often with little oversight.
But Mr Salvi, who became prosecutor-general of Rome this month, says the “new element that shook the Italian political tissue and public opinion” was that some NGOs were involved in the “exploitation”.
“Government officials had people who seemed full of values as their interlocutors and it lowered their defences,” he said. “But then it emerged that this network was simply a way of making money.”
Ignazio Marino, the mayor of Rome, this week highlighted the criminal infiltration at a Vatican event on climate change and slavery attended by many of his counterparts from around the world.
“We’re working to restore legality and transparency. In recent years corrupt politicians and officials have taken advantage of the migrant drama,” Mr Marino said. “Instead of serving the poor, these officials made use of the poor.”

http://www.ft.com/intl/cms/s/0/0d0371d0-31f4-11e5-8873-775ba7c2ea3d.html#axzz3h12RZJ4u

 

Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors….Italian debt is exploding what’s about the Italian Depositors?

Greek Capital Controls To Remain For Months As Germany Pushes For Bail-In Of Large Greek Depositors….Italian debt is exploding what’s about the Italian Depositors? (in Italy bail in scheme has been already approved)

Two weeks ago we explained why Greek banks, which Greece no longer has any direct control over having handed over the keys to their operations to the ECB as part of Bailout #3’s terms, are a “strong sell” at any price: due to the collapse of the local economy as a result of the velocity of money plunging to zero thanks to capital controls which just had their 1 month anniversary, bank Non-Performing Loans, already at €100 billion (out of a total of €210 billion in loans), are rising at a pace as high as €1 billion per day (this was confirmed when the IMF boosted Greece’s liquidity needs by €25 billion in just two weeks), are rising at a pace unseen at any time in modern history.

Which means that any substantial attempt to bailout Greek banks would require a massive, new capital injection to restore confidence; however as we reported, a recapitalization of the Greek banks will hit at least shareholders and certain bondholders under a new set of European regulations—the Bank Recovery and Resolution Directive—enacted at the beginning of the year. And since Greek banks are woefully undercapitalized and there is already a danger of depositor bail-ins, all securities that are below the depositor claim in the cap structure will have to be impaired, as in wiped out.

Now, Europe and the ECB are both well aware just how insolvent Greek banks are, and realize that a new recap would need as little as €25 billion and as much as €50 billion to be credible (an amount that would immediately wipe out all existing stakeholders), and would also result in a dramatic push back from local taxpayers. This explains why Europe is no rush to recapitalize Greece – doing so would reveal just how massive the funding hole is.

However, with every passing day that Greece maintains its capital controls, the already dire funding situations is getting even worse, as Greek bank NPLs are rising with every day in which there is no normal flow of credit within the economy.

This has led to a massive bank funding catch-22: the longer capital controls persist, the less confidence in local banks there is, the longer the bank run (capped by the ECB’s weekly ELA allotment), the greater the ultimate bail out cost, and the greater the haircut of not only equity and debt stakeholders but also depositors.

To be sure, we have explained this dynamic consistently over the past several months. Now it is Reuters’ turn, which reports this morning that, far from an imminent end to capital controls, Greeks will be unable to access their full funds for months, if not years:

Greek banks are set to keep broad cash controls in place for months, until fresh money arrives from Europe and with it a sweeping restructuring, officials believe.

But as explained previously, new money will only arrive if and when the same banks suffer a confidence crushing stakeholder and/or a depositor bail in:

Rehabilitating the country’s banks poses a difficult question. Should the euro zone take a stake in the lenders, first requiring bondholders and even big depositors to shoulder a loss, or should the bill for fixing the banks instead be added to Greece’s debt mountain?

And here is Reuters’ realization of how our readers have known for months is a huge feedback loop dynamic:

Answering this could hold up agreement on a third bailout deal for Greece that negotiators want to conclude within weeks. The longer it takes, the more critical the banks’ condition becomes as a 420 euro ($460) weekly limit on cash withdrawals chokes the economy and borrowers’ ability to repay loans.

 

The banks are in deep freeze but the economy is getting weaker,” said one official, pointing to a steady rise in loans that are not being repaid.

Also last week Fitch calculated a Greek NPL number which we first suggested was accurate to much disagreement by the mainstream: it is now accepeted that more than half of all Greek loans are likely to be non-performing.

Fitch noted that the total amount proposed of 25 billion euros for the Greek bank recap is sufficient unless deferred tax assets stop being considered as core capital. According to Fitch, 45 percent of the four systemic lenders’ core capital consists of deferred tax assets. The agency estimated the capital requirements at 11.2 billion euros on the condition thatnonperforming loans amount to 52 percent of loan portfolios, while the adverse scenario seeing bad loans at 60 percent would entail capital needs of 15.9 billion euros.

A 60% NPLs on €210 billion in loans would mean that up to 30% of Greek deposits of about €120 billion currently would be wiped out, or “bailed-in.”

And that is the optimistic scenario. The likelihood is that the Greek economy has collapsed to a level where nobody is paying their loan interest or maturity. As such as an even greater NPL percentage is now quite probable. But one thing is certain: with every passing day in which Greece does not have a viable resolution of its banks, the NPLs will keep rising, and the ultimate deposit haircut will be that much greater.

As a result Germany is already demaning a bail-in of large depositors, those holding over the “insured” threshold of €100,000 with Greek banks, in a repeat of the Cyprus depositor bail-in template.

“We want, if possible, an initial amount to be ready for the first needs of the banks,” said one official at the Greek finance ministry, who spoke on condition of anonymity. “That should be about 10 billion euros.”

 

Others, including Germany, however, are lukewarm and could push for losses for large depositors with more than 100,000 euros on their accounts, or bondholders.

The amount of large depositors in Greece is about €20 billion according to Reuters calculations (far greater than the €3 billion in bonds issues which will certainly be wiped out in any major recap), which suggests that if a bail-in takes place, then some depositors with savings of less than €100,000 will also have to be impaired.

Furthermore, as we also explained a month ago, unlike in Cyprus where the biggest depositors were Russian billionaire oligarchs, who had zero leverage and even less sympathy with Europe’s depositors, in Greece the situation could not be more different especially since the local shipping magnates keep the bulk of their cash overseas:

Imposing a loss, something the Greek government has repeatedly denied any planning for, would be controversial, not least because much of this money is held by small Greek companies rather than wealthy individuals.

 

“This is not like Cyprus where you can say these are just Russian oligarchs,” said an insolvency lawyer familiar with Greece. “It’s the very community everyone is hoping will resuscitate Greece, namely the corporates. You’ll end up depriving them of their cash.”

None of this should be a surprise either: recall in June 2013 we explained that “Europe Make Cyprus “Bail-In” Regime Continental Template.” But while the French member of the ECB, Christian Noyer, is against depositor bail-ins, Germany is all for it:

The tone in Berlin is different, where some advocate not only that bank creditors foot the bill but also that the ESM steer clear of any direct stake, lumbering Athens with the banks’ clean-up.

 

“The recapitalization will have to be done by the Greek government so that means more money in the third program,” said Marcel Fratzscher, president of the Berlin-based German Institute for Economic Research. “It’s a loan they have to repay but there is no risk-sharing on the European side. They will have to bail in the private creditors. I can’t see how this could not happen.”

The most likely outcome for the Greek banks is a wholesale bailout by the ESM. That, however, comes with major strings attached:

One option, according to euro zone officials, is the direct recapitalization of Greece’s banks by the euro zone’s rescue fund, the European Stability Mechanism (ESM).

 

This could grant the Luxembourg-based authority a direct stake in the banks and greater control over their future.

 

That, however, would take Greece closer to the Cyprus model. Any such direct ESM aid requires that losses first be imposed on some of the banks’ bondholders and even large depositors.

So Greece is damned if it does, and damned if it doesn’t.

And here is why we made such a big deal of Greece handing over controls of its banks to the ECB as we reported in mid July:

To avoid such orders, Athens is battling to keep autonomy in deciding the fate of its banks. Ceding further control could cost it dearly. Bondholders are nervous.

Alas, Greece already ceded control, remember: that was one of the main conditions for the Third Greek bailout, all of which we explained on July 13 in “Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent.”

At this point the only leverage Greece may have, having squandered all of its true leverage when it decided not to pursue a “parallel-currency” system after the Referendum, is mere empathy with the rest of Europe’s population; however with its ruling socialists backtracking on all their promises and in fact pushing Greece into an austerity program harsher than anything seen yet, not even the leftist parties in Europe care any more if Tsipras’ government survives.

Indeed, Reuters summarizes the situation quite well when it says that “with its economy starved of cash and the threat of its departure from the euro zone hanging over talks, Athens’ room for maneuver is limited. One euro zone official summarized the mood: “Whatever sympathy there was for Greece has evaporated.

Which is indeed the truth, and this time, Greece only has itself to blame.

http://www.zerohedge.com/news/2015-07-26/greek-capital-controls-remain-months-germany-pushes-bail-large-greek-depositors

ITALIA – MALTA 4 a -2

ITALIA – MALTA 4 a -2, accade nel calcio ma qui è la percentuale di peggioramento (+4% per l’Italia) e di miglioramento (-2 per Malta) del rapporto Debito PIL

Maltaway_comp

 

Tra i falliti c’è chi va ancora peggio (ITALIA) e tra i virtuosi c’è chi va ancora meglio (MALTA)

Malta il meglio del Nord Europa in mezzo al mediterraneo….

mettiti in sicurezza con la tua famiglia, il tuo business, il tuo patrimonio e scegli i pacchetti di trasferimento di Maltaway

…si si comprate casa in Gecia e tenetele in Italia, qui a Malta accade ben altro…..le finanze statali sanno bene dove attingere….nel vostro patrimonio

Il bel paese è vicino alla resa dei conti, il problema non è solo la Grecia ….Italia segue a ruota

rapporto+debito+pil+eurozona

Italia in 6 mesi boom di acquisti di case all’estero, MALTA è il vostro Nord Europa in mezzo al Meditterraneo

Italia in 6 mesi boom di acquisti di case all’estero, MALTA è il vostro Nord Europa in mezzo al Meditterraneo

Non fatevi influenzare dai giornali e non seguite il gregge, non mettete liquidità e asset in paesi a rischio che nel migliore dei casi non faranno altro che tassare il vostro patrimonio per risanare le loro finanze

Scappate da questi paesi del Mediterraneo essenzialmente falliti, investite nella vostra casa a Malta, a zero tasse in un paese competitivo e sano dal punto di vista economico, finanziario, sociale e morale….il vostro Nord Europa in mezzo al Meditterraneo 

Con Maltaway puoi avere pacchetti di servizi che ti consentono di agire in pochi giorni, visitare Malta, capire e investire

Roma, 22 lug. (askanews) – Nel primo semestre di quest’anno gli italiani hanno comprato oltre 24mila case all’estero, si tratta di un aumento del 9,5% rispetto al corrispondente periodo dello scorso anno.

Sono i numeri diffusi da Scenari Immobiliari che per fine anno prevede il superamento di quota 50mila, il nuovo massimo storico, dopo il precedente picco di 45.700 case registrato nel 2014. Un risultato che consegna alle famiglie italiane il terzo posto come acquirenti europei di case all’estero, fanno meglio solo tedeschi (70mila alloggi) e gli inglesi (55mila)

“A spingere la domanda”, spiega Scenari Immobiliari, ” c’è la forte liquidità disponibile e la ricerca di investimenti immobiliari a basso costo e posizionati in zone di mare, possibilmente nel Mediterraneo. Nel 2014, infatti, quattro acquisti su dieci sono stati realizzati tra Spagna, Francia e Grecia”. La Spagna, in particolare, ha assorbito il 23% degli investimenti immobiliari delle famiglie italiane.

Situazione più complessa in Grecia dove, nei primi sei mesi del 2015 c’e’ stato il Grexit dal mattone ellenico a causa dell’incertezza sul destino del paese, tanto che gli acquisti degli italiani nella repubblica ellenica rappresentavano solo l’1% del totale degli investimenti nel mattone estero. Nel 2014 la Grecia pesava invece il 9%, il picco nel 2011 a quota 14%.

Ma dopo gli accordi tra Atene ed i suoi creditori, il mercato è ripartito. “Si è innescato un fenomeno che si può definire Grex-in, una corsa a comprare le case che i greci in difficoltà economica metteranno in vendita, con gli italiani in prima fila nella corsa agli acquisti”, spiega il rapporto.

In Grecia c’è anche uno stock di 250mila alloggi invenduti che favorisce la discesa dei prezzi, escluse le località top, quali Santorini.

https://it.finance.yahoo.com/notizie/6-mesi-boom-di-acquisti-di-case-allestero-130723792.html

 

23% delle imprese greche ha dichiarato di trasferirsi all’estero, alla fine del QE toccherà ai PIGS, Italia in testa

23% delle imprese greche ha dichiarato di trasferirsi all’estero, alla fine del QE toccherà ai PIGS, Italia in testa

Questo è quello che accade e accadrà in Italia, se fossi un professionista, una piccola media impresa o un global corporation mi muoverei rapidamente, portare fuori dall’Italia le cose più importanti, le proprie competenze, la propria impresa, i propri asset e patrimoni, la propria famiglia….inizierei a partire dalla tesoreria per evitare di trovarmi come un greco di oggi

Dopo anni vissuti in diversi paesi abbiamo scelto MALTA e maltaway è la vostra via di accesso alle opportunità di Malta e in poco tempo vi possiamo spiegare il perchè….e il sapere e la consapevolezza sono la base di azioni di successo

Unimprese, “prendiamo atto con stupore delle promesse del premier. Il presidente del consiglio parla di un taglio delle tasse da 45 miliardi di euro. I numeri ufficiali dello stesso governo vanno nella direzione opposta. Col Documento di economia e finanza già approvato è stato certificato, per i prossimi 5 anni, l’aumento della pressione fiscale oltre il 44% e si va incontro a una stangata fiscale da oltre 100 miliardi. Dal 2015 al 2019, le entrate tributarie dello Stato cresceranno costantemente e arriveranno fino agli 881 miliardi del 2019. Complessivamente nel prossimo quinquennio i contribuenti italiani dovranno versare nelle casse pubbliche 104,1 miliardi in più rispetto allo scorso anno (+13%). Sulle imposte dirette e indirette – principalmente Irpef, Ires e Iva – ci sarà una stretta da quasi 80 miliardi. Il bilancio statale non sarà sforbiciato: le uscite cresceranno di quasi 38 miliardi(+4%) e sono stati sterilizzati gli investimenti pubblici, che resteranno stabili attorno ai 60 miliardi l’anno.”

Capital controls imposed by the Greek government are taking a heavy toll on Greek businesses,according to a new report from Endeavour Greece. With over two-thirds of respondents reporting a “significant drop in revenues,” and 1 in 9 firms forced to suspend production due to shortages of raw materials (unable to buy due to capital controls), the problems created by The Greek government’s action seem asymmetric as almost a quarter (23%) of firms are now “planning to transfer their headquarters abroad for security, cashflow, and stability reasons.”

http://www.zerohedge.com/news/2015-07-20/greek-economy-finished-quarter-firms-shifting-abroad

ITALIA: una nazione (AF)FONDATA sul debito

ITALIA: una nazione (AF)FONDATA sul debito

Non avete scuse, i dati sono chiari come lo è il percorso che il paese ha intrapreso e che non sta affatto modificando…questo post è di Luglio 2015…ora dopo oltre un anno conviene AGIRE !!! altrimenti è peccato

Mi auguro siano chiare anche le vostre azioni, per proteggere voi, la vostra famiglia, la vostra impresa, il vostro patrimonio

A Malta ci sono molte soluzioni al massimo a 90 min di volo dall’Italia,  MALTA way è la tua via d’accesso a MALTA per Residenza,Business,Investimenti,Casa e Immobili,Viaggi Vacanza,Incentive,Corsi Inglese

While all Eyes are on Greece, Italy’s Banks are Drowning in Bad Debt

The real danger to the euro area probably doesn’t emanate from Greece, but from two of its heavyweights, namely France and Italy. A small note in the European press reminds us that all is not well in at least one of these countries, least of all with its banks (currently this is only a “page 16 story”, but it has great potential to eventually move to the front page).

 

NPLs by region

Regional distribution of non-performing loans in Italy

 

 

The note reads as follows:

“Rome – because of the recession of recent years and corporate bankruptcies, the total of bad loans has continued to rise in Italy. According to Italy’s banking association ABI, non-performing loans amounted to 193.7 billion euro in May, 25.1 billion more than in the same month in 2014. This is the highest level since 1996.

 

Non-performing loans represent 10.1 percent of all loans granted by Italian banks, ABI said on Tuesday. Especially small and medium enterprises continue to be under pressure due to bad loans, so will take a long time before banks will see the bad loan situation ease, the ABI report stated. Italian companies are currently struggling with the effects of the longest economic crisis since World War II and are therefore often no longer able to service their loans.”

(emphasis added)

If our calculator can be trusted, this means that bad loans in Italy’s banking system have increased by roughly 14.9% over just the past year – by no means a peak crisis year, although Italy’s listing economy continued to contract slightly.

As the following chart shows (unfortunately we were only able to obtain this slightly dated version), Italian NPLs stood at € 165 bn. in Q1 2014. However, to this one must actually add all sorts of loans that are otherwise delinquent/dubious or sub-standard, but haven’t yet reached “full” NPL status. These are summarized together with NPLs under the term impaired loans below.

 

Italy_impaired_loans

The growth of impaired loans in Italy’s banking system until Q1 2014. At the time, NPLs stood at €165 billion – now they are towering at nearly €194 billion.

 

While Italy’s banks are drowning in NPLs and otherwise impaired debt (from the above one can probably infer that the new total is close to €350 billion), its government is buried under ever more debt as well. Of course, the government’s debt is considered “risk-free” in the Bizarro universe we have entered since the ECB has decided to join the global printathon. Note that we are dating this ECB decision to late 2011, as its money printing efforts started well before it announced full-blown “QE” (previously there were LTROs, TLTROs, several covered bond purchase programs, an ABS purchase program, the SMP and the as yet unused threat of “OMT” or “outright monetary transactions”).

 

italy-government-debt

The trend in Italy’s general government debt – it remains a one-way street.

 

However, Italy is not the worst country in the euro zone with respect to bad loans in the banking system. The next chart shows the percentage impaired bank loans (loans that are delinquent 90 days+) represent of total bank loans outstanding in a number of countries.

Not surprisingly, Greece is inhabiting the top spot, followed by Ireland, Slovenia and Italy. In most of these countries a variety of measures has been taken (mainly via the creation of “bad banks”) to get the problem under control. Italy seems to largely have disappeared from the radar, but strikes us a potential powder keg – especially once the recent monetary-pumping-induced pseudo recovery implodes in another bust.

 

NPLs

Bad loans as a percentage of all outstanding bank loans in various countries

 

Conclusion

If one thinks things properly through, Greece is really a side-show. The euro zone remains full of accidents waiting to happen and some of them have the potential to become truly gigantic accidents. Italy has a twin debt problem and it is probably only a question of time before its giant government debtberg becomes a concern again – this would put the country’s banks into an untenable situation, given they have amassed a great deal of government since early 2012.

As long as the ECB continues to pump €60 billion in newly created money into the system every month, such problems can probably be kept at bay. However, this comes at a price, as monetary pumping distorts prices and falsifies economic calculation, which in turn leads to malinvestment and capital consumption that is masquerading as an “economic recovery”. The structure on which all this debt rests becomes ever weaker.

 

explosion-1

What will happen when the pumping eventually stops?

http://www.zerohedge.com/news/2015-07-15/italy-%E2%80%93-non-performing-loans-hit-new-record-high

Il sistema bancario spiegato in 6 minuti

Banking “Explained” In 6 Minutes, con sottotitoli in Italiano

Un video educativo per spiegare il passato, il presente ed il futuro del sistema bancario, utile per supportare le nostre decisioni e lasciare da parte le stupidità e la disinformazione che ci circonda

A beneficial educational video to support our decisions leaving stupidities and misinformation away

Banks are a riddle wrapped up in an enigma. Everyone kind of knows that they do stuff with money we don’t understand, while the last crisis left a feeling of deep mistrust and confusion. We try to shed a bit of light onto the banking system. Why were banks invented, why did they cause the last crisis and are there alternatives?

http://www.zerohedge.com/news/2015-07-15/banking-explained-6-minutes