Εμφάνιση αναρτήσεων με ετικέτα creditors. Εμφάνιση όλων των αναρτήσεων
Εμφάνιση αναρτήσεων με ετικέτα creditors. Εμφάνιση όλων των αναρτήσεων

Παρασκευή, 20 Μαρτίου 2015

Τετάρτη, 25 Φεβρουαρίου 2015

Eurozone finance ministers back Greek reform plans. (Ministers from 19 states announce their approval of list of reforms)

Eurozone finance ministers have announced that they have approved a list of reforms submitted by Greece in exchange for a four-month extension to its international bailout. The 19 ministers decided in a teleconference on Tuesday that "they consider this list of measures to be sufficiently comprehensive to be a valid starting point," they said in a statement.

Τρίτη, 17 Φεβρουαρίου 2015

Oil Prices Rising, Brent Crude Now Selling for Over $62 a Barrel

Brent crude has climbed to $62 per barrel in Asian trade on February 17, despite growing uncertainty regarding the Eurozone's future which has been caused by the recent failure in Greece's debt negotiations.

On the New York Mercantile Exchange, light crude futures for March delivery were traded at $53.16 per barrel, while on London’s ICE Futures exchange Brent crude for April delivery mounted by $0.70/1.1% reaching $62.10 a barrel.


Meanwhile the talks over a new financing deal for Greece broke down Monday, sparking controversy between Athens and its creditors. 


A growing uncertainty regarding the economic prospects of Greece within the bloc is predictably undermining the euro. 

In contrast, the US dollar is strengthening steadily. Experts note that the trend is likely to sour oil-market sentiments; however, Brent crude has beaten its second-highest record since the beginning of the year.
 [sputniknews.com]
17/2/15
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Τρίτη, 23 Ιουλίου 2013

Spain’s solar industry to collapse as govt introduces draconian profit caps

One of the main producers of renewable energy in Europe, Spain’s solar industry, is edging toward bankruptcy. Producers say they’ll be unable to repay credits after the government’s decision to cut subsidies. Banks will suffer and jobs will be lost.
Energy Minister José Manuel Soria has introduced a new compensation plan for calculating levels of "reasonable profitability" for renewable-energy production, distribution and transportation. It will reduce payments to companies serving the nation's electrical system by up to 2.7 billion euro annually. It’s hoped the move could help cope with the electricity system deficit that has been growing since 2005 and now exceeds 25 billion euro.

To sap the annual deficit, which has been estimated by the government at 4.5 billion euro this year, Spain is set to raise consumers' electric bills by about 3.2 percent starting from August, contributing about 400 million euro in extra revenue for the system this year and 900 million euro next year, the Wall Street Journal reports.



Experts are warning that with the increased levies on self-consumed solar energy so high many households will have to pay more for the electricity they generate themselves than they would for regular grid power. 

The main trade association for Spain's electric utilities which distribute most the country's electricity said "the cuts will compel our member companies to undertake a drastic reduction in jobs and review their investments in Spain," Asociación Española de la Industria Eléctrica (Unesa) warned.

Spain has over 4GW of installed capacity. For several years the government reportedly pushed electricity retailers to pay above-market, unaffordable prices to renewable-power producers.


This handout picture released by Gemasolar shows the Torresol Energy Gemasolar thermasolar plant in Fuentes de Andalucia near Sevilla, southern Spain. (AFP Photo/Gemasolar)
This handout picture released by Gemasolar shows the Torresol Energy Gemasolar thermasolar plant in Fuentes de Andalucia near Sevilla, southern Spain. (AFP Photo/Gemasolar)

Big subsidies triggered a boom in solar-power installations that, according to the Wall Street Journal, far exceeded official government targets. Between 2006 and 2012, when renewable-energy output doubled, Spain boasted the fourth-largest such industry in the world, according to the Economist.

In 2012 clean energy subsidies in Spain hit 8.6 billion euro, nearly 1 percent of GDP. To fund the expansion, Spanish banks lent the solar-energy companies nearly 30 billion euro. Potential loan defaults could worsen the already heavy burden on Spanish banks. The government is said to be in talks with banks to forestall bankruptcies, with five of the biggest utilities saying the new reforms will jointly cost them 1 billion euro a year.

With the new plan brought into action, the government has capped profits for the solar energy sector at 7.5 percent before tax to 5.5 percent after tax. Spanish trade associations have been shocked by the decision saying the new rate is less than the rate that industry insiders are able to borrow at, leading many to “bankruptcy because they won't be able to repay the credit that financed them.”

According to the energy minister, "this reform is not wedded to any part of the electric sector."

"We did what we had to do," Soria said. 

http://rt.com/business
23/7/13

Τρίτη, 30 Οκτωβρίου 2012

Greece has finished talks with its creditors

Greece has finished marathon talks with the ‘Troika’ of creditors over its €31.5bln aid package, according to the Greek Prime Minister Antonis Samaras.
“Today we finished talks on the austerity measures and the budget. We did everything possible,” the Prime Minister said on Tuesday. "Should the agreement be approved [by the Parliament], and the budget adopted, Greece will remain within the Eurozone and will go out of the crisis.”

Samaras added that Athens had achieved “significant improvement” in the deal on offer, and warned of “chaos” if the measures were rejected by MPs.


At the moment Greece is seeking to receive another €31.5bln tranche out of the second bailout package amounting €130bln. In return the country should save €13.5bln in two years, with the exact ways of reaching the target remaining vague. The so-called Troika of creditors that includes the European Union, the International Monetary Fund and the European Central Bank may ask Greece to implement around 150 reforms within 2 years, Germany’s Spiegel said last week. This will include certain changes to minimum wage rules, as well as abolishing professional privileges.

The announcement from Samaras has caused immediate reaction from bloggers on the internet.Comments largely grin at the PM’s calling negotiations ‘successful,’ while in fact “the scale of the austerity that will be heaped on Greeks has increased by billions of euros since the measures were originally mapped out after Greece's second bailout back in March,” the Guardian blogger said.

Greece austerity package went from €11.5bln to €13.5B, €5.5bln of cuts in 2013 that turned into €9.5bln.

Labor reforms that had long remained an outstanding issue were agreed earlier on Sunday, with no detail revealed.

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