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Euro zone debt crisis: upcoming events

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11/22/2012 | 05:29pm CEST

Following are forthcoming events related to the debt crisis in the euro zone:

GERMANY:

POLITICS:

November 22-23 - Chancellor Angela Merkel attends two-day summit of EU leaders in Brussels on a new seven-year budget for the bloc.

November 23 - ECB President Mario Draghi and German Finance Minister Schaeuble speak at Banking Congress in Frankfurt on the future of the Euro Zone.

November 24 - German Pirate Party holds party conference.

November 29 - Bundesbank President Weidmann speaks in Berlin at economic affairs council of the Christian Democrats.

November 29 - European Central Bank Executive Board member Joerg Asmussen speaks at a banking conference.

DEBT ISSUES:

November 26 - Issues 3 billion euros of 12-month Bubills

November 28 - Tops up 3 billion euros of 5-year Bobl

EUROPEAN UNION:

November 22-23 - Summit of EU heads of state and government in Brussels to discuss EU long-term budget for 2014-2020. Hopes for an agreement are slim, with Britain pushing for a cut in real terms to the 1 trillion euro budget, while France refuses to countenance any reduction in farm subsidies.

November 26 - Meeting of euro zone finance ministers in Brussels to discuss giving approval for next aid payment to Greece, and to decide on deadlines for Athens to meet economic targets.

December 3 - Meeting of euro zone finance ministers in Brussels.

December 4 - Meeting of all EU finance ministers in Brussels.

December 13-14 - Summit of EU heads of state and government in Brussels.

2013:

January 21 - Meeting of euro zone finance ministers in Brussels.

January 22 - Meeting of all EU finance ministers in Brussels.

February 7-8 - Summit of EU heads of state and government in Brussels.

February 11 - Meeting of euro zone finance ministers in Brussels.

February 12 - Meeting of all EU finance ministers in Brussels.

March 4 - Meeting of euro zone finance ministers in Brussels.

March 5 - Meeting of all EU finance ministers in Brussels.

March 14-15 - Summit of EU heads of state and government in Brussels.

GREECE:

POLITICS:

- International lenders failed for the second week to reach a deal to release emergency aid for Greece and will try again next Monday, but Germany signaled that significant divisions remain.

- Greek Prime Minister Antonis Samaras meets Juncker in Brussels on Thursday and has cancelled a trip to Qatar next week to monitor the talks.

- Samaras is under growing pressure from his own coalition allies and the opposition after pushing through deeply unpopular austerity measures that he said were the only way to get more aid to avert bankruptcy.

ECONOMIC INDICATORS:

November 29 - October PPI

November 30 - September Retail Sales

ITALY:

- The centre-left is holding a primary vote on November 25 to select its candidate for prime minister. If there is no outright winner, a run-off will be held on December 2. The centre-right is expected to hold a primary on December 16.

- Months of negotiations among the parties over which voting system will be used at the national elections have still failed to produce an agreement, but a proposal is scheduled to be debated on the Senate floor, probably starting on November 27. Technocrat prime minister Mario Monti has said he will not run at the election, but would be willing to serve a second term if no clear winner emerges from the vote.

DEBT ISSUES:

November 27 - Treasury to auction zero coupon bonds (CTZs) and bonds linked to euro zone inflation (BTPEIs)

November 28 - Treasury to auction short-term bills (BOTs)

November 29 - Treasury to auction medium and long-term debt (BTPs)

SPAIN:

REFORM/ECONOMY:

- Pension reform expected before year end. Decision to be taken on whether to raise pensions in line with inflation after November consumer prices are announced, November 30.

- Government working on creation of 'bad bank' to hive off banks' bad property debts; to be in place by end November.

- Spain under pressure to ask for European aid to bring down financing costs.

- Regional elections in Catalonia on November 25.

DEBT AUCTIONS

November 22 - Bond auction

November 27 - 3-month, 6-month T-bill auctions

December 5 - Bond auction

December 11 - 12-month, 18-month T-bill auctions

December 13 - Bond auction

December 18 - 3-month, 6-month T-bill auctions

PORTUGAL:

- On November 19, Portugal passed the latest bailout review by its EU, ECB and IMF lenders, who earlier eased the budget deficit goals for this year and next after tax revenues fell amid the recession.

- The economy is expected to contract 3 percent in 2012 after a drop in output of 1.6 percent in 2011. The government expects a 1 percent contraction in 2013. The new deficit goal is 5 percent and 4.5 percent in 2012 and 2013 respectively.

- The government insists it does not need additional rescue funds, although many economists doubt Portugal can fully return to bond markets when the bailout funds run out in late 2013. Its 2013 budget bill contains heavy tax hikes to meet the bailout goals.

- The government has promised to prepare a reform of state spending to present to its lenders early next year.

POLITICS:

November 22-November 26 - Parliament discusses a few minor changes to draft 2013 budget after the bill was approved in the first reading on October 31. The budget could be sent to the country's constitutional court for checks at some time in coming weeks.

November 27 - Final vote on 2013 budget. CGTP union organizes rally in Lisbon next to parliament to protest against 2013 tax hikes.

GOVERNMENT DEBT SUPPLY:

December 31 - Deadline for IGCP debt agency to present first-quarter debt issuance plans.

FRANCE:

- France has pledged to press ahead with economic reform after Moody's became the second major credit ratings agency to strip the country of its triple-A badge, citing a failure to enact structural and fiscal reforms and its exposure to the euro zone crisis. Standard & Poor's downgraded France in January.

- President Francois Hollande has repeatedly said Europe should examine its pace of deficit-cutting as data show the euro zone has sunk back into recession.

- The government has said it is on track to trim its deficit to 4.5 percent of GDP this year, after the economy posted surprise growth in the third quarter, and has reiterated its 3.0 percent target for 2013.

- France has rejected a draft seven-year budget plan for the European Union because of proposed cuts to agricultural subsidies, of which France is the main beneficiary. EU leaders are set to discuss the budget at a November 22-23 summit.

IRELAND:

- Ireland passed the latest quarterly review of its 85 billion euro EU/IMF bailout on October 25. Officials from the ECB, European Commission and IMF will return for their next review in January.

- Troika officials are assisting Ireland in the drafting of proposals to ease the terms of its expensive bank bailout after leaders agreed to look into it at June's EU summit. The government will also presents its budget for 2013 in December.

- Ireland's debt agency sold new long-term government bonds for the first time since before its EU/IMF bailout at the end of July, the most significant step in a bid to avert a 2014 funding cliff that threatens to leave it needing extra aid.

- The government is due to unveil 3.5 billion euros worth of fiscal adjustments in its 2013 budget to be published on December 5.

Source: Reuters Bureaux

(Reporting by David Cutler, London Editorial Reference Unit;)

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