Reuters
Davos
Factbox: Euro zone debt crisis: coming events
Thu, Mar 01 17:57 PM EST

(Reuters) - Following are coming events linked to the debt crisis in the euro zone:

EUROPEAN UNION:

March 1/2 - Summit of EU heads of state and government in Brussels, expected to address member states' economic and budgetary policies and to sign treaty on euro zone stability, economic coordination and governance.

March 1 - Eurogroup meeting of euro zone finance ministers in Brussels to assess the exchange of Greek bonds held by the private sector and implementation of Greek authorities' commitments to economic and structural reforms.

March 12 - Eurogroup meeting of euro zone finance ministers in Brussels.

March 13 - Ecofin meeting of European Union finance ministers in Brussels.

March 30/31 - Informal meeting of European Union finance ministers in Copenhagen.

May 14 - Eurogroup meeting of euro zone finance ministers in Brussels.

May 15 - Ecofin meeting of European Union finance ministers in Brussels.

June 20 - Eurogroup meeting of euro zone finance ministers in Luxembourg.

June 21 - Ecofin meeting of European Union finance ministers in Luxembourg.

June 28/29 - Summit of EU heads of state and government in Brussels.

October 18/19 - Summit of EU heads of state and government in Brussels.

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

GREECE:

POLITICS:

-- Euro zone finance ministers have agreed on a second bailout for debt-laden Greece that will resolve its immediate financing needs but seems unlikely to revive the nation's shattered economy.

-- The rescue deal was clinched after Greece committed to fiscal cuts and reforms to make its economy more competitive, and by agreeing that private bondholders in a bond swap would have to take larger losses.

-- Greece formally launched its swap offer to private bond holders on February 24, setting in motion the largest-ever sovereign debt restructuring to help it repair its messy finances. The swap is part of the second 130 billion euro bailout package.

-- The swap, in which investors will trade bonds for lower-value debt securities, aims to slice 100 billion euros off Greece's over 350 billion euro debt load.

-- Greece has set a March 8, deadline for investors to participate in the so-called private sector involvement (PSI). It wants to conclude the transaction before March 20, when 14.5 billion euros of debt repayments fall due.

GOVERNMENT DEBT SUPPLY:

-- Athens is expected to continue monthly auctions of three- and six-month T-bills in March as it needs to refinance a total of 3.05 billion euros of maturing paper. Monthly T-bill sales are Greece's sole source of market funding.

-- March 6 - Auction of 6-month T-bills

-- March 20 -Auction of 3-month T-bills

DATA:

March 5 - November construction data

March 8 - Unemployment (monthly) for December

March 9 - February consumer inflation data

ITALY:

-- Italy's government is negotiating labor market reforms with unions as the next step in a strategy aimed at stimulating chronically weak growth and shoring up public finances.

-- Official data shows the economy has been in recession since the middle of last year and shrank 0.7 percent in the fourth quarter. Output this year is expected to contract by around 1.5 percent, according to the central bank.

-- Prime Minister Mario Monti says he wants to reform a system that offers too much protection to salaried employees in medium-sized and large companies, while offering virtually no rights or protection to growing legions of mostly young people on temporary contracts.

-- Monti has said the package will be presented by end-March at the latest.

-- In January, the government presented plans to abolish minimum fees for professional services, increase the number of pharmacies and change the rules governing several other services with the aim of boosting competition. The Senate votes on the package on March 1. It will then move to the Chamber of Deputies and is due to be definitively approved by mid-March.

-- The service sector reforms follow an austerity program already approved by parliament aimed at balancing the budget in 2013. This was made up largely of tax hikes, but also included pension reform and spending cuts.

-- A number of relatively successful bond auctions, and measures at the EU level to help Greece avoid default, have brought Italy's 10-year bond yields down to under 5 percent from peaks close to 8 percent near the end of last year.

POLITICS:

-- Ongoing negotiations between government and unions over reform of labor market rules.

-- Ongoing negotiations between government, political parties and professional lobbies over the deregulation package which is being debated and amended in parliament.

DEBT ISSUES:

March 8 - Treasury to announce details of short term bills to be auctioned on March 13.

March 9 - Treasury to announce details of medium to long term bonds to be auctioned on March 14.

GERMANY:

POLITICS:

March 18 - Federal Assembly votes on new president. Former rights activist in East Germany Joachim Gauck is likely to be elected after the resignation of Christian Wulff who stumbled over a scandal.

March 25 - German state of Saarland holds elections after the conservative-led government with the Greens and the Free Democrats there collapsed in early January.

May 6 - Elections in the northern state of Schleswig-Holstein.

ECONOMY:

March 5 - February Services PMI

March 7 - January industrial orders

March 9 - February final CPI data

DEBT:

March 7 - 5-year Bobl top up.

SPAIN:

REFORM/ECONOMY:

-- Budget to be presented at end of March.

-- March local elections in key regions of Andalucia and Asturias, which governing People's Party are expected to win.

-- Budget stability, banking, and labor reforms all unveiled in January and February, the latter subject to amendments after talks with opposition parties and labor unions.

DATA RELEASES:

-- March 2 - Feb jobless.

-- March 7 - Industrial output January

-- March 9 - Retail sales January

-- March 13 - February final inflation.

DEBT ISSUES:

-- March 15 - Bond auction (details TBA)

-- March 20 - 12, 18-month T-bills

-- March 27 - 3, 6-month T-bills

PORTUGAL:

-- Portugal this week passed the third quarterly evaluation of its compliance with a 78-billion-euro EU/IMF bailout, and has reiterated that it does not need any additional assistance, although concerns are rising that it may eventually have to sign up for a second rescue package.

-- It met the 2011 budget deficit target agreed with the lenders using extraordinary, one-off measures and said it expects to meet the 2012 goal after having deepened its austerity drive.

-- Portugal's economy is expected to contract 3.3 percent this year after a GDP drop of 1.5 percent in 2011 after the government enacted tough spending cuts and across-the-board tax hikes. It says no new austerity measures are needed.

POLITICS:

March 7 - Prime Minister Pedro Passos Coelho takes part in parliamentary debate.

March 22 - General strike called by Portugal's largest union CGTP to protest against deepening austerity and labor reform pushed by the EU/IMF bailout package.

March 31 - Union-organized youth rally in Lisbon against austerity and precarious working conditions.

GOVERNMENT DEBT SUPPLY:

March 21 - IGCP debt agency offers between 750 million euros and 1 billion euros total in 4-month and 6-month T-bills.

March 31 - Deadline for IGCP to present second-quarter T-bill issuance program.

IRELAND:

-- Officials from the ECB, European Commission and IMF completed the latest quarterly review of Ireland's bailout on January 19 and said Dublin was meeting all its targets. [ID:nL6E8CJ2K9]

-- Dublin has recapitalized the country's four remaining lenders to meet its target under the EU/IMF bailout, pouring in nearly 17 billion euros of additional state funds.

GOALS TO BE MET UNDER EU/IMF PACKAGE:

End Q1 2012 - Government will introduce a fiscal responsibility bill.

End April 2012 - Government to introduce legislation to reform the personal debt regime in order to lower the cost and increase the speed of proceedings.

November 2012 - Results of fresh bank stress tests.

DATA DUE FOR RELEASE:

March 5 - PMI Services

Source: Reuters Bureaux (Reporting by David Cutler, London Editorial Reference Unit)


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