FACTBOX-Coming events in euro zone debt crisis
Feb 9 (Reuters) - EU heads of state are due to meet on Thursday in Brussels for a special summit on the economy under pressure to restore confidence among investors worried that rising debt in Greece, Portugal and other weaker states in the euro zone could undermine a global recovery.
Here are some details on forthcoming scenarios for Greece, Portugal and Spain:
* GREECE:
REFORM:
-- February - Government set to unveil tax reform bill which will likely include a capital gains tax and higher tax rates on large incomes and property holdings. The measures are part of Greece's EU-endorsed plan to return to fiscal health.
STRIKES:
Feb. 10 - Public sector employees union ADEDY will go on a 24-hour nationwide strike to protest against the government's austerity measures.
-- The socialist government has decided to freeze wages in the public sector and has announced a 10 percent cut in supplemental allowances, which are added to basic salaries to boost incomes over the year.
Feb 10, 17 -- Greek tax officials have called rolling nationwide strikes throughout February. The private sector union GSEE will also stage a 24-hour nationwide strike on Feb. 24.
ROADSHOWS:
-- Greece is considering roadshows in February and March to the United States and Asia, including China and Japan, aiming to diversify its debt investor base, now largely European.
-- The government plans to bring to parliament in April a pension reform bill, to eliminate early retirements and increase the effective retirement age to 63 from 61 by 2015.
BIG DEBT MATURITIES:
April 20 - Greece will need to refinance 8.2 billion euros of a maturing 5-year, 3.1 percent fixed-coupon government bond.
April 23 - Another 1.92 billion euros of short-term debt becomes due -- 13-week T-bills the Greek debt agency issued in Jan this year.
May 19 - Greece will need to refinance 8.5 billion euros of a maturing 10-year fixed-coupon 6.0 percent bond.
* PORTUGAL:
BUDGET DEBATES AND VOTES:
Mar. 3-5 -- Parliament budget and finances commission discusses and votes 2010 draft budget in detail. On Mar. 11-12 parliament will vote (in plenary session) on the draft budget in detail. On March 13 the final vote.
GOVERNMENT DEBT SUPPLY:
Feb. 17 -- IGCP debt agency holds first of two 12-month t-bill auctions with a total of 1.5-2 billion euros to be offered (new issue).
Mar. 3 -- IGCP debt agency holds second of two 12-month t-bill auctions (new issue) with a total of 1.5-2 billion euros to be offered; reopens Sept. 17, 2010 maturity offering up to 750 million euros in t-bills.
Mar. 17 -- IGCP debt agency holds first of two 12-month t-bill auctions with a total of 1.5-2 billion euros to be offered (new issue). The IGCP debt agency holds second 12-month t-bill auctions (new issue) with 1.5-2 billion euros offered.
BONDS:
During Q1 -- Gross treasury bonds issuance of 5.5 billion euros to 6.5 billion euros, including the launch of a new bond through syndication of between 3 billion euros and 4 billion euros.
* SPAIN:
GDP:
Feb. 11 - Spain Q4 2009 GDP released. Median forecast in Reuters poll of -0.1 percent, which would mean the economy contracted for the seventh consecutive quarter.
NEXT T-BILL AUCTIONS:
Feb. 16 -- 12 and 18 month bills.
Feb. 23 -- 3 and 6 month bills. TESORESP01
LABOUR:
-- The government hopes to settle a labour reform in three months through three-way talks with unions and business groups.
Feb. 22-26 - Labour union to hold protests across the country against government pension reform proposals, particularly a planned rise in the working age up to 67 from 65.
BOND ISSUANCE:
-- Spain plans to issue 76.8 billion euros in net debt in 2010, down 34 percent from 2009.
-- Gross long-term debt issuance in 2010 will be 97 billion euros. In 2010 35.4 billion euros of long-term paper is due to mature. Net long-term issuance will be 61.6 billion euros.
-- Treasury said it plans to reintroduce 18-month bills alongside normal monthly issues of 3, 6, and 12 month bills.
BOND AUCTIONS:
Feb 18. -- Obligacion, coupon 4.20 percent, maturity Jan. 2037. A new syndicated 15-year benchmark Obligacion (exact date to be determined.
March 4 - New 5-year benchmark bond.
March 18 - New 10-year benchmark Obligacion.
30-year benchmark Obligacion.
Source: Reuters bureaux: (Compiled by David Cutler, London Editorial Reference Unit; Editing by Ron Askew)
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