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FACTBOX-Euro zone debt crisis: upcoming events

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Published: Thursday, 6 Dec 2012 | 12:33 AM ET

Dec 6 (Reuters) - Following are forthcoming events related to the debt crisis in the euro zone:

GERMANY: POLITICS: Dec. 8 - Main opposition Social Democrats to confirm Peer Steinbrueck as their official candidate for chancellor in 2013 federal elections. Dec. 9 - Greek Prime Minister Antonis Samaras holds talks with Horst Seehofer, head of Chancellor Angela Merkel's Bavaria-based sister party, the Christian Social Union, in Munich. Dec. 13-14 - Merkel attends summit of EU leaders in Brussels, with banking reforms in the euro zone topping the agenda.

EUROPEAN UNION: Dec. 12 - Meeting of all EU finance ministers in Brussels to try to reach agreement on plans for pan-EU banking supervision. Dec. 13-14 - Summit of EU heads of state and government in Brussels to discuss plans for pan-EU banking supervision. 2013: Jan. 21 - Meeting of euro zone finance ministers in Brussels. Jan. 22 - Meeting of all EU finance ministers in Brussels. Feb. 7-8 - Summit of EU heads of state and government in Brussels. Feb. 11 - Meeting of euro zone finance ministers in Brussels. Feb. 12 - Meeting of all EU finance ministers in Brussels.

Mar. 4 - Meeting of euro zone finance ministers in Brussels. Mar. 5 - Meeting of all EU finance ministers in Brussels. Mar. 14-15 - Summit of EU heads of state and government in Brussels.

GREECE: POLITICS: - The European Union and International Monetary Fund have told Greece it must simplify a tax administration seen as corrupt and ineffective before they can disburse about 9 billion euros ($12 billion) in aid early next year. - Athens is also under orders to increase revenue by closing tax loopholes and broadening the tax base to include notorious tax dodgers such as doctors, lawyers and the self-employed. DEBT SUPPLY: - Greece said it would spend 10 billion euros to buy back bonds at a price range that topped market expectations, boosting hopes it can cut its ballooning debt and unlock long-delayed aid. - A successful buyback is central to the efforts of Greece's foreign lenders to put the near-bankrupt country's debt back on a sustainable footing and would clear the way for the funding Athens needs to avoid running out of cash. ECONOMIC INDICATORS: Dec. 7 - Q3 GDP Dec. 10 - Oct Industrial output Dec. 10 - Nov Harmonised CPI Dec. 11 - Sept Construction Dec. 13 - Q3 Unemployment

ITALY: - Former Prime Minister Silvio Berlusconi's party racked up tension on Thursday by abstaining from a confidence vote on economic measures. While not enough in itself to topple the government, the move sparked talk of early elections and sent Italian stocks lower. - Concern over whether reduced parliamentary backing for the government of Mario Monti will hinder efforts to pass spending cuts has the potential to rattle markets. - The release of final third-quarter GDP data is expected to confirm a contraction of 0.2 percent. The economy has been languishing in recession since 2008. DEBT ISSUES: Dec. 12 - Treasury to auction short-term bills (BOTs) Dec. 13 - Treasury to auction medium to long-term debt (BTPs)

SPAIN: REFORM/ECONOMY: - Pension reform expected before year-end. - Spain under pressure to ask for European aid to bring down financing costs. DEBT AUCTIONS Dec. 11 - 12-, 18-month T-bill auctions Dec. 13 - Bond auction Dec. 18 - 3-month, 6-month T-bill auctions Jan. 10 - Bond auction Jan. 15 - 12-, 18-month T-bill auctions Jan. 17 - Bond auction Jan. 22 - 3-, 6-month T-bill auctions

PORTUGAL: - On Nov. 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. The government expects a 1 percent contraction in 2013. The new deficit goal is 5 percent of GDP 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 centre-right government has promised to prepare a reform of state spending to present to its lenders early next year. POLITICS: Dec. 7 - Prime Minister Pedro Passos Coelho attends year-end debate in parliament. Until Dec. 31 - After parliament passed the 2013 budget bill on Nov. 27, conservative President Anibal Cavaco Silva has to decide whether he signs it into law, sends it back to parliament or asks the Constitutional Court to assess it, as many opposition politicians want. If he signs it into law, opposition parties will challenge the budget in the Constitutional Court. February - Seventh quarterly review of Portugal's performance under its bailout by EU, ECB and IMF inspectors. GOVERNMENT DEBT SUPPLY: Dec. 31 - Deadline for IGCP debt agency to present first-quarter debt issuance plans.

FRANCE: - The French parliament will have to approve a deal among Greece's lenders to reduce its debt burden though no date has yet been set. President Francois Hollande's Socialist party has an overall majority in the National Assembly. - Hollande has repeatedly said Europe should examine its pace of deficit-cutting as data shows 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.

IRELAND: - Ireland passed the latest quarterly review of its 85 billion euro EU/IMF bailout on Oct. 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. - 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. EVENTS: Dec. 13 - Consumer Price Index (CPI), November Dec. 14 - Export, import data, October

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

 Print
Dec. 13-14- Merkel attends summit of EU leaders in Brussels, with banking reforms in the euro zone topping the agenda. EUROPEAN UNION: Dec. 12- Meeting of all EU finance ministers in Brussels to try to reach agreement on plans for pan-EU banking supervision.

   
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