(BN) *VAROUFAKIS SAYS NO ROOM FOR FURTHER CONCESSIONS: SPIEGEL

BN 06/16 13:01 *VAROUFAKIS SAYS NO ROOM FOR FURTHER CONCESSIONS: SPIEGEL
Varoufakis Says No Room for Further Concessions: Spiegel
2015-06-16 13:18:46.408 GMT


By Rainer Buergin
(Bloomberg) -- Greece’s austerity and reform proposals are
already so “harsh and inhumane” that Germans themselves would
never accept them, Germany’s Spiegel magazine cites Greek
Finance Minister Yanis Varoufakis as saying.

* Greece will only implement its reform program “if Europe
agrees to debt restructuring, investment and an end to the
liquidity crisis”
* “You ask Mrs Merkel if there will be an agreement this
week”
* NOTE: Tsipras Goads ‘Criminal’ IMF as Merkel Focuses on
Greek Solution Link

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>>> Greece PM Tsipras: Seek an agreement with creditors that ends talk of "Grexi

Greece PM Tsipras: Seek an agreement with creditors that ends talk of "Grexit" for once and for all - Parliament comments 
- Greece aims for a solution not just an agreement- Says lenders want to humiliate Greece
- Time for Europe to make a decision for the future of the Euro Area
- ECB insisting on oine of financial 'asphyxiating' the past few months
- Will not succumb to treats of continuing policies inspired by failed IMF policies

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>>> America Movil May Buy More Cos. in Europe, CFO Says: (English)

Slim is out to conquer Europe



Carlos Slim bet in the telecommunications business in the European market; to gain control and 60% of Telekom Austria, a company with operations in seven countries, America Movil will accelerate its expansion on the continent, through investment in infrastructure as well as the possible purchase of more companies.

The next big bet Carlos Slim in the telecommunications business is in Europe. After trying unsuccessfully to acquire KPN, America Movil (AMóvil) Dutch accelerate its expansion in East and Central European stock by Telekom Austria, which firm has 60 percent of its shares.

"We will invest very strong in Europe in the deployment of infrastructure in the coming years ... it is a market with great potential ... do not rule out buying companies," said Carlos Garcia Moreno, CFO of America Movil, in an interview with El Financiero .

According to the executive, the company will begin to increase their share and profitability in the countries of Eastern Europe, including Austria, Belarus, Bulgaria, Croatia, Macedonia and Serbia, which has 20 million subscribers.

However, the company could easily move into countries like Poland, Czech Republic, Hungary and Romania with a focused strategy prepayment schemes attractive to subsequently convert these into postpaid users.

A third step would be to bet on more mature markets such as Germany, Switzerland and other Northern European, which compete with giants such as Telefonica, Vodafone, T-Mobile and Orange.

All this, to the strict regulations that America Movil faces in Mexico, where it seeks to spin off assets to exit the preponderance, and because it is a leader in most of the 17 Latin American markets where it operates.

"In Latin America, America Movil has difficulty growing, while Europe has a minimum footprint with many options for acquisitions in a stage of industry consolidation. There are currently more than 100 operators who could buy, "said Jorge Negrete, director of Mediatelecom.

REGION WITH OPPORTUNITIES

The European market has a value equivalent to the US, with 443 billion euros (MDE) and 438 million lines associated with a smartphone.

In 2014, America Movil earmarked some 60 billion pesos to the European market, which accounted for 75 percent of its investments in acquisitions and licenses, according to its annual report.

In 2015 the company plans to invest 8000 $ 900 million worldwide and analysts expect similar amounts for subsequent years, increasingly focused on Europe.

"We can expect infrastructure investments and purchases of small operators in these markets due to the leverage (less than 2 times its net debt / EBITDA) of the company," said Fernando Bolaños, analyst at Monex.

In 2014, Telekom Austria America Movil generated sales of 37 thousand 392 million pesos, equivalent to 4.4 percent of its consolidated revenues.

The market in Eastern Europe has great potential profitability compared to Mexico. At the end of the first quarter of 2015, the EBITDA of the company in Mexico margin was 32 percent, versus 14 percent in Eastern Europe.

America Movil May Buy More Cos. in Europe, CFO Says: Financiero
2015-06-16 11:55:25.488 GMT


By Karen Eeuwens
(Bloomberg) -- Click here for original story in Spanish.


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Giulia Camillo at +55-11-2395-9177 or
gcamillo@bloomberg.net

>>> America Movil May Buy More Cos. in Europe, CFO Says: Financiero


Slim se lanza a la conquista de Europa 



Carlos Slim apostará al negocio de telecomunicaciones en el mercado europeo; al obtener el control y el 60% de Telekom Austria, empresa con presencia en siete países, América Móvil acelerará su expansión en el continente, a través de inversión en infraestructura, además de la posible compra de más empresas.

La próxima gran apuesta de Carlos Slim en el negocio de telecomunicaciones está en Europa. Tras haber intentado adquirir infructuosamente a la holandesa KPN, América Móvil (AMóvil) acelerará su expansión en el Este y Centro del Viejo Continente a través de Telekom Austria, firma de la cual posee 60 ciento de sus acciones.

“Vamos a invertir muy fuerte en Europa en el despliegue de infraestructura en los próximos años… es un mercado con mucho potencial… no descartamos la compra de más empresas”, dijo Carlos García Moreno, CFO de América Móvil, en una entrevista con El Financiero.

De acuerdo con el directivo, la empresa empezará por aumentar su participación y rentabilidad en los países de Europa del Este, incluyendo a Austria, Bielorrusia, Bulgaria, Croacia, Eslovenia, Macedonia y Serbia, donde tiene 20 millones de suscriptores.

Sin embargo, la compañía podría incursionar fácilmente en países como Polonia, República Checa, Hungría y Rumanía con una estrategia enfocada a esquemas de prepago atractivos para posteriormente convertir a estos en usuarios de pospago.

Una tercera etapa sería apostar por mercados más maduros como Alemania, Suiza y otros de Europa del Norte, donde competiría con gigantes como Telefónica, Vodafone, T-Mobile y Orange.

Todo esto, ante las regulaciones estrictas que América Móvil enfrenta en México, donde busca escindir activos para salir de la preponderancia, y debido a que es líder en la mayoría de los 17 mercados latinoamericanos donde tiene presencia.

“En América Latina, América Móvil tiene dificultades para crecer, mientras que en Europa tiene una huella mínima con muchas opciones para realizar adquisiciones en una etapa de consolidación de la industria. Actualmente hay más de 100 operadores que podría comprar”, comentó Jorge Negrete, director de Mediatelecom.

REGIÓN CON OPORTUNIDADES

El mercado europeo tiene un valor equivalente al estadounidense, con 443 mil millones de euros (mde) y 438 millones de líneas asociadas a un smartphone.

En 2014, América Móvil destinó cerca de 60 mil millones de pesos al mercado europeo, lo cual representó 75 por ciento de sus inversiones en adquisiciones y licencias, de acuerdo con su informe anual.

En 2015 la firma planea invertir 8 mil 900 millones de dólares a nivel global y los analistas estiman montos similares para los siguientes años, cada vez más enfocados a Europa.

“Podemos esperar inversiones en infraestructura y compras de operadores pequeños en estos mercados debido al apalancamiento (menos de 2 veces su deuda neta/EBITDA) de la compañía”, dijo Fernando Bolaños, analista de Monex.

En el 2014, Telekom Austria generó a América Móvil ventas de 37 mil 392 millones de pesos, equivalentes al 4.4 por ciento de sus ingresos consolidados.

El mercado de Europa del Este tiene un gran potencial de rentabilidad en comparación con México. Al cierre del primer trimestre del 2015, el margen EBITDA de la firma en México fue de 32 por ciento, frente al 14 por ciento de Europa del Este.

America Movil May Buy More Cos. in Europe, CFO Says: Financiero
2015-06-16 11:55:25.488 GMT


By Karen Eeuwens
(Bloomberg) -- Click here for original story in Spanish.


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Karen Eeuwens in Sao Paulo at +55-11-2395-9064 or
keeuwens@bloomberg.net
To contact the editor responsible for this story:
Giulia Camillo at +55-11-2395-9177 or
gcamillo@bloomberg.net

FT : Eurozone officials discuss holding emergency summit on Greece

Eurozone officials discuss holding emergency summit on Greece
Idea raised as fears mount that finance ministers will fail to reach deal

Eurozone officials are discussing holding an emergency summit on Sunday for leaders to tackle the crisis in Greece amid mounting fears a deal to break an ongoing impasse between Athens and its bailout creditors will not be reached at a high-stakes finance ministers meeting on Thursday.

According to two senior officials, the idea of holding a summit of eurozone heads of government was mooted in meetings among representatives of Greece’s creditors on Monday, a day after last-ditch negotiations to reach a deal to release €7.2bn in much-needed bailout aid collapsed.

They said that although the idea was discussed, there is considerable resistance to convening the summit among several creditors since technocratic issues like Greek pension reforms and tax rates are not normally the province of EU presidents and prime ministers.

“If there’s nothing to discuss among finance ministers, there wouldn’t be anything to discuss among heads,” said one official from a Greek creditor institution.

Yanis Varoufakis, Greece’s finance minister, said the country has no plans to present new proposals at the finance ministers meeting, signalling the country won’t make further concessions to unlock bailout funds needed to avoid default.

He told Germany’s Bild newspaper: “The eurogroup is not the forum for presenting positions and plans which have not previously been discussed and negotiated at a lower negotiating level.”

Greece remained willing to find a solution but creditors need to take Greece’s proposals seriously to end the impasse, he said, urging German Chancellor Angela Merkel “to take the lead”.

A spokesman for Donald Tusk, the European Council president who would be responsible for convening a summit, said there were currently no plans to hold a special session of leaders.

“The next and hopefully decisive step is the eurogroup [on] Thursday,” said the spokesman, Preben Aamann. “Any further steps will be decided in light of the eurogroup outcome. There should be no illusions that an agreement becomes easier or more advantageous over time.”

Still, the fact the idea was discussed reflects mounting concerns that a deal on a list of Greek economic reforms to release the €7.2bn tranche, which Athens needs to avoid defaulting on its debts, remains elusive ahead of what many officials believe is a make-or-break finance ministers’ session.

Alexis Tsipras, the Greek prime minister, has publicly insisted that he will not be presenting any new compromise proposals at the Thursday meeting, and officials said the discussion at the eurogroup of finance ministers on Greece could end up being perfunctory as a result.

In addition, some officials believe Athens’ decision to send Mr Varoufakis, the combative finance minister, to the eurogroup session could preclude a deal being worked on Thursday. Eurozone officials have in the past attempted to work directly with Mr Tsipras, who they view as a more pragmatic negotiator than his finance minister.

The two sides remain far apart on what would constitute an acceptable list of economic reforms that Athens would need to adopt to release the bailout funds and avoid default, which could come as soon as two weeks when a €1.5bn loan repayment falls due to the International Monetary Fund.

Athens has resisted suggestions by creditors of cuts to Greece’s public sector pensions and tax increases on sensitive items like electricity. Creditors have insisted they are open to ideas of other budget savings to replace those measures, but so far the Greek government has not responded with proposals the creditors believe are credible.