greek bonds


Pressure on Greek debt: A nudge or a punch in Athens’ face?

MADRID | The Corner | Despite the markets’  first negative reaction to the ECB’s restricting Greece access to its direct liquidity lines, Morgan Stanley analysts reminded on Thursday that nobody should be that surprised: in 2012, one third of the Greek balance sheets were financed by the ECB, and most via ELA. Plus, Greek banks can still get ECB liquidity if they use ECB eligible collateral.


All smiles and handshakes for Tsipras’ EC visit (before ECB tightened the rope)

BRUSSELS | By Alexandre Mato | The leader of the European Commission, Jean Claude Juncker, offered a friendly welcome to the Greek Prime Minister at the Commission entrance on Wednesday. There were no speeches, nor questions from journalists. After posing in front of the cameras, Juncker took Tsipras’ hand, the two leaving the photo-call as ‘lovers’. And some hours later, in a not that surprising move, Draghi banned the use of the Greek debt as collateral for the European Central Bank’s. The euro continued falling versus the U.S. dollar after the news: it hit $1.1304 — close to its 11-year low — before stabilizing at $1.1354 around 0540 GMT.


No Picture

Draghi holds the winning cards

MADRID | By JP Marín ArreseAttempts to convince Tsipras and his colleagues to call off their open mutiny against the discipline imposed under the Greek bailout seem to be doomed. The Greeks bet on a strategy that forces European partners to cave in, should the prospect of huge turmoil materialise. After all, they are fully aware that Greece will prove unable to repay its debt unless it grows at 7% rate for the coming 30 years. 


Greece: The one question Syriza needs to answer

ATHENS | By Yiannis Mouzakis via  MacroPolisWith the coalition in Greece getting only 160 votes for its presidential candidate in the first ballot, falling short even of the most conservative estimate, based on the currently available information it seems that the number of deputies that will vote in favour in the third round on December 29th will not reach the minimum 180 required.


Greece: Where did it all go wrong?

ATHENS | By Nick Malkoutzis via MacroPolisWhen Greece returned to international bond markets in April this year after a four-year exile, it was trumpeted by Prime Minister Antonis Samaras as another step towards the crisis exit door. “Confidence in our country was confirmed by the most objective judge – the markets,” he said after investors snapped up three billion euros of five-year bonds with a coupon of 4.75 percent. Exactly seven months later, though, the yield on those bonds shot up to almost 10 percent. Suddenly, the markets do not seem so confident. So, what went wrong? 


Greece comes down the Olympus

MADRID | By The Corner | After years of painful restructuring and international bashing, Greek bond yields at 4-year low ahead of auction.