ATHENS | July 4, 2015 | By Yannis Mouzakis via MacroPolis | Here we are again, just over five years of the anniversary of the country’s first programme and more than 210 billion euros of financing later, Greece is about to hold the referendum that machinations and backroom dealings averted back in 2011.
MADRID | July 3, 2015 | By JP Marín Arrese | Tsipras’ strategy has been based on the wrong assumption EU leaders would cave in when confronted with the awesome prospect of the euro losing its irrevocable nature. But betting on such dangerous game theories, so dear to Mr Varoufakis, has created an appalling mess. Any desperate attempt to renew negotiations seems doomed until the referendum is held. Anything short of a ‘yes’ vote would plunge Greece into a dire situation.
LONDON | June 30, 2015 | By Sigrún Davídsdóttir | Now that Greece has controls on outflow from banks, capital controls, many commentators are comparing Greece to Iceland. There is little comparison to be made between the nature of capital controls in these two countries. The controls are different in every respect except in the name. Iceland had, what I would call, real capital controls – Greece has control on outflow from banks. With the names changed, the difference is clear.
LONDON | June 30, 2015 | BNP | On Tuesday the bailout programme expires and Greece is due to make a payment of EUR1.5bn to the IMF. Both important events. However given that the ECB has already capped the ELA ceiling, we don’t expect any further significant measures against the banks.
BEIJING | June 27, 2015 | By Wu Hongyuran via Caixin | Loan levels would no longer be limited to three-quarters of deposits if legislature approves amendment approved by cabinet.
LONDON | June 26, 2015 | Barclays | The lack of an interim deal between Greece and its creditors signals that the two sides remain divided despite being closer than they have been. Crucially, Greece agrees on pension savings worth 1% of GDP but it plans to get there mainly via higher contributions, while creditors prefer phasing out top-up pension payments and aggressively cutting early retirement.
LONDON | June 24, 2015 | BARCLAYS | Although the news from Greece’s programme negotiations was mildly positive, we remain cautious on the eventual outcome as the situation remains very tense, particularly with respect to the banking sector.
BRUSSELS | June 23, 2015 | By Alexandre Mato | Tax hikes and pension system cuts were the main measures offered by Athens to European Institutions and the IMF in order to reach an agreement over the second rescue programme. The €8 billion in savings and new revenues over the next two years were described as important or broad steps. But the proposals are bittersweet.
ATHENS | June 22, 2015 | By Manos Giakoumis via MacroPolis | Almost a year ago, Greek banks successfully raised 8.3 billion euros in capital increases, which were over 1.5 times subscribed amid strong interest – primarily from international institutional investors.
LONDON | June 15, 2015 | Barclays | The banking system has lost nearly 23% of its deposits since November 2014.