The Corner | April 2, 2015 | Manos Giakoumis, chief analyst with Greek financial website Marcropolis, speaks to The Corner about the most pressing issues currently confronting the Greek government. He notes that the ECB squeeze on Greek banks issuance of T-bills could prove problematic in the month ahead, and says that the thorny issue of privatisations could continue to thwart negotiations with the country’s creditors.
ATHENS | March 30, 2015 | By Manos Giakoumis via MacroPolis | Following the Eurogroup decision on February 20, Greece returned 10.9 billion (European Financial Stability Fund) EFSF bonds at the end of the previous month. That transaction reduced accordingly the country’s debt and the debt to GDP ratio by more than 6 percentage points.
BEIJING | March 28, 2015 | By Zhang Yuzhe via Caixin | Alibaba is betting on biometrics as the next step for secure online financial transactions and bank account business.
The Corner | March 20, 2015 | ACF experts believe that “the impact of the acquisition of TSB in earnings per share would be marginally negative in 2015 and 2016, but -5.7% in 2017 if a new synergy plan is not presented.”
MADRID | The Corner | Markets seem optimistic about the deal between Greece and its creditors (a government spokesman said they aim to reach a compromise today), although analysts are still wondering whether there have been any advances in the negotiation. “At least the ECB decided to a slight increase in emergency funding (ELA) for Greek banks on Wednesday,” a Barclays’ Alberto Vigil said. “But we still don’t know which reforms the Greeks have agreed on.” The ECB had already raised the ELA available to Greek banks by 5 billion euros to about 65 billion seven days ago.
MADRID | By Ana Fuentes | The ECB will be the main actor in the Greek crisis today. The Governing Council of the Frankfurt-based institution is meeting not to discuss monetary policy but to decide whether it maintains the emergency liquidity assistance (ELA) to Greek banks, which is crucial so the country can stay in the euro club –something that, in spite of propaganda and short sellers, both Athens and Berlin desire.
LONDON | By Sigrún Davídsdóttir | One of the things that the HSBC whistleblower Hervé Falciani has pointed out is the mess the HSBC computer system was with all the inherent safety risks involved, not to mention that it made it difficult for the bank to have any meaningful overview.
By Marios Zachariadis via MacroPolis | At first glance, the potentially catastrophic consequences of Grexit on the rest of the Eurozone provide the Greek government with an important bargaining chip. However, the Greek government should take into consideration that Grexit is not the only possible alternative in case an agreement with the rest of the EZ cannot be reached soon.
MADRID | By JP Marín Arrese | Tsipras rebellion was ruthlessly quelled by the ECB governing board last night. Neither Greek sovereigns, nor publicly-guaranteed bond issues, will stand as eligible collateral for funding facilities, thus plunging the financial system into a crippling credit-crunch. The emergency liquidity arrangement managed by the local central bank severely caps new public financing to a meagre €3.5 billion amount. The new government faces the unpalatable choice between surrender or bankruptcy.
MADRID | By Sean Duffy | Investors are expecting continued falls in the value of Greek bank shares and indeed the value of the Athens stock exchange. That is due to the fact that the new Government of Alexis Tsipras appears to be on a collision course with the country’s creditors, something that may spook investors in the weeks ahead should agreement not be forthcoming.