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Greek referendum

In Europe 2nd July 2015

Yes to the Greek referendum, no to the way it’s being held

ATHENS | July 2, 2015 | By Nick Malkoutzis via MacroPolis | Since the start of Greece’s bailout programs in 2010, there has been an unrequited desire in Greek public opinion for a referendum. In fact, current Prime Minister Alexis Tsipras urged the then Greek leader George Papandreou to hold one before signing the first memorandum of understanding with creditors five years ago. In late 2011, when Papandreou proposed holding one, Tsipras was against the idea. 

A EU flag

Markets 30th June 2015

Capital controls: Greece and Iceland

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.

Greek banks

Markets 30th June 2015

Tuesday unlikely to bring further changes for the Greek banks

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.  

Greek crisis

In Europe 26th June 2015

Greek deal – Not yet. Tough weekend ahead

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. 

Traders

Markets 25th June 2015

Markets consolidate ahead of EU summit

The Corner | June 25, 2015 | As EU finance ministers are meeting for a second scheduled summit today, European equities opened lower: markets are cautiously optimistic for a deal between Greece and its creditors.

alleyes

In Europe 24th June 2015

All eyes on Greece

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.

Alexis Tsipras

In Europe 23rd June 2015

Syriza’s capitulation to please Greek creditors

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.