Greek Banks

Greek PM Alexis Tsipras

Greek talks in chaos

MADRID | June 1, 2015 | By JP Marín ArreseWhen Tsipras took over matters from Varoufakis a couple of weeks ago, observers were mildly optimistic about the prospect of Greece reaching a fair deal with its creditors. But yesterday’s remarks by the Hellenic PM on the ‘absurd’ demands filed by his counterparts has dealt a heavy blow to such hopes. The chances of broking an agreement are far away and there are  increasing doubts over the ability to reach an understanding before it is too late. 

greek banks

How Greek banks can keep their balance on the collateral tightrope

ATHENS | May 18, 2014 | By Manos Giakoumis via MacroPolis | The ongoing and troubled negotiations between Greece and its lenders, as well as the weekly meetings of the European Central Bank’s governing council mean that there is growing concern about the extent to which Greek banks will continue to be able to draw emergency liquidity to cover the outflow of deposits.

Grecia BanderasTC

Where has the money withdrawn from Greek banks gone?

ATHENS | May 16, 2015 | By Manos Giakoumis via MacroPolis | Since December, the Greek banking system has been suffering from extended deposit outflows, which reached 26.8 billion euros at the end of March. Almost 90 percent of these withdrawals stemmed from time deposits, while only around 600 million euros was taken from savings accounts.

Greek market access in two charts

“Greek market access is in doubt given rising country risk premium”

The Corner | April 29, 2015 | Amid speculations about a Greek deal (see examples of the bipolar opinion landscape here and here), market makers seemed more apeased yesterday but still have their doubts about the post June situation. “The yield on 3-year Greek debt remains very elevated and suggests that ‘market access’ is unlikely to be afforded to Greece at acceptable interest rates any time soon,” experts at BNP commented.

Greek Parthenon

Greek debt: markets waiting for a watered-down agreement

The Corner | April 21, 2015 | Markets remain divided about the Greek debt negociations –or rather the lack of them. Time is running out and Athens’ legislative act asking public sector entities to transfer idle cash reserves to Greece’s central bank, in order to deal with a cash squeeze, proves it. That plan could raise about 2 billion euros ($2.15 billion), according to sources quoted by Bloomberg.


No Picture

Greece under pressure, expected to reach deal with its creditors today

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.




No Picture

Greek crisis: The ECB to take the reins

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.