greek debt

A ghost train

Greece rides the ghost train

ATHENS | June 15, 2015 | By Nick Malkoutzis via MacroPolisGreece’s negotiations with its lenders over the last few days have been more like a ride on the ghost train than a roller coaster, producing moments of sheer panic punctuated by brief spells that allow the palpitations to subside. 

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.

Greek debt

How Greece kept its budget on track in Q1

ATHENS | May 11, 2015 | By Manos Giakoumis via MacroPolis Recent Greek budget data showed the huge revenue gap of 968 million euros recorded in January narrowed to 389 million by the end of the first quarter (Q1) of 2015. At the same time, primary expenditure, which was just 53 million better than target in January, displayed a strong outperformance of 1.18 billion by the end of March. 

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.

Euclid Tsakalotos

Euclid Tsakalotos: The faces change, the issues remain the same

ATHENS | April 28, 2015 | By Nick Malkoutzis via MacroPolis Such has been the impasse between Greece and its lenders over the last three months (add a few more on if you want to look beyond just this government’s shortcomings) that markets reacted with some joy to the news on Monday that one inexperienced economics professor is replacing another as the central figure in Athens’s negotiations with creditors.

Shcauble and Varoufakis at the Eurogroup

Gambling on Greece

MADRID | April 27, 2015 | By JP Marín Arrese | The Euro-group meeting in Riga ended in bitter acrimony, Greece’s main creditors expressing their dismay at Varoufakis’s refusal to table credible reforms. They voiced deep mistrust on the chances the Hellenic government might escape from a full-fledged bankruptcy. Both Schäuble and Draghi seem ready to throw in the towel, thus triggering speculations on B plans involving a covert Grexit. 

Greece deal

Greece is gasping for a deal

ATHENS | April 22, 2015 | By Nick Malkoutzis via MacroPolis The Greek government made another payment to the International Monetary Fund earlier this month. This time it was just 450 million euros, a relatively manageable amount compared to the 1.5 billion that Greece had to pay back to the IMF in March. Each of these payments brings relief that a possible default has been avoided, but they also bring greater anxiety that a default is getting closer.