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Tag Archives: Greek Banks

IMF and ECB reach compromise on Greek banks, traders in ASE smile

The International Monetary Fund and the European Central Bank reached a compromise on the Greek banks: the ECB will accelerate stress tests, the IMF will give up its demand for full asset quality review (AQR). The International Monetary Fund said on Thursday that it sees no financial stability concerns in …

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Fitch upgrades mortgage-covered bond programmes of 3 Greek banks

Fitch Ratings announced an upgrade of four Greek mortgage-covered bonds programmes issued by Alpha Bank, National Bank of Greece and Piraeus Bank to ‘B’ from ‘B-‘, as follows: – Alpha’s covered bonds upgraded to ‘B’ from ‘B-‘; Stable Outlook – NBG’s covered bonds Programme I (NBG I) upgraded to ‘B’ …

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ECB Draghi had no right to close Greece’s banks

The decision of the European Central Bank to freeze the emergency liquidity in summer 2015 and force the Greek government to close the countries bank was possibly not legal. This is stated in the Italian daily Il Manifesto that quotes Fabio de Masi, member of German Die Linke in the …

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“Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit.  The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshell flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time. …

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S&P upgrades Greece’s four systemic banks

Ratings agency Standard and Poor’s upgraded Alpha Bank, Eurobank Ergasias, National Bank of Greece and Piraeus Bank to CCC+ from SD (selective default), with a stable outlook. The upgrade came after a further relaxation of capital controls in Greece from the beginning of the month, daily Kathimerini reported. “We view …

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BoG appoints Pricewater &Co with Liquidation of €9bn Assets in non-performing loans

Appointment of a Special Liquidator for all the credit and financial institutions under special liquidation The Bank of Greece, in implementation of a relevant provision of Law 4336/2015 and by virtue of Credit and Insurance Committee Decision No. 182/1/4.4.2016, has appointed PQH Single Special Liquidation S.A. as Special Liquidator for …

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Draghi’s awkward memory moment: Not the role of ECB to use its monetary policy to force governments to reform

It is a working psychological survival strategy: one creates a bubble, gets in and lives comfortable and nicely till the end of the days. When the bubble is drawn with bright colors, the protection is almost perfect – especially when these bubbles are institutions like the European Central Bank. Too …

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Thousands of jobs to be lost in Greece’s banking sector

Greece’s four main banks will have to reduce their employees by a total of 4,350 and shut down about 180 branches up to the end of 2017. These new reduction demands result from the derailing of the Greek economy generated by the prolonged uncertainty during 2015 which brought the country …

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Greek banks: Hackers extend ransom payment deadline

A team of hackers has allegedly threatened to bring down the electronic systems and websites of Greek banks, unless they pay ransom in Bitcoins. Greek media report on Monday that a group called “Armada Collective” has threatened the Greke banks with a DDoS attack. Sources told the media that the …

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Greece’s banks stress tests: ECB finds total capital shortfall is €14.4 billion

The European Central Bank announced today the results of stress tests for the four Greek systemic banks National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank. The ECB has found that the total capital shortfall of the four systemic banks is 14.4 billion euro which is much lower than …

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Athens Stock Exchange: “Black Monday” for Greek Banks, losses at 15.86%

I don’t know what happened with the stakes of the Greek banks today. But they massively plunged 15.86% in the Athens Stock Μarket and had some local media described the day as “Black Monday” for the banks. Reason for this disaster was apparently the fear that the recapitalization of the …

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Greece’s banks & ECB: Liquidity rises, ELA falls

All Greek banks were needed was another bailout and capital controls. Both needs have been satisfied and now their liquidity has improved.  Therefore the Bank of Greece requested the European Central Bank to lower the Emergency Liquidity Assistance (ELA). The European Central Bank lowered on Tuesday the ceiling for emergency …

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Banks Union appeals to Greeks to return their money to banks

President of Greek Banks Association Louka Katseli appealed at the citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been …

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