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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 the lifting of this ban as a significant relaxation, as it could allow for cash deposits to be brought back into the banking system, raising confidence in the Greek banking sector,” Standard and Poor’s said adding “We expect some minor deposit inflows in the coming months.”

End of July, with the approval of the European Central Bank, Greece eased the  capital controls imposed end of June 2015.

Deputy Finance Minister George Chouliarakis has said that he expected up to 4 billion euro to flow into banks once the capital controls were lifted.

The Finance Ministry has decided that from the start of August new deposits won’t be subject to any capital controls and higher limits on withdrawals of money brought in from abroad will enter into force.

PS Finally. Growth is coming 🙂 – what do you mean NO? Soon Greek banks will have got rid of the red loans, the capital controls will be lifted, fresh money will flow and we all be happy. OK, except for the debtors….

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