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Tag Archives: banks

Fitch and Moody’s upgrade Greek banks

Fitch Ratings on Tuesday upgraded Greece’s four systemic banks ratings, following a recent round of upgrades of Greece’s credit rating. Fitch Ratings upgraded Eurobank SA’s Long-Term Issuer Default Ratings (IDRs) to ‘BB’ from ‘BB-‘, and Viability Ratings (VRs) to ‘bb’ from ‘bb-‘. The outlooks on the Long-Term IDRs are Stable. …

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Banks in Greece to freeze mortgage rates for one year

Banks in Greece are reportedly set to freeze mortgage rates for one year and will bear the cost of containing interest on loans to the level it was at end-March. Banks are stopping any further rises in mortgage rates, freezing interest rates at a date reportedly set for March 31. …

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Varoufakis: “Let the banks burn”

Secretary General of MeRA25 Yanis Varoufakis greeted the party’s 5th anniversary with an article entitled “Let the banks burn.” In his article in the monthly column in Project Syndicate, the former finance minister referred to the shocks of the banking system, judging that it cannot be corrected. “That’s the bad …

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Stournaras: Greek banks’ exposure to Credit Suisse “almost zero”

The exposure of Greek banks to Credit Suisse is “almost zero,” Greek central bank chief Yannis Stournaras told Reuters on Monday. “They (the Greek banks) are not exposed to Credit Suisse’s Additional Tier 1,” Stournaras, who also sits on the ECB’s 26-member Governing Council, said. He added that Greek banks …

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FinMin Staikouras puts pressure on Greek banks to support debtors, depositors

Greek banks must come up with proposals to actively support citizens who face a lot of financial pressures due to high inflation and the rise in the cost of money, Greek Finance Minister Christos Staikouras told them on Thursday, giving bankers a two-week deadline to do so. According to a …

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Gov.gr Wallet IDs extended to banks, phone companies

Greek citizens will have the option to use the Gov.gr Wallet instead of their IDs at all banks and financial firms, as well as telephone companies, as of November 1, based on a Joint Ministerial Decision issued on October 28. The process for verifying the authenticity of digital documents will …

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ECB makes large interest rate hike, bank deposits at 1.5%

The European Central Bank piled on another outsized interest rate hike aimed at squelching out-of-control inflation, increasing rates Thursday at the fastest pace in the euro currency’s history and raising questions about how far the bank intends to go with the threat of recession looming over the economy. The 25-member …

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Corinth Canal to reopen for shipping in July following repair works

The Corinth Canal will reopen for ships in July, the Hellenic Corporation of Assets and Participations SA (HCAP) said on Wednesday. The reopening will be temporary, though, over the summer and will shut down again for a few months in autumn in order to complete repair works and stabilize the …

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Agricultural Minister urges banks to increase funding of primary sector investments

Greece’s Agricultural Minister has urged banks to increase the funding of primary sector investments. Speaking at the annual AgriBusiness International Forum in Athens, Agriculture Development & Food Minister Spilios Livanos told the banking sector that it should assume its responsibilities. “It would be a historic mistake if the banking system …

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Greece exposed to increased risks from climate change, says ECB-ESRB report

Banks in Greece, Spain and Portugal face increased risks from the climate change, according to a joint report by the European Central Bank (ECB) and the European Systemic Risk Board (ESRB) published on July 1. Greece and other southern EU countries are exposed to increased risks, on the one hand …

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Household and corporate deposits soar during Greece’s lockdown

Household and corporate deposits jumped 19.6 billion euros during the pandemic, showing that the freeze on consumption combined with the state support measures served as a safety cushion for liquidity in the private sector. The additional cash flow during the successive lockdowns will be the driving force behind the economy’s …

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Obama’s memoirs: The Greek debt crisis, German and French banks

In his memoirs, “A Promised Land,” former Us President Barack Obama makes also some reference to the Greek debt crisis and the way in which the major European powers chose to deal with the situation. In his memoir that was released on Tuesday, Obama writes: “I noticed that they rarely …

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Greek banks extend suspension of loan payments for businesses & individuals

Greek banks, members of the Hellenic Bank Association, on Tuesday announced the extension of measures to support enterprises and individuals hit directly and indirectly by the pandemic crisis and of a moratorium on debt payments until December 31, 2020. In an announcement, the banks said they remained steadfast on the …

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Greek banks raise limit for contactless card payments without PIN

The Hellenic Association of Banks announced on Thursday that the banks increase the limit for contactless payments with debit, credit cards and prepaid cards without using PIN. The limit is raised from 25 euros today to 50 euros. The measure will be implemented from Monday, March 30 until Sunday May …

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