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Creditors’ statement following first post-bailout mission to Greece

September 14, 2018 Economy Comments Off on Creditors’ statement following first post-bailout mission to Greece

Staff from the European Commission, in liaison with staff from the European Central Bank and the International Monetary Fund, visited Athens from 10 to 14 September for the first post-programme mission to Greece. Staff from the European Stability Mechanism participated in the meetings in the context of its Early Warning …

Belgium to pay €222mn to Greece in SMP profit return from Greek bonds

August 28, 2018 Economy Comments Off on Belgium to pay €222mn to Greece in SMP profit return from Greek bonds

Belgium will pay a total of 221.8 million euros to Greece in the context of profit central banks made from Greek bonds, Belgian business newspaper L ‘Echo reports. The money is from the ECB and EZ central banks Security Markets Program. “In the midst of a crisis, the European Central …

Greek banks to lose cheap borrowing after ECB revokes waiver

August 10, 2018 Economy Comments Off on Greek banks to lose cheap borrowing after ECB revokes waiver

The European Central Bank announced on Friday it will restrict Greek banks’ access to its cheapest funding operations as from August 21, when the country exits the bailout program. The ECB will revoke a so-called ‘waiver’ which allowed Greek banks to post junk-rated government bonds as collateral in regular funding …

ECB Draghi: Greece can become part of QE, if it has a waiver

July 9, 2018 Economy 3

Head of the European Central Bank, Mario Draghi, said on Monday that Greece can be part of Quantitative Easing program (QE) if it has a wavier. He reiterated that the ECB will make its own sustainability analysis of the Greek debt after it exits the bailout program. Responding to questions …

ECB Vice: Austerity Program for Greece was indeed too harsh

May 16, 2018 Economy 3

The eurozone’s southern members have done enough to reform their economies and reduce risk in their financial systems for the bloc to speed up banking union, the vice-president of the European Central Bank has said, in an implicit criticism of German foot-dragging. In an interview with Financial Times, Vítor Constâncio, …

Greece’s four systemic banks successfully pass ECB’s stress tests

May 5, 2018 Economy 2

Greece’s four systemic banks- Piraeus bank, Eurobank, National Bank and Alpha bank – have successfully passed the stress tests of the European Central Bank. The stress tests results were published on Saturday and were conducted earlier than for other European banks, because Greece is to exit the bailout program in …

ECB: Greece has the lowest growth rate in Eurozone

April 10, 2018 Economy 1

Greece recorded the lowest growth rate in 2017 among the EU member-states, according to the annual report of the European Central Bank released on Monday. The Greek GDP amounted to 1.4%, compared with a 2.3% average in the eurozone, while Ireland’s figure stood at 5%. According to the report, the …

ECB Draghi calls for “full geographical coverage of foreclosures across Greece”

January 24, 2018 Economy 3

The president of the European Central Bank, Mario Draghi, has called for full geographical coverage of foreclosures across Greece. In a letter to European Parliament Member Nikos Chountis, Draghi said that while Greek authorities have made “welcome” progress in recent weeks to speed up foreclosures and help banks reduce their …

Germans remind the ECB that it urgently needs to change

January 9, 2018 Economy Comments Off on Germans remind the ECB that it urgently needs to change

With this and that on the festive days we forgot European institutions that urgently need to reform. At least, the Germans did not forget the issue and for one more time the criticized the European Central Bank. Even though the former German finance Minister Wolfgang Schaeuble remains quiet awaiting the …

Varoufakis sues the ECB over decision to freeze liquidity for Greece

December 19, 2017 Greece, Politics 2

Former Greek finance minister Yanis Varoufakis and German left-wing parliamentarian Fabio De Masi (Die Linke) are suing the European Central Bank to gain access to a document underpinning the ECB’s decision to freeze vital funding to Greek banks in 2015 that resulted in forcing Athens to impose cpaital controls. That …

ECB denies EU auditors access to Greek bailouts information on “banking confidentiality” reasons

November 17, 2017 Economy 3

The European Central Bank (ECB) challenged an attempt by the European Court of Auditors (ECA), the watchdog of EU finances, to examine the Bank’s role in the Greek bailout and reform programmes and refused to provide access to some requested information, citing banking confidentiality. The European Court of Auditors published …

Nice Profit: ECB made €7.8billion from Greece’s financial crisis

October 11, 2017 Economy 5

The European Central Bank (ECB) has profited handsomely from its holdings of Greek government debt, according to a document seen by the Financial Times. A written response to a request from Greek MEP Nikos Chountis (Popular Untity) showed the bank collected €7.8 billion in interest payments between 2012-2016 on Greek …

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

September 28, 2017 Uncategorized Comments Off on 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 …

Greek banks under pressure amid fears the ECB may bring forward stress tests

September 26, 2017 Economy 3

For one more day, Greek banks suffered losses in Athens Stock Exchange over fears the European Central Bank may bring forward Greek bank stress test next year. By closing of the ASE session on Sept 26/2017, losses and wins of the four Greek systemic banks were: Alfa Bank -8.52% National …

Is Greece getting ready to return to the markets next Monday?

July 20, 2017 Economy 2

The Greek government is keen and determined to return to the bond markets for the first time again after a test exit in 2014. For Athens the return to the capital markets is important in order to show that the reforms under the current bailout program are working and that …

Draghi signals Greek debt measure not enough for QE inclusion

June 27, 2017 Economy 4

European Central Bank President Mario Draghi effectively put an end to a debate about the inclusion of Greek bonds in the ECB’s asset-purchase program, saying commitments offered by creditors earlier this month still don’t provide sufficient clarity on the country’s future debt path. The debt measures Greece adopted are “still …

ECB says unlikely to include Greece in QE in next months

June 13, 2017 Economy 2

The European Central Bank is unlikely to include Greek bonds in its asset-purchase program for the foreseeable future, a person familiar with the matter said, as European creditors aren’t prepared to offer substantially easier repayment terms on bailout loans to improve the nation’s debt outlook. Lack of clarity on debt …

Draghi warns QE for Greece is not to be taken for granted

May 29, 2017 Economy 1

Mario Draghi joined the club of those delaying return of Greece to the international markets. The European Central Bank will not consider including Greek government bonds in its asset purchases program before a pending bailout review is concluded and creditors agree to ease the country’s burden, Mario Draghi said on …

Draghi praises EU citizens’ support to Euro as Berlin pushes for his German successor

May 20, 2017 Economy 2

“The EU and the euro always commanded the support of the majority of European citizens.” President of the European Central Bank, Mario Draghi said on Thursday. Draghi was speaking during a ceremony where he received a honorary doctorate form the University of Tel Aviv. Key highlights from Mario Draghi’s speech: …

ECB report: Youth unemployment in Greece, Spain and Slovakia in largest decline within EZ

May 10, 2017 Economy 3

Slovakia, together with Spain and Greece, are the countries with the largest decline in the youth unemployment within the eurozone area. According to a report of the European Central, the unemployment rate among workers between 15 and 24 years old, dropped in the years 2013 to 2016. The study uploaded …

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