Tag Archives: ecb

Former Finance Minister Yanis Varoufakis had a plan: once the ECB forced Greece’s banks to close, he could act unilaterally and 1. issue IOUs 2. apply a ‘haircut’ to the Greek bonds issued to the ECB in 2012, 3. reducing Greece’s debt and 4. seize control of the Bank of …

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A Greek private equity and advisory firm started the proceedings to take the European Central Bank to the European Court of Justice requesting the annulment of June 28th and July 6th that froze the Emergency Liquidity Assistance to Greek banks thus creating an asphyxiating atmosphere to the Greek economy and …

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Euro Leaders agreed to give Greece a chance to submit new proposals by 8:30 a.m. Friday, July 10th. Two days later, a full Summit with all 28 European Union members will take place. A crucial decision will be taken: “to start negotiations for a two-year program,” as Merkel said or …

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“I have enough cash and enough food at home. Now, I sit and wait,” a friend told me this morning. Anna is extremely worried that creditors will let Greece down with whatever the cost for the society. “They want Greece out of the euro and the EU, whatever the government …

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Bridge funding for Greece while a new bailout programme is being negotiated could be a possibility, European Central Bank Governing Council member Ewald Nowotny said on Monday. “Whether it’s possible is something that has to be discussed,” Nowotny told Austrian state television ORF. Nowotny added that the ECB would not …

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The European Central Bank decided today to maintain and to not increase Emergency Liquidity Assistance to Greek banks, despite a request for an allegedly 3 billion ELA increase sent by Greek government on Sunday. Furthermore the ECB decided to “adjust” “haircuts on Greek collateral for ELA, although it did not …

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Finance Minister Yanis Varoufakis submitted his resignation on Monday morning after Greeks rejected creditors’ proposal with 61.31%. Below is what the “star” FinMin wrote in his blog. 11:25 am The name of the new Finance Minister is to be announced after the Political Leaders Council currently conveying under President Pavlopoulos. …

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Ballot boxes closed at 7 o’ clock in the afternoon. Immediately, several private television channels started to public results of public opinion surveys conducted among Greeks before and after they voted. However these results were not exit polls. Orange: NO Green YES Live Blog starts here 07:30 pm – First …

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+++ Jeroen Dijsselbloem after Eurogroup meeting: “There could not be program extension, it expires tonight. The Greek proposal will be examined after the Referendum.” That was also Germany’s stance, to discuss again on Greece after the Referendum. A Eurogroup meeting via teleconference will be held 12:30 noon BE time (GR …

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Below is the full statement by Greek Prime Minister Alexis Tsipras on Sunday evening, after the Greek Systemic Stability Council proposed to impose Capital controls and banks closure as of tomorrow, Monday, June 29th 2015, for at least 6 working days. Prime Minister Alexis Tsipras’ statement on the latest developments …

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Athens – Live blog started 12:51 Greek Prime Minister Alexis Tsipras is expected to address the nation still tonight. According to Greek media, Tsipras is to announce a Referendum that most likely is expected to be held on Sunday, July 5th 2015. Currently PM Tsipras is briefing opposition party leaders on …

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Hardly had Greek Prime Minister Alexis Tsipras stepped at Brussels airport and the creditors started to throw stones on his way to the meeting with Institutions. They have reportedly submitted a new proposal as they do not agree with Greece’s equivalent measures. It is said that especially the IMF rejects …

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Greek Prime Minister Alexis Tsipras flew to Brussels on Wednesday morning and meet with the heads of the Three Institutions , EC Jean-Claude Juncker, ECB Mario Draghi and IMF Christine Lagarde. The meeting is reportedly scheduled for 1 pm local time (2 pm GR time). The Tsipras-Institutions meeting takes place …

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The news posted by Reuters shocked! The usual suspects, the “anonymous officials with knowledge of the talks”, the black-tie toussie-moussies had reportedly told the international news agency that “the European Central Bank was not sure if Greek banks would open on Monday”. “The European Central Bank told a meeting of …

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I am at the end of my understanding of the world and creditors’ games. The one moment the European Commission whispers to media ears, that it prepares a debt relief for Greece’ debt, the next moment, a financing mechanism from the same Europe, claims the opposite. “Greece has already received …

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The European Commission and the European Central Bank are reportedly working on a draft for a Greek debt relief, in an effort to break the impasse of bailout talks. According to an exclusive story of daily Kathimerini,the draft will be in form of a statement and thus only in case …

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In April 2015 the Greek Parliament established the Truth Committee on Public Debt  mandating the investigation into the creation and growth of public debt, the way and reasons for which debt was contracted, and the impact that the conditionalities attached to the loans have had on the economy and the population.The …

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Greek Prime Minister Alexis Tsipras sharply criticized the country’s creditors on insisting to impose a “failed program” and accused the International Monetary Fund of “criminal responsibility for what has happened in the last 5 years.” Speaking to his own lawmakers in SYRIZA’s parliamentary group on Tuesday, Alexis Tsipras also accused …

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The risk of capital controls is allegedly high as Greece rejects creditors’ absurd demands and dictates. The risk is considered “high” because the uncertainty pushes more and more savers to withdraw more and more money from the banks that on their part rely on Emergency Liquidity Assistance provided by the …

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No deal, no money. No money, most probably no payment to the IMF. No payment to the International Monetary Fund could result into a “credit event” for Greece. But the debt-ridden country has additional financial obligations to meet in July and August.  It has to repay €6.7billion for bonds held …

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