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Tag Archives: ecb

Greek FinMin statement on ECB decision (in English)

In a statement issue early hours of Thursday, the Greek Finance Ministry stressed that the Greek banking system is “adequately capitalized and fully protected through access to the Emergency Liquidity Assistance” and that the ECB puts pressure on the Eurogroup to proceed rapidly to a new agreement between Greece and …

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Varoufakis to meet Draghi and Schaeuble, Feb 4-5/2015

Greek Finance Minister Yanis Varoufakis will meet with European Central Bank chief Mario Draghi and and German Finance Minister Wolfgang Schaeuble on Wednesday and Thursday respectively. The Greek FinMin announced his upcoming appointments in Germany speaking to reporters while in Rome today, Athens News Agency reports. State NERIT TV reported …

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ECB’s QE: Greek bonds are in under conditions

The European Central Bank announced its Quantitative Easing (QE) program and set limits on buying Greek government bonds for at least six months. ECB President Mario Draghi said that Greece will be ineligible for the ECB’s 1.1 trillion-euro ($1.3 trillion) program until at least July because of limits on how …

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ECB approves ELA funding for Greek banks

The European Central Bank approved the application the Bank of Greece to activate the Emergency Liquidity Assistance (ELA) for systemic banks of the country. According to Imerisia.gr, the ELA funding will go to Eurobank, Piraeus and Alpha Bank. The fourth systemic bank, National Bank, has apparently not submitted an ELA …

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“L’ euro c’est moi”-Merkel: ECB is independent to take decision on QE, but…

German Chancellor Angela Merkel reiterated on Wednesday that the ECB is independent in its decision-making but said it is important nevertheless for the central bank to avoid sending any signals that could undermine the need for structural reforms. “The ECB hasn’t made any decisions yet,” Merkel said at a news …

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Greek media: All four Greek systemic banks ask for ELA funding

A third bank, Piraeus Bank, requested for Emergency Liquidity Assistance (ELA) on Friday, after the Eurobank and Alpha bank, Greek media report on Saturday. Citing sources from the banking sector, Greek media report that all four systemic Greek banks have submitted requests for ELA funding from the Europeran Central Bank, …

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IMF and ECB will resume bailout talks with Greece’s new government

Snap elections in Greece? The statements of the country’s main lenders remind me of an old Greek song: “It’s midnight and the whole nature quietens…” The International Monetary Fund and the European Central Bank said that they will hold bailout talks until after elections and will deal with the country’s …

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Super Supervisor! ECB grabs the keys of 120 Eurozone Banks

A historic day! The European Central Bank is officially taking over the supervision of 120 biggest commercial banks within the eurozone area. As the Single Supervisory Mechanism, the ECB  will have the status of a new heavyweight among global regulators, that role carries with it the burden of restoring confidence …

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Confusion whether Greek banks passed Stress Tests; Athens Stock Exchange -3.29%

Hardly had the European Central Bank released Sunday the official results of the stress tests, Greek mainstream media started to hail “Greek banks passed the tests” and “No need for recapitalization”. It took just a couple of minutes for a war of words to break out on the internet with …

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ECB Mario Draghi officially denied “Grexit – Plan Z” in April 2013

European Central Bank chief Mario Draghi apparently lied during a live press conference when he was asked whether there was a Plan B on Greece. It was back in April 2013, when Mario Draghi dismissed  the option “there was a plan for the euro zone exit of the debt-ridden country.” …

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FT: the secret “Plan Z” for Greece’s euro exit

Poul Thomsen from International Monetary Fund, Jorg Asmussen from the European Central Bank, Marco Buti and Thomas Wieser: all four were working “clandestinely” for months preparing for a collapse of Greece’s banks. Their secret blueprint, known as “Plan Z”, was a detailed script of how to reconstruct Greece’s economic and …

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European Parliament points conflict of interest within the Troika of IMF, EU, ECB

The European Commission and the European Central Bank had conflicting interests when they acted within the troika of international lenders in bailed out countries, Members of European Parliament say. Othmar Karas and Liem Hoang Ngoc, the two MEPs tasked with looking at the problems surrounding the work of the so-called …

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ECB’s Asmussen rejects Greece’s call to roll over Greek bonds

The European Central Bank cannot roll over Greek bonds as this goes against a ban on financing governments, a senior ECB policymaker said on Monday, dashing Athens’ hopes it will help plug a funding gap next year through such a move. Athens will be financed by bailout loans until the …

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WSJ: IMF secret docs May 2010 “Greece’s rescue program was not sustainable”

Minutes of International Monetary Fund board meetings held in May 2010 and published by the Wall Street Journal on Tuesday have highlighted the concern of many country representatives that the Greek bailout was not sustainable. One of the key criticisms expressed during meetings held before Athens agreed its first bailout …

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Ex ECB official: “Merkel toyed with the idea of Grexit but she was convinced otherwise” by the Chinese?

“German Chancellor Angela Merkel toyed with the idea of forcing Greece out of the euro until the autumn of 2012.” These claims are raised by Lorenzo Bini Smaghi, until recently one of the six-man executive council  at the European Central Bank and for many years Italy’s man in Frankfurt” In …

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