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Tag Archives: Greek Banks

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 …

EIB and HSBC partner for trade finance of SMEs in Greece

January 29, 2018 Economy Comments Off on EIB and HSBC partner for trade finance of SMEs in Greece

The European Investment Bank (EIB) has partnered with HSBC to provide a wholesale facility for trade finance to Greece’s SMEs. The €134m (£118m) package will be channelled to SMEs by the National Bank of Greece and Piraeus Bank. EIB, HSBC, Citibank and Commerzbank will provide credit guarantees. Other banks are …

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 …

Greece’s Central Banker Stournaras says “we don’t need the IMF anymore”

September 4, 2017 Economy 1

Greece’s influential central banker, Yannis Stournaras, was quoted on Sunday as saying that if the International Monetary Fund wants to leave the Greek program, “it should leave.” Stournaras message fueled speculation ahead of negotiations aimed to conclude the third review of the ongoing bailout. “If it (IMF) wants to leave, …

Fitch upgrades mortgage-covered bond programmes of 3 Greek banks

August 28, 2017 Economy Comments Off on Fitch upgrades mortgage-covered bond programmes of 3 Greek banks

Fitch Ratings announced an upgrade of four Greek mortgage-covered bonds programmes issued by Alpha Bank, National Bank of Greece and Piraeus Bank to ‘B’ from ‘B-‘, as follows: – Alpha’s covered bonds upgraded to ‘B’ from ‘B-‘; Stable Outlook – NBG’s covered bonds Programme I (NBG I) upgraded to ‘B’ …

Fraport Greece signs €1billion loan agreement also with Greek banks to finance 14 regional airports modernization

March 28, 2017 Economy 3

This is how privatization looks like: Greek banks lend the German state millions so it can buy Greek airports and modernize them. This is investment in the debt-ridden country. A consortium of financial institutions signed a long-term agreement worth approximately 1 billion euros with Fraport Greece to finance the 40-year …

ECB Draghi had no right to close Greece’s banks

March 7, 2017 Economy 3

The decision of the European Central Bank to freeze the emergency liquidity in summer 2015 and force the Greek government to close the countries bank was possibly not legal. This is stated in the Italian daily Il Manifesto that quotes Fabio de Masi, member of German Die Linke in the …

“Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

February 16, 2017 Economy Comments Off on “Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit. The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshell flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time. …

S&P upgrades Greece’s four systemic banks

August 3, 2016 Economy Comments Off on 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 …

BoG appoints Pricewater &Co with Liquidation of €9bn Assets in non-performing loans

April 4, 2016 Economy Comments Off on BoG appoints Pricewater &Co with Liquidation of €9bn Assets in non-performing loans

Appointment of a Special Liquidator for all the credit and financial institutions under special liquidation The Bank of Greece, in implementation of a relevant provision of Law 4336/2015 and by virtue of Credit and Insurance Committee Decision No. 182/1/4.4.2016, has appointed PQH Single Special Liquidation S.A. as Special Liquidator for …

Greece’s banks keep files of 500-euro notes swappers, charge 1.5% commission

March 21, 2016 Economy 2

On top of charging commission when someone wants to exchange 500-euro banknotes with smaller ones, Greece’s banks are being ordered to note the personal data and transaction history of clients who exchange 500-euro banknotes, along with cross-checking the details recorded with other transactions by those customers, according to a circular …

Draghi’s awkward memory moment: Not the role of ECB to use its monetary policy to force governments to reform

February 1, 2016 Economy Comments Off on Draghi’s awkward memory moment: Not the role of ECB to use its monetary policy to force governments to reform

It is a working psychological survival strategy: one creates a bubble, gets in and lives comfortable and nicely till the end of the days. When the bubble is drawn with bright colors, the protection is almost perfect – especially when these bubbles are institutions like the European Central Bank. Too …

Greek banks charge higher commission for cards payments than in other EU countries

December 21, 2015 Economy 5

The Greek government wants to boost the use of plastic money as a means to combat tax evasion. But the banks do not share the government enthusiasm and keep their charging rates high. A vendor, a restaurant owner or a lawyer has to pay 3% or even higher commission to …

Thousands of jobs to be lost in Greece’s banking sector

December 16, 2015 Economy 1

Greece’s four main banks will have to reduce their employees by a total of 4,350 and shut down about 180 branches up to the end of 2017. These new reduction demands result from the derailing of the Greek economy generated by the prolonged uncertainty during 2015 which brought the country …

How many bank shares you can buy for the price of a metro ticket

December 1, 2015 Economy 4

Ok, our Greek banks are been currently recapitalized and until this process concludes the shares are … well… not at their best. The times when The National Bank was at 17EUR and Piraeus at 16EUR are long gone. With shares prices at: €0.047 for Alpha Bank, €0.081 for National Bank, …

Greek banks: Hackers extend ransom payment deadline

November 30, 2015 Economy 1

A team of hackers has allegedly threatened to bring down the electronic systems and websites of Greek banks, unless they pay ransom in Bitcoins. Greek media report on Monday that a group called “Armada Collective” has threatened the Greke banks with a DDoS attack. Sources told the media that the …

Greece’s banks stress tests: ECB finds total capital shortfall is €14.4 billion

October 31, 2015 Economy Comments Off on Greece’s banks stress tests: ECB finds total capital shortfall is €14.4 billion

The European Central Bank announced today the results of stress tests for the four Greek systemic banks National Bank of Greece, Piraeus Bank, Alpha Bank and Eurobank. The ECB has found that the total capital shortfall of the four systemic banks is 14.4 billion euro which is much lower than …

Greece’s banks recapitalization allegedly to cost €14bn and not €25bn

October 30, 2015 Economy 1

The amount of capital requirement for the recapitalization of Greece’s four systemic banks may fall much lower than estimated a couple of months ago. “The amount could be 14 billion euro,” Greek media report noting that “this creates optimism in the government and the Greek bankers that the recapitalization will …

Athens Stock Exchange: “Black Monday” for Greek Banks, losses at 15.86%

September 28, 2015 Economy Comments Off on Athens Stock Exchange: “Black Monday” for Greek Banks, losses at 15.86%

I don’t know what happened with the stakes of the Greek banks today. But they massively plunged 15.86% in the Athens Stock Μarket and had some local media described the day as “Black Monday” for the banks. Reason for this disaster was apparently the fear that the recapitalization of the …

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