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Tag Archives: Greek Banks

Greece’s banks & ECB: Liquidity rises, ELA falls

August 19, 2015 Economy 1

All Greek banks were needed was another bailout and capital controls. Both needs have been satisfied and now their liquidity has improved. Therefore the Bank of Greece requested the European Central Bank to lower the Emergency Liquidity Assistance (ELA). The European Central Bank lowered on Tuesday the ceiling for emergency …

Banks Union appeals to Greeks to return their money to banks

July 20, 2015 Economy 9

President of Greek Banks Association Louka Katseli appealed at the citiznes to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been …

Greek Consulting Company to challenge ECB’s ELA decision before European Court of Justice

July 10, 2015 Economy 3

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 …

Greek Bank Union: “Tuesday’s Liquidity will determine withdrawals cap”, dismisses FT “30% deposits haircut”

July 4, 2015 Economy 1

Sunday… Monday… Tuesday… Wednesday… Four very crucial days that will determine whether the average Greek will still be able to withdraw a couple of euro banknotes from the ATMs, whether the pensioner will be able to get hold of the whole of his July pension. Whether the Greek banks will …

Greek banks: liquidity apprx €1bn – ATMs “full over weekend”

July 3, 2015 Economy 19

What has been rumored since the morning, takes a shape in the afternoon: that the cash reserves of Greek banks are shrinking. The rumor started when some pensioners could not withdraw €120 on Friday if they had withdrawn €60 via ATM the day before. The concern increased, when several debit …

Dirty Games by Very Dirty Guys: The ECB “orchestrates” a bank run

June 18, 2015 Economy 9

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 …

Greek Minister: Banks tell savers to bring their money abroad

June 8, 2015 Economy 4

There was this story I heard by a friend. It must have been beginning of February or so. He told me, he was advised by an employee of the bank were he had his savings to withdraw them – take it at home, dig a hole in the garden. I …

ECB leaves ELA level for Greece unchanged, while Greeks withdraw money like crazy: €300m just yesterday

May 27, 2015 Economy Comments Off on ECB leaves ELA level for Greece unchanged, while Greeks withdraw money like crazy: €300m just yesterday

The European Central Bank left the level of Emergency Liquidity Assistance available to Greek banks unchanged from a week ago, two people familiar with the matter told Bloomberg. “During a telephone call on Wednesday, the Governing Council left the cap on Emergency Liquidity Assistance at 80.2 billion euros ($87.6 billion), …

ECB extends liquidity for Greek banks, increases funds with extra €3.3bn

February 18, 2015 Economy 4

Te European Central Bank has reportedly agreed to give a two-week extension on Emergency Liquidity Assistance for Greek banks and to raise the emergency funding available to Greek banks to €68.3bn.. “The €3.3bn increase in the so-called Emergency Liquidity Assistance (ELA) is critical for Greece’s banks,” note the BBC, adding …

Standard & Poors downgrades Greece credit rating to B-

February 6, 2015 Economy Comments Off on Standard & Poors downgrades Greece credit rating to B-

Standard & Poor’s downgraded Greece’s credit rating one notch on Friday and warned of a narrowing window for the government to agree on a new financing program with creditors. S&P downgraded Greece to “B-” from “B,” with a negative outlook. “The downgrade reflects our view that the liquidity constraints weighing …

BoG Stournaras: “Banks are solid, deposits and liquidity safe”

February 6, 2015 Economy 2

Greek central bank governor Yannis Stournaras said on Thursday that Greek banks were solid and under control, a day after the European Central Bank denied them use of Greek bonds as collateral for loans. “Deposits and liquidity are absolutely safe,” Stournaras, who is also a member of the European Central …

ECB approves ELA funding for Greek banks

January 22, 2015 Economy Comments Off on 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 …

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

January 17, 2015 Economy Comments Off on 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, …

BoG confirms “two banks requested ELA funding” – Which banks…

January 16, 2015 Economy Comments Off on BoG confirms “two banks requested ELA funding” – Which banks…

Bank of Greece sources confirmed to several media that two Greek banks made a request for Emergency Liguidity Assistance (ELA) funding from the Bank of Greece in December. However, they did not confirm the amount of liquidity that it was asked, neither did they disclose the names of the banks. …

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

October 27, 2014 Economy Comments Off on 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 …

BoG on recapitalization: Greek banks will need capital up to 6.4 bln euros

March 6, 2014 Economy 1

Greek banks will need additional capital of 6.382 billion euro, Bank of Greece said on Thursday. specifically, Eurobank will need €2.845 billion, National Bank of Greece €2.183 billion, Piraeus Bank €425 million, Alpha Bank €262 million, Attica Bank €397 million and €Panellinia Bank 169 million. “The additional capital requirements of …

To Greece with love: Troika sent €10 billion to Athens per cargo planes to avoid euro collapse

August 25, 2013 Economy 1

Aha! Every time the Troika delayed a bailout installment, planes full of money allegedly arrived to debt-ridden Greece to feed the banks and satisfy demand for cash. It wasn’t the Greek politicians’ slogan “We can manage with a bailout delay” – as the repeatedly said – but it was the …

Greek banks to absorb branches of three Cypriot banks

March 16, 2013 Economy Comments Off on Greek banks to absorb branches of three Cypriot banks

Greek banks will absorb the branches of Cypriot banks “Cyprus”, “Laiki” and “Elliniki”, Greek media reported on Saturday, hours after the Eurogroup decided on Cyprus bailout. Citing government and banking sources, Greek and international media report that “Cypriot banks will transfer their Greek units to Greek owners.” The units of …

“Distressed” Hedge Funds negotiate the purchase of bad loans from Greek banks

February 23, 2013 Economy Comments Off on “Distressed” Hedge Funds negotiate the purchase of bad loans from Greek banks

Hedge funds and private equity companies specialized in acquiring the debts of bankrupt companies are reportedly in negotiation with Greek banks to purchase loans. At a spot price of 5-50% of their value and sell them further for 100% profit. According to economic news website newmoney.gr, the foreign companies, also …

Savings account at Greek banks? Tax on interest rates increased to 15%, retroactive 1.1.2013

January 15, 2013 Economy 4

They rip you off the moment, they smell you have a euro or two in your pocket or even worst at a bank savings account. Tax on interest rates from bank deposits and other bank products is increased from 10% to 15% and thus retroactive from 1. January 2013. According …

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