Author Archives: Manos Giakoumis

Moving on

This blog was launched in June 2012 with the aim to provide an independent and insightful analysis on the major macro and banking news at a critical juncture for Greece. Advertisements

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Greek budget bottom-line outperformance narrowed to €2.2bn in June

According to MoF preliminary data (on a modified cash basis), Greek budget bottom-line outperformance (i.e. actual vs target) narrowed by €1bn m-o-m to €2.2bn in 6M’13 from €3.2bn in 5M, largely attributed to a widening of revenue shortfall. Better-than-targeted fiscal … Continue reading

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Greek banks Eurosystem funding fell by €9bn m-o-m in May

Latest BoG data show that Greek banks’ Eurosystem funding dropped by €9.0bn m-o-m in May, most likely reflecting higher interbank funding and deposit inflows. What is also important is that, after a temporary hike in April, ELA funding contribution to … Continue reading

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Greek budget bottom-line outperformed targets by €3.2bn in 5M’13

MoF preliminary data (on a modified cash basis) on Greek budget execution in 5M’13 depicted an almost stable bottom-line outperformance (i.e. actual minus target) with budget and primary balance beating 5-month target by €3.2bn compared to €3.3bn in 4M’13,  >€2.8bn … Continue reading

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Credit contraction marginally decelerated to 3.4% in April

According to latest BoG data, credit contraction in the Greek market marginally decelerated to 3.4% y-o-y in April from 3.5% March with balances reaching €226.3bn corresponding to 119.2% of GDP. Loan balances eased 0.9% m-o-m (for tenth consecutive month) with … Continue reading

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Deposit outflows at €1.57bn in April

Latest BoG data show that deposit flow in the Greek market remained negative for second consecutive month in April with outflows increasing to €1.57bn from of €0.14bn in March and inflows of €2.69bn in February. April negative flow is most … Continue reading

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Greek banks Eurosystem funding rose by €2.4bn in April

Latest BoG data show that Greek banks’ Eurosystem funding rose by €2.4bn m-o-m in April, most likely reflecting deposit outflows in the aftermath of recent developments in Cyprus. It is noteworthy that Central Bank funding had dropped by c€37bn in … Continue reading

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Budget bottom-line outperformance further widened by €0.5bn m-o-m to €3.3bn in April

MoF preliminary data (on a modified cash basis) on Greek budget execution in April depicted a further widening of bottom-line outperformance (i.e. actual minus target) by c€0.5bn m-o-m with budget and primary balance beating 4-month target by €3.3bn compared to … Continue reading

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EC spring forecasts on Greek economy

European Commission (EC) released on May 3 (Holy Friday for Greek Orthodox) its spring economic forecasts on Greek economy under the title “Contraction combined with a rebound of confidence” noting that a recovery in the Greek economy is expected to … Continue reading

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General government cash primary surplus at €967m in Q1’13 – Arrears dropped 8% m-o-m in March

MoF data show that general government (gg) primary cash balance recorded a surplus of €967m in Q1 ’13 from €2,382m in Q1’12 down 59.4% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance … Continue reading

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Credit contraction decelerated to 3.5% y-o-y in March

According to latest BoG data, credit contraction in the Greek market decelerated to 3.5% y-o-y in March from 3.9% in February from 4.0% in the previous two months with balances reaching €228.4bn corresponding to 119.5% of GDP.

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Marginal deposit outflows of €0.14bn in March

Latest BoG data show that deposit flow in the Greek market turned marginally negative in March with outflows of €0.14bn following inflows of €2.69bn in February and slight outflows of €0.17bn in January. March negative flow is attributed to time … Continue reading

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Budget bottom-line final figures confirmed widening of outperformance in March

MoF final data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by c€1bn m-o-m with budget and primary balance beating 3-month target by >€2.83bn compared to €1.84bn … Continue reading

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IMF latest forecasts on Greek economy

In its latest edition of World Economic Outlook and Fiscal Monitor released on April 16, ‘13, IMF sees Greek GDP contracting 4.2% in 2013 and rebounding 0.6% in 2014, while unemployment rate is expected to rise from 24.2% in 2012 … Continue reading

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Greek banks’ Eurosystem funding fell by €4.4bn m-o-m in March

Latest BoG data show that Greek banks’ Eurosystem funding dropped by €4.4bn m-o-m in March, following a €11.3bn and €13.5bn decline in February and January respectively, with cheaper ECB funding accounting for more than ¾ of total Central Bank funding.

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Budget bottom-line outperformance widened in March

MoF preliminary data (on a modified cash basis) on Greek budget execution in March depicted a widening of bottom-line outperformance (i.e. actual minus target) by €1bn m-o-m with budget and primary balance beating 3-month target by €2.8bn compared to €1.8bn … Continue reading

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General government cash primary surplus at €1,375m in 2M’13

MoF data show that general government (gg) primary cash balance recorded a surplus of €1,375m in 2M ’13 from €3,206m in 2M’12 down 57.1% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance … Continue reading

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Credit contraction marginally decelerated to 3.9% y-o-y in February

According to latest BoG data, credit contraction in the Greek market marginally decelerated to 3.9% y-o-y in February from 4.0% in the previous two months with balances reaching €225.0bn corresponding to 117.1% of GDP.

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Deposit inflows at €2.7bn in February – Balances up 1.9% m-o-m to €164bn

Latest BoG data show that deposit flow resumed a positive trend in the Greek market in February with inflows of €2.69bn following the marginal outflows of €0.17bn in January and the significant inflows of €5.75bn in December.

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Greek banks’ Eurosystem funding further eased by €11.3bn m-o-m in February ‘13

Latest BoG data show that Greek banks’ Eurosystem funding dropped by €11.3bn m-o-m in February, following a €13.5bn decline in January, with a further shift in the mix towards the cheaper ECB funding.

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