Category Archives: Articles

Some thoughts on the upcoming votes in the Greek parliament

Over the past 3 years, there was an escalated uncertainty over Greece’s fiscal consolidation, then funding needs and ultimately debt sustainability. During last elections, the previously simmering disagreement and social anger over the imposed austerity measures was transformed into a … Continue reading

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A long-awaited Greek bank mega deal

National Bank of Greece (NBG) announced on October 5 late in the evening a voluntary share exchange offer to acquire 100% of Eurobank. NBG offers 58 new shares for every 100 Eurobank shares implying a premium of 7.0% and 3.6% … Continue reading

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New (final?) round of discussions on bank recapitalisation is launched

Recent press reports indicate that the long-awaited new – and most likely final – round of discussions on bank recapitalisation framework and terms has been launched. Same sources note that the deadline for the finalisation of all pending issues, which … Continue reading

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Will current breeze turn to a wind of change?

ECB decision on unlimited bond purchases of euro area countries in trouble, even under strong conditionality, along with its acceptance of the ‘pari passu’ treatment of its sovereign bond holdings certainly improved market’s sentiment on the eurozone prospects and was … Continue reading

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Developments are accelerating in the banking sector

The acquisition of the sound part of ATEbank by Piraeus Bank on July 27 kicked off, in my view, the long-awaited new round of consolidation in the Greek banking sector. Following this transaction Piraeus improved its deposit base, while became … Continue reading

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Important macro and banking developments in an unusually interesting summer season

Unlike previous years’ summer season, a lot of important macro, political and banking developments are taking place in Greece this year. The government has to identify cost cutting measures of €11.5bn for 2013-14 in an effort to convince international partners … Continue reading

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A proposal for improving Greece’s international perception

There is a motto saying that “Caesar’s wife is not enough to be honest, she must also show it”. Perception nowadays is even equally important to actions, meaning that a negative perception for a positive action is almost equivalent to … Continue reading

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Some thoughts on the media communication of Greek budget execution data to the public

Media continue to downplay the decent primary expenditure performance, while focus and point out particularly the revenue lag. They also repeatedly mention total – and not primary – expenditure which includes interest payments and, particularly for this year, also incorporates … Continue reading

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