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Category Archives: Greek economy
Greek banks’ Eurosystem funding slightly rose in August
According to the latest BoG data, Greek banks’ ECB funding rose by €6.9bn m-o-m to €30.9bn in August. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism eased by €5.5bn m-o-m to €100.8bn.
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Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Revenues rebounded in August, budget balance materially better than target
MoF preliminary data on August budget execution depict a rebound of revenues (excl. tax refunds), which soared 19.3% in August, primarily due to the payment of (part of) the personal income tax, following the extension that had been given for … Continue reading
Central government cash deficit substantially improved in August
According to data released by BoG, central government cash deficit (i.e. net balance of the state budget including movements in public debt management accounts) stood at €6.4bn in the first eight months of the year from €18.6bn last year, down … Continue reading
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
Q2’12 GDP shrank 6.3% y-o-y
According to latest Hellenic Statistical Authority (ELSTAT) data, non-seasonally-adjusted Q2’12 GDP shrank 6.3% y-o-y to €43.7bn, 0.1pp worse than the initial figure of 6.2% released on August 13. ELSTAT notes that the difference is due to June monthly data for … Continue reading
General government cash deficit slipped 27.6% y-o-y in 7M’12
Latest MoF data show that general government deficit, according to cash data, eased by 27.6% y-o-y to €10,609m in 7M’12 from €14,648m last year, with primary deficit substantially improving to just €229m from €4,056m in 7M’11.
Deposits rebounded 2.2% m-o-m in July following inflows of €3.05bn
As expected, latest BoG data show that deposits [private sector] rebounded 2.2% m-o-m in July with inflows reaching €3.05bn, following the formation of the new coalition government in the second half of June. It is reminded that outflows peaked to … Continue reading
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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Credit contraction accelerated in July
Latest BoG data depict an acceleration of credit contraction in the Greek banking market to 4.8% y-o-y in July from 4.3% in June with balances reaching €234.4bn corresponding to 111.9% of GDP. Loan balances eased 2.4% m-o-m with net flow … Continue reading
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Tagged Greek banks, Greek credit, Greek economy, Macro data
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July final budget execution data confirm preliminary figures: bottom-line surprises on the upside, revenues on the downside
MoF final data on July budget execution released today confirmed preliminary figures announced on August 10.
Central government debt rises by €23.2bn q-o-q to €303.5bn in Q2’12
According to latest MoF data, central government debt stood at €303.5bnat the end of Q2’12, up by €23.2bn or 8.3% compared to Q1’12 (€280.3bn) and down by €50.2bn or 14.2% versus Q2’11 (€353.7bn), primarily reflecting PSI transaction.
Greek banks’ Eurosystem funding eased by €5.3bn m-o-m to €130.3bn in July
Latest BoG data depict that Greek banks’ ECB funding dropped by €49.7bn m-o-m to €24.0bn in July. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism climbed by €44.4bn m-o-m to €106.3bn.
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Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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July budget execution: bottom-line surprises on the upside, revenues on the downside
MoF data on July budget execution show that, after a temporary rebound in June, revenues (excl. tax refunds) resumed their downward trend easing by 18.6% y-o-y in July and bringing the 7-month figure down 6.9% y-o-y to€27.9bn.
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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Tagged Greek banks, Greek economy, M&A, Politics, Privatisations
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Greek general government cash deficit eases to €9.9bn in 6M’12
Latest MoF data show that general government deficit, according to cash data, eased by 12.9% y-o-y to €9,880m in 6M’12 from €11,347m last year with primary deficit substantially improving to €490m from €4,013m in H1’11.
Political leaders’ agreement and IMF MD statements provide support to Greece’s efforts
During a roundtable interview held at IMF headquarters in Washington, IMF Managing Director Christine Lagarde noted on Greece that
Piraeus Bank absorbs the sound part of ATEbank
BoG announced that in the framework of the resolution measures prescribed in the relevant law (4021/2011), it has explored the potential interest of local and foreign banks for the acquisition of the sound part of ATEbank (90% owned by the … 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
Posted in Articles, Greek banks, Greek economy
Tagged Greek banks, Greek economy, Politics
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Greek loan expansion remained on negative grounds in June
According to BoG, total credit eased 0.8% m-o-m and 4.3% y-o-y in June (May: -4.5% y-o-y) reaching €240.2bn. Net flow rebounded with net additions reaching €851m in June, from net deductions of €940m in May, entirely attributed to corporate lending … Continue reading
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Greek deposit outflows continued unabated at €6.7bn in June – Reversal is expected in July
BoG data show that deposits [private sector] substantially dropped 4.4% m-o-m and 20.0% y-o-y to €150.6bn in June from €157.4bn in May. Deposit outflows continued unabated at €6.7bn, after reaching a new historic high of €9.2bn in May, on heightened … Continue reading
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Tagged Greek banks, Greek deposits, Greek economy, Liquidity, Macro data
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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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