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Category Archives: Greek economy
Greek June budget revenues rebounded, yet still falling short of targets – bottom-line much better than targeted
According to the final data for 6M’12 budget execution released by MoF, revenues (excl. tax refunds) rebounded in June (up 3.0% y-o-y), after easing by 14.9% and 12.8% in the previous two months, bringing the 6-month figure down 4.4% y-o-y … Continue reading
ECB will not accept GGBs as collateral as of July 25
ECB announced on July 20 that “due to the expiration on July 25 of the buy-back scheme for marketable debt instruments issued or fully guaranteed by the Hellenic Republic, these instruments will become for the time being ineligible for use … Continue reading
Resignation of HRADF CEO
Hellenic Republic Asset Development Fund (HRADF) CEO Costas Mitropoulos submitted his resignation to FinMin on July 19. In his resignation letter he stressed that “the newly elected government has not given the support needed. Instead, they have indirectly yet systematically … Continue reading
Greek political leaders agree on basic directions of cost cutting measures and policy actions
As expected, the leaders of the three coalition parties and FinMin did not provide much detail on cost cutting measures, following a 3-hour meeting held yesterday. FinMin Yannis Stournaras stated that “we had a very good discussion and agreed on … Continue reading
Greek banks’ Eurosystem funding at €135.6bn in June
According to the latest data for May and June released by BoG, Greek banks’ ECB funding eased by €58.6bn m-o-m to €3.45bn in May, while soared by €70.2bn m-o-m to €73.66bn in June.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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IMF updated forecasts on Greek economy
In its latest Fiscal Monitor , IMF notes that “the situation in Greece remains fluid stressing that macroeconomic deterioration and uneven reform implementation have weighed on revenues this year, while financing constraints are leading to under-execution of budgeted expenditures“.
IMF Lagarde – “way premature to discuss extension”
In an interview with CNBC, IMF Managing Director Christine Lagarde stated on Greek new coalition government that “I’m quite pleased to see that the Greek authorities are aware of the fact that they have to demonstrate their determination to own, … Continue reading
IMF spokesman – “we are open to discuss better ideas”
During the regular bi-weekly press briefing, IMF spokesman Gerry Rice stated that “In terms of the main findings, it is too early to get into details, but I think we can say that there are policy implementation delays in a … Continue reading
Greek June budget execution – Revenues rebounded, yet continued falling short of targets; bottom-line much better-than-expected
Revenues (excl. tax refunds) rebounded in June (up 2.0%), after easing by 14.9% and 12.8% in the previous two months, bringing the 6-month figure down 4.5% y-o-y.
Greek general government deficit at €8.2bn in 5M’12
General government deficit, according to cash data, stood at €8,183m in 5M’12 (5M’11: €8,049m) up just 1.7% y-o-y with primary surplus at €555m (5M’11: deficit of €1,985m), incorporating:
Greek deposit outflows at a new historic high of €9.2bn in May
Deposits (domestic enterprises & households) substantially eased 5.1% m-o-m, 9.6% y-t-d and 18.0% y-o-y in May (Apr: -15.7% y-o-y) reaching €157.4bn.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
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