Greek budget bottom-line significantly beat targets in February

MoF final data (on a modified cash basis) on Greek budget execution in February depicted a  significant outperformance at bottom-line with budget and primary balance beating 2-month target by €1.84bn attributed to lower expenditure and higher PIB surplus as well as lower tax refunds. Continue reading

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Greek banks’ Eurosystem funding dropped by €13.5bn m-o-m in January ‘13

Latest BoG data show that Greek banks’ Eurosystem funding dropped by €13.5bn m-o-m in January with a material change in the mix towards the cheaper ECB funding. In particular, ECB funding almost quadrupled soaring €56.9bn or 294% m-o-m to €76.22bn at the end of January from €19.35bn at the end of December. Continue reading

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Greek budget bottom-line significantly outperformed targets in February

MoF preliminary data (on a modified cash basis) on Greek budget execution in February depicted a  significant outperformance at bottom-line with budget and primary balance beating 2-month target by €1.8bn attributed to lower tax refunds and expenditure as well as higher PIB surplus. Continue reading

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Greek GDP contracted 5.7% in Q4’12 and 6.4% in 2012

Hellenic Statistical Authority (ELSTAT) latest data show that non-seasonally-adjusted Q4’12 GDP shrank 5.7% y-o-y, 0.3pp better than the initial (flash) estimate of 6.0% released on February 14. Continue reading

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General government cash surplus at €1.5bn in January ‘13

MoF data show that general government (gg) primary cash balance recorded a surplus of €1,784m in January ’13 from €2,474m in January ’12 down 27.9% y-o-y. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €825m. Continue reading

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Credit contraction remained stable at 4.0% y-o-y in January

According to latest BoG data, credit contraction in the Greek market remained stable at 4.0% y-o-y in January following a deceleration recorded in the previous months (from 4.8% in October to 4.0% in December) with balances reaching €225.5bn corresponding to 116.8% of GDP. Continue reading

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Marginal deposit outflows of €0.17bn in January

Latest BoG data show that deposit flow turned marginally negative in the Greek market in January with outflows of €0.17bn following the significant inflows of €5.75bn in December. January flow reflects time inflows of €3.17bn offset by sight and savings outflows of €2.13bn and €1.20bn respectively. Continue reading

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EC winter forecasts on Greek economy

According to EC winter forecasts released on February 22, carry over from 2012 as well as the ongoing fiscal consolidation are projected to result in a further reduction of GDP by 4.4% in 2013, after a 6.4% drop in 2012. The return to positive quarterly growth rates is seen by end-2013 and will be followed by positive full-year growth of 0.6% in 2014. Continue reading

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Final data confirm positive surprise of January budget bottom-line

MoF final data (on a modified cash basis) on Greek budget execution confirmed preliminary figures released on February 11 showing a budget and primary surplus in January, despite the revenue shortfall which was more than offset by a better expenditure performance. Continue reading

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Central government debt marginally up q-o-q to €305.5bn at YE’12

According to the latest debt bulletin published by MoF, central government debt (excl. debt guaranteed by the central government) stood at €305.5bn at YE’12 from €303.5bn in 9M’12 and €368.0bn at YE’11, up 0.67% q-o-q, yet down 17.0% y-o-y, primarily due to PSI. Continue reading

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Greek budget bottom-line surprised on the upside in January

MoF preliminary data (on a modified cash basis) on Greek budget execution showed a budget and primary surplus in January, despite the leaked revenue shortfall last week predisposing a worse performance at bottom-line. Continue reading

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Key highlights of Greece’s updated Medium Term Fiscal Strategy

MoF tabled to parliament on February 8 the updated Medium Term Fiscal Strategy (MTFS) for 2013-16, which is scheduled to be voted by February 18 and is a prerequisite for the approval and disbursement of the next aid tranche of €2.8bn. Continue reading

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General government primary cash surplus at €434m in 2012

MoF data show that general government primary cash balance recorded a surplus of €434m from deficit of €3,499m in 2011. According to MoF, reported figure is on a non consolidated basis and consolidated primary balance is expected to be smaller by €538m. Furthermore, general government cash deficit narrowed by 39.3% y-o-y to €12,531m in 2012 from €20,646m last year, outperforming target of €14,949m by €2,418m or 16.2%. Continue reading

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Credit contraction decelerated to 4.0% in December

According to latest BoG data, credit contraction in the Greek market decelerated for second consecutive month to 4.0% y-o-y in December from 4.6% y-o-y in November and 4.8% in October, with balances reaching €227.7bn corresponding to 117.4% of GDP. Continue reading

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Significant deposit inflows of €5.7bn in December

Latest BoG data show positive deposit flow for fourth consecutive month with significant inflows of €5.66bn in the Greek market in December (the highest monthly figure since December ’08) from €0.67bn in November and €1.0bn in October. Continue reading

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2012 budget and primary deficit narrowed 31.1% and 46.1% y-o-y beating targets

MoF final data (on a modified cash basis) on Greek budget execution depicted a worse performance in December compared to that in November and October, attributed to seasonal (PIB) and one-off effects (debt buyback) along with a top-line pressure and a stall in cost cutting. Nevertheless, both 2012 budget deficit and primary deficit outperformed targets mainly due to the stronger fiscal performance particularly in the Aug-Oct period.

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Greek banks’ Eurosystem funding dropped 6% m-o-m in December

Latest BoG data show that Greek banks’ ECB funding rose by €13.7bn m-o-m to €19.3bn in December from €5.6bn in November. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism dropped €21.4bn m-o-m to €101.9bn in December from €123.3bn in November. Continue reading

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Key highlights of latest IMF report on Greece

The Executive Board of the IMF completed on January 16 the first and second review of Greece’s economic performance enabling the disbursement of the €3.24 tranche. Following Executive Board’s discussion, IMF Managing Director Christine Lagarde issued a brief statement with IMF views on recent developments and outlook noting that: Continue reading

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Greek 2012 budget primary deficit narrowed 42.7% y-o-y to €3.7bn

MoF preliminary data (on a modified cash basis) on Greek budget execution depicted a worse performance in December compared to that in November or October, attributed to seasonal (PIB) and one-off effects (debt buyback) along with a top-line pressure and a stall in cost cutting. Nevertheless, both 2012 budget deficit and primary deficit outperformed targets mainly due to the stronger fiscal performance particularly in the Aug-Oct period. Continue reading

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Greek credit contraction at 4.6% in November

According to latest BoG data, credit contraction in the Greek market slightly decelerated to 4.6% y-o-y in November from 4.8% in October, with balances reaching €229.8bn corresponding to 117.7% of GDP. Continue reading

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