Greek deposit inflows at €0.67bn in November

Posted on January 3, 2013 by Manos Giakoumis

According to latest BoG data, deposit [private sector] flow remained positive for third consecutive month in November with inflows easing to €0.67bn from €1.0bn in October and €1.16bn in September. Continue reading

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Marginal improvement of general government primary balance in November

Posted on January 2, 2013 by Manos Giakoumis

Latest MoF data show that general government cash deficit narrowed by 51.4% y-o-y to €9,656m in 11M’12 from €19,872m last year, with primary balance recording a surplus of €2,314m from deficit of €3,644m in 11M’11. Continue reading

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Independent Insight Views: My 2012 in blogging

Posted on December 31, 2012 by Manos Giakoumis

The WordPress.com stats helper monkeys prepared a 2012 annual report (actually since July ’12) for this blog.

Here’s an excerpt:

600 people reached the top of Mt. Everest in 2012. This blog got about 4,800 views in 2012. If every person who reached the top of Mt. Everest viewed this blog, it would have taken 8 years to get that many views.

Click here to see the complete report.

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Key highlights of BoG report on the recapitalisation and restructuring of Greek banks

Posted on December 28, 2012 by Manos Giakoumis

Top-4 (core) banks released 9M’12 (as well as H1’12) results on December 20 & 21. Unlike previous quarters, the key focus was on the disclosure of their capital needs rather than their financial performance, which mainly reflected the prevailing adverse macro conditions, particularly in the Greek market. Continue reading

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All key budget items outperformed targets in November

Posted on December 27, 2012 by Manos Giakoumis

MoF final data (on a modified cash basis) on Greek budget execution (released on December 24) depicted a softer performance in November compared to that of the previous month, yet all key budget items continued to outperform targets. Continue reading

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Greek banks’ Eurosystem funding almost stable m-o-m in November

Posted on December 17, 2012 by Manos Giakoumis

Latest BoG data show that Greek banks’ ECB funding slightly eased by €0.9bn m-o-m to €5.6bn in November from €6.5bn in October. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism marginally rose by €0.5bn m-o-m to €123.3bn in November from €122.8bn in October. It is reminded that there had been a major shift from ECB to ELA funding in October, with ELA funding increasing by €22.2bn m-o-m and ECB funding dropping by €23.7bn m-o-m. Continue reading

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Budget balance continued to outperform targets in November

Posted on December 11, 2012 by Manos Giakoumis

MoF preliminary data (on a modified cash basis) on Greek budget execution (released on December 10) depicted a softer performance in November compared to that of the previous month, yet all core budget items continued to outperform targets. Continue reading

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Greek GDP contraction at 6.9% y-o-y in Q3’12

Posted on December 7, 2012 by Manos Giakoumis

Latest Hellenic Statistical Authority (ELSTAT) data show that non-seasonally-adjusted Q3’12 GDP shrank 6.9% y-o-y, 0.3pp better than the initial figure of 7.2% released on November 14. According to ELSTAT, the difference is due to September monthly data for imports and exports and turnover indices for the service industries for Q3’12. Continue reading

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Further improvement of general government balance in October

Posted on December 5, 2012 by Manos Giakoumis

Latest MoF data show that general government cash deficit narrowed by 53.4% y-o-y to €9,383m in 10M’12 from €20,114m last year, with primary balance recording a surplus of €2,312m from deficit of €4,244m in 10M’11. Continue reading

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Key highlights of BoG interim report on Monetary Policy

Posted on December 3, 2012 by Manos Giakoumis

BoG released on December 3 its interim report on Monetary Policy. We summarize below the key highlights:

  • The latest developments in Greece and the EU send out positive signals. Greece is mobilising both at home and abroad to make up for the delays and has achieved a constructive agreement with the troika that ensures continued funding. Domestic effort must now be focused on containing the recession, speeding up the onset of recovery and establishing the conditions for sustainable growth. Continue reading
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Latest update on Greek banks’ capital needs and recapitalisation process

Posted on November 30, 2012 by Manos Giakoumis

An updated draft MoU dated on November 27 details the identification of Greek banks’ capital needs and their recapitalisation process. Note that the recapitalisation framework was released by MoF through by a cabinet ministerial act on November 12. Continue reading

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Greek banks’ Eurosystem funding slightly eased in October

Posted on November 29, 2012 by Manos Giakoumis

Latest BoG data depict that Greek banks’ Eurosystem funding slightly eased in October with a c€23bn shift from ECB to ELA funding. In particular, ECB funding dropped by €23.7bn or 78.5% m-o-m to €6.5bn in October, while BoG liquidity provided to Greek banks through the ELA mechanism rose by €22.2bn or 22.0% m-o-m to €122.8bn. Continue reading

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Greek credit contraction slightly accelerated in October

Posted on November 28, 2012 by Manos Giakoumis

According to latest BoG data, credit contraction in the Greek market slightly accelerated to 4.8% y-o-y in October from 4.5% in September, with balances reaching €230.7bn corresponding to 117.4% of GDP. Continue reading

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Greek deposit inflows at €1bn in October

Posted on November 28, 2012 by Manos Giakoumis

According to latest BoG data, deposit [private sector] flow remained positive for second consecutive month in October with inflows at €1.0bn from €1.16bn in September and slight outflows of €0.24bn in August. Continue reading

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Highlights of Eurogroup decisions on Greece

Posted on November 27, 2012 by Manos Giakoumis

Following a 12-hour Eurogroup meeting in Brussels on November 26/27, eurozone FinMins and the IMF reached the long-awaited agreement on Greece including debt buyback, significant extension of maturities, reduction of interest rates, deferral of interest payments and return of SMP profits to Greece resulting in a reduction of the estimated debt-to-GDP ratio by 20 percentage points to 124% (from 144%) in 2020 and further to substantially below 110% by 2022. Continue reading

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EU Commissioner Olli Rehn delivers a very positive statement on Greece

Posted on November 22, 2012 by Manos Giakoumis

Speaking at the European Parliament on November 22, EU Economic and Monetary Affairs Commissioner Olli Rehn delivered a very positive statement on Greece, ahead of the upcoming Eurogroup due on November 26: Continue reading

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Greek budget balance continued to outperform targets in October

Posted on November 20, 2012 by Manos Giakoumis

MoF final data (on a modified cash basis) on Greek budget execution confirmed preliminary figures (released on November 12) depicting a significantly improved performance in October compared to that of September with budget and primary balance recording a surplus for second month (after August) so far in 2012. Continue reading

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Greek central government debt remained flat q-o-q at €303.5bn in Q3’12

Posted on November 20, 2012 by Manos Giakoumis

According to the latest debt bulletin released by MoF today, central government debt (excl. debt guaranteed by the central government) stood at €303.51bnat the end of Q3’12 unchanged from the previous quarter’s figure of €303.53bn. Continue reading

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Greek C/A deficit substantially dropped in 9M’12

Posted on November 19, 2012 by Manos Giakoumis

According to latest BoG data, C/A balance showed a surplus in September – for third month in a row – at €775m from deficit of €1,069m last year, reflecting a decrease in trade deficit by €700m or 34.1% to €1,351m, a drop in the surplus of the services balance by €75m or 3.5% to €2,048m, a surplus of the income account deficit of €144m from deficit of €939m last year and a decline in current transfers deficit by €136m or 67.3% to €66m. Continue reading

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Greek GDP contracted 7.2% y-o-y in Q3’12

Posted on November 14, 2012 by Manos Giakoumis

According to flash estimates, released by Hellenic Statistical Authority (ELSTAT), recession accelerated in Q3’12 with non-seasonally-adjusted GDP (at constant prices) contracting 7.2% y-o-y in Q3’12 from 6.3% y-o-y in Q2’12. Continue reading

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