SEARCH
-
RECENT POSTS
- Moving on April 29, 2014
- Greek budget bottom-line outperformance narrowed to €2.2bn in June July 11, 2013
- Greek banks Eurosystem funding fell by €9bn m-o-m in May June 12, 2013
- Greek budget bottom-line outperformed targets by €3.2bn in 5M’13 June 11, 2013
- Credit contraction marginally decelerated to 3.4% in April May 30, 2013
ARCHIVE
CATEGORIES
- Articles (8)
- Greek banks (52)
- Greek economy (111)
- Uncategorized (2)
TAGS
-
Join 31 other subscribers
RECENT TWEETS
Tweets by ManosGiakoumisRSS LINKS
Tag Archives: Greek economy
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
Slight improvement of Greece’s general government balance in September – Strong performance in 9M’12
Latest MoF data show that general government deficit, according to cash data, eased by 48.3% y-o-y to €9,689m in 9M’12 from €18,744m last year, with primary balance recording a surplus of €1,249m from deficit of €4,146m in 9M’11.
IMF spokesman statements on Greece
During the regular bi-weekly press briefing held in Washington yesterday, IMF spokesman Gerry Rice confirmed that discussions on financing gap and debt sustainability have not been concluded, while there is good progress on fiscal and structural reforms.
Key highlights of Greece’s 2013 budget and 2013-16 MTFS
MoF unveiled yesterday the 2013 budget and the 2013-16 Medium-Term Fiscal Strategy (MTFS). The key difference of MoF current forecasts compared to those included in the draft budget tabled to parliament on October 1 involves a deeper recession in 2013 … Continue reading
Posted in Greek economy
Tagged Greek budget, Greek economy, Macro data, Privatisations
Leave a comment
Draft plan on Greek bank recapitalisation terms
Local press unveiled today the (final) draft plan on Greek bank recapitalisation terms, which is due to be discussed and approved at a meeting with the Hellenic Bank Association scheduled today at 1pm. Same sources indicate that recap terms may … Continue reading
Posted in Greek banks, Greek economy
Tagged Bank recapitalisation, Greek banks, Greek economy
Leave a comment
Greek credit contraction slightly decelerated in September
Latest BoG data show that credit contraction in the Greek market slightly decelerated to 4.5% y-o-y in September from 4.8% y-o-y in August, with balances reaching €231.8bn corresponding to 114.3% of GDP.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Macro data
Leave a comment
Greek deposits rebounded in September with inflows of €1.2bn
According to latest BoG data, deposits [private sector] rebounded in September with inflows of €1.16bn from slight outflows of €0.24bn in August and inflows of €3.0bn in July.
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek deposits, Greek economy, Liquidity
Leave a comment
September revenues resumed a negative trend, yet budget balance outperformed targets
As he had previously noted, MoF had revised FY’12 – and accordingly monthly – budget targets in the September preliminary budget execution bulletin (released on October 11), incorporating its latest forecasts included in the 2013 draft budget tabled to parliament … Continue reading
Revision of historical general government deficit and debt data
Hellenic Statistical Authority (ELSTAT) and Eurostat announced today the revised general government (gg) deficit and gross debt figures for 2008-11. It is reminded that statistical services’ previous data (first estimates for 2011) were released last April.
Latest update on Greek bank recapitalisation
With Greek bank recapitalisation needs and terms still pending and unclear, it is worth noting Eurobank Deputy CEO N. Karamouzis estimates, as they were presented at a recently held bank event in Cyprus. As it is already known top-4 Greek … Continue reading
Acquisition of Societe Generale’s Greek unit by Piraeus Bank
Piraeus Bank announced on October 19 it signed a definitive agreement with Societe Generale (SocGen) for the acquisition of the latter’s entire stake (99.1%) in its Greek unit, Geniki Bank. The transaction is expected to be consummated before the end … Continue reading
Posted in Greek banks
Tagged Greek banks, Greek credit, Greek deposits, Greek economy, M&A
Leave a comment
Alpha Bank acquired Emporiki Bank
Alpha Bank announced earlier today it entered into a contract with Credit Agricole (CA) for the acquisition of 100% of its Greek unit, Emporiki Bank. Note that CA had announced on October 1 it had entered into exclusive negotiations, picking … Continue reading
Posted in Greek banks
Tagged Greek banks, Greek credit, Greek deposits, Greek economy, M&A
Leave a comment
Greek banks’ Eurosystem funding marginally eased in September
Latest BoG data depict that Greek banks’ ECB funding marginally eased by €0.6bn or 2.0% m-o-m to €30.3bn in September. At the same time, BoG liquidity provided to Greek banks through the ELA mechanism remained almost flat (down €0.2bn or … Continue reading
Revenues resumed a negative trend in September; Budget balance still outperforms revised targets
In the September budget execution bulletin, MoF revised FY’12 – and accordingly monthly – budget targets incorporating its latest forecasts included in the 2013 draft budget tabled to parliament on October 1.
IMF latest forecasts and statement on Greek economy
In its latest edition of World Economic Outlook and Fiscal Monitor, IMF sees Greek GDP contracting 6.0% in 2012 and 4.0% in 2013, while unemployment rate is expected to substantially rise from 17.3% in 2011 to 23.8% in 2012 and … Continue reading
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
Upward revision of 2011 GDP contraction results in slightly lower fiscal adjustment
Hellenic Statistical Authority announced on October 5 it has revised upwards 2011 GDP contraction to 7.1% from 6.9% before. Following this revision, which is based on final or more updated data on certain accounts from 2006 onwards,
Further improvement of general government balance in August
Latest MoF data show that general government deficit, according to cash data, eased by 43.2% y-o-y to €9,889m in 8M’12 from €17,409m last year, with primary balance recording a surplus of €1,440m from deficit of €4,161m in 8M’11.
Fiscal consolidation envisaged in 2013 draft budget will primarily stem from further cost cutting
MoF unveiled the 2013 draft budget, which envisages a general government primary surplus of €2.2bn or 1.1% of GDP and deficit of €8.0bn or 4.2% of GDP, implying a 2.5pp improvement compared to 2012 latest estimates. Note that 2013 forecasts … Continue reading
Posted in Greek economy
Tagged Debt, Greek budget, Greek economy, Macro data, Politics
Leave a comment
Credit Agricole picked Alpha Bank as preferred bidder for Emporiki Bank
Through a press release issued earlier today, Credit Agricole (CA) confirmed it picked Alpha Bank as the preferred bidder for the acquisition of 100% of Emporiki Bank. CA also announced it has entered into exclusive negotiations with Alpha Bank and … Continue reading
Independent Insight Views 