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- Greek budget bottom-line outperformance narrowed to €2.2bn in June July 11, 2013
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Tag Archives: Greek economy
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
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek economy, M&A, Privatisations
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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
Posted in Greek banks, Greek economy
Tagged Greek banks, Greek credit, Greek economy, Macro data
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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
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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