Economy
Greek deposit rate almost stable, loan rate slightly up in May
The interest rate on Greek households’ new time deposits marginally slipped for the second straight month by 1 basis point (bp) to 1.81 percent in May from 1.82 percent in April, according to the Bank of Greece (BoG).
IMF preliminary DSA finds Greek debt unsustainable, points to need for debt relief
The IMF published today the preliminary Debt Sustainability Analysis (DSA) that has not, however, been agreed with the other institutions nor approved by its Executive Board.
Referendum and the ECB to determine the future of Greek banks
The ECB Governing Council decided yesterday to maintain the Emergency Liquidity Assistance (ELA) funding of Greek banks at current levels. Moreover, despite earlier rumors, the ECB did not take any decision on an increase on the haircut applied to ELA collaterals.
Moody's downgrades Greece's rating by one notch to Caa3
Following S&P and Fitch, Moody’s downgraded on Wednesday Greece’s government bond rating by one notch to Caa3 from Caa2, while rating is on review for further downgrade.
Greek government's proposals to bridge gap with lenders appear to fall short
Along with the letter sent by the Greek Prime Minister Alexis Tsipras yesterday requesting a new 2-year loan from the ESM and extension of the second bailout programme for a short period, the government sent also a 2-page letter to the heads of the institutions.
Referendum call stretches state liquidity, pensioners first to bear the brunt
The imposition of capital controls accompanied by a bank holiday for 6 working days starting from June 29 until July 6 had a series of negative repercussions on the life of Greek citizens and the economy.
PMI falls to 46.9 pts in June in ten straight months of contraction
Greece’s Manufacturing PMI eased by 1.1 points to 46.9 in June from 48 in May, according to Markit. The headline figure indicates the second lowest reading in the last two years, while remains below the 50-point mark implying a contraction for the tenth successive month.
Retail turnover fall accelerates to 3.3 pct in April
The turnover of Greece’s retail trade index fell for the sixth straight month in April at an accelerating pace of 3.3 percent from a downward revised 0.6 percent in March, according to the Hellenic Statistical Agency (ELSTAT).
Where the key differences between Greece and the institutions lie
The Greek government’s negotiations with lenders broke up after Prime Minister Alexis Tsipras announced a referendum on Friday evening.
S&P lowers Greek long-term rating by one notch to CCC-
S&P lowered on Monday Greece’s long-term rating by one notch to ‘CCC-‘ from ‘CCC’ with negative outlook. Greece’s rating by S&P is now the lowest among the rating agencies with Fitch’s rating at ‘CCC’ and Moody’s at ‘Caa2’, which is equivalent to ‘CCC’.