Greek private sector deposits fell 1.4 percent month on month (mom) in January with balances reaching 161.03 billion euros, according to the Bank of Greece (BoG).
The year on year (yoy) credit contraction in the Greek market marginally accelerated for the second straight month to 4 percent in January from 3.9 percent in December, with balances reaching 217.61 billion euros, according to the Bank of Greece (BoG).
Troika officials are due to meet Bank of Greece (BoG) governor Giorgos Provopoulos on Wednesday as local lenders’ capital needs have shot to the top of the agenda in the current round of talks between Greece and its lenders.
In its winter economic forecasts released on Tuesday, the European Commission (EC) notes that recent data support expectations that Greece should return to growth in 2014. Confidence indicators continue to improve, whilst hard data releases suggest the first signs of recovery.
Greece’s trade deficit narrowed 2.1 percent to 1.4 billion euros in December, while the respective figure for 2013 fell 11 percent to 19.34 billion, according to the Hellenic Statistical Authority (ELSTAT).
Greece’s budget execution showed a primary surplus of 835 million euros in January, which was almost double compared to the 415 million posted in the corresponding period last year, according to the final data released by the Ministry of Finance (MoF) on February 24.
Following a meeting last week between Bank of Greece (BoG) senior officials with the top management of the four Greek systemic banks (Alpha, Eurobank, National and Piraeus), where the central bank reportedly informed lenders that their capital needs amount to around 5 billion euros, a Financial Times report published on Monday puts things in a completely different perspective.
Senior officials from the Bank of Greece (BoG) met on Thursday with the top management of the four Greek systemic banks (Alpha, Eurobank, National and Piraeus) and informed them about the outcome of the Blackrock loan diagnostic and their individual capital needs.
Greece posted a current account (C/A) surplus of 1.24 billion euros (0.7 percent of GDP) in 2013 for first time in decades, following a deficit of 4.62 billion in 2012 (2.4 percent of GDP), according to the Bank of Greece (BoG).
The Turnover Index in Industry fell 11.8 percent in December, while the New Orders Index in Industry dropped 7.5 percent, according to the Hellenic Statistical Authority (ELSTAT).