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Fitch downgrades Greek IDRs three notches to CCC, sees damage to recovery
Economy: 1) A break-down in negotiations between Greece and its creditors leading to alternative solutions... including bonds held by the private sector. 2) Arrears to the IMF would not in and of themselves... bonds probable. In contrast, the following developments could result in a rating upgrade: 1
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Moody's downgrades Greek bond rating, sees chances of accident rising
Economykey drivers behind the downgrade: 1) The high uncertainty related to whether Greece will reach an agreement with its official lenders in time to meet upcoming debt repayments. 2) The significant... in the near term given the prevailing downside risks, Moody’s could upgrade Greece’s rating in case of: 1
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Finance Ministry wavers as revenues remain at the forefront
EconomyProgramme, local media report that the fiscal gap is seen at around 2 billion by the institutions and below 1... said that additional VAT revenues should reach 1 percent of GDP, corresponding to 1.8 billion euros... Tuesday (June 2).
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Sharp increase for Greek bank provisions in Q2 due to capital shortfall highlighted by ECB
EconomyBankingEmergency Liquidity Assistance (ELA) usage. Deposits fell by 13.7 percent QoQ in Q2 and further by 2... to 67 percent in Q3 from 63 percent in Q1. On the capital front, the Common Equity Tier 1 (CET1) ratio... more than offsetting the lower time deposit cost. Gross loans slipped 1 percent QoQ to 73.28 billion
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Newsletter 62 - 12/02/2016
, which would be reduced by 1 percentage point for incremental income of 1,000 euros. Thus, the discount... at an accelerating pace of 5.2 percent in December from an upward revised 2 percent in November. December’s... is the highest since January 2007. 2 A rock and a hard place PM can no longer charm his way out
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Eurobank reports loss in Q4 and for 2015, management expects bank to turn profitable in 2016
EconomyBankingfor cost of risk south of 2 percent in 2016 and below 1 percent in 2017-18. The overall stock... the capital raising in November, the bank’s phased-in Common Equity Tier 1 (CET1) ratio increased to 17... of risk below 2 percent and flattening out NPL formation. The single most important driver for PPI
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Outline of fiscal mechanism for automatic cuts emerges after Eurogroup
EconomyProgramme2 percent of GDP in extra standby measures now, as some of the lenders had initially wanted... will be effective from June 1. If there is a divergence from the target between 0.26 and 0.75 percent... will be 1 percent of GDP. For a shortfall of 1.26 to 1.75 percent, the measures will have to reach
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One-off loss affects NBG’s P&L, NPE stock drops by 900 mln in Q2
EconomyBankingmillion, mainly reflecting lower costs related to pillar II bonds. Net interest income (NII) edged up 1... dropped by 2.8 and 2 percent respectively in the first half (H1) reflecting lower personnel.... Overall, the NPL formation in Greece reached 2 million in Q2 from 127 million in the previous quarter
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Greece’s embattled commercial steel market industry braced for more challenges
EconomyFeaturesand Chinese steel imports to curb the effect of cheap steel on European prices.[1] The fallout from... and 1.3 percent of the EU’s GDP in 2015. [2] Over the years, European steel production has seen its... blamed on price volatility of raw commodities. [1] https://www.ft.com
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Fiscal surplus back in focus ahead of IMF debt discussions
PoliticsGreek Politicsto around 2 percent. Fiscal gap The fiscal performance for 2018 became an issue again in Greece after the IMF Fiscal Monitor report published on Wednesday indicated that the Fund sees a 2 percent of GDP... of the extra fiscal measures lined up for 2019 and 2020 (1 percent of GDP in pension cuts and 1
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