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2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
EconomyMacroeconomyamount to 16.5 billion and stem from: 1) 5.23 billion issued in 2009 for bank recap, under the Liquidity Support Program launched before the Greek crisis, in exchange for bank preference shares 2) 1.22... for the anticipated improvement in 2014 are: 1) a turnaround of investments, targeted to increase
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With troika OK pending, 2014 budget sees primary surplus at 1.6 pct of GDP
EconomyMacroeconomyand stem from: 1) 5.23 billion issued in 2009 for bank recap, under the Liquidity Support Program launched before the Greek crisis, in exchange for bank preference shares 2) 1.22 billion also issued.... The key drivers for the anticipated improvement in 2014 are: 1) a turnaround of investments, targeted
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After Merkel, Samaras faces immediate challenges on domestic front
PoliticsGreek Politicssoon both on the “prior actions” remaining for Greece to receive its next bailout tranche of 1... that the October budget execution figures meant that Greece would only have to make extra savings of around 1 billion euros next year and not 2 billion or more as the troika had requested. The 2014 budget
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Why did Greece return to bond markets now? Was it the right decision?
Economyilluminate this debate. 1) Why did Greece issue this bond now? The Greek government had been... and European Parliament election in May. 2) Who bought the bond and can we discern anything from... in Greece’s upcoming T-Bill auctions, which are expected to ease to between 1 and 1.5 percent from
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Cost of Greek corporate loans rises in April, remains well above euro average
EconomyMacroeconomy. On the loan front, the most material change was posted in corporate loans above 1 million euros... to 6 percent. The average euro-area rate on corporate loans over 1 million euros stands almost 4... average rates stands at around 2 percentage points for amounts up to 250,000 euros and at circa 3
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BoG shows lower deposit rates and a sharper drop in loan rates in June
EconomyMacroeconomy. That said, the rates in consumer loans with a defined maturity and in corporate loans above 1 million... are now almost 1 percentage point closer to those in the euro area. In particular, the rate for loan amounts below 250,000 euros now stands 2 percentage points above the eurozone average, while
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Eurosystem funding for Greek banks shoots up by 11.2 bln in December
EconomyMacroeconomyin December reflects the combined effect of: 1) Deposit outflows of circa 3 billion in December, which... transfer abroad 2) T-Bill issues of 5.2 billion in December, of which 1.6 billion refers...) Higher haircut on state-guaranteed ECB collaterals which reduced the system’s liquidity by almost 1
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Uptick in time deposit rates, mixed trends in corporate loans
EconomyMacroeconomyThe interest rate on households’ new time deposits edged up by 2 basis points (bps) to 1.83 percent... on the average rate on new deposits, which edged up by 1 bps to 1.13 percent in March... 1 million euros also increased by 11 bps to 4.97 percent. In contrast, the respective rate
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New fiscal measures aim to edge Greece closer to deal with lenders
EconomyMacroeconomya primary surplus target of 1.5 percent in 2015 ranges between 1.8 billion euros (1 percent of GDP... that the government is currently considering to cover the estimated fiscal gap involve: 1) A unified VAT rate between... to price increases across the board for most products and services in the affected islands. 2
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Marked drop of 50 bps in new time deposit rate in July amid capital controls
EconomyMacroeconomyrelate to loans with fixed maturity. In particular: 1) Sharp rise by 89 bps to 5.83 percent for amounts above 250,000 and below 1 million euros. 2) Significant drop by 58 bps to 3.94 percent for amounts above 1 million euros. The July rate indicates the lowest reading since June 2010. Greek corporate
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