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Newsletter 11 - 16/01/2015
is not completed. These are: 1. Losing tranches amounting to 7.2 billion euros, half of which relate to two IMF... rates rising. 5. Greek banks would not be able to benefit from the ECB’s Quantitative Easing (QE... government and the troika, which expected it to reach between 0.8 and 1 percent. December’s deflation
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Newsletter 13 - 30/01/2015
surpluses of between 1 and 1.5 percent of GDP rather than the current target of 4.5 percent. What... figures showed sight and savings recorded inflows of 1 billion each. On the flipside, there were... billion. These figures correspond to 5–7 percent of the year-end 2014 balances of 160.29 billion. Banking
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Greece and lenders with conceptual, as well as practical, gaps to bridge
PoliticsGreek PoliticsMartin Schulz, Varoufakis set out the government’s ideas on how Athens envisages its relationship.... These are: 1) Negotiating directly with European institutions and the International Monetary Fund 2) Not accepting any more bailout loans 3) Reducing Greece’s debt pile 4) Lowering fiscal targets 5
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Newsletter 19 - 13/03/2015
. On the current level of ELA funding of 65.6 billion, this translates to almost 1 billion higher interest... not qualify for ECB eligibility as of 1 March 2015. Thus, if the ECB eases its stance, then Greek banks could...), T-Bills (3.5 billion) and Greek government bonds (5–6 billion), totalling around 15 billion out
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A breakdown of the fiscal and structural reforms Greece hopes will unlock funding
EconomyProgrammefiscal impact of around 1 billion. Privatisations We believe the Finance Ministry has revised... billion set by the previous government. The key projects that are expected to be implemented... to submit eight bills introducing structural reforms in the following areas: 1) Strengthening the autonomy
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What next for Greece's revenues and spending?
Agoraan updated set of fiscal measures in an effort to resume negotiations for a new bailout programme... consistently below their targets throughout the first five months of the year and involve: 1) Grants... children (at 21.5 percent of the annual target of 650 million) 5) Grant to the Intergenerational
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Bailout review resumes in Athens but substantial gap remains
PoliticsGreek Politics. According to all indications, the mission chiefs: 1) Do not favour a rise in social security contributions for supplementary pensions by 1.5 percentage points (1 point for employers and 0... 20-25 working years. 5) Doubt the method of recalculation of pensions currently being paid, which
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Gov't submits reform plan that raises contributions and cuts future pensions
EconomyProgrammerates. We present below the key interventions of the government’s 170-page final plan: 1... will be trimmed by 1/40 for each year. 5) The contributory pension will be based on the average monthly... compared to the current pension system. 8) The upper pension limit is set at 2,300 euros and at 3,070
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BoG outlines steps to economic recovery, updates on banks' asset quality
EconomyMacroeconomyinvolve: 1) Further strengthening of the banking system by addressing the huge stock of non-performing loans (NPLs). The BoG will set high-level operational targets for NPLs applicable as of June... and social security provisions. 5) Encouraging business investment and protecting private investors
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Piraeus first Greek bank to repay Pillar II bonds, others to follow
EconomyBankingthat were also used for liquidity. The initial amount of that programme was set at 28 billion euros, of which 5 billion related to capital support (Pillar I) and 23 billion to liquidity, with Pillar II... 1 billion. In addition, Pillar III bonds were only held by NBG for a cash amount of 1.2 billion
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