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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... trend. The government is set to announce its policy programme on February 7–9 during the vote
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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... the relaxation of fiscal targets (Varoufakis says he is aiming for a primary surplus of 1 to 1.5 percent
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The state of play with Greek banks' liquidity
Economyinflows of 1 billion each in December. Banking sources indicate that withdrawals accelerated... to the non-eligibility of a particular type of ECB funding collateral as of March 1. This stems... implies that an amount of 4.2 billion should be set aside for coverage of T-Bill rollover. On top
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Newsletter 15 - 13/02/2015
revenues fell short of target by almost 1 billion euros. According to the Finance Ministry... to an incremental cost of 600 million for Greek banks on an annual basis, which rises near to 1... minister would involve political compromises. Tsipras set out on this road in earnest after the June
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Finance Ministry targets 3 bln from unpaid taxes
EconomyMacroeconomyDuring a press briefing on Wednesday to set out the government’s initiatives for the settlement... percent of total. The upper bracket, related to tax debt in excess of 1 million euros relates to 2,500... for the 100 instalments. Also, the cap on anyone owing more than 1 million euros benefitting from the payment
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Here's why Greece's fiscal difficulties will dominate the agenda
EconomyProgrammeThe budget execution for January revealed a revenue shortfall of almost 1 billion euros, mainly reflecting... the new property tax will be based on new “objective” prices set by tax authorities... amount close to 1 billion euros, creating a similar revenue gap in case this levy is abolished
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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... by the government’s decision this week to set up a new parliamentary committee to investigate Greece’s case
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Newsletter 20 - 20/03/2015
to a reaffirmation of the February 20 Eurogroup requiring Greece and its creditors to agree on a set..., this translates into an incremental cost of close to 1 billion on an annual basis, or 80 million per month... Common Equity Tier 1 (CET1) ratio ranging from 12.1 (Piraeus) to 15.2 percent (Eurobank). The fully
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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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Greece rides the ghost train
Agorato 1.5 billion euros in new measures and by deeming this unacceptable, SYRIZA set the pain threshold... for the next few years (1 percent of GDP for 2015, 2 percent for 2016, 3 percent for 2017 and 3.5... million euros (0.5 percent of GDP) this year and 1.8 billion euros (1 percent of GDP) next year. We must
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