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In effort to reach new deal, Greek government cannot ignore liquidity constraints
EconomyProgrammebonds will not be eligible for ECB funding purposes as of March 1. This development follows an ECB... and sight recorded inflows of around 1 billion each. However, banking sources stress that outflows...-Bills & revenues The next liquidity issue, also related to Greek banks, is the rollover of 3
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Greek time deposit rate falls to 1.82 pct in Dec, lowest during euro membership
EconomyMacroeconomy. Unlike the further drop in the deposit rate in December, the competitive yield of the 3- and 6-month... maturity for amounts above 1 million euros. A similar drop was also evident in November. As a result... 250,000 and 1 million euros). In the household lending segment, the housing loan rate reversed
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Newsletter 14 - 06/02/2015
, this is our understanding of what the policy programme would include: 1. The abolition... threshold to 12,000 euros (from its current 5,000), at an estimated cost of 1.5 billion. 3..., Varoufakis has gone as far as suggesting that Greece’s primary surpluses should be 1 to 1.5 percent of GDP
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The government decisions that could shape the future of Greek banks
Economy. HFSF currently holds: 1) a minority stake in Eurobank (35.41 percent) and 2) a majority stake...) and 66.93 percent in Piraeus. Its majority participation in the 3 banks is currently accompanied... place in Eurobank on February 1, when Nick Karamouzis was named new non-executive chairman
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Newsletter 15 - 13/02/2015
revenues fell short of target by almost 1 billion euros. According to the Finance Ministry..., the yield of both the 3- and the 6-month T-Bill auction has increased by 35–45 basis points (bps) from... to an incremental cost of 600 million for Greek banks on an annual basis, which rises near to 1
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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... downgrade. 3) An exit from the eurozone, making the risk of a default event on privately held Greek bonds probable. In contrast, the following developments could result in a rating upgrade: 1
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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... to submit eight bills introducing structural reforms in the following areas: 1) Strengthening the autonomy... the sustainability of the pension system. 3) Modernising the income tax code and eliminating exemptions. 4
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IMF sees Greek growth at 2.5 pct in 2015, debt at 172.7 pct of GDP
Economyunemployment rate by 1 percentage point to 24.8 percent in 2015, with the jobless rate expected to fall... unchanged its projections for the next years at 3 percent in 2015, 4.5 percent in 2016-2017 and 4.2.... The IMF revised upward its estimates on the overall fiscal balance by more than 1 pp for 2015 and 2016
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Greece is gasping for a deal
Agoraratings by one notch to “CCC+/C”. It estimated that the Greek economy has shrunk by 1 percent over... of non-performing loans, possibly by as much as 3 billion euros in the first quarter of 2015, which... the end of June. Athens has just over 1 billion euros in debt obligations (including another 880
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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... in the near term given the prevailing downside risks, Moody’s could upgrade Greece’s rating in case of: 1... growth and primary surpluses. 3) More certainty and visibility on future external financial support
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