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Moody's upgrade underlines gap between economic story and reality for households
EconomyThe recent upgrade of Greece’s credit rating by Moody’s to investment grade highlighted... of the improved GGB credit rating. At the same time, Greek banks have been charging some of the highest rates on loans in the EU, which combined with the low interest offered on deposits led to one
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Greece and the euro: The flight of Icarus
Agorain Greek. Hubris is the word ancient Greeks used to describe when someone’s extreme arrogance led... that led to the size of Greece’s civil service doubling in three decades. Under the leadership of Costas... at almost 11 billion euros in 2004. The failure to address this led to it soaring to nearly 33 billion
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Has internal devaluation really helped Greek exports?
EconomyThe performance of Greece’s exports has been one of the main disappointments of the troika-led... of an impact in averting this trend. The decline in exports over the last three years is led... access to bank credit, supplier cutback of credit, long waiting times for VAT refunds from the state
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Greece steps up efforts for early bailout exit but lenders play it coy
PoliticsGreek Politics. A Greek delegation led by Finance Minister Gikas Hardouvelis met with International Monetary Fund... accepts it would need some kind of precautionary credit line to execute the return. Samaras referred... the programme with just a precautionary credit line at the end of this year. “There is still a lot
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The one question SYRIZA needs to answer
Agora. The latest polls point towards a SYRIZA win and a government led by the leftists. The fact that they have... of January, receive the disbursements, agree the precautionary credit line (ECCL) and hope.... In contrast, a SYRIZA-led government will have to deal with a programme extension that will be expiring
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Eurobank posts loss of 523.7 mln in Q4 2014
EconomyBankingprimarily led by an 8 bps improvement in the Greek NIM. The lower deposit cost mainly stems from... by improvement in the consumer credit and international business. In absolute terms, NPLs reached 17.3 billion... II bonds, 9.2 billion to credit claims, 3 billion to pillar III bonds, T-Bills and Greek government
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Alpha Bank reports lower losses of 115.8 mln in Q1 2015
EconomyBankingto 0.94 percent largely stemming from a similar rise in the Greek time deposit spread. Lower NII led... led by Greek operations (-21.1 percent), while general expenses posted a much slower drop by 2.8... credit legislation impact on risk weighted assets (RWAs), the quarterly losses and valuation losses
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New time deposit rate fell 12 bps in August to record low of 1.19 pct amid capital controls
EconomyMacroeconomythe highest in the eurozone as of July. The downward trend in time deposit rate led the weighted average rate.... On the consumer credit front, the interest rate on loans without a fixed maturity (mostly credit... rates led to a further rise in the average spread of Greek banks by 18 bps to 4.12 percent in August
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Greek banks: Taking stock of a rough 2015 and looking at what lies ahead
Agoraof the private sector deposit flow and completion of bank recapitalisation, led banks’ managements... (cash values) worth around 81 billion euros shows that almost 51 billion relate to credit claims...) results prompted banks tio increase their provisions for credit risk by 3 billion euros YoY to 12.85
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Minor changes in Greek deposit and lending interest rates in May
EconomyMacroeconomywith a similar decrease in the overnight rate led the weighted average rate on total new deposits down by 2... for consumer credit without a fixed maturity (mostly credit cards) slipped 4 bps to 14.59 percent... by 1 bp to 4.84 percent. The minor changes in the average deposit and lending rates led the average
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