Wed, Mar. 11, 2:03 AM
- Greece is poised to tap into more than half a billion euros sitting at the Hellenic Financial Stability Fund - the bank rescue vehicle that was used in 2012 to recapitalize its main lenders - as it scrambles to find money this month to repay a €1.5B IMF loan and refinance some €3.2B of maturing short-term treasury paper.
- Shut out of the debt markets and with aid from its lenders on hold, Athens will resume talks today with its creditors in Brussels.
- Greek banks: OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG +2.2% AH
- ETFs: GREK
Mon, Mar. 9, 9:12 AM
Thu, Mar. 5, 9:10 AM
- "You could easily say the ECB is the central bank of Greece," says Mario Draghi, noting the ECB has lent the country €100B so far, or more than two-thirds of its GDP.
- QE, however, will have to wait for Greece, as Draghi says the ECB cannot buy that sovereign paper at the moment (it's junk-rated). As for the rest of Europe, the ECB will buy even paper that has a negative yield (and there's plenty of it in Germany). The central bank, he says, will buy debt all the way down to the current deposit rate (which is at -0.20%).
- NBG +2.8% premarket, GREK no trades, but stocks in Athens are marginally lower.
- Previously: Draghi press conference: QE getting underway next week (March 5)
- Previously: ECB to raise growth forecasts, lower inflation projections (March 5)
Mon, Mar. 2, 9:15 AM
Fri, Feb. 27, 9:15 AM
- Gainers: XIN +20%. CYCC +17%. SREV +16%. BLOX +16%. CYTX +13%. CLNE +12%. MNST +10%. ATOS +10%. SD +9%. SPLK +7%. MEET +6%. ARUN +6%. VIMC +6%. HZNP +6%.
- Losers: CVSL -42%. RESN -28%. MOSY -21%. WTW -18%. TUBE -17%. TBIO -14%. JCP -13%. DRL -13%. GENE -11%. OCN -8%. PBPB -8%. NBG -8%. NVAX -7%. FRO -5%.
Thu, Feb. 26, 3:44 AM
- The ECB is willing to again accept Greek bonds for funding if Athens keeps to reform pledges, announced Mario Draghi, defending the euro zone central bank's treatment of Athens.
- "We are ready to reinstate the waiver as soon as the Governing Council will decide that the conditions for a successful completion of the program are in place," Draghi said.
- Greek banks have been relying on emergency liquidity assistance since the ECB lifted the waiver on February 4.
- Greek banks: OTCPK:ALBKY, OTCPK:BPIRY, OTCPK:EGFEY, NBG
Wed, Feb. 25, 9:24 AM
Mon, Feb. 23, 9:14 AM
Mon, Feb. 23, 8:40 AM
- JPMorgan figures around €3B exited Greek banks last week, about a 50% increase from the previous week. The new pace of outflows means Greek banks are on track to run out of collateral for new loans in eight weeks as opposed to 14 weeks previously, says JPMorgan.
- Outflows accelerated last week amid the back-and-forth of whether the country was going to get its bailout extension. A deal was apparently reached on Friday and Greek PM Tsipras has declared victory and retreated. Theoretically, the money exit should slow appreciably this week.
- NBG +6% premarket, no trades yet for GREK
- Previously: Eurogroup heard from, Greeks awaited (Feb. 20)
Fri, Feb. 20, 3:31 PM
- Reading the Eurogroup's statement on Greece, it's as if the Greek election elevating an anti-bailout party to power never happened.
- The Greeks, according to the statement, by the end of business on Monday must present a list of reforms to be approved by the Eurogroup.
- "The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely."
- "The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement."
- "The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets ... as assessed by the (troika)."
- Previously: Eurogroup spokesperson: Agreement reached on Greece (Feb. 20)
- GREK +10.5%, NBG +18.6%
Fri, Feb. 20, 12:56 PM
Fri, Feb. 20, 12:45 PM
Fri, Feb. 20, 3:32 AM
- "The Greek government has done all it should at every level in an effort to find a mutually beneficial solution," said government spokesman Gabriel Sakellaridis this morning, following Germany's rejection of a six-month loan extension that did not accept previous austerity requirements.
- "We are not discussing the continuation of the (bailout) program," Sakellaridis added. "The Greek government will maintain this stance today, although conditions have matured for a solution to be found at last."
- Greek banks: OTCPK:ALBKY, OTCPK:EGFEY, OTCPK:BPIRY, NBG -1.9% AH
- ETFs: GREK +1.4% AH
Thu, Feb. 19, 7:40 AM
- Greece's letter requesting a six-month loan extension is not "a substantial proposal for a solution," says the German government, according to media reports.
- In its extension request, the new Greek government made clear it would not accept the austerity requirements agreed to by previous regimes.
- The euro (NYSEARCA:FXE) has turned modestly lower on the session, and the Stoxx 50 (NYSEARCA:FEZ) has given up some of its gains, now higher by 0.4%.
- GREK -0.8%, NBG +2.7% premarket
- ETFs: FXE, VGK, EUO, FEZ, ERO, IEV, HEDJ, EPV, EZU, DRR, FEU, FEP, EUFX, UPV, ULE, EURL, URR, ADRU, FEEU, DBEU, IEUR, FIEU, HEZU, ESTX, SBEU, FEUZ, DBEZ
Thu, Feb. 19, 4:41 AM
- Greece aims to conclude a deal with its euro zone partners "soon", said Greece's government spokesman, Gabriel Sakellaridis, this morning.
- Athens confirmed yesterday it would submit a request to extend its loan agreement for up to six months, but the country still seems to reject the austerity requirements that have been attached to it.
- Despite the tumult surrounding the extension, the ECB approved a €3.3B increase in emergency liquidity for Greek banks yesterday, after raising the cap to about €65B last week.
- Greek banks: OTCPK:ALBKY, OTCPK:EGFEY, OTCPK:BPIRY, NBG -2.7% AH
- ETFs: GREK
Wed, Feb. 18, 3:17 PM
- Emergency Liquidity Assistance has become a lifeline for Greek banks after the ECB's decision two weeks ago to stop accepting Greek government paper as collateral for normal central bank loans, writes Brian Blackstone in the WSJ.
- While ELA loans come with a higher rate, Greek banks can still post (junk-rated) government bonds as collateral.
- Today's approval allows a ceiling of €68.5B of lending, and comes as the Greek government and the troika try to reach a deal on a bailout extension.
- GREK -2.55%, NBG -4.6%
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