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Global X FTSE Greece 20 ETF (GREK)

  • Fri, Jun. 19, 9:48 AM
    • The ECB today boosted the amount Greek banks can borrow under the emergency liquidity assistance funding program (ELA) by about €1B, but that's just one-third of what depositors pulled from the lenders this week.
    • Up well over 1% earlier in the session, European stocks (NYSEARCA:FEZ) have cut those gains significantly and Germany (NYSEARCA:EWG) has moved into the red.
    • Athens is higher by 2.3%, but from very beaten-up levels. GREK +2.7%, NBG +0.9%
    • Also higher earlier in the session, the 10-year U.S. Treasury yield is now off six basis points to 2.29%. TLT +0.9%, TBT -1.8%
  • Fri, Jun. 19, 3:27 AM
    • There will be a solution to the Greek debt crisis that will allow the country to return to growth while staying in the eurozone, Prime Minister Alexis Tsipras said on Friday.
    • The statement was strikingly upbeat given the tone at yesterday's Eurogroup meeting. Greek Finance Minister Yanis Varoufakis proclaimed that the eurozone was dangerously close to accepting an "accident," and an emergency summit was scheduled for Monday.
    • Some also expect Greek banks not to open next week, after savers withdrew €2B over the past three days.
    • ETFs: GREK
  • Thu, Jun. 18, 5:05 AM
    • Gathering in Luxembourg for their monthly get-together, eurozone finance ministers have another chance to break the deadlock in talks over Greece's bailout program today, but neither side has shown any sign of shifting its position.
    • Unless Greece agrees to economic reforms with its creditors by the weekend, officials believe time will run out for Athens to receive the desperately needed €7.2B remaining in its bailout program. The bailout will expire on June 30.
    • European stocks are all lower on the news: FTSE 100 -0.4%; DAX -0.8%; CAC 40 -0.8%; Euro Stoxx 50 -0.8%; Athens' ATG stock index -2.1%.
    • ETFs: GREK
  • Mon, Jun. 15, 7:00 AM
    • Weekend talks aimed at resolving the Greek mess reportedly lasted just shy of an hour before ending.
    • The Athens Stock Exchange General Index is lower by 4.4, with the yield on the country's 10-year paper up 69 basis points to 12.19%. The yield on the two-year note is up 308 basis points to 27.93%. National Bank of Greece (NYSE:NBG) is off 14.5% premarket.
    • ETF: GREK
  • Mon, Jun. 15, 3:55 AM
    • Traders were greeted with a sea of red on Monday after debt talks between Greece and its European creditors collapsed over the weekend, pushing Athens closer to a debt default that threatens its future in the eurozone.
    • With both sides refusing to soften their long-held bargaining positions, a meeting on Sunday broke down after just 45 minutes.
    • Many officials now see a Eurogroup meeting on June 18 as the last chance for Greece to secure a deal on an agreed list of the economic reforms.
    • Euro -0.3% to $1.1235.
    • Asia: Japan -0.1%. Hong Kong -1.5%. China -2%. India +0.6%.
    • Europe: London -0.5%. Paris -1%. Frankfurt -1.1%. Athens' ATG stock index -5.5%.
    • U.S. Futures: Dow -0.3%. S&P -0.3%. Nasdaq -0.3%.
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  • Fri, Jun. 12, 9:57 AM
    • The bond rout of the past few weeks has been notable for its correlation. The bond markets of putative solid credits like Germany and the U.S. were hit as hard or even harder than those of countries like Spain and Italy.
    • Potentially worrisome in today's action: Yields are flat to lower in Germany and the U.S. while moving sharply higher in the peripheral countries.
    • The 10-year U.S. Treasury yield is down 1 bp to 2.37% and the 10-year German Bund yield is lower by 3 bps to 0.86%. Meanwhile, the Spanish 10-year yield is up 18 bps to 2.31%, and Italy up 12 bps to 2.26%.
    • This is happening as another Greek default and then possible EU exit got more likely with the IMF technical team's return to D.C. yesterday, and investors may not want to be holding the paper of the next countries in line should anything adverse happen over the weekend.
    • Spain's IBEX 35 (NYSEARCA:EWP) is lower by 1.3%, and Italy's FTSE MIB (NYSEARCA:EWIby 1.5%. Elsewhere in Europe, Germany (NYSEARCA:EWG) is down 1.5% and France (NYSEARCA:EWQ) is down 1.7%. FEZ -2.2%, GREK -4.1%, NBG -7%
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  • Fri, Jun. 12, 3:14 AM
    • Athens hopes to clinch a deal with its lenders at a Eurogroup meeting on June 18, Greece's state minister said on Friday, as time runs out for the country to fend off a looming default.
    • The statement by Alekos Flabouraris comes just a day after the IMF's negotiating team walked out of deal talks in Brussels, citing "major differences" and the lack of "progress."
    • ETFs: GREK
  • Thu, Jun. 11, 10:44 AM
    • "We are well away from an agreement," says IMF spokesman Gerry Rice, as the agency's technical team returns to D.C. from Brussels. "There are major differences between us in most key areas and there has been no progress in narrowing these differences."
    • The main obstacles, says Rice, are pension reform, tax policy, and financing. "On financing, what we have said consistently is that is has to add up."
    • Nicely higher earlier, the Greek ETF (GREK -0.1) turns red, as does National Bank of Greece (NBG -0.8%).
    • Previously: S&P further downgrades Greece (June 10)
  • Wed, Jun. 10, 4:44 PM
    • The Greek government will likely default on its debt within twelve months, says S&P, lowering the country's credit rating to CCC from CCC+. The outlook remains negative.
    • "Greece delaying its payment to the International Monetary Fund last Friday, June 5, appears to demonstrate that the Greek government is prioritizing pension and other domestic spending over its scheduled debt service obligations."
    • GREK, NBG
  • Wed, Jun. 10, 5:06 AM
    • Greek PM Alexis Tsipras is scheduled to meet German Chancellor Angela Merkel and French President Francois Hollande in Brussels today to try and make progress on debt talks.
    • The move follows yesterday's warning from the Greek leader, who cautioned of the costs to EU taxpayers if his country left the eurozone. In an interview with Italy's Corriere della Sera, Tsipras said a so-called "Grexit" would likely be followed by Spain and Italy, precipitating the collapse of the currency bloc.
    • ETFs: GREK
  • Tue, Jun. 9, 4:19 AM
    • Greece and its creditors are discussing an extension of the country’s bailout program through March 2016, WSJ reports, in an attempt to break the current impasse over reforms and austerity measures.
    • According to sources, Athens would get access to €10.9B ($12.3B) in aid - originally set aside to prop up Greek banks - to help stay solvent over the proposed extension.
    • Greece's current bailout program ends on June 30.
    • ETFs: GREK
  • Mon, Jun. 8, 4:31 AM
    • As talks between Greece and its creditors drag on, relations between Athens and its European partners seem to be getting worse, not better.
    • Tensions over a cash-for-reform deal came to a head Sunday when European Commission President Jean-Claude Juncker accused Greek PM Alexis Tsipras of distorting what the creditors had proposed to make some headway in securing a deal for the country.
    • It was also reported that Juncker refused a request from Tsipras to meet on Saturday after the Greek leader rebuffed the proposals as "absurd" and "irrational, blackmailing demands."
    • ETFs: GREK
  • Fri, Jun. 5, 5:18 AM
    • European shares are in the red after Greece delayed a key debt payment to the IMF that fell due on Friday. The move marks the first time the country has postponed a repayment on its €240B bailout from the troika.
    • Athens still intends to repay the debt, stating it will bundle the four payments due this month into a single €1.65B lump sum to be paid on June 30.
    • A cash-for-reforms deal between Greece and its creditors still looks murky, with the two sides sparring over topics ranging from state pensions to value-added tax.
    • European stocks: FTSE 100 -0.7%; DAX -0.9%; CAC 40 -1%; Euro Stoxx 50 -1%; Athens' ATG stock index -2.9%.
    • ETFs: GREK
  • Thu, Jun. 4, 4:42 PM
    • The news hit after Athens stock exchange had closed for the session, but GREK closed down 5.9% in a preview of what may be ahead on Friday.
    • It's the first time a developed country has ever missed a payment to the IMF, writes Ambrose Evans-Pritchard, noting the Greek government is invoking an obscure mechanism to bundle all debts due in June and pay them at the end of the month.
    • A caught-off guard IMF (hours earlier, Christine Lagarde was confident the payment would be made on Friday) confirms it's been notified by the Greek government that the entire $1.6B due this month will be paid on June 30.
    • The skipped payment is the clearest sign yet of an escalating crisis, writes AEP, as Syriza refuses to buckle and high statesmanship from Europe is so far absent. Syriza has the money on hand to make the payment, but says it won't burn any more of the country's dwindling cash until a credible bailout offer is on the table.
    • NBG -8.9%
  • Thu, Jun. 4, 4:52 AM
    • Greece's creditors stuck to a hard line but made some concessions in the outlines of a final deal presented to Athens on Wednesday, although differences between the two sides still remained.
    • "Our proposal continues to be the only realistic and constructive proposal. The discussions will continue," tweeted Greek PM Alexis Tsipras this morning.
    • According to a Dow Jones newswire report, Athens is now planning to make a new counter-offer.
    • ETFs: GREK
  • Wed, Jun. 3, 6:18 AM
    • Greek Prime Minister Alexis Tsipras will come under intense pressure for a debt deal today as Friday's deadline for a €300M repayment to the IMF goes down to the wire.
    • Yesterday, the country's international creditors reportedly drafted the broad lines of an agreement that amounts to a take-it-or-leave-it offer, following months of fruitless dialogue with the Athens government.
    • Tsipras will travel to Brussels later in the day to meet with European Commission President Jean-Claude Juncker.
    • ETFs: GREK
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GREK Description
The Global X FTSE Greece 20 ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ATHEX 20 Capped Index.
See more details on sponsor's website
Country: Greece
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