Thu, Aug. 20, 11:02 AM
Fri, Aug. 14, 3:22 PM
- The eurozone finance ministers have approved a new bailout agreement (which Greece signed off on earlier), according to Dow Jones.
- The first payment will be €26B. A €3.2B payment falls due to the ECB by Aug. 20.
- Germany faces a likely Tuesday vote.
- The National Bank of Greece (NYSE:NBG) is up 4.8%.
- ETFs: GREK -1.1%. Other Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
Thu, Aug. 6, 6:23 AM
- Greece's banking share index headed back uphill this morning, following a three-day plunge that wiped out 63% of its market value.
- At the time of writing, the index was up 12.2%, led by the National Bank of Greece (NYSE:NBG), which soared 27%.
- Greek stocks also seem to have a smile back on their face, with the ASE Stock Index +3.7%.
- ETFs: GREK
Tue, Aug. 4, 4:16 AM
- Greek stocks are deep in the red again, dragged down by another near 30% plunge in banking stocks, as investors react to continuing questions about a new bailout from the EU and the country's worsening economy.
- The ASE Stock Index plunged 16.2% on Monday, the worst fall on record, after the Athens Stock Exchange reopened following a five-week shut down.
- Athens Composite -4.5% at the time of writing.
- Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG -16.5% premarket
- ETFs: GREK -0.9% premarket
Mon, Aug. 3, 3:55 AM
- The Athens Stock Exchange has reopened and it's not pretty. The ASE Stock Index plummeted 23% after being closed for five weeks, with banking shares down by as much as 30% - the maximum allowed.
- While local traders are able to buy stocks, bonds, derivatives and warrants under certain conditions, international investors don't face any restrictions, as long as they were active in the markets before they were shuttered.
- GREK -2.3%; NBG -5.4% premarket
- Previously: Greece aims for €24B in first tranche of new aid (Aug. 02 2015)
- Previously: After month away, Greek exchange to reopen Monday (Jul. 31 2015)
Sun, Aug. 2, 9:24 AM
- Athens may seek €24B in a first tranche of bailout aid from international lenders in August to prop up its banks and repay its debts, Greece's Avgi newspaper reports.
- The funds would be used to channel €10B as an initial recapitalization to domestic banks, €7.16B to repay an emergency bridge loan, €3.2B toward Greek bonds held by the ECB and other payments.
- Athens also plans to open its stock exchange tomorrow, after five weeks of closure.
- Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
- ETFs: GREK
Fri, Jul. 31, 8:25 PM
- After five weeks of closure, the Athens stock exchange will reopen on Monday, after what seems like a geological time frame's worth of developments in Greek solvency.
- After the government's compromise with creditors, investors say it will take some time, likely months, before the companies there can raise money internationally.
- “The Greek crisis has had an adverse impact on all sectors of the economy,” said Apostolos Gkoutzinis of law firm Shearman & Sterling.
- The Luxembourg stock exchange lifted a suspension on trading of Greek bonds a week ago.
- GREK +2.6% today, though still down 21.7% over the past three months. The National Bank of Greece (NYSE:NBG) gained 6% today (and is down 19.9% over the past month).
- Related tickers: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY
- Previously: IMF drops bombshell on Greece (Jul. 31 2015)
- Previously: Greece, creditors begin talks to secure bailout deal (Jul. 28 2015)
Tue, Jul. 21, 1:08 PM
- National Bank of Greece (NYSE:NBG) is one of 39 dealer banks the European Stability Mechanism uses to distribute its paper. It's very rare for a dealer to decline an offer to participate in the syndicate, so NBG's decision can be read as a sign of Greece's financial isolation, writes John Geddie at Reuters.
- According to two dealer banks, NBG was asked in an online chat forum to take part in the sale, but said "no," citing capital controls.
- Greek banks did reopen on Monday after a three-week closure, but capital controls do remain in place, and the stock market in Athens remains closed.
- GREK +0.3%
Sun, Jul. 19, 8:45 AM
- Greece has ordered its banks to open on Monday, three weeks after they were shuttered to prevent the country's financial system from collapsing.
- The decree came hours after new ministers were sworn in following PM Alexis Tsipras' cabinet reshuffle and after the EU finalized a €7.2B bridge loan for the debt-ravaged country on Friday.
- Restrictions on transfers abroad and other capital controls will remain in place, although they will be slightly more flexible.
- Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG
- ETFs: GREK
Fri, Jul. 17, 12:44 PM
Fri, Jul. 17, 11:36 AM
- In case anyone hasn't gotten the news, the Greek can is officially kicked down the road another few paces as the EU approves a €7.16B bridge loan to get the country between now and the coming third bailout.
- Greece has a €4.2B payment due to the ECB on Monday, and is in arrears to the IMF. The bridge loan will allow payments to both creditors. The bridge loan money is coming from the European Financial Stabilization Mechanism (EFSM). What a happy circle.
- GREK -4%, NBG -11.7%
- Previously: German parliament green lights Greek bailout (July 17)
Thu, Jul. 16, 4:42 PM
- Though the banks will reopen, the withdrawal limit will remain at €60 per day, reports the WSJ. Controls on withdrawals will be lifted gradually," says Deputy Finance Minister Dimitris Mardas.
- ETF: GREK -0.1% today. National Bank of Greece (NBG -5.1%).
- Previously: Europe at session high as ECB boosts emergency lending to Greek banks (July 16)
Thu, Jul. 16, 9:15 AM
Thu, Jul. 16, 4:50 AM
- Eurozone finance ministers have begun discussions on whether to give Athens a short-term financing package - expected to be worth about €7B - after Greek lawmakers passed a bailout agreement late last night.
- Many are also watching whether the ECB will extend emergency liquidity assistance to Greek banks.
- Although 229 members of the 300-seat parliament approved the new austerity measures, 32 members of PM Alexis Tsipras' Syriza party voted "No", a sign the premier may have lost his majority.
- European stocks are on the rise following the approval: FTSE 100 +0.5%; DAX +1.3%; CAC 40 +1.3; Euro Stoxx 50 +1.4%.
- Up next: the German Bundestag will vote on Friday whether or not to approve the new rescue, however, talks over securing a new €86B bailout are likely to last for another four weeks.
- Update: Eurozone finance ministers have agreed in principle to extend a €7B bridge loan to Greece.
- Previously: Greek parliament approves bailout plan (Jul. 15 2015)
- Greek banks: OTC:ALBKY, OTC:BPIRY, OTC:EGFEY, NBG +6.8% premarket
- ETFs: GREK +3.5% premarket
Tue, Jul. 14, 10:50 AM
- "The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date - and what has been proposed by the ESM," says the IMF in a report sent to EU governments hours after they and Greece agreed in principal on a third bailout program.
- Among the measures needed would be a 30-year grace period on servicing all European debt (otherwise known as default), a very dramatic maturity extension, or explicit transfers to the Greek budget. Alternatively, the Troika could accept "deep upfront haircuts" on their loans to the country.
- This study sees Greek debt peaking at nearly 200% of GDP in the next couple of years versus a previously forecasted high of 177%. By 2022, the debt would stand at 170% of GDP versus an estimate of 142% just two weeks ago.
- The latest projections, says the IMF "remain subject to considerable downside risk."
- Source: Reuters
- The Athens Stock Exchange remains closed.
- GREK -5.9%, NBG -6.7%
Mon, Jul. 13, 11:17 AM
- The Athens Stock Exchange remains closed, but the Greek ETF (GREK -3.9%) and the ADRs of National Bank of Greece (NBG -2.9%) have reversed big early gains to turn solidly lower.
- The deal agreed to by Greek PM Tsipras this morning brings to mind the TV deal negotiated by George Castanza on Seinfeld in which he and Jerry ended up with less money than had originally been offered. Now Greek lawmakers have the pleasure of voting for a package more harsh than the one they and the electorate have just rejected.
- See Bloomberg: Tsipras Has Vandalized Greece
- Previously: More on EU-Greek agreement - Greece forced to sell €50B worth of assets (July 13)
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