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%
Wed, Feb. 18, 9:15 AM
Tue, Feb. 17, 9:14 AM
Fri, Feb. 13, 12:45 PM
Fri, Feb. 13, 9:15 AM| 3 Comments
Fri, Feb. 13, 4:20 AM
- "We will do whatever we can so that a deal is found on Monday," announced Greece's government spokesman, outlining that the country will make every effort to reach an agreement with euro zone finance ministers on how to transition to a new support program.
- Meanwhile, the ECB extended another €5B in emergency loans to Greek banks yesterday, following fears that a spate of withdrawals could leave lenders in the country short of funding.
- GREK +4.3%, NBG +8.4% premarket
Thu, Feb. 12, 11:32 AM
- The ECB boosts the amount of emergency liquidity assistance (ELA) which can be provided to Greek banks by €5B to €65B, according to German news reports.
- The hiked amount comes as the central bank stops accepting junk-rated Greek government paper as collateral for ECB loans. ELA is administered by the Greek central bank.
- GREK +5%, NBG +12.8%
Wed, Feb. 11, 9:13 AM
Tue, Feb. 10, 12:45 PM
Tue, Feb. 10, 9:16 AM
Tue, Feb. 10, 7:37 AM
- S&P 500 (NYSEARCA:SPY) futures just jumped about 10 points in one bar - now up 0.7% - , with similar moves seen in the DJIA (NYSEARCA:DIA) and Nasdaq 100 (NASDAQ:QQQ).
- Stocks in Athens have quickly moved to up 3.4% from up 1.5%, with word making the round of a 6-month extension for Greece. The country's bailout program (and likely its cash) were previously due to end on Feb. 28.
- NBG +3.6%, GREK +3.9%
Mon, Feb. 9, 9:12 AM
Mon, Feb. 9, 4:41 AM
- European markets are on the decline after Greek PM Alexis Tsipras vowed to roll back austerity measures yesterday and stressed that his country would not be asking for an extension to its current bailout, which is due to expire on February 28.
- Greek 10-year yields rose 59 bps to 11.04% at the open on Monday, while three-year yields shot up 120 bps to 19.18%. Athens' ATG stock index is down over 5%.
- S&P cut Greece's sovereign debt rating to B- from B on Friday, warning that liquidity restraints on local banks would limit the time the new government has to clinch a deal with its creditors. Moody's placed its Caa1 rating on review for downgrade.
- Greek banks: OTCPK:ALBKY, OTCPK:EGFEY, OTCPK:BPIRY, NBG -6.6% premarket
- ETFs: GREK -2.9% premarket
- Elsewhere in Europe: FTSE 100 -0.9%; DAX -1.7%; CAC 40 -1.2%; Euro Stoxx 50 -1.5%.
Fri, Feb. 6, 2:15 PM
- S&P's shocking downgrade of Greece to B- from B comes as the new country's new government and its European creditors try to reach some sort of deal which would stave off another default. The time frame has narrowed, says S&P.
- Meanwhile, capital is exiting Greece and entering Germany at the fastest pace in 3-4 years, according to the Bundesbank's latest "Target 2" report - €54B last month.
- GREK -4.75%, NBG -13.2%
Fri, Feb. 6, 9:12 AM
Thu, Feb. 5, 9:12 AM
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