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%
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
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