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Greece

ECB: Greece Should Complete Reforms to Help Banks Reduce Bad Debt

Greece should complete the reforms needed to help banks reduce bad debt and deal with the impact of the COVID-19 pandemic, the European Central Bank said, according to Reuters. The coronavirus crisis has stalled the efforts of Greek banks to...

Next ECB President Lagarde In Favor of Reducing Greece's Primary Surplus Targets

Christine Lagarde, the current Chairman of the International Monetary Fund (IMF) and the next President of the European Central Bank (ECB) suggested on Wednesday that Greece's commitment to a primary surplus target of 3.5 percent of GDP should be...

ECB Begins Cyprus Bonds Purchases Following Investment-Grade Upgrade

The European Central Bank (ECB) recommenced purchases of Cypriot government bonds following the upgrade of Cyprus credit rating to investment-grade by Standard and Poor’s. Purchases of Cyprus bonds by the ECB in the context of the ECB’s Public Sector Purchase...

Special Rules for Greek ECB Borrowing to End After Bailout Exit

Greece will be unable to access cut-rate European Central Bank funding from Aug. 21 -- a day after the expected 'official' exit from the country's economic bailout program. The ECB on Friday released a statement which indicated that the end...

Top Greek Banks would Lose €15.5 Bln of Capital in Stress Scenario: ECB

Greece’s four biggest banks said on Saturday that no new funding plans were needed after stress test results showed they would lose around 15.5 billion euros of their capital by 2020 under an adverse economic scenario, Reuters says. The health...

Bad Loans Threaten Greek Recovery, Says ECB

The Greek economy is recovering, the stability programme is ending in August and a gradual loosening and lifting of capital controls is expected, Daniele Nouy, the chair of the Supervisory Board of the European Central Bank, said on Thursday. Addressing...

ECB Insists on Property Auctions Across Greece

An "effective auction system is an important part of the work" in cutting bad loans in Greece, the head of the European Central Bank has insisted. Mario Draghi, replying to a letter from Greek MEP Nikolaos Chountis, said the controversial...

Varoufakis Suing ECB for Refusing to Help Greek Banks During Crisis

Former Greek finance minister Yanis Varoufakis, and a German parliamentarian, are suing the European Central Bank, so as to gain access to a document underpinning the ECB's decision to freeze vital funding to Greek banks in 2015. That move left...

Tsipras: ECB's QE Program No Longer Crucial for Greece

Despite opposite statements in the past, prime minister Alexis Tsipras no longer believes that stimulus from the European Central Bank (ECB) is crucial for the economic recovery in Greece. "I think we will join the QE (quantitative easing) program but...

ECB Lowers Funding Cup for Greek Banks by €1.1 Billion

The European Central Bank lowered the cap on Emergency Liquidity Assistance (ELA) Greek banks draw from the domestic central bank by 1.1 billion euros to 25.8 billion euros, the Bank of Greece said on Thursday. The move reflected improved liquidity...

ECB's Nowotny: Turn ESM into European Monetary Fund for Greece's Bailout

Veteran European Central Bank policymaker Ewald Nowotny has backed turning the European Stability Mechanism (ESM) into a IMF-styled lender and for it taking over from the ECB in Greece's bailout programme. "The ESM might turn into a 'European Monetary Fund',...

ECB: Greek Banks Stress Tests Results Due in May

The European Central Bank's stress test of Greek banks is still expected to be completed in May despite a delay in a pan-European check. The Greek stress test, aimed at uncovering any shortage of capital before Greece leaves its 86...

Possible NBG Bond Buy by ECB Could Offer Support to Greek Economy

The European Central Bank could buy covered bonds issued by the National Bank of Greece under its asset purchase scheme, providing indirect support for the Greek economy, according to financial sources familiar with the matter. NBG this week sold 750...

ECB Profits from Greek Bond Holdings at €7.8 Billion

The European Central Bank has made nearly €8bn in profits from its holdings of Greek government debt, according to a written response provided by the ECB to a Greek MEP request. According to the response, holdings of Greek sovereign bonds...

ECB Move to Ask for 100% Coverage of NPLs to Hurt Greek Banks

A move by the European Central Bank to ask eurozone banks to set aside enough cash to cover 100% of their non-performing loans (NPLs) over the next several years, is especially expected to hurt Greek banks. Eurozone banks are sitting on...