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Moody's Downgrades Five Greek Banks

Moody’s downgraded five Greek banks on Monday, citing heightened uncertainty regarding the new government's ability to reach an agreement with its creditors before the end of the current support program that expires at the end of February. The ratings agency said...

Athens Stock Exchange Recording Losses of 7.35% During Third Consecutive Day of Fall

New dramatic free fall recorded the Athens Stock Exchange (ASE), which sank to a new year low, amid the worsening climate in the markets due to political uncertainty, while the Greek 10-year bond recorded a worrying increase over 9%. The...

Turkish PM Davutoglu in Athens Amid Heavy Security Measures

Turkish Prime Minister Ahmet Davutoglu arrived in Athens a few minutes after 3:30 pm accompanied by nine of his cabinet's Ministers, in order to participate in the 3rd Greek-Turkish High Level Cooperation Council, to be held over two days...

Piraeus Port Authority OKs Agreement with Chinese COSCO

After a Piraeus Port Authority (OLP) general meeting green-lighted the agreement with Chinese company Cosco regarding the latter's new 230-million-euro investment in Piraeus, Greece, the way is now open for Beijing to move ahead with its export plans in...

Greek Banks to Implement Law on 'Bad Loans'

Greek banks are ready to implement the law on "bad loans." This emerged after today's meeting at the government headquarters between Prime Minister Antonis Samaras, government Vice President Evangelos Venizelos, Finance Minister Gikas Hardouvelis, Alternate Finance Minister Christos Staikouras,...

No Surprises in Greek Banks' ECB Stress Test Results

Three out of four systemic banks in Greece have failed their ECB stress tests. The results aren't entirely devastating, however, since the banks' capital needs are minimal and the European Central Bank is willing to re-examine the banks' dynamic balance sheets. “Greece’s Eurobank...

Piraeus Bank and Alpha Bank Pass ECB Stress Tests

According to market estimates, Alpha Bank and Piraeus Bank passed their stress tests with ease. These estimates remain to be confirmed by an official statement, to be released on Sunday. Earlier today, Reuters reported that Alpha Bank has passed the stress...

NBG CEO Optimistic Ahead of Stress Tests

Speaking at a conference of the Greek Institute of Internal Auditions on "Internal control in the middle of developments," National Bank of Greece (NBG) CEO Alexandros Tourkolias revealed that most of the bank's loans are investment loans, spent over...

Greece’s Banking Ambitions in Turkey Fading Away

The construction of the 303-million-euro ($383 million) glass diamond-shaped skyscraper in the heart of Istanbul, Turkey,  is due to be completed. The pompous building will be the headquarters of Finansbank AS and for the Turkish bank's Greek owner, National...

Citigroup: What Might a SYRIZA Govt Mean for Greek Equities

U.S. based multinational banking and financial services corporation Citigroup is examining what a SYRIZA government might mean for Greek equities, taking in account the upcoming presidential election in Greece and the risk of early general elections which might bring...