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Greece

Six Out of Ten Greek Businesses in Liquidity Crisis After Lockdown

Six out of 10 businesses face liquidity issues, with only enough cash reserves to continue operating for less than six months -- while three in ten have zero cash reserves and only 15 percent sufficient liquidity to last more...

Mitsotakis: Greece Needs Cuts in Taxes, Public Spending, Restoration of Bank Liquidity

New Democracy leader Kyriakos Mitsotakis outlined on Tuesday his party’s main proposals to help Greece exit the economic crisis during a speech at the American-Hellenic Chamber of Commerce. He said the first is a new fiscal policy mix that will...

ECB Lowers Emergency Liquidity Assistance to Greece

The Bank of Greece announced that the European Central Bank had lowered the cap on emergency liquidity assistance (ELA) that Greek banks draw from the domestic central bank by 4.4 billion euros to 52.8 billion euros ($59.6 billion). The...

Government Reliance on Repos Causing Negative Impact on Liquidity of Banking System

According to figures from the Public Debt Management Agency (PDMA), the government of Greece has been relying on repurchase agreements, or repos, in order to meet financial obligations, causing a negative impact on the liquidity of the banking system. The...

Greek Gov't Taps on State Organization Fund Reserves for Liquidity

The Greek government is tapping on state organization fund reserves for liquidity, asking that the organizations transfer reserves to the Bank of Greece. The unemployment office, hospitals, the national health system fund, even the Greek parliament fund have been asked...

European Central Bank Gives Breath of Liquidity to Greek Banks

The European Central Bank gave a breath of liquidity to Greek banks after Thursday's decision to include them in its quantitative easing program and the purchase of EFSF bonds. The decision constitutes an indirect capital boost, from which banks can...

ECB Lowers Emergency Liquidity Assistance to Greece

The Governing Council of the European Central Bank has decided to further lower the Emergency Liquidity Assistance (ELA) ceiling for Greece, the Bank of Greece said in an announcement, on Thursday. The new ELA ceiling now stands at 86.9 billion euros. “The reduction of...

European Central Bank Further Lowers Emergency Liquidity Assistance to Greece

The Bank of Greece announced on Thursday that the Governing Council of the European Central Bank decided on Wednesday to decrease the Emergency Liquidity Assistance level for Greece from 88.9 billion euros to 89.1 billion euros. “This 0.2 billion euro reduction in...

Social Insurance Secretary General: 'Acute liquidity problem'

"There is an intense cash flow problem and this leads to restrictions on withdrawals and the queues outside the banks. It means that there is not enough money in the banks and for this reason we closely monitor transactions....

ECB Assesses Greek banks' Liquidity Condition on a Daily Basis‏

A European Central Bank board teleconference meeting on Thursday reassessed liquidity conditions in Greek banks. Bank sources told ANA-MPA that the Bank of Greece "took as much ELA it requested." However, there is no official information over if and how much...

ECB Approves Additional Liquidity for Greek Banks

According to Reuters the European Central Bank (ECB) raised emergency funding for Greek lenders for the third time in less than a week. The Governing Council increased the cap on Emergency Liquidity Assistance in a telephone conference on Monday, and...

ECB Raises Emergency Liquidity Funding to Greek Banks

The European Central Bank (ECB) on Friday raised the ceiling of emergency liquidity assistance (ELA) provided to Greek banks. Despite yesterday's dismissal, the Bank of Greece was forced to ask in an emergency teleconference on Friday the increase of the...

How Greece’s Liquidity Problem Could Cause an Unplanned Grexit

By Panicos O. Demetriades, University of Leicester As Greece moves from one repayment deadline to another, you can be forgiven for thinking that the country’s main daily challenge is finding the money to pay its public sector workers and meet its...

ECB Maintains Greek Banks' Liquidity Limit Amid Talk of Capital Controls

The European Central Bank (ECB) board of directors decided on Wednesday to maintain the limit through the emergency liquidity assistance (ELA) scheme to 80.2 billion euros. In the past few weeks, the ECB kept providing liquidity to Greek banks through ELA. Last week,...

Greek Gov't Vice President Discusses Liquidity with Heads of Banks

The liquidity of the banking sector, the contribution of banks in the fight against tax evasion, the improvement of public revenues collection and the more efficient use of development actions dominated a meeting between Government Vice-President Yiannis Dragasakis and...