Thursday, July 16, 2015

European Central Bank President Mario Draghi said the bank raised its liquidity provision to Greek Banks

European Central Bank President Mario Draghi said the bank raised its liquidity provision to Greek financial institutions Thursday, providing a little breathing room in advance of looming debt repayment deadlines.

The eurozone’s central lender approved providing an additional 900 million euros ($979 million) to Greece’s financial system for this week, Draghi said.

The ECB’s emergency liquidity assistance to Greece has increased to roughly 90 billion euros. It had previously been frozen at 89 billion euros.

Draghi also provided an optimistic outlook on Greece’s ongoing efforts to meet its creditors’ demands through legislative reforms. Before receiving a potentially larger bailout, Greece needs a 7 billion euro bridge loan to meet upcoming debt repayment deadlines, including 3.5 billion euros to the ECB by Monday.

Greece has been in limbo since late June, when the ECB capped liquidity funding to its banks. The government in Athens responded with strict capital controls, freezing international cash transfers and limiting ATM withdrawals to 60 euros a day.

European finance ministers estimate that Greece needs at least 86 billion euros to keep its banks capitalized and debt repayments covered in the coming years. The country has reached a provisional agreement with its chief creditors to secure the bailout in exchange for passing wide-ranging fiscal measures -- including pension cuts, sales tax increases and labor and product market reforms....

  [ibtimes.com]
16/7/15
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4 comments:

  1. Die Europäische Zentralbank hat die Leitzinsen am Donnerstag unverändert auf Rekordtiefs belassen... Und sie gewährt Griechenlands Banken weitere Notkredite. Der Rahmen für die sogenannten Ela-Hilfen sei angehoben worden, sagte EZB-Präsident Mario Draghi nach Beratungen des EZB-Rates am Donnerstag in Frankfurt...

    Die Währungshüter stockten den Rahmen für die Gewährung von Notfall-Kredithilfen (ELA) an die Institute um 900 Millionen für eine Woche auf. Die EZB habe eine Anfrage der griechischen Notenbank genehmigt. Die Obergrenze für die ELA-Notkredite lag Insidern zufolge zuletzt bei etwa 89 Milliarden Euro.

    Die sogenannten ELA-Hilfen werden von der Athener Notenbank gegen Sicherheiten vergeben. Über die Gewährung entscheidet aber der EZB-Rat. Die Institute benötigen die Liquiditätsspritzen mittlerweile für ihr Überleben. Denn aus Furcht vor einem Ausscheiden des Landes aus dem Euro hatten Bankkunden zuletzt massiv ihre Konten leergeräumt. Den Banken droht daher das Geld auszugehen.

    Draghi machte sich zudem für eine Schuldenerleichterung zugunsten Griechenlands stark. "Es ist unbestritten, dass eine Schulderleichterung notwendig ist", sagte er. "Niemand hat das jemals infrage gestellt." Die Frage sei, welche Art die beste sei. Dies sollte in den kommenden Wochen in den Mittelpunkt der Diskussion rücken.....handelsblatt.com

    ReplyDelete
  2. Greece repays 2bn euro arrears to IMF...

    The International Monetary Fund (IMF) has confirmed that Greece has cleared overdue debt repayments of €2.05bn (£1.4bn) and is no longer in arrears.

    The repayments, and another for €4.2bn to the European Central Bank (ECB) due on Monday, came after the EU made Greece a short-term loan of €7bn.

    Cash-strapped Greece missed one repayment to the IMF in June and another earlier this month.

    Earlier on Monday, Greek banks reopened after being closed for three weeks.

    However, many restrictions remain and Greeks are facing price rises with an increase in Value Added Tax (VAT).....BBC

    ReplyDelete
  3. Der Rat der Europäischen Zentralbank hat Mittwoch eine Erhöhung der Ela-Notkredite um eine Milliarde Euro für die griechischen Geschäftsbanken beschlossen. Dies erfuhr die F.A.Z. aus Notenbankkreisen...

    Die Athener Notenbank kann den angeschlagenen griechischen Geschäftsbanken somit Notkredite von maximal 90,5 Milliarden Euro zur Verfügung stellen.

    Vergangene Woche hatte die EZB die „Emergency Liquidity Assistance“ auf 89,5 Milliarden Euro erhöht. Diese Anhebung war die erste seit Ende Juni, als die EZB die Nothilfen eingefroren hatte. Die Nothilfen ermöglichten es den griechischen Banken, am Montag für einfache Dienstleistungen wieder zu öffnen. Die Kapitalkontrollen bleiben allerdings weiter bestehen, ebenso eine wöchentliche Obergrenze von 420 Euro für Abhebungen...............http://www.faz.net/aktuell/wirtschaft/eurokrise/ezb-erhoeht-abermals-notkredite-fuer-griechenland-13715658.html
    22/7/15

    ReplyDelete
  4. O Banco Central Europeu aumentou esta quarta-feira em 900 milhões de euros o limite máximo da linha de liquidez de emergência utilizada pelos bancos gregos....

    O conselho de governadores do BCE decidiu, numa conferência por telefone, aprovar o aumento, numa altura em que a Grécia se prepara para votar esta quarta-feira à noite um segundo pacote com medidas de austeridade exigidas pelos credores.

    Segundo a Bloomberg, o teto desta linha de emergência estava em 89,5 mil milhões de euros antes deste aumento, o segundo desde finais de junho. O presidente do BCE, Mario Draghi, anunciou na semana passada um primeiro acréscimo de 900 milhões de euros na linha de emergência, antes da reabertura na segunda-feira dos bancos gregos, encerrados desde 29 de junho, mas o controlo de capitais mantém-se.

    Os bancos gregos dependem deste mecanismo para ter liquidez dado que não podem financiar-se através de operações normais de refinanciamento do BCE, desde que em fevereiro a instituição liderada por Mario Draghi deixou de aceitar dívida grega como garantia.
    jn.pt
    22/7/15

    ReplyDelete

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