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Greek Government, Bankers Agree on a Liquidity Plan
By Natalie Weeks and Maria Petrakis - Sep 28, 2010 2:04 PM GMT+0200 Tue Sep 28 12:04:26 GMT 2010
Greek banks agreed to increase liquidity in the economy by making more loans, Finance Minister George Papaconstantinou and Economy and Competitiveness Minister Michalis Chrisochoides said today.
Banks will make the commitments in exchange for Greek government guarantees for the lenders which must be used to ensure loans begin flowing to the real economy again, Papaconstantinou said after meeting with bankers today, in comments broadcast live on state-run NET television. Last month, the government announced it would extend its bank guarantee program by 25 billion euros (33.6 billion).
The guarantee program “is a significant tool to boost liquidity in the Greek market,” Chrisochoides said in the joint statement with Papaconstantinou. National Bank of Greece SA Chairman Vassilios Rapanos said the guarantees will help lenders channel liquidity to the “real economy.”
Liquidity in the Greek market has shrunk as Prime Minister George Papandreou cut wages and pensions and increased taxation in exchange for 110 billion euros in emergency loans from the European Union and International Monetary to avoid a default. The country’s economy is forecast to shrink 4 percent this year and 2.6 percent next year, before returning to growth in 2012, according to government forecasts released in May.
Greek lending to households and businesses expanded by an annual 1.5 percent in August, slowing from a 2.3 percent clip in July, the Bank of Greece said yesterday. Deposits by businesses and households held in Greek banks in July dropped to 212.3 billion euros from 216.5 billion euros the previous month, the central bank said on Sept. 6, the seventh straight monthly drop.
Banks were advised to give loans to those taking up a government tax settlement offer. The government said last week it plans to settle tax arrears with businesses and individuals as a one-time measure to boost revenue for the budget. The draft law goes to parliament today.
Rapanos and EFG Eurobank Ergasias SA Chief Executive Officer Nicolaos Nanopoulos reiterated the Greek banking sector is “strong” and “healthy,” in comments broadcast on NET after the meeting at the Athens-based Finance Ministry.
(Bloomberg)
By Natalie Weeks and Maria Petrakis - Sep 28, 2010 2:04 PM GMT+0200 Tue Sep 28 12:04:26 GMT 2010
Greek banks agreed to increase liquidity in the economy by making more loans, Finance Minister George Papaconstantinou and Economy and Competitiveness Minister Michalis Chrisochoides said today.
Banks will make the commitments in exchange for Greek government guarantees for the lenders which must be used to ensure loans begin flowing to the real economy again, Papaconstantinou said after meeting with bankers today, in comments broadcast live on state-run NET television. Last month, the government announced it would extend its bank guarantee program by 25 billion euros (33.6 billion).
The guarantee program “is a significant tool to boost liquidity in the Greek market,” Chrisochoides said in the joint statement with Papaconstantinou. National Bank of Greece SA Chairman Vassilios Rapanos said the guarantees will help lenders channel liquidity to the “real economy.”
Liquidity in the Greek market has shrunk as Prime Minister George Papandreou cut wages and pensions and increased taxation in exchange for 110 billion euros in emergency loans from the European Union and International Monetary to avoid a default. The country’s economy is forecast to shrink 4 percent this year and 2.6 percent next year, before returning to growth in 2012, according to government forecasts released in May.
Greek lending to households and businesses expanded by an annual 1.5 percent in August, slowing from a 2.3 percent clip in July, the Bank of Greece said yesterday. Deposits by businesses and households held in Greek banks in July dropped to 212.3 billion euros from 216.5 billion euros the previous month, the central bank said on Sept. 6, the seventh straight monthly drop.
Banks were advised to give loans to those taking up a government tax settlement offer. The government said last week it plans to settle tax arrears with businesses and individuals as a one-time measure to boost revenue for the budget. The draft law goes to parliament today.
Rapanos and EFG Eurobank Ergasias SA Chief Executive Officer Nicolaos Nanopoulos reiterated the Greek banking sector is “strong” and “healthy,” in comments broadcast on NET after the meeting at the Athens-based Finance Ministry.
(Bloomberg)
Non era una previsione difficile! E infatti non ho comprato all'epoca titoli di un paese in panico, mentre ve ne erano disponibili di un paese in triplo panico!
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