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ECB Financing to Greek Banks Falls for Third Straight Month
By Natalie Weeks and Christos Ziotis - May 11, 2011 6:13 PM GMT+0200 Wed May 11 16:13:34 GMT 2011
Lenders borrowed a total of 87.9 billion euros ($125.7 billion) in the ECB’s refinancing operations, compared with 90.4 billion euros in February, according to a statement posted by the Athens-based Bank of Greece (TELL) on its website today.
“It’s a positive trend,” Deutsche Bank AG analyst Dimitris Giannoulis said by telephone today. “Total exposure is falling and this seems to be on Greek banks deleveraging loans and also substituting collateral with state-guarantees, which would be liable to a smaller haircut.”
Greek banks have been hurt by concerns over their high holdings of Greek government bonds and speculation the country may have to restructure its debt. In May last year, Greece agreed to austerity measures in exchange for a 110 billion-euro bailout from the European Union and the International Monetary Fund.
The ECB is trying to convince politicians that Greece can’t be allowed to restructure their debts, a move that Executive Board member Lorenzo Bini Smaghi says could see part of the Greek banking system collapse.
Greece’s government and central bank, to help restore funding, will extend 30 billion euros in additional state guarantees, which will be contingent on banks detailing how they will wean themselves off ECB money. ECB funding to Greek banks is down 9.8 billion euros since December.
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Il dato riportato prima, sul calo dell'esposizione della BCE rispetto alla liquidità fornita alle banche greche.
By Natalie Weeks and Christos Ziotis - May 11, 2011 6:13 PM GMT+0200 Wed May 11 16:13:34 GMT 2011
Lenders borrowed a total of 87.9 billion euros ($125.7 billion) in the ECB’s refinancing operations, compared with 90.4 billion euros in February, according to a statement posted by the Athens-based Bank of Greece (TELL) on its website today.
“It’s a positive trend,” Deutsche Bank AG analyst Dimitris Giannoulis said by telephone today. “Total exposure is falling and this seems to be on Greek banks deleveraging loans and also substituting collateral with state-guarantees, which would be liable to a smaller haircut.”
Greek banks have been hurt by concerns over their high holdings of Greek government bonds and speculation the country may have to restructure its debt. In May last year, Greece agreed to austerity measures in exchange for a 110 billion-euro bailout from the European Union and the International Monetary Fund.
The ECB is trying to convince politicians that Greece can’t be allowed to restructure their debts, a move that Executive Board member Lorenzo Bini Smaghi says could see part of the Greek banking system collapse.
Greece’s government and central bank, to help restore funding, will extend 30 billion euros in additional state guarantees, which will be contingent on banks detailing how they will wean themselves off ECB money. ECB funding to Greek banks is down 9.8 billion euros since December.
***
Il dato riportato prima, sul calo dell'esposizione della BCE rispetto alla liquidità fornita alle banche greche.