Greece
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European Central Bank (ECB)

European Central Bank: Greek Banks Need Up to 14.4 Billion Euros

The European Central Bank has assessed that the four systemic banks of Greece need at least 4.4 billion euros and up to 14.4 billion euros to cover their capital shortfalls. In the comprehensive assessment test released on Saturday morning the ECB revealed the extent...

Greek Banks Need 14 Billion Euros, Report Claims

The four major Greek banks need 14 billion euros to cover their capital needs, according to Reuters. A Reuters report cites two European officials who claim that European Central Bank's comprehensive assessment of the Greek banks generated the amount. The ECB's official stress test results...

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...

Mario Draghi Responds to SYRIZA European MP's Claims

European Central Bank President Mario Draghi responded to SYRIZA's European Parliament Member; Kostas Chrysogonas via an open letter, Chrysogonas had made claims about the ECB's role in the Greek bailouts and posed questions about the “right to social security and the protection 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...

Mario Draghi Lays out Conditions for ECB's Purchase of Greek Bonds

European Central Bank President Mario Draghi discussed the possibility of the ECB purchasing Greek bonds, during a press conference in Frankfurt on Thursday. Draghi clarified that for the ECB to purchase Greek bonds, whose low credit rating does not fulfil the ECB's credit rating requirement,...

European Central Bank Decreases ELA to Greece

The European Central Bank Governing Council decided on Thursday to reduce the Emergency Liquidity Assistance to Greece down to 89.1 billion euros. The approximately 600 million euro decrease comes after a first 700 million euro decrease in August. Greek banks are expected...

Greece Makes 3.2-Billion-Euro Payment to the ECB

Greece made a 3.2-billion-euro payment to the European Central Bank (ECB) on Thursday. Reuters cited an anonymous Greek government senior official who was quoted as saying that "the payment was made, the funds are on their way." The money for this payment came from the...

Greek President Discusses Eurogroup Meeting with European Commission President Junkcer

President of the Hellenic Republic Prokopis Pavlopoulos had a telephone conversation with European Commission President Jean-Claude Juncker on Thursday, in which they discussed Friday’s Eurogroup. Pavlopoulos discussed the same issue on Wednesday with French President Francois Hollande and European Central Bank...

Greeks are Hiding Over €50 Billion in Cash

The imposition of capital controls showed that Greeks have over 50 billion euros stashed away under mattresses, in drawers, buried in the yard or in bank safety deposit boxes. In July, with capital controls in full effect for the whole...