Bank of Greece

The credit-rating firm DBRS on Friday downgraded Greece’s issuer rating to CCC from B, citing a “further increase in uncertainty over whether Greece and its creditors will reach an agreement on a program that restores macroeconomic stability and improves Greece’s cash position.”

The negative news was followed by Fitch Ratings, which affirmed its CCC grade for the country.

The Finance Ministry said that all salary and pension payments due Friday were made on time, apart from the wages for employees at OPEKEPE, a government body responsible for paying out farming subsidies.

A Greek state entity known by exotic-sounding acronym of OPEKEPE appears to be the first “victim” of a measure ordering all state-affiliated entities to transfer their reserves to the Bank of Greece, as a scheduled 15-day payroll advance wasn’t made this week.

By Nikos Konstandaras

By Renee Maltezou & Lefteris Papadimas

Greece's leftist government on Thursday sought to deflect criticism over tensions with the Bank of Greece, saying it respected the bank's independence but was free to castigate the governor for actions he took as finance minister.

By Evgenia Tzortzi

The government and the country?s central and commercial banks agreed on Wednesday on a strategic plan for the development of digital transactions and a drastic cut in cash transactions that will be drafted within 30 days.

By Dimitra Manifava

The Greek economy could enjoy additional revenues of 250 million euros per year from olive oil exports if the commodity were utilized appropriately (i.e. not exported in bulk) and standardized in Greece with its own distinctive identity, according to a report by the National Bank of Greece.

The European Central Bank, Greece’s crucial provider of liquidity in lieu of a bailout deal, on Wednesday extended its support to Bank of Greece (BoG) Gov. Yannis Stournaras, who come under attack by the ruling SYRIZA government recently.
Bloomberg quotes ECB sources as saying Europe’s central bank is “concerned” over government pressure aimed at the Bank of Greece.

The use of so-called emergency liquidity assistance (ELA) by Greek banks rose by 8.6 percent in April from the previous month as deposit outflows continued, Bank of Greece data showed on Wednesday.

By Lefteris Papadimas & George Georgiopoulos

Greece emptied an emergency IMF holding account to repay 750 million euros ($839 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.