Economy of the European Union
Greece needs bailout extension to negotiate reforms, says Commission VP
By Jan Strupczewski & Paul Taylor
Greece can choose how to make its public finances healthy and its economy grow, but it must extend its bailout program by a few months to gain time to negotiate those steps, European Commission Vice President Valdis Dombrovskis said.
ECB cancels soft treatment of Greek debt in warning to Athens
By John O'Donnell & Jan Strupczewski
The European Central Bank abruptly canceled its acceptance of Greek bonds in return for funding on Wednesday, shifting the burden onto Athens' central bank to finance its lenders and isolating Greece unless it strikes a new reform deal.
Greek banks plummet as ECB restricts direct access to funds
By Nikos Chrysoloras and Elisa Martinuzzi
Greek banks plummeted in Athens trading Thursday after the European Central Bank restricted direct access to its funding lines, forcing the nation?s lenders to rely on emergency funds.
ECB Lifts Waiver on Greek Govt Debt as Collateral
The European Central Bank (ECB) announced that it would would no longer accept junk-rated Greek government bonds as collateral for regular central bank loans.
The ECB said in a Wednesday statement that it its Governing Council had decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by Greece.
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EC makes 1 bln euros available for the young unemployed (video)
The European Commission proposed to make 1 billion euro from the Youth Employment Initiative available as early as this year. This change will increase by up to 30 times the pre-financing Member States receive to boost youth employment - reaching up to 650,000 young people and helping them get into work, faster.
Playing hardball: Greek FinMin's response to ECB Greek bond blast
The European Central Bank's decision on Wednesday to restrict the eligibility of Greek bonds used as collateral raised pressure on the 10-day-old government to yield to German-led austerity calls. The decision was announced at 9.36 p.m. on Wednesday.
Greek Finance Ministry says ECB decision aimed at Eurogroup
The Greek Finance Ministry interpreted a European Central Bank decision to stop accepting Greek government bonds as collateral from local lenders as a moved aimed at pushing Athens and its eurozone partners towards a new debt deal.
What the ECB's move on Greek government debt is really all about
By Lorcan Roche Kelly
In a press release that jolted the markets, the ECB announced that it will no longer accept Greek government debt as collateral starting next week. But this news is not necessarily a potential liquidity disaster for Greek banks.
The White House washes its hands of latest developments
We advised Greece to cooperate with the Eurozone and the International Monetary Fund
“We advised Greece to do so and we are optimistic that through talks a collaboration will be finally achieved ” said White House official.
Interest rates at domestic lenders are still falling
By Evgenia Tzortzi
Interest rates on deposits are continuing to fall at commercial Greek banks despite the credit sector?s cash flow problems. Bank of Greece data showed yesterday that the average interest rate in December came to 1.82 percent, against 1.88 percent in November and 2.61 percent in early 2014.