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This entry was posted on July 16, 2015 at 14:42.
The last change is the July 16, 2015 at 16:41.
The ECB surprise raised the roof at the emergency liquidity for Greek banks without the wait Eurogroup formal go-ahead to 7 billion of the bridge loan for Athens. The decision should allow institutions to reopen Hellenic short doors, closed since 28 June. The exposure of the ECB to Greece has thus risen to 130 billion euro. According to banking sources quoted by Ana, all Greek banks will reopen Monday. It will remain in force, however, the maximum limit of 60 euro per day to withdraw and limitations on capital movements.
“There are conditions to raise liquidity to Greek banks,” said Mario Draghi at the end of the Governing Council. “Things have changed,” said the president, after the vote of the night to the greek parliament and the agreement of the ministers of the Eurozone for a bridging loan to Athens. The Eurotower therefore raises ahead of schedule the Ela, the instrument of emergency that had blocked from June 28 to 89 billion, forcing de facto Greek institutions to close their doors. The increase decided today is 900 million, about the same as required by the Central Bank Hellenic, said Draghi.
At this point the Greek banks will reopen, although difficult to immediately return to normal. The chances are that they remain in force limits on withdrawals – currently set at 60 euro per day – waiting for the third European rescue unlock 25 billion needed for their recapitalization.
The number one Eurotower, urged by journalists, focused on the recent dramatic developments in the euro area, with the river summit in Brussels and the real risk that Athens came out of the single currency. “Monetary union is imperfect and fragile,” he admitted, “progress is needed.” Draghi also spoke on the node of the greek debt, which according to the latest report of the IMF must be drastically cut. “It is out of the question that a debt relief for Greece is necessary,” he admitted, adding that how “we will focus in the coming weeks.” During the Eurogroup of the weekend, the German Finance Minister Wolfgang Schäuble had reacted angrily to a statement by Draghi on the theme of the greek debt reduction, in what sources ECB had defined “an exchange of views.”
A reporter asked the question on the possibility that Greece will leave the euro for a period of at least five years, hypotheses launched a surprise weekend to Schäuble. “I will not comment on the statements of politicians – responded – For us Greece is and remains in the euro.” “All the signs – he added – lead me to say that the ECB and the IMF will be repaid by Greece on July 20th.” Athens must repay in Frankfurt 3.5 billion plus interest by that date.
Dragons then, as usual, commented on the economic situation of the euro. The signals from the economy, he said, indicate “that a recovery is broadening,” despite recent market developments, specifying that Qe is going well and will continue as long as necessary, that is, until at least September 2016.
The Eurotower today confirmed the interest rates in the euro to a record low of 0.05 percent. A level that serves to counter the persistent low inflation: today Eurostat has confirmed that in June the consumer price index slowed to 0.2% from 0.3% in May. Inflation is estimated by the ECB ascend in 2016 and in 2017. At the meeting of the ECB was also attended by Vice President of the European Commission responsible for the euro, the Latvian Valdis Dombrovskis. ( G.Me .)
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