交易新闻
21 Apr 2015
Greek jitters keep growing – DB
FXStreet (Edinburgh) - Analysts at Deutsche Bank reviewed the recent developments regarding Greece in light of the imminent Eurogroup meeting.
Key Quotes
“Towards the end of the European session, news emerged that PM Tsipras had signed a legal decree obliging state bodies (with the exception of pension funds) to transfer reserves to the Bank of Greece”.
“The move highlights the desperate liquidity situation, with Greek press Ekathimerini reporting that the move is expected to tap around €1.2bn which should be enough to pay civil servants’ salaries and pensions this month”.
“Critically however, with it looking less and less likely that any sort of agreement and subsequent release of funds will be made at this Friday’s Eurogroup, it’s not obvious if the reserves will be enough to cover the €770m IMF payment due on May 12th”.
“Despite the decree meaning that no parliamentary vote is needed, this looks set to cause some political unrest for Greece with the Mayor of Glyfada (the third largest municipality) commenting that ‘the government’s decision to seize our reserves not only raises legal and constitutional issues, but also a moral one’”.
“Patoulis, the Mayor of Marousi, also commented that ‘it is a politically and institutionally unacceptable decision’ and that ‘no government to date has dared to touch the money of municipalities’”.
Key Quotes
“Towards the end of the European session, news emerged that PM Tsipras had signed a legal decree obliging state bodies (with the exception of pension funds) to transfer reserves to the Bank of Greece”.
“The move highlights the desperate liquidity situation, with Greek press Ekathimerini reporting that the move is expected to tap around €1.2bn which should be enough to pay civil servants’ salaries and pensions this month”.
“Critically however, with it looking less and less likely that any sort of agreement and subsequent release of funds will be made at this Friday’s Eurogroup, it’s not obvious if the reserves will be enough to cover the €770m IMF payment due on May 12th”.
“Despite the decree meaning that no parliamentary vote is needed, this looks set to cause some political unrest for Greece with the Mayor of Glyfada (the third largest municipality) commenting that ‘the government’s decision to seize our reserves not only raises legal and constitutional issues, but also a moral one’”.
“Patoulis, the Mayor of Marousi, also commented that ‘it is a politically and institutionally unacceptable decision’ and that ‘no government to date has dared to touch the money of municipalities’”.