Sunday, June 28, 2015

Economic News , Data And Views ( June 28 , 2015 ) - Greece Focus ( BREAKING NEWS -------BBC Reports Yanis Varoufakis Says Greek Govt will be looking overnight at imposing capital controls & closing banks on Monday ( still awaiting additional confirmation at time of posting - will be updated as necessary ) ....... ORIGINAL LEAD -- After Saturday's failed EWG Meeting between Greece & Creditor Groups , as well as the Greece Parliament vote to call a Referendum on July 5th upon Creditors last proposal - today's initial focus is on what the ECB may do regarding ELA for Greece's Banks - rumors abounding ahead of the decision ! Meanwhile , June 30th is in two days and at that point , the extension to the current program for Greece ends )




. tells : Greek Govt will be looking overnight at imposing capital controls & closing banks on Monday.


ECB can restrict ELA if bank "considers" it interferes with "objectives+tasks of the Eurosystem" ie broad discretion

Worth having this in mind re and procedure.

Another leak


Eurosystem source tells CNBC ECB considering not extending ELA to Greece -- not withdrawing as some had reported:

For every 10% increase in haircut on security offered by Greek banks, ELA shrinks by around €12bn, I'm told


Will End ELA for Greek Banks Later Sunday, BBC Says.

Greece will probably have to "announce a bank holiday on Monday, pending the introduction of capital controls", a source told to BBC

Greece expects ELA for banks to continue, Minister says.

’s Nowotny Sees Missing June 30 Payment to IMF, BBG reports citing ORF

Just a reminder for everyone. Default does not mean Grexit.

Greek banks hold ~€27bn of unpledged ELA collateral at current level of haircuts. ECB could impose larger haircuts.

No one was more surprised about Greek PM Tsipras calling a referendum than his team of negotiators in Brussels.

Draghi can’t avoid spotlight w/ Greek destiny in hands. His power over Greece lies in ELA

Greek parl gives green light to Tspiras' bailout referendum w/ deputies from Golden Dawn approve motion, ND against.



Pres Pavlopoulos sent an indirect message for YES vote next Sunday

Pr.Pavlopoulos: Our people will prove that at crucial times takes decisions with great maturity – Clearly he will sign the decree

It seems that the Presidential decree regarding next Sunday's referendum has been signed it will be published shortly