"Ό,τι η ψυχή επιθυμεί, αυτό και πιστεύει." Δημοσθένης (Whatever the soul wishes, thats what it believes, Demosthenes)
Showing posts with label Banks. Show all posts
Showing posts with label Banks. Show all posts
Thursday, March 15, 2018
Clashes break out in Greece over foreclosures
By Associated Press March 14 at 12:34 PM
ATHENS, Greece — Five people were detained Wednesday during clashes between riot police and protesters attempting to disrupt a central Athens auction of foreclosed properties.
Left-wing activists have stepped up protests in recent weeks against online auctions as the government remains under pressure from bailout lenders to speed up the process and ease the strain on banks stemming from a huge backlog of nonperforming loans.
The auctions are required as part of the country’s international bailout, which is due to end in August. Creditors have also promised to deliver some debt relief for Greece if it fulfils all the conditions of the bailout.
Labels:
Banks,
Greek Crisis,
Populism,
SYRIZA,
Third Memorandum
Thursday, August 31, 2017
UPDATE 1-Greece's Eurobank, Piraeus profitable in Q2, bad debt levels ease
AUGUST 30, 2017 / 7:43 PM / 15 HOURS AGO
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Labels:
Banks,
Economy,
Greek Crisis,
SYRIZA,
Third Memorandum
Thursday, February 2, 2017
Europe gets creative to win banks after Brexit
Wed Feb 1, 2017 | 10:56am EST
Reuters
By Anjuli Davies, Andrew MacAskill and John O'Donnell | LONDON/FRANKFURT
Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say.
Global banks have warned they might have to move their European bases from Britain if its departure from the European Union means they lose "passporting" rights to operate across the bloc under the supervision of just one member state's regulator.
Brexit negotiations have yet to start and will take years but big centers like Frankfurt and Paris, as well as smaller ones like Dublin, Amsterdam and Luxembourg, are encouraging banks, insurers and fund managers to consider moving to them.
Reuters
By Anjuli Davies, Andrew MacAskill and John O'Donnell | LONDON/FRANKFURT
Regulators in European countries competing for post-Brexit banking business are offering London-based banks a range of short-term workarounds to help them relocate, bankers, regulators and lawyers say.
Global banks have warned they might have to move their European bases from Britain if its departure from the European Union means they lose "passporting" rights to operate across the bloc under the supervision of just one member state's regulator.
Brexit negotiations have yet to start and will take years but big centers like Frankfurt and Paris, as well as smaller ones like Dublin, Amsterdam and Luxembourg, are encouraging banks, insurers and fund managers to consider moving to them.
Thursday, November 10, 2016
Greece's bank fund may call for NBG shareholder meeting
Wed Nov 9, 2016 | 1:35pm EST
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Thursday, October 27, 2016
Why India Is A Better Investment Bet Than China
OCT 26, 2016 @ 08:14 PM 5,942 VIEWS
Forbes
Panos Mourdoukoutas , CONTRIBUTOR,
"I cover global markets, business and investment strategy "
Opinions expressed by Forbes Contributors are their own.
China may be the world’s largest emerging economy, beating India in many economic and financial indicators. But India is beating China in an indicator that matters the most to emerging market investing: financial market development. This means that India is less prone to a financial crisis than China, and therefore, a better investment than China.
Forbes
Panos Mourdoukoutas , CONTRIBUTOR,
"I cover global markets, business and investment strategy "
Opinions expressed by Forbes Contributors are their own.
China may be the world’s largest emerging economy, beating India in many economic and financial indicators. But India is beating China in an indicator that matters the most to emerging market investing: financial market development. This means that India is less prone to a financial crisis than China, and therefore, a better investment than China.
China Gets Desperate About Debt
OCT 26, 2016 5:00 PM EDT
By Christopher Balding
Bloomberg
With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work.
Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders.
By Christopher Balding
Bloomberg
With its debts surging and growth sluggish, China has hit on a new strategy to revitalize its ailing economy. It’s the same as the old strategy. Only this time, it won’t work.
Earlier this month, China’s State Council released guidelines for a new swap program, in which companies can exchange troubled debt with banks in return for equity. The government hopes this will give the firms a chance to restructure on favorable terms, and avoid the prospect of “zombie companies” propped up indefinitely by state-owned lenders.
Monday, October 24, 2016
Brexit Bulletin: Bankers Threaten Exodus
Bankers threaten early exodus, while PM May tries to head off a constitutional crisis
Bloomberg
Emma Ross-Thomas
Banks will start moving operations out of the U.K. late this year and early next as they anticipate a hard Brexit. That's according to Anthony Browne, chief executive officer of the banking lobby group BBA, writing in the Observer newspaper on Sunday.
International banks’ “hands are quivering over the relocate button,” he wrote. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”
Without identifying any banks by name, he said lenders can’t wait until the last minute and have to “plan for the worst,” especially because “public and political debate at the moment is taking us in the wrong direction.”
Handily, some real estate companies are already finding them new digs. A property company managed by Schroders Plc is bidding for an office building in Frankfurt, joining CBRE Global Investors LLC and Standard Life Plc, which are seeking to purchase office space in cities from Dublin to Amsterdam.
Bloomberg
Emma Ross-Thomas
Banks will start moving operations out of the U.K. late this year and early next as they anticipate a hard Brexit. That's according to Anthony Browne, chief executive officer of the banking lobby group BBA, writing in the Observer newspaper on Sunday.
International banks’ “hands are quivering over the relocate button,” he wrote. “Many smaller banks plan to start relocations before Christmas; bigger banks are expected to start in the first quarter of next year.”
Without identifying any banks by name, he said lenders can’t wait until the last minute and have to “plan for the worst,” especially because “public and political debate at the moment is taking us in the wrong direction.”
Handily, some real estate companies are already finding them new digs. A property company managed by Schroders Plc is bidding for an office building in Frankfurt, joining CBRE Global Investors LLC and Standard Life Plc, which are seeking to purchase office space in cities from Dublin to Amsterdam.
Tuesday, September 27, 2016
The Deutsche Bank crisis could take Angela Merkel down – and the Euro
MATTHEW LYNN
Matthew Lynn 26 SEPTEMBER 2016 • 4:43PM
The Telegraph
here are some words that make such an unlikely pairing that we find it hard to put them together. Italy and efficiency, for example. Or Bake Off and Channel 4. And ‘Germany’ and ‘banking crisis’ is another one. Our image of German banks, and the German economy, as completely rock solid is so strong that it takes a lot to persuade us they might be in trouble.
And yet it has become increasingly hard to ignore the slow-motion car crash that is Deutsche Bank, or to avoid the conclusion that something very nasty is developing at what was once seen as Europe’s strongest financial institution. Its shares have been in free-fall for a year, touching a new low of 10.7 euros on Monday, down from 27 euros a year ago. Over the weekend, the German Chancellor Angela Merkel waded into the mess, briefing that there could be no government bail-out of the bank.
Thursday, June 23, 2016
ECB lends a helping hand to Greece
Greek's ailing banks will be given access to the European Central Bank's refinancing program. The move brings Greece closer to financial normalization, a gift for its compliance in passing tough austerity measures.
Deustche Welle
Cash-strapped Greek banks will be able to borrow cheap money from the ECB starting June 29, the ECB's Governing Council decided on Wednesday.
This requires that the ECB waives its minimum rating requirement, allowing Greek banks to post government-guaranteed debt - even though it is rated as "junk" - as collateral in exchange for ECB funding.
Greek brokerage Euroxx said the move "will be essential for the reduction of Greek banks' funding costs, which along with the gradual easing of capital controls should also help the all-important return of deposits into the system."
Thursday, June 9, 2016
Europe Prepares to Pick Who Can Run Greece’s Banks
Greece agreed to implement rules on bank boards as part of the country’s bailout last year
The Wall Street Journal
By MAX COLCHESTER and STELIOS BOURAS
June 8, 2016 5:30 a.m. ET
ATHENS—European authorities are seeking to replace a third of the board members at Greece’s major banks, among the toughest actions by regulators since the financial crisis. And Louka Katseli is a major target.
The former socialist parliamentarian was named chairwoman of National Bank of Greece SA last year, one of several politicized appointments that European regulators say saps investors’ confidence in Greek banks and makes it harder to clean up a mountain of bad loans.
The Wall Street Journal
By MAX COLCHESTER and STELIOS BOURAS
June 8, 2016 5:30 a.m. ET
ATHENS—European authorities are seeking to replace a third of the board members at Greece’s major banks, among the toughest actions by regulators since the financial crisis. And Louka Katseli is a major target.
The former socialist parliamentarian was named chairwoman of National Bank of Greece SA last year, one of several politicized appointments that European regulators say saps investors’ confidence in Greek banks and makes it harder to clean up a mountain of bad loans.
Saturday, March 12, 2016
China Weighs Letting Banks Sell Bad Debt to Investors
By CHRIS BUCKLEYMARCH 12, 2016
The New York Times
BEIJING — China is exploring a new way to grapple with its mounting pile of bad corporate debt, though its top central banker sought on Saturday to dispel worries that the plan would simply shift the burden to other parts of the country’s vast economy.
Under the tentative proposal, Chinese officials would allow banks saddled with growing quantities of bad loans to sell that debt to investors, said Zhou Xiaochuan, the governor of the People’s Bank of China. The goal is to help alleviate one of the major drags on China’s economy, the world’s second largest after the United States’ and a major driver of global growth.
But Mr. Zhou and a deputy central bank governor, Pan Gongsheng, said they would take steps to make sure the effort did not create the kind of risk-laden financial products that played a major role in the 2008 global financial crisis. The effort would be modest, regulators would monitor it closely, and mom-and-pop investors would be kept out, they said.
“There’s no need to exaggerate,” Mr. Zhou said at a news conference held as part of China’s annual legislative session in Beijing. “There’s not certainty that this would be a very big market.”
The New York Times
BEIJING — China is exploring a new way to grapple with its mounting pile of bad corporate debt, though its top central banker sought on Saturday to dispel worries that the plan would simply shift the burden to other parts of the country’s vast economy.
Under the tentative proposal, Chinese officials would allow banks saddled with growing quantities of bad loans to sell that debt to investors, said Zhou Xiaochuan, the governor of the People’s Bank of China. The goal is to help alleviate one of the major drags on China’s economy, the world’s second largest after the United States’ and a major driver of global growth.
But Mr. Zhou and a deputy central bank governor, Pan Gongsheng, said they would take steps to make sure the effort did not create the kind of risk-laden financial products that played a major role in the 2008 global financial crisis. The effort would be modest, regulators would monitor it closely, and mom-and-pop investors would be kept out, they said.
“There’s no need to exaggerate,” Mr. Zhou said at a news conference held as part of China’s annual legislative session in Beijing. “There’s not certainty that this would be a very big market.”
Friday, January 8, 2016
Be Scared of China's Debt, Not Its Stocks
107 JAN 7,
2016 5:34 PM EST
By Noah
Smith
Bloomberg
Thursday, October 16, 2014
ECB eyes extra funding for Greek banks as Athens markets plunge
BY GEORGE
GEORGIOPOULOS AND JOHN O'DONNELL
ATHENS/FRANKFURT
Thu Oct 16, 2014 11:45am EDT
(Reuters) -
The European Central Bank will loosen its terms for accepting security from
Greek banks to allow them to tap more of its funding, offering the country's
lenders support as stock and bond markets in Athens tumble.
This will
provide a powerful incentive for Athens ,
which has toyed with the idea of quitting its financial aid program earlier
than scheduled, to stay under the supervision of international lenders rather
than attempt to go it alone.
Tuesday, May 6, 2014
U.S. to banks: 'No such thing as too big to jail'
CNN
Kevin
Johnson, USA
TODAY 6:40 p.m. EDT May 5, 2014
WASHINGTON
— Foreshadowing possible criminal charges against banking giants Credit Suisse
and BNP Paribas, Attorney General Eric Holder offered an ominous warning
Monday, saying, "There is no such thing as too big to jail.''
Friday, March 7, 2014
Greece's top banks need $8.9 billion euros in extra capital: central bank
BY GEORGE GEORGIOPOULOS
ATHENS Thu Mar 6, 2014 1:44pm EST
(Reuters) -
Greece 's
major banks must raise an extra 6.4 billion euros ($8.9 billion) in capital to
make themselves strong enough to deal with the fallout from future crises, the
central bank said on Thursday.
A health
check was run to see whether last summer's 28-billion-euro recapitalization of
the four top banks had left them with enough cash to withstand rising loan
losses, a further economic slump and other potential shocks.
Tuesday, March 4, 2014
High-Interest Web Banks on the Rise in China
By DAVID BARBOZAMARCH 2, 2014
The New
York Times
SHANGHAI —
Last June, an affiliate of the Chinese e-commerce giant Alibaba made an offer
to its hundreds of millions of users: Give us your cash, and we will pay more
than Chinese banks will.
Savers
swamped the company seeking interest rates that were significantly higher than
the low rates fixed by the government. By early February, 81 million people had
signed up for the company’s money market product called Yu’e Bao, which
translates as “leftover treasure.”
Thursday, February 27, 2014
Hunting credit, firms look beyond wary EU banks
BY STEVE
SLATER
(Reuters) -
When David Armitt needed to refinance loans last year for his 153-year-old
manufacturing company in Yorkshire , he found
British banks reluctant to lend. So he took the nuclear option.
The finance
director in Huddersfield turned instead to San
Francisco-based Wells Fargo, borrowing $28 million after putting up as
collateral the gearboxes that his firm, David Brown Gear Systems, makes to
propel nuclear submarines.
Tuesday, February 25, 2014
Stakes High as E.C.B. Tests Banks
FEB. 23, 2014
The New
York Times
A lot is
riding on the cleanup of euro zone banks that is being overseen by the European
Central Bank. The progress so far is encouraging. But clarity is needed on a
few points to ensure that lenders really do get a good scrubbing and so are
able to support the zone’s fragile economic recovery.
The E.C.B.
is in the midst of a so-called comprehensive assessment of euro zone banks.
This has two elements: an “asset quality review,” or A.Q.R., to determine
whether the loans and other assets held on their balance sheets are valued
properly, and a “stress test” to check whether they could withstand a severe
economic downturn.
Monday, February 24, 2014
Billionaire Soros considers investing in European banks: paper
FRANKFURT Sun Feb 23, 2014 7:27am EST
(Reuters) -
George Soros wants to invest in Europe 's
financial sector, according to a German magazine's interview with the
billionaire investor on Sunday.
"I
believe in the euro," weekly Der Spiegel quoted him as saying.
"Therefore
my investment team is looking forward to make a lot of money soon in Europe by, for example, pumping money in banks which
urgently need capital," he added, noting the euro zone needs this kind of
private investment right now.
Wednesday, February 19, 2014
Fed Closes a Loophole for Banks Overseas
By PETER EAVIS
The New
York Times
Updated,
8:51 p.m. | Foreign banks with a major presence on Wall Street will no longer
be allowed to avoid many of the tougher rules that the United States introduced
after the financial crisis to prevent banking failures and bailouts.
The Federal
Reserve, a leading bank regulator, approved a final rule on Tuesday that will
force the American operations of foreign banks to follow many of the same rules
as American banks. In doing so, the Fed closed a gaping loophole that roughly
half the big firms on Wall Street were able to exploit simply because their
headquarters were overseas.
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