Showing posts with label ECB. Show all posts
Showing posts with label ECB. Show all posts

Saturday, February 28, 2015

Greece seeks negotiations on ECB bond repayment

ATHENS Sat Feb 28, 2015 3:53pm IST

(Reuters) - Greece called into question on Saturday a major debt repayment it must make to the European Central Bank this summer, after acknowledging it faces problems in meeting its obligations to international creditors.

Thursday, February 26, 2015

ECB’s Draghi Defends Policy Toward Greece

Draghi Says ECB Is Willing to Accept Greek Bonds as Loan Collateral If Athens Sticks to Pledges
By TODD BUELL And  BRIAN BLACKSTONE
Updated Feb. 25, 2015 4:13 p.m. ET

The Wall Street Journal

FRANKFURT—European Central Bank President Mario Draghi defended the ECB against criticism that it acted in a heavy-handed way toward Greece during the country’s bailout negotiations with creditors, saying the central bank was simply applying its lending rules.

Friday, February 6, 2015

Greece and the ECB

The enforcer

How the European Central Bank can dictate terms to the Greek government

The Economist

AS PART of his campaign to present a more conciliatory face to Greece’s European creditors, Yanis Varoufakis, the new Greek finance minister, dropped by the European Central Bank (ECB) in Frankfurt on February 4th. He met Mario Draghi, its president, in an encounter Mr Varoufakis described as “fruitful”. But there are sweet fruits and bitter ones. After his visit, the ECB’s governing council served up a bitter variety by deciding to make life tougher for Greek banks, already beset by big outflows of deposits. The decision was a warning shot to the new government over its unwillingness to abide by Greece’s bail-out arrangements.

Thursday, February 5, 2015

ECB cancels soft treatment of Greek debt in warning to Athens

BY JOHN O'DONNELL AND JAN STRUPCZEWSKI
FRANKFURT/BRUSSELS Thu Feb 5, 2015 5:03am EST

(Reuters) - 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.

The move, which means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in the coming weeks, was a response to what many in Frankfurt see as the Greek government's abandoning of its aid-for-reform program.

Sunday, January 25, 2015

All eyes on Fed, Greece after ECB fires bazooka

BY INGRID MELANDER
PARIS Sun Jan 25, 2015 4:39am EST
(Reuters) - After the surprises from central banks which rocked markets at the start of the year, the U.S. Federal Reserve will be watched as closely as ever this week to see that it doesn't stray from its own policy path.

The atmosphere will already be tense as the fallout from Sunday's snap election in Greece settles and concern has grown in some quarters that central banks, which played such a big part in guiding economies through the financial crisis, are becoming less predictable.

Wednesday, November 5, 2014

ECB Fails 25 Banks as Italy Fares Worst in Stress Test

By Jeff Black  Oct 26, 2014 8:00 PM GMT+0200

Twenty-five lenders including Banca Monte dei Paschi di Siena SpA failed a stress test led by the European Central Bank, which found the biggest capital hole in the region’s banking system in Italy.

The Frankfurt-based institution identified a total gap of 25 billion euros ($32 billion) as of the end of 2013, most of which has now been raised by banks. Among lenders still in need of funds, Italy’s Monte Paschi (BMPS) and Banca Carige SpA (CRG) must find a combined 2.9 billion euros between them, the ECB said today.

Wednesday, October 22, 2014

Euro sells off after report ECB considering corporate bond buys

BY DANIEL BASES
NEW YORK Tue Oct 21, 2014 4:50pm EDT

(Reuters) - The euro fell sharply against the dollar on Tuesday after Reuters reported the European Central Bank was looking at buying corporate bonds as soon as December in its efforts to revive the stagnating euro zone economy.

The move, if realized, would expand the private-sector asset-buying program the ECB began on Monday, which is aimed at fostering lending to businesses in hopes of spurring growth.

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.

Friday, October 3, 2014

ECB Pauses to Observe Results of Recent Stimulus Measures

Rates on Hold, as Policy Makers Set to Buy Bonds and Asset-Backed Securities to Help Economy
The Wall Street Journal
By BRIAN BLACKSTONE CONNECT
Updated Oct. 2, 2014 1:41 p.m. ET

NAPLES, Italy—The European Central Bank took no new action on Thursday, despite inflation weakening to a five-year low, signaling it will wait to see if stimulus measures undertaken in recent months lift the eurozone’s weak economy.

Thursday, September 18, 2014

ECB hands out cheap credit to banks to boost economy

BY EVA TAYLOR AND JOHN O'DONNELL
FRANKFURT Thu Sep 18, 2014 5:35am EDT

(Reuters) - The European Central Bank handed out the first of its new four-year loans to banks on Thursday, the flagship tool in a new stimulus package it hopes will stave off price deflation and revive the ailing euro zone economy.

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.

Tuesday, February 18, 2014

A Test Europe’s Banks Mustn’t Fail

By FRANCESCO GIAVAZZI and ANIL K. KASHYAPFEB. 17, 2014
The New York Times
Europe is lurching toward an overhaul of its banking system. Later this year, the European Central Bank is set to assume the authority to supervise the 130 largest banks in the euro zone — a momentous process of centralizing financial regulation in Frankfurt aimed at preventing another round of the bank failures that contributed to the 2007-8 global financial crisis.

In preparation for the handoff, the E.C.B. will conduct a “stress test” to gauge how the banks would fare if economic conditions deteriorated. But the central bank’s point person for these efforts, Danièle Nouy, appears to have misdiagnosed the problem, suggesting that “insufficient transparency regarding the balance sheets of the European banks” is the critical problem.

Wednesday, January 29, 2014

Slump in euro zone money supply growth highlights deflation risk

FRANKFURT Wed Jan 29, 2014 5:19am EST
(Reuters) - Euro zone money supply growth slowed sharply in December and loans to the private sector contracted further, putting pressure on the European Central Bank to take fresh action to counter the threat of deflation.

With euro zone inflation running well below its target, the ECB forcefully underlined its determination earlier this month to take action should a deflation risk arise or rising money market rates threaten the bloc's fragile recovery.

Data released by the ECB on Wednesday showed that euro zone M3 money supply - a general measure of cash in the economy - grew at an annual pace of 1.0 percent, slowing markedly from 1.5 percent in November.

Monday, November 25, 2013

ECB's Noyer: Rates must remain low, could go lower if needed

(Reuters) - European Central Bank Governing Council member Christian Noyer said on Monday that interest rates have to remain low for an extended period and might go even lower if needed as officials try to ensure the euro zone does not fall into deflation.

Central bankers have to invent policies to achieve price stability if conventional monetary policy stops working, Noyer said, suggesting the ECB will keep its options open after a surprise slowdown in inflation.

"We see risks that low inflation will remain for some time," Noyer said at a conference in Tokyo.

Monday, November 11, 2013

Euro Zone’s Fizzling Growth Seen to Back Draghi Cut Case

By Stefan Riecher & Kristian Siedenburg - 2013-11-11T10:59:54Z
Euro-area growth data this week may show the region’s nascent recovery slowing to a crawl, supporting Mario Draghi’s case for an interest-rate cut to help the economy get back to its feet.
Gross domestic product in the region rose just 0.1 percent in the third quarter, according to the median forecast of 41 economists in a Bloomberg News survey. In the 3 1/2 hours before that report on Nov. 14, economists predict a series of data releases to show growth slowing in Germany and stalling in France, with Italy remaining mired in an unprecedented slump.

Friday, November 8, 2013

The European Central Bank’s Inflation Conundrum

November 6, 2013
By JACK EWING
The New York T imes
FRANKFURT — The European Central Bank will meet on Thursday under renewed pressure to do more to stimulate the Continent’s sluggish economies, as evidence grows that the recovery is failing to pick up speed and that inflation has fallen so low as to become worrisome.

Mario Draghi, the president of the central bank, has already used a mix of threats, promises and cheap money to avoid a euro zone breakup and to help the most financially troubled governments get access to the borrowing they need. Now a growing chorus is hoping the central bank will signal a willingness to step in again.

Friday, September 6, 2013

Draghi cautious on recovery, says ECB ready to act


By Eva Taylor and Sakari Suoninen
FRANKFURT | Thu Sep 5, 2013 11:51am EDT
(Reuters) - The European Central Bank said on Thursday it was ready to cut interest rates or pump more money into the euro zone economy if needed to bring money market rates down and help the euro zone's "very, very green" recovery.

The bank left its key interest rate unchanged at 0.5 percent, as expected by all 60 economists polled by Reuters.

Tuesday, July 9, 2013

Euro zone grants multi-billion euro lifeline for Greece

By Annika Breidthardt and Martin Santa
BRUSSELS | Mon Jul 8, 2013 4:27pm EDT
(Reuters) - Greece secured a lifeline from the euro zone and the IMF on Monday but was told it must keep its promises on cutting public sector jobs and selling state assets to get all the cash.

The 6.8 billion euro ($8.7 billion) deal, which spares Greece defaulting on debt in August, will see Athens drip fed support under close watch from the euro zone and the International Monetary Fund to ensure implementation of unpopular reforms.

Thursday, May 9, 2013

ECB says has tools left to act if needed



By Sakari Suoninen and Martin Santa
AACHEN, Germany/BRUSSELS | Wed May 8, 2013 1:45pm EDT
(Reuters) - The European Central Bank still has room to maneuver should the euro zone economy continue to worsen after it cut interest rates to a new record low last week, ECB policymakers said on Wednesday.

Thursday, March 21, 2013

Europe sets Cyprus bailout deadline, banks face cutoff


By Michele Kambas and Lidia Kelly
NICOSIA/MOSCOW | Thu Mar 21, 2013 5:32am EDT
(Reuters) - The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its crippled banks and inevitable collapse.

The warning came with the island's leaders locked in talks on a "Plan B" to raise 5.8 billion euros demanded by the EU under a 10 billion euro ($13 billion) rescue, after angry lawmakers threw out a tax on deposits as "bank robbery".