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☆ ECB hawk Schnabel scraps more rate hikes after 'remarkable' inflation drop
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +4 min

Euro zone inflation tumbled to 2.4% last month from above 10% a year earlier after a record string of rate hikes. Schnabel, who had insisted just a month ago that rate hikes must remain an option because the "last mile" of the inflation fight may be the toughest, said she had shifted stance after three unexpectedly benign inflation readings in a row. "The most recent inflation number has made a further rate increase rather unlikely." "The recent inflation print has given me more confidence that we will be able to come back to 2% no later than 2025." Schnabel said weak growth as a result of the ECB's rate hikes is helping the inflation fight but that a deep or prolonged recession is unlikely, with recent survey data supporting expectations for a recovery.

Persons: Isabel Schnabel, Jim Urquhart, Schnabel, John Maynard Keynes, Christine Lagarde, Francois Villeroy de, Yannis Stournaras, Joachim Nagel, Balazs Koranyi, Catherine Evans Organizations: European Central Bank, Teton, Jackson, REUTERS, Rights, ECB, Reuters, Bank of Greece, Thomson Locations: Jackson , Wyoming, U.S, French, Francois Villeroy de Galhau

☆ National Bank stake sale oversubscribed - source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - The sale of a 22% stake in National Bank of Greece (NBG) by the country's HFSF bank bailout fund was oversubscribed by more than eight times on Thursday, a source close to the process told Reuters. The sale via a book-building process and a public offering concluded earlier on Thursday at 5.30 euros per share, the source said. Fidelity, Blackrock, Norgest, Lazard, RWC and Alliance were among the investors who bought shares in Greece's second largest bank by market value. Lefteris PapadimasOur Standards: The Thomson Reuters Trust Principles.

Persons: Alkis, Lazard Organizations: National Bank, REUTERS, Rights, National Bank of Greece, Reuters, Fidelity, RWC, Thomson Locations: Athens, Blackrock, Norgest, Greece's

☆ Greece starts process to sell 20% stake in National Bank
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

People walk outside the National Bank of Greece headquarters in Athens, Greece, January 17, 2022. REUTERS/Louiza Vradi/File photo Acquire Licensing RightsATHENS, Nov 13 (Reuters) - Greece on Monday announced plans to sell a 20% stake in National Bank of Greece (NBG) after concluding the sale of a 9% stake in Alpha Bank to UniCredit as it looks to divest from the country's lenders. It currently holds a 40.4% stake in NBG and a 27% stake in Piraeus Bank (BOPr.AT), Greece's third largest lender. NBG's shares were down about 1% at 5.39 euros at 1012 GMT on Monday, with the 20% stake valued at about one billion euros ($1.07 billion). Earlier on Monday, HFSF said it sold its 9% stake in Alpha Bank (ACBr.AT) to UniCredit for 293.5 million euros after an improved bid from the Italian bank.

Persons: Louiza, HFSF, Lefteris Papadimas, Jason Neely Organizations: National Bank of, REUTERS, Rights, Monday, National Bank of Greece, Alpha Bank, Hellenic, Stability, Piraeus Bank, Reuters, Global, Thomson Locations: National Bank of Greece, Athens, Greece, UniCredit, NBG

☆ Central banks look to have hit peak rates. Here's how markets think they'll come down
▼ + stars: | 2023-11-07 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

The U.S. Federal Reserve, European Central Bank and the Bank of England dramatically hiked rates over the last 18 months in a bid to tame runaway inflation. Reid also highlighted that this is the seventh time this cycle that markets have notably reacted on dovish speculation. "Clearly rates aren't going to keep going up forever, but on the previous 6 occasions we saw hopes for near-term rate cuts dashed every time. In clear, waiting for inflation to reach 2% before cutting rates would be 'overkill,'" Moëc said. However, minutes from last week's meeting reiterated the Monetary Policy Committee's expectations that rates will need to stay higher for longer, with U.K. CPI holding steady at 6.7% in September.

Persons: Jerome Powell, Brendan McDermid, nonfarm payrolls, DBRS Morningstar, Jim Reid chalked, Reid, we've, Gilles Moëc, Moëc, Christine Lagarde, Yannis Stournaras Organizations: Federal Reserve, New York Stock Exchange, U.S . Federal Reserve, European Central Bank, Bank of, Fed, PCE, DBRS, Deutsche Bank, ECB, AXA, National Bank of Greece, of, Bank of England, CPI, BNP Locations: New York City, Bank of England, U.S, Europe

Member of the ECB governing council and Governor of the Bank of Greece, Yannis Stournaras talks during an interview with Reuters in Athens, Greece, October 11, 2023. In the interview, Greece's central bank governor also warned about the risk of stagflation from a prolonged war in the Middle East and spoke against increasing the amount of reserves that banks must hold. He countered calls by some of his colleagues for an early end to the ECB's last surviving bond-buying scheme, saying the central bank may need that firepower in a geopolitical environment fraught with risks. The ECB all but stopped buying bonds last year after a sudden surge in inflation forced it to unwind a decade of stimulus policies. "For the moment I see no reason why we should tighten monetary policy now because increasing the minimum requirements will imply monetary policy tightening," Stournaras said.

Persons: Yannis Stournaras, Louisa Gouliamaki, Rome, ECB policymaker Yannis Stournaras, Stournaras, Francesco Canepa, Mark Potter Organizations: Bank of Greece, Reuters, REUTERS, European Central Bank, ECB policymaker, ECB, Investors, European Commission, Thomson Locations: Athens, Greece, ATHENS, Israel, Palestine, Italy, Rome

☆ ECB's Stournaras interview with Reuters
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +9 min

Member of the ECB governing council and Governor of the Bank of Greece, Yannis Stournaras talks during an interview with Reuters in Athens, Greece, October 11, 2023. The rise in bond yields means that financial conditions are even tighter Than before given monetary policy decisions. A: I think we should act only based on monetary policy reasons and justifications. And for the moment I see no reason why we should tighten monetary policy now because increasing the minimum requirements will imply monetary policy tightening. So, we have a pipeline of monetary policy tightening which has been decided in the past.

Persons: Yannis Stournaras, Louisa Gouliamaki, European Central Bank policymaker Yannis Stournaras, it's, I'm, reinvestments, Francesco Canepa Organizations: Bank of Greece, Reuters, REUTERS, Rights, European Central Bank policymaker, ECB, European Commission, Governing, Thomson Locations: Athens, Greece, Palestine, Russia, Ukraine, Iran, China, Europe, Israel, Italy

Visitors can now pinch and zoom their way around the ancient Greek site, with a digital overlay showing how it once looked. Other, less widely known features also appear: Many of the sculptures on the Acropolis were painted in striking colors. Tech giant like Meta and Apple are pushing into VR headsets that can cost thousands of dollars. “Accessibility is extending to the digital space,” Mendoni said at a preview launch event for the Chronos app in May. “Real visitors and virtual visitors anywhere around the world can share historical knowledge.”Developed by Greek telecoms provider Cosmote, the free app's designers say they hope to build on existing features that include an artificial intelligence-powered virtual guide, Clio.

Persons: Athena, ”, “, Maria Engberg, Lina Mendoni, ” Mendoni, Panayiotis Gabrielides, Petros Giannakouris Organizations: —, British Museum, Greece’s Culture Ministry, Bank of Greece, Revenue, Titans, Tech, Apple, VR, Malmo University, Culture Ministry, Microsoft, Olympic, Cosmote, Acropolis Museum Locations: ATHENS, Greece, London, Tourism, Rhodes, Sweden, Athens, China, Olympia

☆ Greece’s reform labours are only half complete
▼ + stars: | 2023-06-05 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Greece’s large current account deficit and domestic corruption undermine its attraction as an investment destination. The issue, rather, is whether Greece will be able to attract investment in the quantities needed for it to fulfil its potential. What’s more, investment is still only 14% of national income, even though this measure expanded during Mitsotakis’ first term as prime minister. Well-designed tax and benefit reforms could even reduce the country’s unemployment rate, which is currently 12%, thereby increasing its productive potential. All this would provide a buffer if Greece or the world economy is hit by further shocks in coming years.

Persons: Hercules, Mitsotakis, Bruegel, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Union, International Monetary Fund, Bank of, Reuters Graphics Reuters, Twitter, Thomson Locations: ATHENS, Greece, Mitsotakis ’, Bank of Greece, Mitsotakis

☆ Pent-up demand promises record tourist season for southern Europe
▼ + stars: | 2023-05-19 | by ( Giselda Vagnoni | ) www.reuters.com time to read: +6 min

What's more, there appears to be growing demand for the luxury end of the spectrum. Portugal registered more than 2.8 million of foreign visitors from January to March, the best first quarter on record, according to official data. Airlines such as Lufthansa, easyJet and Ryanair have confirmed robust summer bookings while Ryanair, in anticipation of strong demand, has just ordered 150 new 737 Max-10s and optioned another 150. Italian travel and tourism company Alpitour forecasts turnover 30% higher this year. "We already see a very strong demand to book Christmas holidays in 2023.

☆ Europe banks can lose 38% of deposits before having to sell assets at a loss-research
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

MILAN, March 29 (Reuters) - The average European bank could withstand a loss of 38% of its deposits without having to sell at a loss government bond holdings or have a fire sale of illiquid assets, Jefferies analysts said. "Most investor discussions end up at deposit flight risk and the extent to which this can be offset," it added. But investors are worried about the risk that banks may at some point be forced to sell their HTM securities. Jefferies analysed the ability of banks to quickly cover deposit outflows with minimal or no losses, against the level of retail deposits, which comprise 63% of the median bank's deposit base. Following are the results of Jefferies' liquidity analysis:Jefferies liquidity analysis of EMEA banksReporting by Valentina Za and Iain Whithers.

☆ 'We are close to the end of the tightening cycle,' Bank of Greece governor says
▼ + stars: | 2023-03-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'We are close to the end of the tightening cycle,' Bank of Greece governor saysBank of Greece Governor Yannis Stournaras discusses the latest ECB monetary policy decision and the state of the European banking system.

Pappas, 27, an aspiring actress, says it is not the dividend young people hoped for after a ravaging debt crisis and a decade of austerity. He attributes the surge in rents mainly to "an overly depressed market during the (debt) crisis." Loan-to-values on mortgages have dropped to 70-75%, from more than 100% before the debt crisis. Banks' caution underpins financial stability but could also keep young working people off the property ladder for decades. Officials expect about 10,000 young couples aged 25-39 will benefit from the programme offering 1% interest on loans up to 150,000 euros.

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