Greece
Central Banking poll respondents back 'Grexit'
In a narrow majority 87 out of 155 readers say Greece should adopt a new national currency; asked about a variety of monetary systems, most backed a free-floating regime
Greek deflation continues to bite
Official data shows prices falling by 1.3% in July while house prices continue a steep decline
Questions of credibility in the Eurozone and China
The ECB's credibility was once more called into question over the handling of Greek debt negotiations; positive signs from China amid equity market chaos
Bundesbank’s Buch casts doubt on Greek debt relief as talks end
Deputy president takes stance at loggerheads with IMF as latest round of negotiations draws to a close; Greek finance minister strikes upbeat note
Greek lessons for central banks acting as lenders of last resort
Is it appropriate for a central bank that also acts as lead financial supervisor to act as a lender of last resort at a time when its actions are becoming quasi-fiscal in nature? By Ludek Niedermayer
Varoufakis reveals covert plan for parallel Greek currency
Secret plan to create payment system using accounts attached to Greek tax numbers was designed to be activated if the country came close to exiting the euro
BIS statistics show divergent outlook for credit flows
Contraction in cross-border claims on emerging markets more than offset by growing flows to developed economies, although there are considerable disparities between countries and regions
BoE MPC moving towards rate hike, minutes hint
MPC voted unanimously for a rate hold, but ‘a number of members’ believe risks to inflation are becoming ‘skewed to the upside’; appreciation of sterling and global shocks could still delay hike
ECB raises concerns over Greece’s draft resolution law
Hastily assembled legal opinion on draft law warns of possible detrimental effects on the Bank of Greece, including impact on independence, increased liability and ‘operational burden’
Greece uses bridge loan to repay IMF and ECB
Loan received today used immediately to repay debts, while government works to unlock full bailout; Ben Bernanke joins debate with criticism of German trade surplus
ECB lifts veil on ELA as it raises Greek cap
No action on monetary policy but governing council extends further lifeline to Greek banks; Draghi admits policy of keeping emergency liquidity secret is unnecessary in a systemic crisis
Greek paper shows ‘vicious circle’ between political corruption and tax evasion
Working paper finds ‘strategic complementarities’ between citizens and politicians in model, noting ‘strong moral values’ can help boost policies aimed at deterring tax evasion
IMF calls for Greek debt relief ‘far beyond’ EU plans
Memo warns public debt is ‘highly unsustainable’ and European leaders will need to provide much greater debt relief than they have discussed up to this point
Greek bank holiday sparks swaps contract chaos
Extended bank closure leaves derivatives payments by end-users in limbo
European leaders strike Greek deal but hurdles remain
All-night session ends in Greece agreeing to a tough reform package, but finance ministers continue to debate possible bridge financing and national parliaments must still give green light
Greek crisis enters critical weekend
Negotiations enter final days, with European authorities scrambling to assess whether new proposals go far enough; Greece has backers, but Germany must still be persuaded
De Grauwe says Greek crisis has shaken OMT credibility
Belgian economist says ECB’s decision not to use OMTs because of fears over Greek solvency may have fatally damaged the policy’s credibility and consequently the stability of the eurozone
Greece asks for three-year ESM bailout as Tsipras tries to unite Europe
Government submits request for longer support programme than previous proposals while Alexis Tsipras seeks backing during rowdy European Parliament session
Minneapolis Fed research separates Greece and Puerto Rico debt crises
Staff report notes the debt crisis has spilled over to the private sector in Greece but not in Puerto Rico, given the latter’s inability to interfere with private external debt contracts
Greece set to request new ESM bailout
Greece expected to submit new proposal to ESM in effort to unlock bailout funds; ECB appears to increase haircuts on collateral used by Greek banks to obtain emergency liquidity
European leaders to meet as Greeks scramble to produce new proposals
Heads of state and finance ministers to meet on July 7, with Greek government expected to present new proposals; chief negotiator takes over as finance minister
Varoufakis out as Greeks vote No
Greek finance minister steps down despite 62.5% of voters backing the government’s position by rejecting the latest proposals; Eurogroup says ball in Greece’s court
IMF analysis calls for Greek debt relief
Analysis encourages European lenders to double grace and maturity periods on existing loans while providing two-thirds of another €52 billion in financing to keep Greece afloat
Riksbank cuts key rate and expands QE to curb krona risks
Swedish central bank cuts repo rate to -0.35% and will buy additional 45 billion krona worth of government bonds to prevent stronger currency or Greek collapse from derailing inflation