Greece
Bank of Greece abandons 9% core capital requirement
Central bank suspends plans to raise core Tier I capital ratio as banks struggle to raise equity and data show contraction in lending continues
Bank of Greece sets out drastic cost-cutting measures
Greek central bank governor sends letter to ECB explaining steps taken to reduce operating costs and wages at the institution; includes cumulative 50% pay cut for top officials
Central Bank of Ireland highlights varied success of aid programmes
Research note examines progress of five European countries with EU-IMF programmes towards meeting debt sustainability targets; warns Ireland is likely to miss targets
Troika maintains pressure on Greece
Officials from the European Commission, ECB and IMF will return to Greece in September to check on reform progress; central bank chief reportedly tells government the country is being 'defamed'
Central Bank of Chile paper finds benefits to financial exclusion
Working paper studies welfare in countries with currency pegs when access to external financial markets is restricted; finds closing capital account can increase household welfare
ECB’s Asmussen attacks delays to Greek reforms
Jörg Asmussen says Greek government must get reform programme 'back on track'; blasts "reluctance" to implement necessary reforms
Greek governor highlights importance of decisions made in Athens
Georgios Provopoulos tells president recovery is linked to decisions made in Athens not Brussels; again stresses importance of faster progress with reforms in the country
Bundesbank adamant on Greek reform programme
Monthly statement from Bundesbank says Greek access to aid should not be eased to avoid dampening of incentive to reform; EC’s Barroso sensitive to sacrifices made so far after meeting interim president
Central Bank of Cyprus governor warns austerity is not enough
Panicos Demetriades calls on government to work alongside the central bank in getting the economy back on track; acknowledges impact the crisis in Greece is having on Cyprus
EFSF withholds funds as pressure increases on Greece
EFSF withholds €1 billion of emergency payout to Greece as voters revolt against austerity measures; ECB’s Nowotny warns time is running out
Greek governor renews warnings about euro exit
George Provopoulos repeats warning on the consequences of Greece leaving the eurozone; urges next government to implement reform agenda
Stark says contagion threat has been ‘overstated’
Former European Central Bank executive board member says risk of contagion in the eurozone has been “overstated” since the start of the financial crisis
Eurogroup boosts emergency funding facility
European finance ministers agree to combine two emergency financing vehicles currently running simultaneously in the eurozone; also add €500 billion to lending capacity
ECB’s Asmussen emphasises need for Greek reforms
Jörg Asmussen stresses importance of timely implementation of reform programme in Greece
ECB allows eurozone central banks to veto collateral
ECB says central banks in member countries can refuse bank bonds guaranteed by governments of countries involved in EU/IMF bailout programmes as collateral
Bank of Greece delivers policy report for ‘critical year’
Greek central bank announces bleak prediction for economy in 2012; calls on government to go above and beyond to ensure reform programme is implemented
IMF releases latest country report on Greece
Report finds improvements in Greece since Fund intervention first started but deficit targets are 'ambitious'
IMF board approves €28 billion for Greece
IMF releases first tranche of funds as part of Greece’s ‘exceptionally high-risk’ economic adjustment programme; Iceland repays some IMF debt early
Juncker confirms release of latest funds for Greece
Eurogroup approves second adjustment programme in Greece; first instalment of €39.4 billion of emergency funding to be released
Moody’s downgrades Cyprus to junk status
Rating agency drops rating for Cypriot government bonds to Ba1; says concerns over banking sector’s exposure to Greece are to blame
IMF readies €28bn in support of Greece
International Monetary Fund managing director Christine Lagarde plans to get funds approved this week; Isda rules debt restructuring a ‘credit event’
Greece’s private bondholders approve ‘voluntary’ debt swap
An 85.8% majority approves Greek sovereign debt swap but strong-arm tactics raise concerns about the future legal certainty of sovereign bonds
EFSF gets go-ahead for collateral enhancement facility
Plan to restore worth to Greek bonds as collateral is authorised; two days after the European Central Bank was forced to stop accepting Greek bonds following downgrade
ECB rejects Greek bonds in reaction to rating cut
European Central Bank temporarily stops accepting Greek debt as collateral; move comes one day after rating agency drops country to a selective default rating