There is a spectre haunting Europe....Headlines like, “Greek Parliament Approves First Balanced Budget in Decades,” give something of an insight. Read more »

  • 07 Mar 2014 at 3:04 PM
  • Banks

Greek Banks Need A Few Extra Billion

It’s been a while since we checked in on Greece. So how are things at the former political and economic dysfunction capital of Europe? A little bit good and a bunch of bad.

Greece’s four big, systemic banks will need another €5.8 billion ($8.0 billion) to shore up their fragile balance sheets, the country’s central bank said Thursday, in order to cope with a growing mountain of bad loans that have become another painful legacy of Greece’s protracted debt crisis.

In a statement, the Bank of Greece said the four banks— National Bank of Greece SA, Piraeus Bank SA, Alpha Bank AE and Eurobank Ergasias SA—would need to present plans by mid-April detailing how they would raise that capital, such as by selling assets, going to the capital markets or appealing for further state aid.

Where is the bright side, you might ask? Well, option no. 2—going to the capital markets—appears to possible once again, at least for one of the banks. Read more »

John Paulson Breaks Baklava With The Men Selling Greece

Greece has heard through the deeply indebted grapevine that Mr. John Paulson is interested in tropical islands. Read more »

  • 05 Dec 2013 at 3:02 PM

Greek-Focused Hedge Fund Doing Okay For Itself

John Paulson’s pianos have also helped Dromeus Capital. Read more »

There will be no third Greek bailout until after Angela Merkel is safely reelected later this month. Once that’s in the bag, though, there’s no time to waste, because the IMF has instituted a very sensible rule for dealing with immediate crises. Read more »

Don’t believe the rumors. Read more »

  • 20 Aug 2013 at 2:42 PM

The Euro Gets Some Good News

Much needed, because this is less good (if not entirely surprising): Read more »

  • 31 Jul 2013 at 3:22 PM

The IMF Crunches The Greek Numbers Again

How overly optimistic was the IMF, re: Greece? About €11 billion. Or, more accurately, about 11 billion German euros. Sorry. Read more »