Headlines like, “Greek Parliament Approves First Balanced Budget in Decades,” give something of an insight. Read more »
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.
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 »