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Athens News Agency: News in English, 12-02-28

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] BoG to fully cover domestic bank liquidity
  • [02] Samaras rules out ND-PASOK co-governance
  • [03] Minister resigns in order to run for PASOK presidency

  • [01] BoG to fully cover domestic bank liquidity

    AMNA / Greece's central Bank of Greece (BoG) will fully cover the liquidity needs of the domestic banks, the BoG said on Tuesday following a European Central Bank (ECB) decision to temporarily suspend the use of Greek bonds as collateral after Standard & Poor's ratings agency formally announced an expected downgrade of the Greek sovereign debt to 'selective default'.

    The ECB announced earlier Tuesday, following the downgrade by S&P to 'SD' (selective default), which impacts the bonds issued or guaranteed by the Greek state, that it is temporarily suspending the eligibility of the use of those debt instruments as collateral in Eurosystem monetary policy operations (i.e. refinancing of credit institutions). amna

    The ECB clarified, however, the liquidity needs of the affected Eurosystem counterparties (banks) can be satisfied by the relevant national central banks via the relevant Eurosystem arrangements, namely the Emergency Liquidity Assistance (ELA). It is noted that the ECB, via the ELA, has offered liquidity of 42.9 billion euros to the Greek banks, while the dependence of the Greek credit institutions on the ECB reached 73.4 billion euros in November 2011, the last month for which official figures are available.

    The ECB further clarified that the suspension is temporary, and that it will start accepting those debt instruments again as collateral when the PSI bond swaps programme has been completed, around mid-March. amna

    [02] Samaras rules out ND-PASOK co-governance

    AMNA / New Democracy leader Antonis Samaras on Sunday rejected any prospect of co-governance with PASOK, in reply to a press question.

    He said PASOK has already lost and has nothing more to lose. "It wants to make it seem as if we are together, in order to harm us as well. They are seeking co-culprits," he added.

    As for why his party voted in favour of the new Memorandum, Samaras explained that it won Greece time and a breather, "time because payments will be made only on the interest, and a breather from the haircut of the debt and because the interest rates will be reduced", whereas the first Memorandum gained neither time nor a haircut of the debt, raised the interest rates and above all, finally killed the economy.amna

    Nor was Greece at risk of finding itself outside the euro the, whereas now it has reached the last minute, he added.

    Samaras further noted that ND's programme places priority on growth, for an exit from the crisis, noting that "I was asking for development then, and today I again speak of a programme with priority on growth". He said that, then, ND was alone in that demand, but now, both inside and outside Greece, increasingly more sides were agreeing with ND.amna

    "We look ahead, and have a different code of values and a different programme: Our banner is growth in order to get out of the situation they brought us to," Samaras said, adding that this was his party's invitation to all, for unity and a national effort, in order for Greece to stand on its own feet again.

    [03] Minister resigns in order to run for PASOK presidency

    AMNA--Citizens Protection Minister Christos Papoutsis on Monday tendered his resignation to Prime Minister Lucas Papademos.

    Papoutsis resigned from his post in order to be candidate for leadership of the PASOK party, according to a ministry announcement. AMNA

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