What it takes to cover Greece’s General Government financing shortfall in 2015 and beyond

Associations, Banking, Breaking News, Finance, Markets, Shipfinance — By on February 4, 2015 at 5:08 PM
Dr. Platon Monokroussos,  Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Dr. Platon Monokroussos, Chief Market Economist, Deputy General Manager, Eurobank Ergasias S.A

Greece Macro Monitor (4 February 2015)

The attached note updates our recent analysis as regards interest and amortization payments falling due this year as well as projected General Government borrowing needs and sources of funding in 2015 and over the coming 5-years. Our analysis points to an urgent need to secure the uninterrupted access of the Greek banking system to ECB liquidity operations and the smooth coverage of government borrowing needs until a new agreement is reached on Greece’s future relations with official lenders. That is to prevent any unforeseen liquidity shortages in the following months, especially as State cash buffers are already running at worryingly low levels.

GREECE MACRO FOCUS, February 4, 2015

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