Correspondent, Brussels
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Jul 1, 2015

ECB keeps Greece on tight funding leash ahead of referendum

FRANKFURT (Reuters) – Euro zone central bank chiefs kept their existing cap on a funding lifeline to Greece in place on Wednesday, the ECB said, a move that keeps pressure on Greece as its lenders run out of cash.

The Governing Council of decision makers has pared back support to a bare minimum ahead of a bailout referendum that could decide Greece’s future in the euro, but decided against cutting it further, for fear that it would further destabilize the banks.

Jun 30, 2015

ECB ups pressure on Athens to step back from the brink

FRANKFURT (Reuters) – For followers of the chaotic events in Europe in recent weeks, Benoit Coeure’s remarks that Greece could leave the euro may have sounded like a statement of the obvious.

But for the usually cautious European Central Bank, the comments from one of its top officials were a loaded political warning and the first of its kind from the ECB to Athens that its Prime Minister Alexis Tsipras is playing with fire.

Jun 29, 2015

ECB rejects bumper Greek plea but existing support to stay – sources

ATHENS/FRANKFURT, June 29 (Reuters) – The European Central
Bank rejected Greece’s request for 6 billion euros of extra
emergency funds on Sunday, but is expected to continue limited
support for Greek banks until the July 5 referendum, people with
knowledge of the matter said.

The size of the request underscores the scale of the panic
gripping Greek savers, and would have left the ECB in little
doubt about the dramatic consequences of rejecting it.

Jun 29, 2015

Exclusive: ECB rejected Greek funding line request for extra 6 billion euro – sources

ATHENS/FRANKFURT (Reuters) – The European Central Bank rejected Greece’s request for 6 billion euros of additional emergency funding on Sunday but is expected to keep the funding line used by Greek banks open until the July 5 referendum, people with knowledge of the matter said.

Greeks rushed to withdraw their money from banks, piling pressure on the banking system, after Prime Minister Alexis Tsipras said on Saturday he would call the snap vote on the bailout proposed by creditors.

Jun 29, 2015

ECB rejected Greek funding line request for extra 6 bln euro–sources

ATHENS/FRANKFURT, June 29 (Reuters) – The European Central
Bank rejected Greece’s request for 6 billion euros of additional
emergency funding on Sunday but is expected to keep the funding
line used by Greek banks open until the July 5 referendum,
people with knowledge of the matter said.

Greeks rushed to withdraw their money from banks, piling
pressure on the banking system, after Prime Minister Alexis
Tsipras said on Saturday he would call the snap vote on the
bailout proposed by creditors.

Jun 28, 2015

Greece to shut banks, stock exchange on Monday as crisis deepens

ATHENS/FRANKFURT (Reuters) – Greek banks and the stock exchange will be shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash, taking Athens’ standoff with the European Union and the International Monetary Fund to a dangerous new level.

Greece’s banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.

Jun 28, 2015

Greece considering capital controls, closing banks on Monday

ATHENS/FRANKFURT (Reuters) – Greece said it may impose capital controls and keep its banks shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash, taking Athens’ standoff with the European Union and the International Monetary Fund to a dangerous new level.

Greece’s banks, kept afloat by emergency central bank funding, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the IMF on Tuesday.

Jun 26, 2015

Germany’s Schaeuble says sees 50:50 chance of Greek deal

FRANKFURT (Reuters) – There is a 50-50 chance of the euro zone reaching an agreement with Greece about the reforms it needs to make in return for further aid, Germany’s finance minister said on Friday, adding that failure could compromise the currency bloc.

Wolfgang Schaeuble’s comments underlined the significant risk of failure of last-ditch negotiations this weekend to unlock loans to Greece and avert a default.

Jun 26, 2015

Home buyers drive credit pick-up in euro zone

FRANKFURT, June 26 (Reuters) – A jump in lending to home
buyers helped drive up credit in the euro zone in May, European
Central Bank data showed on Friday, as it reported the strongest
such rise in about three years.

Lending to euro zone households and firms grew by 0.5
percent in May, the strongest signal yet that an ECB
money-printing programme is starting to boost the economy,
albeit only gradually.

Jun 25, 2015

Exclusive – ECB limits funding lifeline for Athens amid Bundesbank protest – sources

FRANKFURT (Reuters) – The European Central Bank limited a crucial lifeline for Greece, after the head of the Bundesbank told peers he had serious doubts about providing continued emergency funding to Greek banks, people familiar with the discussion said.

ECB policy-setters held the limit on this emergency funding for Greek banks steady for the second day running after weeks of increases, a source familiar with those talks said.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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