Greek national bank head Yannis Stournaras out on Reuters a short while ago 13 May 2016
- will also lead to gradual return of deposits and reinstatement of waivers for banks
With his ECB hat on he adds:
- after reinstatement of bank waiver Greek participation in ECB QE would have a €400-500bln positive impact on Greek bank results in 2017
- Greece must cut 2018 primary surplus target to 2% from 3.5%
- discussions for Greek debt relief must include fiscal targets relief
- Bank of Greece debt relief scenario to also decrease annual interest payments by 2.8% of GDP
- proposal could keep annual gross financing needs to GDP below 15%, consistent with IMF threshold for debt sustainability
I still say this has a long way to run yet.
Talking of which I'm out of here for the week. I wish you good trading through the US data and a great week-end. Thanks as always for your support and brilliant input and remember,
