02-04-2015, 01:08 AM
Three of Greece's four major banks have started to tap emergency funding from the Greek central bank as some depositors have withdrawn their money due to political uncertainty, two sources familiar with the situation told Reuters on Tuesday.
Exclusive - Three Greek banks tap two billion euros in emergency funding: sources - Yahoo Finance
There’s a sense of calm in the markets this morning after the new Greek government laid out its plan to renegotiate its some of its debt pile. And it’s a more nuanced stance than some expected; Athens is asking for “menu of debt swaps” to give it time and space to recover. That includes: 1) Growth Bonds, which would be linked to Greece’s nominal economic growth. They would replace some of the debt held by European partners, who would only be paid if the Greek economy was growing. 2) Perpetual Bonds, to replace the debt currently held by the European Central Bank. Finance minister Yanis Varoufakis, who outlined the plan to City investors yesterday, is dubbing the plan “smart debt engineering”. It won’t actually involve a headline cut to Greece’s debt, simply lift some of the burden of repaying it. Bloomberg TV, though, are calling it the Greek Retreat – as it’s not the debt forgiveness that some voters hoped to see. If Athens got a deal, it would still commit to running a primary surplus and also implement some reforms.
Greek debt swap plan sends Athens market soaring – business live | Business | The Guardian
Greece’s radical new government revealed proposals on Monday for ending the confrontation with its creditors by swapping outstanding debt for new growth-linked bonds, running a permanent budget surplus and targeting wealthy tax-evaders.
Greece finance minister reveals plan to end debt stand-off - FT.com