Tag Archives: ecb

Greek government surrenders to the bankers

Greece Tsipras EU euro

Yes, Greek banks may have been insolvent – something that was clear since the first bailout of 2010 – but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as ...

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‘End ECB dictatorship’: activist disrupts Mario Draghi speech

End ECB dictatorship

A female protester has interrupted the European Central Bank’s press conference screaming: “End ECB dictatorship”. The woman clambered on top of a podium where the ECB president, Mario Draghi, was delivering his opening speech after the bank’s latest policy meeting, and threw papers at officials. Some activists accuse the bank of ...

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Greek banks get additional €10bn to counter ECB pressure

Greek bank

Banks in Greece have been given the go ahead to access an additional €10 billion in emergency funding from the Bank of Greece, according to a government official. This is a push-back from Athens demonstrating its intent to roll back austerity measures. “Greece does not aim to blackmail anyone but ...

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ECB to launch €1.1 trillion of quantitative easing

ECB Mario Draghi

Mario Draghi, president of the European Central Bank, has announced that he will pump €1.1tn at a rate of €60bn a month into financial markets until September 2016, in an attempt to prevent the fragile eurozone economy from grinding to a halt. In a keenly anticipated announcement at the ECB’s headquarters in ...

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ECB to buy gold and stocks next as Japanese QE fails

ECB European Central Bank Yves Mersch

While it remains to be seen if a majority of the Swiss population want their central bank to purchase a whopping 1,500 tons of gold in the coming years, perhaps the most notable event for gold overnight (aside from news that while India exports fell 5% in October, gold and silver ...

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25 EU banks fail stress test

European banks

Nearly one in five leading European banks have failed the stress test conducted by the European Central Bank, which revealed a $31.2 billion (€24.6 billion) capital gap in 25 banks showing they’re not ready to withstand a three-year recession. The results of the EU-wide stress test were reported on Sunday ...

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European Central Bank to start buying private-sector debt

Benoît Coeuré ECB

The European Central Bank will start buying private-sector debt instruments within days with the aim of raising the bank’s holdings of assets and steering money to the economy, ECB executive board member Benoît Coeuré said Friday. The purchases “will have the objective to steer the balance sheet of the ECB ...

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European Central Bank cuts interest rate to below zero

ECB euro symbol

The European Central Bank lowered its deposit rate to -0.10% as the continent battles deflation after many failed monetary policy attempts. The bank said more extraordinary tools can can be used to prevent the derailment of economic recovery. The European Central Bank (ECB) cut its main refinancing rate to 0.15 percent from ...

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European Central Bank “models” €1 trillion in money printing

European Central Bank ECB

Update: in direct flashback from the summer of 2011 when the ECB leaked news only to retract it within minutes, this just happened: CONSTANCIO: DOESN’T KNOW ABOUT 1 TLN-EURO QE MODEL REPORT For those who have forgotten, here is the ECB playbook: leak “false” rumor, gauge market reaction, then promptly deny ...

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Cyprus banks to remain closed until Thursday

Bank of Cyprus

The Cypriot finance minister has ordered all the country’s banks to remain closed until Thursday, the country’s central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the ...

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