7 May 2015
Greek FX desks face lines being cut - Rabobank
FXStreet (Guatemala) - Analysts at Rabobank explained that Greece made a EUR200m payment to the IMF yesterday as scheduled.
Key Quotes:
"The ECB raised the ELA by EUR2bn, the largest increase since Syriza were elected."
"However, the latter also announced they are rehiring 13,000 fired civil servants and introducing a charge for using ATMs to withdraw cash (a form of capital controls, or a tax grab?)"
"Meanwhile, suggestions that the market is continuing to prepare for potential Grexit are shown in reports that Greek banks’ access to the FX trading market is also being hampered now as credit lines are cut."
Key Quotes:
"The ECB raised the ELA by EUR2bn, the largest increase since Syriza were elected."
"However, the latter also announced they are rehiring 13,000 fired civil servants and introducing a charge for using ATMs to withdraw cash (a form of capital controls, or a tax grab?)"
"Meanwhile, suggestions that the market is continuing to prepare for potential Grexit are shown in reports that Greek banks’ access to the FX trading market is also being hampered now as credit lines are cut."