{"id":6629,"date":"2015-03-19T07:44:58","date_gmt":"2015-03-19T12:44:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6629"},"modified":"2015-03-19T07:44:58","modified_gmt":"2015-03-19T12:44:58","slug":"after-pillaging-pensions-greece-raids-utilities-to-repay-troika-bonds-plunge-as-bank-run-accelerates","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6629","title":{"rendered":"After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-19\/after-pillaging-pensions-greece-raids-utilities-repay-troika-bonds-plunge-bank-run-a\" target=\"_blank\">After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates<\/a><\/h3>\n<p>Following yesterday&#8217;s news that the\u00a0<a href=\"http:\/\/www.zerohedge.com\/news\/2015-03-18\/ecb-prepares-grexit-anticipates-95-loss-greek-debt\">ECB is now running simulations<\/a>on what a Grexit would mean for Greek bond prices (spoiler alert:<br \/>\n&#8220;fundamentals&#8221; suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the Greek sovereign corpse, when\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2015-03-18\/ecb-said-to-grant-greece-less-emergency-liquidity-than-requested\">Bloomberg reported\u00a0<\/a>that the ECB once again raised the maximum amount of emergency liquidity available to Greek lenders by \u20ac400 million, but less than the Greek central bank requested, people familiar with the decision said.<\/p>\n<blockquote>\n<div class=\"quote_start\">The increase was approved by the ECB\u2019s Governing Council on Wednesday, the people said, asking not to be identified as the council meeting was private. Greece requested about 900 million euros, one of the people said. The increase should take ELA to about 70 billion euros. Policy makers raised the limit by 600 million euros on March 12, after a boost by 500 million euros to 68.8 billion euros on March 5. Greek banks haven\u2019t used all their ELA and have a total of about 3 billion euros in liquidity available, one of the people said.<\/div>\n<\/blockquote>\n<p>However, not a single penny from this additional emergency &#8220;liquidity&#8221; would enter the economy, as all of it was merely provided to offset the ever faster Greek bank run because\u00a0<a href=\"http:\/\/in.reuters.com\/article\/2015\/03\/19\/eurozone-greece-deposits-idINA8N0W000P20150319\">as Reuters reported<\/a>, on Wednesday\u00a0<strong>Greek banks saw deposit outflows of \u20ac300 million<\/strong>,<strong>the highest in a single day since a February deal with the euro zone that staved off a banking collapse,\u00a0<\/strong>two senior Greek bankers familiar with the matter said on Thursday.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates Following yesterday&#8217;s news that the\u00a0ECB is now running simulationson what a Grexit would mean for Greek bond prices (spoiler alert: &#8220;fundamentals&#8221; suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[195,233,282,1167,2598,1044],"class_list":["post-6629","post","type-post","status-publish","format-standard","hentry","category-economics","tag-debt","tag-ecb","tag-european-central-bank","tag-greece","tag-grexit","tag-mario-draghi"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6629"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6629\/revisions"}],"predecessor-version":[{"id":6630,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6629\/revisions\/6630"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}