Dromeas bucks trend.

Kathimerini English - - Front Page -

uid­ity buf­fer has risen thanks to cash in­flows and cen­tral bank help, two sources fa­mil­iar with the sit­u­a­tion told Reuters. The bank liq­uid­ity buf­fer has grown to about 5 bil­lion eu­ros from 1 to 2 bil­lion eu­ros at the height of Greece’s debt cri­sis, thanks to two emer­gency liq­uid­ity as­sis­tance (ELA) in­creases from the ECB, tax and tourism in­flows, and pen­sion pay­ments, said one of the sources, who asked not to be named. The cap­i­tal con­trols have stopped the ex­o­dus of cash. And the in­crease in the buf­fer in­di­cates that money is leav­ing banks slower than feared and they re­tain at least some con­fi­dence. “There’s been rel­a­tive lit­tle out­flows and there was ac­tu­ally a week in July when there was a net in­flow into the banks,” one source said. Another source close to the process added: “There is an ad­e­quate liq­uid­ity buf­fer. There is no rea­son to ask for an in­crease in the ELA cap.” The ECB in­creased ELA to Greek banks twice in Ju- ly by 900 mil­lion eu­ros each time and ELA is now capped at around 91 bil­lion eu­ros, of which about 5 bil­lion is un­used. The ECB is due to dis­cuss ELA again to­mor­row, when the gov­ern­ing coun­cil holds a non-pol­icy meet­ing. Last week, Greece did not ask for an in­crease, a sign the banks were sta­bi­liz­ing.

While most of the Greek stock mar­ket was drop­ping, shares of the fur­ni­ture maker Dromeas soared al­most 29 per­cent yesterday af­ter clinch­ing a 30-mil­lion-euro deal to sup­ply Euro­pean Com­mis­sion of­fices. Dromeas closed at 0.147 eu­ros, a 28.9 per­cent in­crease from its pre­vi­ous close of 0.114 eu­ros. The com­pany an­nounced on July 29 – dur­ing the five weeks the stock mar­ket was closed – that it had won an in­ter­na­tional ten­der to sup­ply all EU of­fices over a five-year pe­riod. It had won a sim­i­lar ten­der in 2009.

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