#GREECE Germany Agrees Bailout Banks Reopen Monday for Business ‘ @AceNewsServices

#AceNewsReport#GREECE July.17: Germany has just signed and agreed third bailout and Greek banks will reopen on Monday, but according to a senior government official withdrawal restrictions will remain. “From Monday, the services offered will be widened.

All the banks everywhere will be open,” Deputy Finance Minister Dimitris Mardas told ERT television adding that bank customers “can deposit cash [and] they can transfer money from one account to the other.”

He also noted that if someone doesn’t want to take €60 on Monday and wants to take it on Tuesday, they can withdraw €120 or €180 on Wednesday. Banks in the country have been closed since June 29, after the Greek government imposed capital controls. On Thursday the ECB increased the cap on emergency funding that Greek lenders can draw from their domestic central bank by €900 million.

Following tough negotiations, Greece finally struck a preliminary rescue deal with its creditors on Monday, which is hoped, would help to prevent an imminent financial catastrophe.

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‘ECB Drops Interest Rate to Negative’

#AceBreakingNewsEUROPEAN CENTRAL BANK – PRESS RELEASE – JUNE 05 – The European Central Bank lowered its benchmark interest rate to -0.10% as the continent battles deflation after many failed monetary policy attempts.

The European Central Bank cut its main refinancing rate to 0.15 percent from 0.25 percent, and the deposit rate from zero to -.10 percent, the first time the ECB has seen a negative rate.

The new interest rate will apply to all member states of the EU.

Lowering the bank’s rate below zero would mean that banks will in a sense be ‘punished’ for keeping too much money on deposit and not giving out enough loans.

Previously Mario Draghi said the bank was considering a US-style quantitative easing stimulus, which would inject more than 240 billion euro into the slowly recovering economy.

The eurozone’s 9.5 trillion euro economy is still emerging from the longest recession since the introduction of the single currency.

Inflation in the euro zone is dangerously low, and the Consumer Price Index only rose 0.5 percent in May, below the forecast 0.7 percent. Both numbers are far below the Bank’s target of 2 percent inflation.

ECB Press Release 

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` Lithuania Last Baltic Nation Joins the Euro ‘

#AceBreakingNewsEUROPEAN UNION – Press Release – June 04 – Lithuania, the last Baltic nation outside the currency union, has been finally given green light to join the euro area, after its bid was turned down 8 years ago. The country could adopt a single currency on January 1, 2015.

The European Commission and the European Central Bank acceptedLithuania’s application on Wednesday.

“Lithuania’s readiness to adopt the euro reflects its long-standing support for prudent fiscal policies and economic reforms.

That reform momentum, driven in part by Lithuania’s EU accession ten years ago, has led to a striking increase in Lithuanians’ prosperity: the country’s per capita GDP has risen from just 35% of the EU28 average in 1995 to a projected 78% in 2015,” Olli Rehn, the European Commission Vice-President responsible for Economic and Monetary Affairs and the Euro, said in the statement.

The ECB looked at eight European Union countries – Bulgaria, the Czech Republic, Lithuania, Hungary, Poland, Romania, Sweden, and Croatia. Only Lithuania met all the criteria to join.

The ECB looked at eight European Union countries – Bulgaria, the Czech Republic, Lithuania, Hungary, Poland, Romania, Sweden, and Croatia. Only Lithuania met all the criteria to join.

The Council will make a final decision on the matter in the second half of July, after EU officials and state heads meet at the European Council from June 26-27.

Then the council will also agree on a set conversation rate for Lithuania’s currency the litas to the euro.

In order for a country to adopt the euro, it needs to tie its currency to the euro for a two-year period, as well as keep debt below 60 percent of GDP and inflation within 1.5 percentage points of the three lowest rates among the euro zone.

The European Commission said Lithuania’s key stumbling block of inflation has been overcome.

Europa: PRESS RELEASE: 04/06/14 

RT News

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