The European Central Bank (ECB) has again raised the ceiling for emergency aid to Greek banks yesterday. The amount that can be offered in the form of the so called Emergency Liquidity Assistance (ELA) has been increased for the third time within a week. The past few days Greek banks saw billion of euros flow away. The Greek people are taking money by the masses from banks because of unsure economic prospects.
Greece can remain in the Eurozone, now that there is a provisional agreement. Forthcoming Wednesday evening will the ministers of Finance of the euro countries gather to discuss a preliminary agreement with the Greek government in Brussels. During the EU-top on Thursday the government leaders will bow down over the agreement. Both the ECB and the IMF have responded positively to the Greek proposal!
European stock-exchanges closed with substantial profits last Monday. The developments around the European top in Brussels are closely watched by investors. There is a lot of optimism for a quick deal with the Greeks about the debt crisis. The AEX-index closed 3% higher on 489.72 points. The Midkap rose 2.2% to 726.70 points. The stock exchanges in Frankfurt, Paris and London rose by 2.6% on average
The 6M Euribor remained unchanged at 0.05%. The 10Y Swap increased by 6 bp to 1.25%.
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