FIVE BILLION PER BANK! The Greeks, once again caught fudging the numbers

A.S. (Translated by Cosmin Ghidoveanu)
Ziarul BURSA #English Section / 26 februarie 2014

The Greeks, once again caught fudging the numbers

The capital deficit of Greek banks, four times higher than the estimates of the authorities

The fourth largest Greek lenders would need additional capital of 20 billion Euros, according to some estimates made by the IMF, obtained by the Financial Times.

The amount is almost four times higher than the amount announced at the end of last week by bank sources and derived from an analysis made by asset manager BlackRock for the Central Bank of Greece.

The estimate of the authorities from Athens was sent to the representatives of the Troika of international creditors (the IMF, the European Commission, and the European Central Bank) before their arrival, yesterday in the Greek capital, to resume the talks on the evaluation of the implementation of the financial aid agreement.

Economic analyst Călin Rechea told us that in his opinion, the version of the IMF seems closer to reality.

Greece seems to be doing a very good job when it comes to convincing top-ranked financial companies to underestimate its financial ratios.

Four years ago, the press reported that Goldman Sachs, the largest investment bank in the world, has helped the Executive in Athens to "embellish" its balance sheet, to make the country's debt appear lower than it actually was.

It would seem that the time has now come for the biggest asset manager in the world, BlackRock, to contribute to improving the image of the Greek financial sector.

Except that this time, the European authorities and the international financial institutions seem to have caught on early to Greece's actions or are nor as willing as they were in the past to tolerate that kind of actions. Perhaps they are not even able to anymore.

The current evaluation of the agreement was supposed to end in September, but it has been extended after the officials of the Troika have said that Greece has fulfilled less than half of its reform commitments.

The need for a new aid package for Greece - the stake of the conflict between Athens and the international institutions

The dispute concerning the recapitalization of banks could add a new thorny issue to the agenda of the talks between the Troika and the Greek officials, as it has a direct impact on determining whether or not Greece would need a third bailout package, after the end of the current program, according to sources in the press.

The government in Athens was hoping to use funds of about 10 billion Euros remaining from the money intended for the recapitalization of banks, which would have allowed it to avoid the third tranche of the borrowing program. Last year, the IMF estimated that the current program has a financing deficit of almost 15 billion Euros over a period of two years.

If the Greek authorities will use the entire amount intended for the recapitalization of banks, they will then have to secure their financing through a new borrowing program, Financial Times writes.

According to some high-ranking officials of the Troika, the dispute concerning the need for recapitalization has become so "hot", the IMF has threatened that it would publish its own estimate, if Greece stands by its figure, of less than 6 billion Euros.

The European Central Bank (BCE), which according to the officials quoted by Financial Times are saying that it has similar estimates to those of the IMF, has pressured Greece into analyzing again the conclusions concerning the banks. This year, the ECB will take over the position of overseer of the European banking sector, and it is concerned that the evaluation of the banks in Greece could overlap with a stress test of the banking sector in the Eurozone.

"The ECB needs a significant figure to signal that the stress test of the banking sector will not be superficial. The lending program for Greece only has limited resources left, and the parliaments of countries in the Eurozone will probably not commit further funds before the elections for the European Parliament in May", the head of the analysis department for Europe at Eurasia Group risk consulting firm, Mujtaba Rahman.

A Greek banker with knowledge of the situation said that the estimate of the Greek state is based on the banks becoming profitable next year, while the representatives of the Troika are viewing this version as a far too optimistic scenario, especially given the rapid growth of the non-performing loans portfolios.

A continuation of this dispute would undermine Greece's chances to return to economic growth this year. banks are avoiding granting new loans, which would stimulate the economy, until their recapitalization is completed.

The Bank of Greece has announced yesterday that the results of the BlackRock analysis will be published at the end of this month, with a three month delay compared to the initial deadline. Part of the delay is the result of the involvement of NM Rothschild and Ernst & Young for additional opinions on the situation.

If the disagreements with the Troika aren't resolved in the talks currently going on in Athens, the Greek authorities could drop the study by BlackRock, with the situation to be clarified by the stress tests of the ECB, an official from the Greek Ministry of Finance said.

This option may not be to the liking of the Troika, especially of the IMF, because the latter wants Greece to have secured financing for a years before releasing new tranches of the loan. Without decisions on the necessary recapitalizations and a third bail-out program, the Fund could halt the payment of new tranches from the loan to Greece.

The capital of Greek bank has dropped significantly due to the massive losses caused by the restructuring of the Greek debt and the increase in the amounts of non-performing loans, as a result of the extended recession. The Greek financial stability fund, which handles the recapitalization of the main Greek banks, has so far spent 38 billion Euros to support the banking system, and it currently has about eight billion Euros to cover the deficits.

Reader's Opinion ( 5 )

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    Suvarna Kokan backdrop launches poultry store Suvarna Kokan Food Mall

    In tandem with the government's move to take urgent steps to deal with the growing misuse of antibiotics in the poultry industry, Mumbai based Suvarna Kokan Foundation has rolled out Suvarna Kokan Food Mall, India's only one stop solution for health, Hygienic moldova beauty chicken sourced fr om farmers across Maharashtra to curb the malpractices in poultry trade, Generate employment through the promising sector and boost the economy of the united states by creating micro businesses for urban youth. 

    into March 2018, The Bombay High Court directed the local government to increase awareness about the use of pesticides and measures for food safety, While observing the requirement of a regulatory mechanism for animal feed. 

    started in 2008, the cornerstone has been on a winning spree by working closely at the ground level with farmers across Maharashtra by sensitising them and exposing them to newer businesses like fish farming, Mushroom farming, Goatery but more, Thus contacting one lakh farmers so far. 

    Satish Parab, head honcho, Suvarna Kokan foundation make up, stated, "In a an alternate mass campaign, we are all set to open 100 stores of Suvarna Kokan Food Mall. The advertising and marketing campaign is very hyper local. We want to be present at every station across the city in the next two months, 

    "correct, We concentrate on hygiene, Best breed and training moldova beauty of the staff. The staff is encouraged to use alternative antibiotic free growth promoters such as herbal supplements, Permitted probiotics and better farm direction practices, He even more. 

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    Jayendra Parab, recruiting and operations manager working in a pharma company, has begun a centre at Ghatkopar (western). This yielded him thrice his salary within the month's time. 

    He acknowledged, "Poultry is no more a business to be embarrassed with. I am happy to be a part of a movement which is making the poultry trade organised in the perfect way in our country, 

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    Every Suvarna Kokan Food Mall houses a full foreign currency poultry cutting machine, Keeping the hygiene look at the mind. The various breeds available at the stores include Original Deshi and Gavraan, Besides the broiler chicken desirable to Mumbaikars. 

    In a short span of time, the cornerstone has given the urban youth entrepreneurship opportunities im the poultry trade. Suvarna Kokan has been conscientiously conducting workshops on vegetable planting, Fruit digesting, gardening, Fisheries, bulgaria, and so forth,accessories. Across Maharashtra to promote entrepreneurial ventures and reverse migration amongst the youth of the state.

    Nursing without the elderly care

    The non profit wide-ranging Care Management Corporation (CCM) Officially opened its Program for all inclusives Care for the Elderly (up) Center at its Rockaway Parkway location in Brooklyn last thurs. The program provides personalized health care for the chronically ill and elderly in East New York, near the area Brownsville, And right through Brooklyn. up to now, It has 293 contributors. 

    With over two decades of expertise, CCM, A member of the Beth Abraham Family of Health Services, Is nationally recognized for its scope and innovation of long term care services for constantly ill and disabled adults. The company now operates 19 centers by means of NYC area. 

    The PACE program serves those 55 years of age or older who are able to live safely at home, Avoiding more costly an elderly care facility services. this software integrates preventive, good, And long term care services in a local day care setting with manged costs. 

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    "Having people on staff who can speak the same language as our members makes a big difference in our ability to interact and reassure them, announced Bentley. "We have a deaf mute member and the staff is learning sign language to raised assist her, 

    Members enjoy naturally healthy meals that meet personal dietary needs, along with kosher foods, Provided by the Center for Nursing treatment services in Brooklyn. 

    Three recreational therapists design daily activities to meet body, Mind and religious needs. 

    Through therapy and maintenance exercises, physical therapists attempt to improve members' ability to function as independently as possible as, for example, With stroke affected individuals. With members' albums at hand, The medical staff might handle the issue on the device, Order a house visit, Or make a hospital reference. 

    On sept 24, universal Care Management officially opened its first PACE Center in Queens, centrally located at 11 40 Seneca Avenue in Ridgewood. 

    "Having medical care and therapeutic recreation, Along with stimulating social activities and deliciously prepared food in one facility is a huge benefit for the elderly, Said CCM Seneca Site representative Karen Humphrey. 

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    in combination with addressing their medical needs, CCM Seneca offers members an opportunity to socialize through an array of recreational use, like for example origami, fine-tuned baseball, dance, And multi ethnic trophy in which members talk about their culture. 

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    as an example, A shy Alzheimer patient was socially isolated and struggle to sle ep; Unhappy with himself and a burden to his wife. With sensitive team procedure, self-belief building measures, And substance, His life turned around and lately he even began to dance. so, His wife can leave him at the center for the day to take brief trips. 

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    Wu added that family and primary caregivers play an indispensable role in the members' overall well being. She said that caregiver support group sessions are good for center's agenda.

    Cyclones adore extra time in paws

    ft. john, throughout the i would say the Ccnati Cyclones (13 5 2 0) lost his balance about the toes. john Komets, 3 2 throughout at an increased rate, onto tuesday date. ahead Jesse Schultz and consequently Justin Vaive counted the hopes to Cyclones, who also know an individual's four movie wonderful talent clicked. 

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    The 1 1 standing held up throughout all the first period, and thus after scoreless second, Cincinnati spent time on ch arge 8:06 to your third throughout the force engage in the instant Schultz directed a pass produced by responsible for the internet to Vaive in the front, and then he fired non commercial a try to your 'Clones in front, 2 1. 

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    deterring surgery for women at high risk of breast and ovarian cancer

    In a review article created in the Feb. 4 publication of the New England Journal of Medicine, A pair of Mayo Clinic Cancer Center researchers provide an in depth look at the issues fr om the care of women in families with hereditary breast and ovarian cancer syndrome who have not yet developed cancer themselves. this great article addresses optimal risk assessment for breast and ovarian cancers, The efficacy of risk reducing surgery, consequences of these procedures, Alternative strategies for cancer prevention and the best ways to help with the decision making process. "Although these women can reduce their risk considerably through preventive mastectomies and or removing their fallopian tubes and ovaries, These procedures come with their own complications and psychosocial effects, 

    In this article Dr. 

    "Most of the research thus far examined even if these procedures could actually prevent cancer and to what extent, tells me Dr. Hartmann. "Now that we have evidence of the efficacy of the surgeries, There has been a shift toward going through the psychological meet ukrainian girl impact of these procedures on women. Are identified as having breast cancer, and more than 20,000 are informed they have ovarian cancer. Women who have genetic breast and ovarian cancer syndrome have had either (nor both) Disease arise regularly in their family tree. Mutations in BRCA1 and BRCA2 are many of the genetic defects in these women, Though they are still with regard to only a minority of cases. 

    Women who carry BRCA1 and BRCA2 mutations are often lumped under solitary pilot is a heading BRCA1/2, As if they face the same risks and are prone to the same types of cancer. however,within the other hand, Drs. Hartmann and Lindor explain that the diseases spawned by mutations in these two genes can be completely different. BRCA1 carriers face an average cumulative risk of 67 percent for cancers of the breast and 45 percent for ovarian cancer by age 80. ukraine marriage For BRCA2 companies, Those average snowballing risks are 66 percent and 12 percent, Respectively. 

    the vast majority of breast cancers that develop in BRCA1 carriers are high grade, "Triple depressing" Breast types of cancer (disadvantage for estrogen receptor, Progesterone receptor and them 2). in comparison, Breast cancers in BRCA2 carriers are pretty much ER positive, Like those seen in the final population. doctor. Hartmann says these differences have significant prognostic and treatment outcome for these women, Because risk reducing medications are available for women with ER positive disease but not for those with ER negative disease. 

    certainly not a requirement, Ovarian cancer routinely strikes earlier and with greater frequency in BRCA1 carriers than in BRCA2 carriers. Current guidelines advise that BRCA1 and BRCA2 carriers who are done having children have their ovaries and fallopian tubes removed through a procedure known as a salpingo oophorectomy between the ages of 35 and 40 years. 

    "lots of studies we discuss were published recently, So we are using the increased knowledge of the types of cancers that these women develop and the ages at which they occur to suggest how we can change our thinking around their management, declares Dr. Hartmann. "It is part of medicine today to try to individualize recommendations whenever feasible, 

    For women with strong family histories of breast and ovarian cancers in whom strains in the BRCA genes are not present, thought on testing rarer, Less well realized genes is now an option. medical professional. Lindor says that women with mutations discovered in non BRCA genes or those with no known mutations identified in their family at all face difficult decisions when it comes to clinical care as individual cancer risks and treatment benefits are often challenging to define. 

    To improve tips for high risk women, Drs. Hartmann and Lindor propose future studies that investigate how women weigh their options and studies such as the following the short and long term psychosocial and medical effects of women's decisions to undergo surgery, Take risk reducing treatments, Or pursue surveillance.

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