Replies to post #7162 on National Bank of Greece ADR (fka NBGGY)

[T695]

Live Reporting

By Thom Poole, Lauren Turner & Claire Brennan
All times stated are UK
Make your move...

Reuters
A chess board on display in an Athens shop - many Greeks feel it is particularly apt today, with what they see as tactical moves being made miles away in Brussels.
Share
Share this post on
Twitter
Facebook
Read more about these links.
Slow going
Perhaps unsurprisingly, the BBC's Jenny Hill, in Brussels, says the talks are said to be going "extremely slowly" - and that they are expected to continue long into the evening.

Sources have told our correspondent there is a "50/50 chance" of a deal being struck. However, Germany was said to be "putting up fierce resistance at the negotiating table".

Share
Share this post on
Twitter
Facebook
Read more about these links.
'Restrictions to remain'
Posted at 19:01
According to Reuters, Giorgos Stathakis says banking restrictions will remain in place "for some time". They include a limit of €60 a day which Greeks can withdraw from cash machines.
Share
Share this post on
Twitter
Facebook
Read more about these links.
'Different options' explored
Posted at 19:01
Our correspondent Theo Leggett continues:

[German] officials may well have been exploring numerous different options. These could simply have been leaked in order to put more pressure on Greece during the negotiations.
It's hard to see the benefits of casting Greece into a limbo where it would apparently be neither a full member of the euro, nor committed to producing its own currency and rebuilding its economy outside the single currency zone.
However there seems little doubt that, even if this weekend's talks prove fruitful, future negotiations between Greece and its creditors are likely to be fraught.
Yes, Athens has already agreed to most of their demands - despite the resounding 'No' vote in last Sunday's referendum. But the process has moved on. It's no longer about releasing a mere 7.5 billion euros from an existing funding programme. Greece is now requesting a new three-year bailout, worth 53.5 billion euros. For that kind of money, it is likely to face demands for yet more painful reforms.
Share
Share this post on
Twitter
Facebook
Read more about these links.
Note of caution?
Posted at 18:59
Here's the latest from the BBC's Theo Leggett on those reports on Germany's position:

The Frankfurter Allgemeine Zeitung says it has seen a German position paper which sets out two possible options for Greece - firstly, it could transfer assets worth 50bn euros into a special fund; they could then be sold and the revenue used to pay off its creditors.
Secondly, it could take a five-year 'time out' from being a member of the euro, in order to restructure its debts.
A note of caution: although this paper appears to come from within the finance ministry, it does not necessarily reflect Germany's actual position in the talks. Indeed, there are some indications that it doesn't.