{"id":3002,"date":"2010-06-03T14:37:10","date_gmt":"2010-06-03T14:37:10","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=3002"},"modified":"2025-03-27T15:49:03","modified_gmt":"2025-03-27T15:49:03","slug":"ecbs-greek-exposure-now-greater-than-its-capital","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=3002","title":{"rendered":"ECB&#8217;s Greek exposure now greater than its capital"},"content":{"rendered":"<p>The ECB was forced to step up its support for Greece during April as the run on the country&#8217;s banking system gathered pace.<\/p>\n<p>The Bank of Greece has yet to release full statistics on its website but its monthly financial statement shows lending to credit institutions of &euro;84.8 billion at the end of April, up from &euro;67.0 billion in March. The increase of &euro;17.8 billion represents an acceleration from gains of &euro;7.2 billion in March and &euro;12.5 billion in February &ndash; see chart.<\/p>\n<p>ECB \/ Bank of Greece lending of &euro;84.8 billion is the equivalent of 17% of the assets of the Greek banking system at the end of March, the latest available month. It exceeds the ECB&#8217;s capital and reserves of &euro;77.3 billion, according to its latest weekly statement.<\/p>\n<p>The ECB has acquired an additional exposure to Greece of &euro;25 billion via purchases of government bonds under its securities markets programme, according to press reports.<\/p>\n<p>National central bank statements show little change in ECB lending to banks in Ireland, Italy, Portugal and Spain during April, suggesting that a Greece-style run has yet to develop in these economies. The largest increase was in Portugal, where Banco de Portugal lending to domestic banks rose from &euro;16.1 billion to &euro;18.4 billion.<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/bankofgreece030610.gif?__SQUARESPACE_CACHEVERSION=1275576705519\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ECB was forced to step up its support for Greece during April as the run on the country&#8217;s banking system gathered pace. The Bank of Greece has yet to release full statistics on its website but its monthly financial statement shows lending to credit institutions of &euro;84.8 billion at the end of April, up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-3002","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3002","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3002"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3002\/revisions"}],"predecessor-version":[{"id":5311,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/3002\/revisions\/5311"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3002"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3002"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3002"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}