The following two charts produced with data from EuroCrisis Monitor.
Greece Target2 Imbalance Since February 2008
Greece Target2 Imbalance Detail Since June 2014
The chart shows a rise of €2 billion but that does not count cash.
Target2 Explanation
For a refresher course on Target2, please see Reader From Europe Asks "Can You Please Explain Target2?"
Intra-Eurosystem Liabilities
The latest Intra-Eurosystem Liabilities from the Bank of Greece are €114.95 billion as shown below.
Change From Last Month
Last month, eurozone exposure to Greek liabilities was €96.427 billion of Target2 imbalances plus another €14.028 billion net liabilities related to the allocation of euro banknotes.
"The past week in May was more challenging compared to the previous ones in the month, with daily outflows of 200 to 300 million euros in the last few days," a senior Greek banker said yesterday.
In the last week alone, it seems likely another €2 billion was pulled from Greek banks. The total May drain will not be reported until June 10.
The ECB is attempting to stem the flow by not upping emergency liquidity assistance (ELA) as noted yesterday in Run on Greek Banks Accelerates; ECB Halts Emergency Funding Hike; Untangling the Lies
Everyone Prepared?
When the ECB and Germany say they are prepared for Grexit, do they include taxpayers who will have to foot the bill for default?
My friend Lars from Norway pinged me with this observation today...
Greek GDP is about €180 billion. Public sector is 60% of the total. That makes the private sector contribution to GDP about €72 billion.Since June of 2014, Greek banks shed about €70 billion in deposits, an amount roughly equivalent to Greek private GDP.
Total public sector debt is close to €500 billion (not €320 billion as quoted by the mainstream media). So a private sector with €72 billion final sales will have to service a debt load of €500 billion.
Isn’t the conclusion obvious?
Regards
Lars
Not to worry, everything is clearly under control.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Posts
Thank you for reaching out to us. We are happy to receive your opinion and request. If you need advert or sponsored post, We’re excited you’re considering advertising or sponsoring a post on our blog. Your support is what keeps us going. With the current trend, it’s very obvious content marketing is the way to go. Banner advertising and trying to get customers through Google Adwords may get you customers but it has been proven beyond doubt that Content Marketing has more lasting benefits.
We offer majorly two types of advertising:
1. Sponsored Posts: If you are really interested in publishing a sponsored post or a press release, video content, advertorial or any other kind of sponsored post, then you are at the right place.
WHAT KIND OF SPONSORED POSTS DO WE ACCEPT?
Generally, a sponsored post can be any of the following:
Press release
Advertorial
Video content
Article
Interview
This kind of post is usually written to promote you or your business. However, we do prefer posts that naturally flow with the site’s general content. This means we can also promote artists, songs, cosmetic products and things that you love of all products or services.
DURATION & BONUSES
Every sponsored article will remain live on the site as long as this website exists. The duration is indefinite! Again, we will share your post on our social media channels and our email subscribers too will get to read your article. You’re exposing your article to our: Twitter followers, Facebook fans and other social networks.
We will also try as much as possible to optimize your post for search engines as well.
Submission of Materials : Sponsored post should be well written in English language and all materials must be delivered via electronic medium. All sponsored posts must be delivered via electronic version, either on disk or e-mail on Microsoft Word unless otherwise noted.
PRICING
The price largely depends on if you’re writing the content or we’re to do that. But if your are writing the content, it is $60 per article.
2. Banner Advertising: We also offer banner advertising in various sizes and of course, our prices are flexible. you may choose to for the weekly rate or simply buy your desired number of impressions.
Technical Details And Pricing
Banner Size 300 X 250 pixels : Appears on the home page and below all pages on the site.
Banner Size 728 X 90 pixels: Appears on the top right Corner of the homepage and all pages on the site.
Large rectangle Banner Size (336x280) : Appears on the home page and below all pages on the site.
Small square (200x200) : Appears on the right side of the home page and all pages on the site.
Half page (300x600) : Appears on the right side of the home page and all pages on the site.
Portrait (300x1050) : Appears on the right side of the home page and all pages on the site.
Billboard (970x250) : Appears on the home page.
Submission of Materials : Banner ads can be in jpeg, jpg and gif format. All materials must be deliverd via electronic medium. All ads must be delivered via electronic version, either on disk or e-mail in the ordered pixel dimensions unless otherwise noted.
For advertising offers, send an email with your name,company, website, country and advert or sponsored post you want to appear on our website to advert @ alexa. ng
Normally, we should respond within 48 hours.