BANK SECTOR - PRICE TARGET - MORGAN STANLEY






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Greece Moves Closer to Bailout Exit After Deal With Creditors

Greece and its creditors agreed on the next steps for completing the country’s final bailout review, a key milestone for exiting the program and striking a deal on debt relief. Government officials and representatives from the International Monetary Fund and euro-area creditor institutions completed a week of discussions in Athens on Saturday. Greek Finance Minister Euclid Tsakalotos said reaching a technical deal to conclude the fourth bailout review, the so-called staff level agreement, paves the way for discussion of debt relief measures. Euro-area finance ministers may begin a discussion over how to ease the country’s debt burden of about 320 billion euros ($377 billion) at a May 24 meeting. The SLA agreement also lets policy makers to proceed with designing a framework for the country’s post-program monitoring and determining what sort of strings would be attached to the debt relief. Tsakalotos said such a mechanism will be discussed at the June 21 Eurogroup meet...
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Friends, sun, sand, and sea, that sounds like a summer to me!!!!!!

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  It's summertime!!! Back in 3 weeks!!! Smell the sea and feel the sky.  Katelios - Kefalonia, is a small fishing village on the southeast of the island and 32 kilometres away from Argostoli. Two decades ago in the village there were only fishermen who had their cottages and huts there. Gradually it became much more popular, initially among the residents of Argostoli who chose Katelios for their short excursions because of its local 'tavernas' with the delicious seafood. Since then there has been significant tourist development, although Katelios remains a quiet and peaceful destination, ideal for nature lovers and those seeking relaxation. The village is divided into Ano Katelios where the permanent residents have their properties and Kato Katelios which is the area with most of the tourist accommodation. Despite tourism Katelios hasn’t lost its character and therefore the peaceful and tranquil atmosphere along with the beautiful green surroundings m...
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GREECE - IMF

The  head  of the  Euro Working Group  Vijlbrief expressed confidence that at the 21 June Eurogroup  there will be a comprehensive agreement for Greece, which most likely will not include financing from the IMF, although the Fund is expected to remain somehow involved in the programme (recall that Lagarde said recently that the IMF could be engaged in multiple forms and under multiple statuses). Vijlbrief, who expressed some concern over the nonparticipation of the IMF with funds, estimated that the Greek government will still not ask for a precautionary credit line. Vijlbrief also noted that the final tranche Greece can expect after the completion of the fourth review will be in the range of EUR 11-12 bn, while the size of the cash buffer for the post-bailout period has not been decided yet. Finally, the EWG head said that Greece would have to continue to fulfill three terms after the end of the current programme in August: reforms implementation, fiscal disci...
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