…or Much Ado About (almost) Nothing; Greece will get the money from the third tranche and the IMF will participate in the program without any money until debt relief measures are completely identified; this is where the ‘good’ news end (for Greece). Perfectly in line with what we expected…

We analyzed 13 years of financials (2004-2016) on 19 non-bank corporates to conclude that investors should keep the following stocks in their radars…to access this report contact@researchgreece.com

Following a year of intensive negotiations between the Greek-Cypriot leader, Mr. Anastasiades, and the Turkish Cypriot leader, Mr.  Akinci, there seems to be ‘euphoria’ on a solution/settlement of the Cyprus issue. We believe the momentum … For a solution which goes to referendum to become effective … This note touches base on the issues of … In the meantime UN Secretary General Ban Ki-moon is meeting Tsipras tomorrow to discuss on Cyprus; earlier this month the president of Cyprus and Mr. Akinci announced they …to access this report contact@researchgreece.com

In this RG F4T we focus on Interest Income from Impaired loans (III); in 2015, 37% of NII and 71% of recurring PPP consists of interest from impaired loans, on our estimates (4 systemic banks);  excluding RG estimated 2010-2015 accumulated III from TBV …

ECB CA 2015 results (AQR + 2.5YRS stress tests) revealed a capital shortfall of E4.4bn (baseline) and E14.4bn (adverse); hardly a surprise given latest speculation in the press and overall expectations; Alpha and Eurobank scored better and theoretically enjoy an easier task accessing private investors; their equity proposition at baseline (2017) 0.39x TBV/2.5x PPP and 0.31x TBV/1.7x PPP (post money) on our calculations compared with 0.66x TBV/3.2x PPP for NBG and 0.62x TBV/4.6x PPP for Piraeus (see details inside our research note); baseline P&Ls imply weak RoTE 2017 < 4% for either bank; next steps: a) banks will submit capital plans by Nov 6; b) GR government will announce CoCo portion and preferred stock treatment in HFSF injections; c) recap will take place by year-end (book-building process).