Our take from last night’s Eurogroup meeting when combining many publically available sources. We feel the government’s success in convincing its European partners … to access this note 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 …

Greek equities are down 20% ytd … however, not everything is falling apart. We rate Grivalia Properties OWN IT and we believe…to continue reading this report contact@researchgreece.com

Stress test assumptions have not been disclosed yet therefore we are assessing banks’ capital needs using our own AQR (NPE & Collaterals), PPP (mitigating) and DTC (cap % TBV) scenario. Alpha and National screen best (expected). We believe banks should exploit the full E25bn recap money as the second best thing to a bad bank that could bring normalization closer; adjustment program targets up to 2017 look more realistic than ever; a solid government coalition emerging from next week’s elections would be the best bet towards a sovereign recovery. We are not rating the banks.

With this flash note we highlight some of the difference (s) on economic policies for the two main parties in a pre-election era. For New Democracy we go back three and half years when Greece was in a primary deficit; for Syriza we go back 3 months – to access this note contact@researchgreece.com