Piraeus Bank

Economic Research &

Investment Strategy

researchdivision@piraeusbank.gr

Bloomberg: <PBGR>

Ilias Lekkos

Irini Staggel

Anastasia Angelopoulou

Piraeus Bank

94, Vas. Sofias Ave. & 1,

Kerassountos str.,

115 28 Athens

Τ: (+30) 216 3004488

F: (+30) 210 3288605

2010 - 2016: Greece & Events

January 2017

ECONOMIC RESEARCH & INVESTMENT STRATEGY

History Channel

Economic Research & Investment Strategy

2010

Date Links

1 11-Feb-10 EU statement on supporting Greek stability programme and on measures to reduce the budgetary deficit by 4% on 2010. link

2 11-Feb-10 IMF statement on providing support and expertise to Greece link

3 03-Mar-10 IMF statement on supporting urgent measures of Law No. 3833 (5/3/2010) link

4 05-Mar-10 Law No. 3833 / Protection of national economy - Urgent measures to counter the fiscal crisis. link

5 25-Mar-10 Euro Summit statement on terms of the financial support that will be given to Greece (Law No. 3833 - 5/3/10) link

6 09-Apr-10 Fitch downgrades Credit Rating of Greece to "ΒΒΒ-" from "ΒΒΒ+" link

7 11-Apr-10 Eurogroup: All Eurozone members, with the IMF, will support Greece. link

8 11-Apr-10 IMF statement on financing Greece link

9 15-Apr-10 IMF statement on Greece / IMF team is sent to Greece link

10 22-Apr-10 Moody's downgrades Credit Rating of Greece to "A3" from "A2" link

11 23-Apr-10 Announcement on requesting the activation of support mechanism by Greek PM

12 23-Apr-10 Request of Greek Minister of Finance for a Stand-By Arrangement

13 23-Apr-10 IMF: Statement on receiving request for a Stand-By Arrangement by Greece link

14 25-Apr-10 Meeting of Greek Minister of Finance and IMF / Statement by Greek Minister of Finance link

15 25-Apr-10 IMF statement on Stand-By Arrangement request by Greece link

16 27-Apr-10 S&P downgrades Credit Rating of Greece to "BB+" ("Junk" status) from "BBB+"

17 28-Apr-10 IMF Survey: IMF, EU Working With Greece on Swift Financing Accord link

18 02-May-10 MinFin: Memo on Economic Adjustment Programme for the support mechanism by Eurozone and IMF

19 02-May-10 EC statement on the 3yr support programme of total €110bn with co-financing by IMF link

20 02-May-10 IMF statement on approval of the 3yr support programme and on the result of the negotiations. link

21 02-May-10 IMF statement on its commitment to provide financial with a €30bn SBA link

22 03-May-10 ECB will accept Greek Government Bond regardless of Greece's Credit Rating * link

23 06-May-10

1st Economic Adjustment Programme (EAP)

Law No. 3845 / Measures for the application of the support mechanism for the Greek economy by euro area Member

States and the International Monetary Fund Act 3845/2010 (Gov. G. No. 65Α'/6.5.2010)/€110 bn/3 yrs [€80bn (EU

Bilateral),€30bn (IMF's SBA)]

link

24 06-May-10 PB: Increase in guarantees to Greek government by €15bn [Total €43bn] (Law No. 3723/2008) *

25 08-May-10 Euro Summit: Approval of loan to Greece under a 3-year Economic Adjustment Programme. link

26 10-May-10 IMF, Country Report No. 10/111: Greece: Request for Stand-By Arrangement link

27 10-May-10 ECB activates Securities Markets Programme (SMP) * link

28 10-May-10 ECOFIN: Creation of European Financial Stability Mechanism EFSM (Total volume of up to €500 bn) link

29 12-May-10 Disbursement of €5,5bn by IMF (SBA) link

30 18-May-10 Disbursement of €14,5bn by EU Bilateral loans link

31 26-May-10 European Commission, The Economic Adjustment Programme for Greece link

32 02-Jun-10 European Commission, Proposal on Credit Rating Agencies (CRAs) link

33 14-Jun-10 Moody's downgrades Credit Rating of Greece to "Ba1" ("Junk" status) from "A3" link

34 13-Jul-10 Creation of Hellenic Financial Stability Fund (Law No. 3864, G.G. issue 119 Α'/21.07.2010) * link link2

35 17-Jul-10 Statement by the EC, ECB, and IMF on the Interim Review Mission to Greece link

36 23-Jul-10 Results of EU-wide stress tests * link

37 05-Aug-101st Review - 1st EAP

(Statement by the EC, ECB, and IMF on the First Review Mission to Greece)link

38 06-Aug-10 Greece to IMF: Letter of Intent link

39 20-Aug-101st Review - 1st EAP

European Commission, The Economic Adjustment Programme for Greece. First reviewlink

40 03-Sep-10 PB: Increase in guarantees to Greek government by €25bn [Total €68bn] (Law No. 3723/2008) *

41 13-Sep-10 Disbursement of €6,5bn by EU Bilateral loans link

42 14-Sep-10 Disbursement of €2,6bn by IMF (SBA) link

43 14-Sep-101st Review - 1st EAP

IMF, Country Report No. 10/286: Greece: First Review Under the Stand-By Arrangementlink

44 23-Nov-102nd Review - 1st EAP

(Statement by the EC, ECB, and IMF on the Second Review Mission to Greece)link

45 08-Dec-10 Greece to IMF: Letter of Intent link

46 14-Dec-10 Law No. 3899 / Urgent measures for the implementation of the support programme of the Greek EcoNo.my link

47 15-Dec-102nd Review - 1st EAP

European Commission, The Economic Adjustment Programme for Greece - Second reviewlink

48 17-Dec-102nd Review - 1st EAP

IMF, Country Report No. 10/372: Greece: Second Review Under the Stand-By Arrangementlink

49 21-Dec-10 Disbursement of €2,5bn by IMF (SBA) link

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2011

Date Links1 01-Jan-11 ECB: New haircut framework for asset with credit rating <A- *

2 01-Jan-11 Establishment of EBA, ESMA and EIOPA for the screening of banks, markets, insurance companies and pension funds * link

3 14-Jan-11 Fitch downgrades Credit Rating of Greece to "BB+" ("Junk" status) from "BBB-" link

4 19-Jan-11 Disbursement of €6,5bn by EU Bilateral loans link

5 31-Jan-11 Piraeus Bank share capital increase by €800mn *

6 11-Feb-113rd Review - 1st EAP

(Statement by the EC, ECB, and IMF on the Third Review Mission to Greece)link

7 24-Feb-113rd Review - 1st EAP

European Commission, The Economic Adjustment Programme for Greece - Second reviewlink

8 28-Feb-11 Greece to IMF: Letter of Intent link

9 07-Mar-11 Moody's downgrades Credit Rating of Greece to "Β1" from "Ba1" link

10 16-Mar-113rd Review - 1st EAP

IMF, Country Report No. 11/68: Greece: Third Review Under the Stand-By Arrangementlink

11 16-Mar-11 Disbursement of €4,1 by IMF (SBA) and €10,9bn by EU Bilateral loans link1 link2

12 29-Mar-11 S&P downgrades Credit Rating of Greece to "ΒΒ-" from "ΒΒ+" link

13 07-Apr-11 PB: Securitizations (AXIA I) are not accepted as collateral by ECB *

14 09-May-11 S&P downgrades Credit Rating of Greece to "Β" from "ΒΒ-"

15 18-May-11 PB: Increase in guarantees to Greek government by €30bn [Total €98bn] (Law No. 3723/2008)

16 20-May-11 Fitch downgrades Credit Rating of Greece to "Β+" from "ΒΒ+" link

17 01-Jun-11 Moody's downgrades Credit Rating of Greece to "Caa1" from "B1" link

18 03-Jun-114th Review - 1st EAP

(Statement by the EC, the ECB and IMF on the Fourth Review Mission to Greece)link

19 13-Jun-11 S&P downgrades Credit Rating of Greece to "CCC" from "Β" link

20 15-Jun-11 BoG: Activation of ELA mechanism to support greek banks *

21 20-Jun-11

Eurogroup statement on voluntary private sector involvement (PSI) "voluntary private sector involvement in the form of

informal and voluntary roll-overs of existing Greek debt at maturity for a substantial reduction of

the required year-by-year funding within the programme..."

link

22 22-Jun-11 Vote of Confidence to Greek Government

23 29-Jun-11 Law No. 3985 / Medium - Term Fiscal Strategy 2012-2015 link

24 30-Jun-11 Law No. 3986 / Urgent measures for the implementation of the Medium - Term Fiscal Strategy 2012-2015 link

25 01-Jul-11 ECB: Ceiling to Greek T-Bills outstanding amount / €3.3bn *

26 02-Jul-11 Eurogroup statement on the progress of the programme and on disburment of the next installment link

27 04-Jul-11 Greece to IMF: Letter of Intent link

28 10-Jul-114th Review - 1st EAP

European Commission, The Economic Adjustment Programme for Greece – Fourth Review* link

29 12-Jul-11 European Commission, Council's decision to reinforce and deepen fiscal surveillance link

30 13-Jul-11

4th Review - 1st EAP

IMF, Country Report No. 11/175: Greece: Fourth Review Under the Stand-By Arrangement and Request for Modification

and Waiver of Applicability of Performance Criteria

* link

31 13-Jul-11 Fitch downgrades Credit Rating of Greece to "CCC" from "Β+" link

32 13-Jul-11 Disbursement of €3,2bn by IMF (SBA) link

33 15-Jul-11 Disbursement of €8,7bn by EU Bilateral loans link

34 15-Jul-11 Results of EBA 2011 stress tests * link

35 21-Jul-11EC statement on supporting a 2nd program (total financing: €109bn) for Greece together with the IMF, with the use of EFSF

mechanism. Extension of repayment period of EU Bilateral loans. Creation of Task Force.link

36 21-Jul-11 Press release of IIF on the financing offer of private sector involvement (PSI) (impairment of 21% on GGBs) * link

37 25-Jul-11 Moody's downgrades Credit Rating of Greece to "Ca" from "Caa1" link

38 27-Jul-11 S&P downgrades Credit Rating of Greece to "CC" from "CCC" link

39 29-Jul-11 PB uses ANFA funding *

40 18-Aug-11 PB uses ELA funding *

41 02-Sep-115th Review - 1st EAP

(Statement by the EC, the ECB and IMF on the Fifth Review Mission to Greece) link

42 27-Sep-11

Law No. 4021 / Enhanced measures for the supervision and restructuring of Credit Institutions – Regulation of issues of

financial nature – Ratification of the European Financial Stability Facility (EFSF) Framework-Agreement and its amendments

and other provisions.

link

43 11-Oct-115th Review - 1st EAP

(Statement by the EC, the ECB and IMF on the Fifth Review Mission to Greece)link

44 26-Oct-11Euro Summit: Decision for a new agreement, for additional financing, until the end of 2011 and Eurozone contribution to PSI

package up to €30bn/Voluntary bond exchange with nominal discount of 50% and new GDP/Debt ratio objective to 120%. link

45 02-Nov-11 Europe to "freeze" the support towards Greece after the announcement of the greek referendum.

46 02-Nov-11 IMF statement on the announcement of the greek referendum link

47 10-Nov-11 New Greek Government is formed, Papadimos is the new Greek PM

48 30-Nov-11 Greece to IMF: Letter of Intent link

49 05-Dec-11

5th Review - 1st EAP

(IMF Executive Board Completes Fifth Review Under Stand-By Arrangement for Greece and Approves €2.2 Billion

Disbursement)

link

History Channel

Economic Research & Investment Strategy

2011

Date Links50 07-Dec-11 Disbursement of €2,2bn by IMF (SBA) link

51 08-Dec-11 ECB: 1st auction of 3yr bonds / Minimum Reserves Requirements decreased to 1% *

52 10-Dec-115th Review - 1st EAP

European Commission, The Economic Adjustment Programme for Greece - Fifth reviewlink

53 13-Dec-11

5th Review - 1st EAP

IMF, Country Report No. 11/351: Greece: Fifth Review Under the Stand-By Arrangement, Rephasing and Request for

Waivers of Nonobservance of Performance Criteria

link

54 14-Dec-11 Disbursement of €5,8bn by EU Bilateral loans link

55 16-Dec-11 IMF Survey: Greece Needs Deeper Reforms to Overcome Crisis link

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2012

Date Links

1 31-Jan-12Law No. 4038 / Urgent regulations concerning the implementation of the Medium-term Fiscal Strategy Framework 2012-

2015link

2 12-Feb-12

Law No. 4046 /Approval of the Draft Financial Assistance Facility Agreements between the European Financial Stability

Facility (E.F.S.F.), the Hellenic Republic and the Bank of Greece, approval of the Draft Memorandum of Understanding

between the European Commission, the Hellenic Republic and the Bank of Greece and other urgent provisions for the

reduction of the public debt and the rescue of the national economy

link

3 14-Feb-12

Law No. 4047 / Ratification of the Act of Legislative Content "Very urgent measures for the implementation of the Medium-

term Fiscal Strategy 2012-2015 and of the State Budget for 2011" and of the Act of Legislative Content "Regulation of very

urgent issues for the implementation of law 2024/2011 "Pension provisions, uniform pay scale - grading system, labour

reserve and other provisions for the implementation of the Medium-term Fiscal Strategy Framework 2012-1015" and of

issues falling within the competence of the Ministries of Administrative Reform and E-Governance,

Interior,Finance,Environment, Energy and Climate Change, and of Education, Lifelong Learning and Religious Affairs and

related to the implementation of the Medium-term Fiscal Strategy Framework 2012-2015 "

link

4 17-Feb-12 Exchange of GGBs holded by ECB and NCB as they are excluded from PSI arrangement * link

5 21-Feb-12

2nd Economic Adjustment Programme (EAP)

Eurogroup's statement on the 2nd EAP of up to €130bn, PSI (haircut 53.5%), creation of segregated account for loan

payments, retroactive lowering of the interest rate on Bilateral loans, allocation of ANFA & SMP profits

link

6 21-Feb-12Decision to exchange GGB | Outstanding GGB held by central banks of other Eurozone countries will be exchanged with

new bonds of equal value* link

7 22-Feb-12 Fitch downgrades Credit Rating of Greece to "C" from "CCC" link

8 24-Feb-12

MinFin/PDMA statement on PSI procedure (new GGB at 31.5% of the face amount of their exchanged bonds, EFSF notes at

15% of the face amount of their exchanged bonds, detachable GDP-linked securities beginning by 2015 and issued by the

Hellenic Republic)

link

9 27-Feb-12 S&P downgrades Credit Rating of Greece to "SD" from "CC" link

10 27-Feb-12

ECB receives €35bn by EFSF | "As a temporary operation, EFSF provided the Eurosystem with bonds amounting to €35

billion as collateral during Greece's selective default period due to the PSI operation. These bonds were returned to the

EFSF on 25 July 2012 and were cancelled."

link

11 28-Feb-12Law No. 4051 / Provisions regarding pensions and other urgent provisions for the application of the Memorandum of

Understanding of law 4046/2012.link

12 28-Feb-12 ECB: GGBs are temporarily not accepted as collateral * link

13 02-Mar-12 PB: Public tender offer to buy back Tier 1 and Lower Tier 2 debt * link

14 02-Mar-12 Moody's downgrades Credit Rating of Greece to "C" from "Ca" link

15 08-Mar-12 ECB: GGBs are again accepted as collateral * link

16 09-Mar-12 IMF's statement on the new deal of €28bn for the next 4 years (last installment by Feb 2016) link

17 09-Mar-12 Greece to IMF: Letter of Intent link

18 09-Mar-12 Fitch downgrades Credit Rating of Greece to "RD" from "C" link

19 09-Mar-12 Eurogroup: Decision to activate CACs in order to restructure the greek debt. *

20 09-Mar-12 International Swaps and Derivatives Association (ISDA) determines that activation of CACs consists a credit event * link

21 12-Mar-12MinFin/PDMA press release on completion of the 1st phase of PSI (GGB of total value of €177.25bn issue under greek

legislation)*

22 12-Mar-12 Disbursement of €31.2bn by EFSF (1st, 2nd & 3rd installment of PSI) link

23 13-Mar-12 Fitch upgrades Credit Rating of Greece to "Β-" from "RD" link

24 14-Mar-12 Eurogroup approves the 2nd Economic Adjustment Programme link

25 15-Mar-12European Commission: The Second Economic Adjustment Programme for Greece - March 2012

Estimation of Financing for the period 2012-2014: €144.7bn by EFSF & €19.8bn by IMF as part of a loan of total €28bn.link

26 15-Mar-12 IMF Executive Board Approves €28 Billion Arrangement Under Extended Fund Facility for Greece link

27 15-Mar-12 Disbursement of €1.6bn by IMF (EFF) link

28 16-Mar-12IMF Country Report No. 12/57: Greece: Request for Extended Arrangement Under the Extended Fund Facility - Staff Report;

Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Greece.link

29 16-Mar-12 IMF: Greece : Request for Extended Arrangement Under the Extended Fund Facility link

30 19-Mar-12 Disbursement of €5.9bn by EFSF (other tranches) link

31 20-Mar-12

Law No. 4060 / Ratification of the Act of Legislative Content “Approval of the Draft Master Financial Assistance Facility

Agreement between European Financial Stability Facility (E.F.S.F.), the Hellenic Republic, the Hellenic Financial Stability

Fund (H.F.S.F.) and the Bank of Greece and provision of authorizations for the signature of the Master Agreement”

link

32 27-Mar-12 EU statement: The Second Programme of Economic Adjustment for Greece: Greek commitment, European solidarity link

33 10-Apr-12 Disbursement of €3.2bn by EFSF (PSI) & €3.3bn by EFSF (other tranches) link

34 11-Apr-12 ECB: Greek systemically imprortant bank are not considered eligible counterparties. *

35 19-Apr-12 Disbursement of €25bn by EFSF (Bank Recapitalisation) link

36 25-Apr-12MinFin/PDMA press release on completion of PSI arrangement (€199bn of debt restructured, €205.5bn of aggregate

principal amount)* link

37 25-Apr-12 Disbursement of €0.9bn by EFSF (PSI & DBB) link

38 26-Apr-12 Settlement of foreign-law regulated assets (XS) & public utilities *

39 02-May-12 S&P: upgrades Credit Rating of Greece to "CCC" from "SD"

40 06-May-12 Greek Legislative Elections | Failed to form a government link

41 10-May-12 Disbursement of €4.2bn by EFSF (other tranches) link

42 17-May-12 Fitch downgrades Credit Rating of Greece to "CCC" from "B-" link

43 06-Jun-12 ECB: Greek systemically important banks are again eligible counterparties *

44 17-Jun-12 Greece holds new Legislative Elections| Coalition government is formed link

45 28-Jun-12 Disbursement of €1bn by EFSF (other tranches) link

46 03-Jul-12 ECB: Additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral * link

47 06-Jul-12 PB: Recapitalisation by submitting EFSF bonds of €4.7bn *

48 25-Jul-12 ECB: GGBs are not accepted as collateral *

History Channel

Economic Research & Investment Strategy

2012

Date Links

49 27-Jul-12 Piraeus Bank buys ATEbank's healthy assets *

50 05-Aug-12"Troika's" statement on the progress of the implementation of the programme and on discusions with the new greek

authorities.link

51 20-Sep-12 Law No. 4081 / Reduction of Public Expenditure, Regulation of Issues of Financial Control and other provisions link

52 15-Oct-12 European Commission: One year of Task Force for Greece link

53 17-Oct-12 "Troika's" statement on discussion for the 1st EAP review link

54 24-Oct-12 ECB: 3 greek systemically important banks are not considered eligible counterparties *

55 31-Oct-12

Law No. 4092 /Ratification of the Act of Legislative Content of September 6th, 2012 "Amendment of the last section of

paragraph 1 of article 3 of law 3986/2011 'Urgent measures for the implementation of the Medium - Term Fiscal Strategy

2012-2015' (A'152), as in force", of the Act of Legislative Content 'Repeal of the minimum percentage of the Greek State in

ELPE (Hellenic Petroleum), DEI (Public Power Corporation), OPAP (Organization of Football Prognostics), ODIE (Hellenic

Horse-race Betting Organisation), EYDAP (Athens Water Supply and Sewerage Company), EYATH (Thessaloniki Water Supply

and Sewerage), ELTA (Hellenic Post), Port Authority of Pireus, Thessaloniki, Alexandroupoli, Volos, Eleusinas, Igoumenitsa,

Iraklio, Kavala, Corfu, Lavrio, Patras and Rafina, as well as repeal of article 11 of law 3631/2088 (A'6)"and other provisions

link

56 07-Nov-12Law No. 4093 / Approval of the Medium-term Fiscal Strategy Framework 2013-2016 - Urgent Measures for the

Impementation of the Medium-term Fiscal Strategy Framework 2013-2016link

57 26-Nov-121st Review - 2nd EAP

IMF: Statement further supporting Greece’s economic reform programlink

58 27-Nov-12

Eurogroup: Decision on new supporting measures | Repurchase of debt (DBB), primary surplus target of 4.5% from 2014 to

2016, extension of maturities of the bilateral and EFSF loans by 15 years and a deferral of interest payments of Greece on

EFSF loans by 10 years, lowering by 100 bps of the interest rates charged on bilateral loans

link

59 03-Dec-12 MinFin: Start of DBB repurchase process

60 04-Dec-12 Euro Summit: Greece granted 2 more years ot correct is excessive deficit link

61 05-Dec-12 S&P downgrades Credit Rating of Greece to "SD" from "CCC"

62 07-Dec-121st Review - 2nd EAP

European Commission, The Second Economic Adjustment Programme for Greece – First Review link

63 12-Dec-12MinFin: Completion of DBB repurchase process, total demand of €31.9bn, weighted average price approximately at 33,8%

of nominal value, for the repurchase of EFSF's 6 month bills of nominal value of €11.29bn (including accrued interest)

64 13-Dec-12 IMF's statement on Debt Buy Back link

65 14-Dec-12 PB acquires Geniki Bank from Societe Generale *

66 17-Dec-12 Disbursment of €7bn by EFSF (other tranches) & €11.3bn by EFSF (DBB) link

67 18-Dec-12 S&P upgrades Credit Rating of Greece to "B-" from "SD"

68 19-Dec-12 ECB is accepting again greek bonds for recapitalisation purposes *

69 19-Dec-12 ECB: GGBs are again accepted as collateral / New haircut framework *

70 19-Dec-12 Disbursment of €16bn by EFSF (Bank Recapitalisation) link

71 21-Dec-12 Greece to IMF: Letter of Intent link

72 24-Dec-12 PB: Recapitalisation by submitting EFSF bonds of €1.5bn *

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2013

Date Links

1 14-Jan-13

Law No. 4111 /Pension provisions, amendments of law 4093/2012, ratification of the Act of Legislative Content «Approval

of the Draft Agreements Amending the Master Financial Assistance Facility Agreement between the European Financial

Stability Facility (E.F.S.F.), the Hellenic Republic, the Hellenic Financial Stability Fund (H.F.S.F.) and the Bank of Greece,

under the title "Master Financial Assistance Facility Agreement", of the Financial Assistance Facility Agreement between the

European Financial Stability Facility (E.F.S.F.), the Hellenic Republic and the Bank of Greece, under the title "PSI LM Facility

Agreement" and of the Financial Assistance Facility Agreement between the European Financial Stability Facility (E.F.S.F.),

the Hellenic Republic and the Bank of Greece, under the title "Bond Interest Facility", provision of authorizations for the

signature of Agreements» and other provisions of urgent nature

link

2 14-Jan-13 EU/ECB/IMF Compliance with the Milestones

3 16-Jan-13 ECB: 3 greek systemically important banks are again eligible counterparties *

4 18-Jan-13

1st & 2nd Review - 2nd EAP

IMF,Country Report No. 13/20: Greece: First and Second Reviews Under the Extended Arrangement Under the Extended

Fund Facility, Request for Waiver of Applicability, Modification of Performance Criteria, and Rephasing of Access

link

5 18-Jan-13 Disbursement of €3.2bn by IMF (EFF) link

6 31-Jan-13 Disbursement of €2bn by EFSF (other tranches) link

7 18-Feb-13 Law No. 4127 /Approval of update of Mid term Fiscal Strategy 2013-2016 link

8 19-Feb-13 EU/ECB/IMF Compliance with the Milestones

9 28-Feb-13 Disbursement of €2.8bn by EFSF (other tranches) link

10 14-Mar-13 "Troika" statement on the progress of the implementation of the programme link

11 24-Mar-13 IMF Statement on Cyprus link

12 25-Mar-13 Eurogroup statement on Cyprus macroeconomic adjustment programme link

13 26-Mar-13 PB acquires the Greek banking operations of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank * link

14 03-Apr-13 IMF Reaches Staff-Level Agreement with Cyprus on a €1 Billion Extended Fund Facility Arrangement link

15 15-Apr-13 "Troika" statement on the progress of the implementation of the programme link

16 18-Apr-13 PB announces the sale of ATEbank Romania *

17 22-Apr-13 PB Acquires Millenium Bank Greece *

18 26-Apr-13 EU/ECB/IMF Compliance with the Milestones

19 28-Apr-13 Law No. 4152 / Urgent measures for the implementation Laws No. 4046/2012, 4093/2012 & 4127/2013 link

20 02-May-13 Reduction of ECB key interest rates link

21 03-May-13 Disbursement of €2.8bn by EFSF (other tranches) link

22 13-May-132nd Review - 2nd EAP

European Commission, The Second Economic Adjustment Programme for Greece – Second Reviewlink

23 14-May-13 Fitch upgrades Credit Rating of Greece to "B-" from "CCC" link

24 17-May-13 Disbursement of €4.2bn by EFSF (other tranches) link

25 31-May-133rd Review 2nd EAP

IMF Completes Third Review Under Extended Fund Facility Arrangement for Greecelink

26 31-May-13 Disbursement of €7.2bn by EFSF (Bank Recapitalisation) link

27 04-Jun-13 Disbursement of €1.7bn by IMF (EFF) link

28 05-Jun-13 Greece : Ex Post Evaluation of Exceptional Access Under the 2010 Stand-By Arrangement link

29 05-Jun-13 IMF Survey : Greece Makes Progress, But More Effort Needed to Restore Growth link

30 05-Jun-133rd Review - 2nd EAP

IMF, Country Report No. 13/153: Greece : Third Review Under the Extended Arrangement Under the Extended Fund Facilitylink

31 12-Jun-13 EU/ECB/IMF Compliance with the Milestones

32 25-Jun-13 Disbursement of €3.3bn by EFSF (other tranches) link

33 28-Jun-13 PB: Share Capital Increase by €8.4bn (€1.4bn from private investors) * link

34 08-Jul-13 "Troika" statement on the progress of the implementation of the programme link

35 17-Jul-13 Greece to IMF: Letter of Intent link

36 19-Jul-13Law No. 4172 / Income taxation, urgent measures for the implementation of law 4046/2012, of law 4093/2012 and of law

4127/2013 and other provisionslink

37 26-Jul-133rd Review - 2nd EAP

European Commission, The Second Economic Adjustment Programme for Greece – Third Reviewlink

38 31-Jul-13

4th Review - 2nd EAP

IMF, Country Report No. 13/241: Greece : Fourth Review Under the Extended Arrangement Under the Extended Fund

Facility, and Request for Waivers of Applicability and Modification of Performance Criterion

link

39 31-Jul-13 Disbursement of €1.7bn by EFSF IMF (EFF) & €2,5bn by EFSF (other tranches) link1 link2

40 29-Sep-13 "Troika" statement on the progress of the implementation of the programme link

41 15-Oct-13 European Council approves the creation of the Single Supervisory Mechanism for the eurozone link

42 23-Oct-13 ECB announced that a soundness assessment will be conducted for the 130 greatest european banks * link

43 07-Nov-13 Reduction of ECB key interest rates * link

44 21-Nov-13 "Troika" statement on the progress of the implementation of the programme link

45 29-Nov-13 Moody's upgrades Credit Rating of Greece to "Caa3" from "C" link

46 16-Dec-13 EU/ECB/IMF Compliance with the Milestones

47 17-Dec-13 Eurogroup statement on the progress of the reforms and the implementations of the programme. link

48 18-Dec-13 Disbursement of €0.5bn by EFSF (other tranches) link

49 21-Dec-13 Law No. 4223 / Uniform Real Property Tax and other provisions link

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2014

Date Links1 06-Mar-14 Results of Greek Banks Stress Test by Bank of Greece * link

2 19-Mar-14 "Troika" statement on the progress of the implementation of the programme link

3 30-Mar-14Law No. 4254 / Measures on the support and development of the Hellenic economy in the framework of the

implementation of Law 4046/2012 and other provisions.link

4 10-Apr-14 PB: Share capital increase of €1.75bn * link

5 16-Apr-14Directive 2014/49/EU which lays down rules and procedures relating to the establishment and the functioning of deposit

guarantee schemes (DGSs)* link

6 25-Apr-144th Review - 2nd EAP

European Commission, The Second Economic Adjustment Programme for Greece – Fourth Reviewlink

7 28-Apr-14 Disbursement of €6.3bn by EFSF (other tranches) link

8 09-May-14 Law No. 4263 / Mid-term Fiscal Strategy Framework 2015-2018 link

9 14-May-14 Greece to IMF: Letter of Intent link

10 15-May-14Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms

(Bank Recovery Resolution Directive-BRRD) | Active by: 1/1/2015* link

11 23-May-14 Fitch upgrades Credit Rating of Greece to "B" from "B-" link

12 03-Jun-14 Disbursement of €3.4bn by IMF (EFF) link

13 05-Jun-14 Reduction of ECB key interest rates, announcement of LTROs & suspension of sterilisation of government bond market. * link

14 10-Jun-14 IMF Survey : Greece: Grounds for Cautious Optimism link

15 10-Jun-14

5th Review - 2nd EAP

IMF, Country Report No. 14/151: Greece: Fifth Review Under the Extended Arrangement Under the Extended Fund Facility,

and Request for Waiver of Nonobservance of Performance Criterion and Rephasing of Access

link

16 03-Jul-14 EU/ECB/IMF Compliance with the Milestones

17 09-Jul-14 Disbursement of €1bn by EFSF (other tranches) link

18 16-Jul-14 "Troika" statement on the progress of the implementation of the programme link

19 30-Jul-14 Regulation No. 806/2014 establishing the Single Resolution Mechanism (SRM) | Active by: 1/1/2015 link

20 01-Aug-14 Moody's upgrades Credit Rating of Greece to "Caa1" from "Caa3" link

21 06-Aug-14Measures for the assistance and development of the Hellenic economy, organizational issues of the MinFin and other

provisionslink

22 11-Aug-14 EU/ECB/IMF Compliance with the Milestones

23 14-Aug-14 Disbursement of €1bn by EFSF (other tranches) link

24 04-Sep-14 Reduction of ECB key interest rates to 0.05%, announcement of purchase of ABS and Covered bonds (by October) * link

25 12-Sep-14 S&P upgrades Credit Rating of Greece to "B" from "B-"

26 16-Sep-14T-Bills exchange: The aggregate principal amount of: (1) 2017 New Notes to be issued on the Settlement Date will be

€589mn [3.375%] (2) 2019 New Notes to be issued on the Settlement Date will be EUR €1.03bn [4.75%]* link

27 12-Oct-14 IMF statement on Greece's progress on reforms and program commitments link

28 16-Oct-14 European Commission statement on programme's progress link

29 26-Oct-14 ECB announced that a soundness assessment will be conducted for the 130 greatest european banks * link

30 04-Nov-14 ECB assumes responsibility for euro area banking supervision * link

31 19-Nov-14 Revision of haircut schedule applying to marketable debt issued or fully guaranteed by the Hellenic Republic * link

32 19-Dec-14 Extension of the EFSF programme and EFSF bonds by two months for Greece link

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2015

Date Links

1 22-Jan-15

Announcement of extension of ECB's quantitative easing programme which will include purchase of marketable

government bonds. Greece cannot participate because of the 33% issuer limit. However it will be for Greece to participate

after July - August redemptions.

link

2 25-Jan-15 Greek Legislative Elections| Coalition government is formed

3 04-Feb-15ECB's decision to lift current waiver of minimum credit rating requirements for marketable instruments issued or

guaranteed by the Hellenic Republic* link

4 06-Feb-15 S&P downgrades Credit Rating of Greece to "B-" from "B"

5 20-Feb-15 Eurogroup statement on Greece, awaiting for reforms link

6 23-Feb-15 IMF letter to Eurogroup reviewing the measures prepared by the Greek authorities link

7 24-Feb-15Eurogroup statement providing extension by up to four months of the current Master Financial Assistance Facility

Agreementlink

8 27-Feb-15

EFSF Board of Directors: €1.8 billion that is still available under the MFFA can be disbursed to Greece until 30 June 2015, the

disbursement of this last loan tranche is conditional on the successful conclusion of the final review under the current

arrangement. EFSF bonds which are currently held by HFSF will be returned to EFSF and will only become available to

Greece on request by the ECB or SSM only to cover bank recapitalisation and resolution costs. These bonds will also be

available until 30 of June.

link

9 27-Feb-15

On 27/02/2015, the Hellenic Financial Stability Fund (HFSF) redelivered €10.9 bn in bonds issued by the EFSF for the

recapitalisation of Greek banks. This comprised: a full repayment of the €7.2 bn disbursed on 30/05/2013; and a partial

repayment of €3.7 bn of the loan tranche disbursed on 19/12/2012)

link

10 09-Mar-15 ECB starts purchasing euro-denominated public sector securities in the secondary market link

11 18-Mar-15Law No. 4320 / Regulations for the adoption of humanitarian crisis immediate response measures, for the organization of

the Government and the governmental organs and other provisionslink

12 20-Mar-15 Law No. 4321 / Regulations for the restart of the economy link

13 27-Mar-15 Fitch downgrades Credit Rating of Greece to "CCC" from "B" link

14 06-Apr-15 Cyprus lifts all restrictive measures on bank transactions link

15 15-Apr-15 S&P downgrades Credit Rating of Greece to "CCC+" from "B-"

16 17-Apr-15 PB: acquires healthy assets and liabilities of Panellinia Bank * link

17 29-Apr-15 Moody's downgrades Credit Rating of Greece to "Caa2" from "Caa1" link

18 21-May-15 PB: Piraeus Bank Egypt is acquired by ABK *

19 10-Jun-15 S&P downgrades Credit Rating of Greece to "CCC" from "CCC+"

20 18-Jun-15Eurogroup: Announcement by Eurogroup President Greece's progress is insufficient and that new agreement is needed |

Euro Summit on 22.06.15link

21 22-Jun-15 "Completing Europe's Economic and Monetary Union: Τhe 5 Presidents' report" link

22 22-Jun-15 Greek government sends a new proposition, Eurogroup statement link

23 26-Jun-15 Announcement of Greek referendum

24 27-Jun-15 Eurogroup statement on the decision of the Greek government to put forward a proposal to call for a referendum link

25 28-Jun-15 European Commission: Information on the latest draft proposals in the context of negotiations with Greece link

26 28-Jun-15 Legislative Act 65/28.06.15 "Bank Holiday of a short duration 28/6/15-06/07/15" * link

27 29-Jun-15 S&P downgrades Credit Rating of Greece to "CCC-" from "CCC" link

28 30-Jun-15 European Commission proposal is published (forming the question of the referendum) link link2

29 30-Jun-15 Greek Government Letter on new ESM programme link

30 30-Jun-15 ESM announcement on expiry of EFSF programme to Greece link

31 30-Jun-15 Fitch downgrades Credit Rating of Greece to 'CC' from 'CCC' link

32 30-Jun-15 IMF statement on Greece due payment (€1.5bn) link

33 01-Jul-15 Joint letter from Eurogroup and ESM to Greece on extension of the EFSF programme as well as ESM programme. link

34 01-Jul-15 IMF, Nine Key Questions on Greece link

35 01-Jul-15 Moody's downgrades Credit Rating of Greece to "Caa3" from "Caa2" link

36 02-Jul-15 IMF, Country Report No. 15/165 Greece: Preliminary Draft Debt Sustainability Analysis link

37 03-Jul-15 EFSF Board of Directors reserves its rights to act upon Greece’s default link

38 05-Jul-15 Greek referendum result: 61.3% of greek voters voted "No"

39 06-Jul-15 GSEP 1391/6.7.15 "Extension of bank holiday" until 08/07/15 * link

40 08-Jul-15The Hellenic Republic (‘Greece’) made an official request for stability support – in the form of a loan facility – to the ESM to

be used for meeting debt obligations and to ensure stability of its financial system.link

41 08-Jul-15 Letter from ESM to EC and to ECB for the activation of stability supporting programme link

42 10-Jul-15Greece - Assessment of the Commission, in liaison with the ECB, of the request for stability support in the form of an ESM

loanlink

43 11-Jul-15 Law No. 4333 / For the negotiation and conclusion of the loan agreement with the European Stability Mechanism (ESM) link

44 13-Jul-15 GSEP 1460/13.7.15 "Extension of bank holiday" until 15/07/15 * link

45 13-Jul-15 Euro Summit Statement 12.07.15 link

46 13-Jul-15 IMF statement on Greece due payment (€456mn) link link2

47 14-Jul-15 IMF, Country Report No. 15/186 Greece: An Update of IMF Staff’s Preliminary Public Debt Sustainability Analysis link

48 14-Jul-15European Commission: COM(2015) 357 Proposal for a council implementing decision on granting short term Union financial

assistance to Greecelink

49 16-Jul-15 Eurogroup grants a 3-year ESM stabilit support to Greece link

50 17-Jul-15 ESM Governing Council approves in principle granting of stability support to Greece link

51 17-Jul-15 EFSM: Council approves €7bn bridge loan to Greece link

52 18-Jul-15Legislative Act 84/18.07.15 "Urgent measures for the adoption of restrictions on cash withdrawals and capital transfers" -

End of bank holidaylink

53 20-Jul-15 Debt repayment to ECB and BoG

54 21-Jul-15 S&P upgrades Credit Rating of Greece to "CCC" from "CCC-"

55 22-Jul-15 Law No. 4335 / Urgent measures for the implementation of law 4334/2015 (Government Gazette A΄ 80) link

56 24-Jul-15 GSEP 1027 - G.G. issue 1561/24.7.15 "Legislation on restrictions on cash withdrawals and capital transfers" * link

History Channel

Economic Research & Investment Strategy

2015

Date Links

57 31-Jul-15GSEP 1062 - G.G. issue 1617/31.7.15 "Removal of the restrictions under Legislative Act dated 18.7.2015 (A' 84) on

conducting transactions in financial instruments on Greek regulated markets"* link

58 31-Jul-15

G.G. issue 1620/31.7.15 “Prolongation of Ministerial Decision 49214/21.7.2015 “Suspension of enforcement measures,

payment of court trial fees, guarantee operations and payment of sentences converted into financial penalties” (G.G. issue

B 1525)”

link

59 31-Jul-15Leg.Act 90/31.7.15 "Amendments to by 28 June 2015, 14 July 2015, 18 July 2015, Legislation Acts and urgent measures to

support the negotiations of the Greek Government with the ESM, the European Commision, the ECB and the IMF."link

60 14-Aug-15

Law No. 4336 / Provisions regarding pensions – Ratification of the Draft Financial Assistance Facility Agreement by the

European Stability Mechanism (ESM) and regulations for the implementation of the Funding Agreement.

Type

link

61 14-Aug-15 Eurogroup statement on the ESM programme for Greece link

62 14-Aug-15Report on Greece's compliance with the draft MoU commitments and the commitments

in the Euro Summit statement of 12 July 2015link

63 14-Aug-15ESM proposal for the terms of the first tranche of €26 billion under the Financial Assistance Facility Agreement for Greece

(First tranche and disbursement to Greece)link

64 17-Aug-15GSEP 1133 - G.G. issue 1721/17.8.15 "Μeasures for the of the adoption of restrictions on cash withdrawals and capital

transfers"* link

65 18-Aug-15 Fitch upgrades Credit Rating of Greece to "CCC" from "CC" link

66 19-Aug-15 ESM Board of Governors approves ESM programme for Greece link

67 19-Aug-15Memorandum of Understanding (MoU) detailing the economic reform measures and commitments associated with the

financial assistance packagelink

68 19-Aug-15 Financial Assistance Facility Agreement (FFA)

69 19-Aug-15 Assessment of the Social Impact of the new Stability Support Programme for Greece link

70 20-Aug-15 ESM Board of Directors approves first loan tranche of €26 bn for Greece link

71 20-Aug-15

The ESM programme for Greece (Disbursements of ESM financial assistance to Greece - Maturities) -The two following

documents provided the Board of Governors and euro area ministers with updates following initial assessments to

determine Greece's eligibility for an ESM programme (as done on 10 July 2015): Debt sustainability analysis (link3) and

Assessment of Greece's financing needs (link4)

link1 link2 link3

72 31-Aug-15

G.G. issue 1867/31.8.15 “Prolongation of Ministerial Decision 49214/21.7.2015 “Suspension of enforcement measures,

payment of court trial fees, guarantee operations and payment of sentences converted into financial penalties” (G.G. issue

B 1525)” 73 16-Sep-15 EU proposal to maximise its use of EU funds and improve liquidity for boosting growth and creating jobs link

74 20-Sep-15 Greek Legislative Elections| Coalition government is formed by SYRIZA & ANEL link

75 25-Sep-15 Moody's confirms Credit Rating of Greece at "Caa3" - Outlook stable link

76 25-Sep-15 G.G. issue 2100/25.9.15 "Measures for the of the adoption of restrictions on cash withdrawals and capital transfers" * link

77 29-Sep-15

G.G. issue 2110/29.9.15 “Prolongation of Ministerial Decision 49214/21.7.2015 “Suspension of enforcement measures,

payment of court trial fees, guarantee operations and payment of sentences converted into financial penalties” (G.G. issue

B 1525)”

link

78 02-Oct-15G.G. issue 2131/2.10.15 "Amendments to the GSEP 0001258ΕΞ2015/ Χ.Π.2672/ 25.9.2015 Decision of the Minister of

Finance"link

79 16-Oct-15 Law No. 4337 / Measures for the implementation of the fiscal goals and structural reforms agreement link

80 31-Oct-15Law No. 4340 / For the recapitalization framework of credit institutions and other provisions of the competence of the

MinFin* link

81 31-Oct-15 Stress Test Results (capital shortfall of €14.4bn for 4 systemically significant Greek banks) * link

82 31-Oct-15 BoG: Results of the 2015 Comprehensive Assessment for Attica Bank * link

83 02-Nov-15 Ministerial Decision 36 on Contingent Convertible bonds (CoCos) * link

84 19-Nov-15Law No. 4346 / Urgent measures for the implementation of the fiscal goals and structural reforms agreement and other

provisions.link

85 20-Nov-15 Government Budget for year 2016 is submitted link

86 21-Nov-15 Eurogroup statement on the disbursement of €2bn to Greece on 23 Nov 2015 link

87 23-Nov-15 ESM approves €2bn disbursement to Greece link

88 23-Nov-15 Eurogroup statement welcoming the completion of the first set of milestones and of the recapitalisation process link

89 24-Nov-15 Disbursement of €2bn link

90 01-Dec-15

ESM approves €2.72bn disbursement to recapitalise Piraeus Bank. This amount was adjusted to €2.71bn.

"The ESM initially disbursed €2.72bn; however, a valuation carried out on the request of the HFSF showed that the value of

notes on delivery date was €13.9mn higher than on the date of issuance. Consequently, €13.9mn in notes was redelivered

to the ESM, and the final amount of ESM notes used for the recapitalisation of Piraeus Bank stands at €2.706bn"

* link1 link2

91 02-Dec-15PB: Announcement regarding the admission to trading of the New Shares following the completion of the share capital

increase* link

92 03-Dec-15 ECB: Monetary policy decisions * link

93 03-Dec-15 Reduction of the ELA-ceiling by €7.8bn to €77.9bn * link

94 03-Dec-15PB: Announcement regarding the admission to trading of the New Shares following the completion of the share capital

increase 08.12.2015link

95 06-Dec-15 Law No. 4352 / Ratification of the State Budget of the Fiscal Year 2015 link

96 08-Dec-15 ESM approves €2.71bn disbursement to recapitalise National Bank of Greece * link

97 08-Dec-15 IFC acquires shares of total €150mn (Alpha Bank: €60mn, Eurobank: €50mn, Πειραιώς: €20mn, Εθνική: €20mn) * link

98 14-Dec-15Concession Agreement for the Upgrade, Maintenance, Management and Operation of the 14 Greek Regional Airports

between Hellenic Republic (HRADF) and Fraport AGlink

99 15-Dec-15Law No. 4354 / Non-performing loans management, wage provisions and other urgent provisions concerning the

implementation of the fiscal goals and structural reforms agreement.link

100 17-Dec-15 Reduction of the ELA-ceiling by €2.1bn to €75.8bn * link

101 18-Dec-15 Transfer of Cooperative Bank of Peloponnese Coop Ltd deposits to the National Bank of Greece S.A. * link

102 22-Dec-15 Sale of Finansbank A.S. (NGB) to Qatar National Bank S.A.Q. for €2.75bn (liquidity increase of €3.5bn) * link

History Channel

Economic Research & Investment Strategy

2015

Date Links

103 22-Dec-15Eurobank Ergasias S.A. agrees to dispose 80% of the share capital of Eurolife ERB Insurance Group Holdings S.A. to Fairfax

Financial Holdings Limited* link

104 22-Dec-15 ESM approves €1 billion disbursement to Greece link

105 23-Dec-15 Disbursement of €1bn link

106 31-Dec-15New agreement has been signed for the development of of the "Astir Palace Vouliagmeni SA" by Jermyn Street Real Estate

Fund IV LPlink

[* ] Direct effect on PB.

History Channel

Economic Research & Investment Strategy

2016

Date Links1 07-Jan-16 G.G. issue Β 6/7.1.16 "Legislation on restrictions on cash withdrawals and capital transfers" * link

2 14-Jan-16 Reduction of the ELA-ceiling by €3.8bn to €72bn * link

3 14-Jan-16 Remarks by J.Dijsselbloem following the Eurogroup meeting of 14 January 2016 link

4 14-Jan-16 G.Rice statement on IMF and Greece link

5 21-Jan-16 Reduction of the ELA-ceiling by €0.2bn to €71.8bn * link

6 21-Jan-16 ECB: Monetary policy decisions * link

7 25-Jan-16 S&P upgrades Credit Rating of Greece to "B-" from "CCC+"

8 03-Feb-16 Reduction of the ELA-ceiling by €0.3bn to €71.5bn * link

9 05-Feb-16 ECB explains the Agreement on Net Financial Assets - ANFA * link

10 11-Feb-16 Remarks by J. Dijsselbloem following the Eurogroup meeting of 11 February 2016 link

11 18-Feb-16 Reduction of the ELA-ceiling by €0.1bn to €71.4bn * link

12 18-Feb-16 Financial statements of the ECB for 2015 * link

13 07-Mar-16 Remarks by J. Dijsselbloem following the Eurogroup meeting of 7 March 2016 link

14 07-Mar-16 Eurogroup statement on Cypriot governmen's decision to exit its macroeconomic adjustment programme link

15 10-Mar-16 ECB: Monetary policy decisions * link

16 10-Mar-16 Unchanged ELA-ceiling at €71.4bn * link

17 11-Mar-16Framework for the licencing and operation of specialist firms regarding the servicing or acquisition of delinquent loans (Law

No. 4354/2015)* link

18 15-Mar-16 G.G. issue Β 684/15.3.16 "Legislation on restrictions on cash withdrawals and capital transfers" * link

19 17-Mar-16 Reduction of the ELA-ceiling by €0.1bn to €71.3bn * link

20 31-Mar-16 Cyprus successfully exits ESM programme link

21 03-Apr-16 IMF Managing Director Christine Lagarde Letter to Greece PM Alexis Tsipras link

22 04-Apr-16 Appointment of a Special Liquidator for all the credit and financial institutions under special liquidation * link

23 07-Apr-16 Reduction of the ELA-ceiling by €1.4bn to €69.9bn * link

24 08-Apr-16 Greece signs to sell a 67% stake of Piraeus port to China's Cosco Shipping Corporation Lmtd link

25 12-Apr-16 IMF: World Economic Outlook (Apr. '16) link

26 21-Apr-16 ECB: Monetary policy decisions * link

27 21-Apr-16 Reduction of the ELA-ceiling by €0.5bn to €69.4bn * link

28 05-May-16 Reduction of the ELA-ceiling by €0.3bn to €69.1bn * link

29 08-May-16Law No. 4387 / Unified Social Security system - Reforms in insurance, pensions - Regulations on income taxes and gambling -

Other provisionslink

30 09-May-16 Remarks by K. Regling following the Eurogroup meeting of 9 May 2016 link

31 09-May-16 Remarks by J. Dijsselbloem following the Eurogroup meeting of 9 May 2016 link

32 09-May-16 Eurogroup statement on Greece (9.5.16) link

33 19-May-16 G.Rice statement on IMF and Greece link

34 19-May-16 Unchanged ELA-ceiling at €69.1bn * link

35 22-May-16 Law No. 4389 /Urgent measures for the implementation of fiscal targets agreement and structural reforms link

36 23-May-16 IMF: Greece : Preliminary Debt Sustainability Analysis-Updated Estimates and Further Considerations link

37 24-May-16 IMF: Excerpt from a Eurogroup Press Conference by P. Thomsen on Greece (24.5.16) link

38 25-May-16 IMF statement on Greece link

39 25-May-16 Remarks by K. Regling following the Eurogroup meeting of 24 May 2016 link

40 25-May-16 Remarks by J. Dijsselbloem following the Eurogroup meeting of 24 May 2016 link

41 25-May-16 Eurogroup statement on Greece (24 May 2016) link

42 26-May-16 Press conference by E. Tsakalotos & G. Chouliaras following the Eurogroup meeting of 24 May 2016 link

43 02-Jun-16 Reduction of the ELA-ceiling by €1bn to €68.1bn * link

44 02-Jun-16 ECB: Monetary policy decisions * link

45 08-Jun-16Memorandum of Understanding (MoU) between HRADF and Lamda Development to update the sale contract for 100% of

shares of "Hellinikon SA"link

46 09-Jun-16 1st Review of 3rd EAP - Compliance Report link

47 16-Jun-16Technical Memorandum of Understanding accompanying the MoU of the ESM programme

(3rd EAP, published on 07.07.2016)link

48 16-Jun-16 Supplemental Memorandum of Understanding (3rd EAP) link

49 17-Jun-16 ESM approves €7.5 billion disbursement to Greece link

50 21-Jun-16 Disbursement of €7,5bn (ESM) link

51 22-Jun-16 ECB reinstates waiver affecting the eligibility of Greek bonds * link

52 23-Jun-16 UK referendum to decide if UK should remain in the EU | UK citizens decided to leave the EU link

53 23-Jun-16 Reduction of the ΕLA-ceiling by €7bn to €61.1bn (at €65bn on 22.6.16 and at €61.1bn on 30.6.16) * link

54 24-Jun-16 Statement by the EU leaders and the Netherlands Presidency on the outcome of the UK referendum link

55 24-Jun-16 Press statement by D. Tusk on the outcome of the referendum in the UK link

56 30-Jun-16Law No. 4404 / Ratification of the amendment of 24 June 2016 and codification in a unified text of the Concession

Agreement of 13 February 2002 between the Greek State and the Piraeus Port Authority S.A. and other provisions.link

57 07-Jul-16 Reduction of the ELA-ceiling by €2.5bn to €58.6bn * link

58 21-Jul-16 Reduction of the ELA-ceiling by €1.4bn to €57.2bn * link

59 21-Jul-16 ECB: Monetary policy decisions * link

60 22-Jul-16 S&P confirms Credit Rating of Greece at "B-" (outlook stable)

61 22-Jul-16 G.G. issue Β 2282/22.7.16 "Legislation on restrictions on cash withdrawals and capital transfers" * link

62 30-Jul-16 EBA: Stress Test Results of European banks * link

63 12-Aug-16 Cosco is now a 51% shareholder of Piraeus Port (1st stage of acquisition is completed) link

64 02-Sep-16 Fitch: confirms Credit Rating of Greece at "CCC" link

65 08-Sep-16 Reduction of the ELA-ceiling by €4.4bn to €52.8bn * link

66 08-Sep-16 ECB: Monetary policy decisions * link

67 09-Sep-16 Remarks by J. Dijsselbloem following the Eurogroup meeting of 9 September 2016 link

History Channel

Economic Research & Investment Strategy

2016

Date Links68 22-Sep-16 Reduction of the ELA-ceiling by €0.9bn to €51.9bn * link

69 23-Sep-16 IMF: Staff Concluding Statement of the 2016 Article IV Mission link

70 27-Sep-16 Law No. 4425 / Urgent measures for the implementation of fiscal targets agreement and structural reforms link

71 05-Oct-16 Reduction of the ELA-ceiling by €0.1bn to €51.8bn * link

72 08-Oct-16 Compliance note on mid-September milestones (2nd disbursement of 1st Review) link

73 10-Oct-16 Eurogroup statement on Greece link

74 20-Oct-16 ELA-ceiling remains unchanged to €51.8bn * link

75 20-Oct-16 ECB: Monetary policy decisions * link

76 21-Oct-16 EU: Note on arrears clearance monitoring (2nd disbursement of 1st Review) link

77 25-Oct-16 ESM approves €2.8 bn disbursement to Greece link

78 29-Oct-16 Klaus Regling's interview link

79 03-Nov-16 Reduction of the ELA-ceiling by €0.7bn to €51.1bn * link

80 17-Nov-16 Reduction of the ELA-ceiling by €0.2bn to €50.9bn * link

81 30-Nov-16 BoG: Report on Operational Targets for Non-Performing Exposures * link

82 05-Dec-16 Eurogroup statement on Greece link

83 07-Dec-16 Explainer on ESM short-term debt relief measures for Greece link

84 08-Dec-16 Reduction of the ELA-ceiling by €0.2bn to €50.7bn * link

85 08-Dec-16 ECB: Monetary policy decisions * link

86 09-Dec-16 Klaus Regling's interview link

87 12-Dec-16 ESM short-term debt relief measures for Greece link

88 14-Dec-16 Law No. 4444 / Ratification of the State Budget of the Fiscal Year 2017 link

89 15-Dec-16 EIOPA: Insurance Stress Test Report (8 greek insurance undertakings participated) * link

90 16-Dec-16 BoG: Interim Report on Monetary Policy 2016 * link

[* ] Direct effect on PB.

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It is duly stated that: the investments described in the present document include investment risks, among which the risk of losing the entire capitalinvested. In particular, it is stated that;The figures presented herein refer to the past and that the past performance is not a reliable indicator of future performance.In case the figures refer to simulated past performance, that past performance is not a reliable indicator of future performance.The return on investments might be positively or negatively affected as a result of currency fluctuations, in case the figures are denominated in aforeign currency (other than Euro).Any forecasts in relation to future performance, may not be a reliable indicator of future performance.The tax treatment of the information as well as transactions pertained in this document, depends on each investor's individual circumstances andmay be subject to change in the future. As a result, the recipient should seek for independent advice in relation to the applicable tax legislation.

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