â€œThis is a big week for Greece when it comes to liquidity. Concerns of a deteriorating liquidity situation seem to be forcing the government to cave into some, but not all, of the demands from its creditors.â€
â€œGreece has a payment due to the IMF (â‚¬200m) on May 6 as well as on May 12 (â‚¬750m). On Wednesday, the Government will hope to conduct a â‚¬6m T-bill auction to rollover a +â‚¬1.4b six-month T-bill maturing on May 8. On that day the ECB will be holding its non-policy meeting where haircuts for the ELA collateral is expected to be discussed.â€
â€œA deal is not necessary for the ECB to release payments. The market believes that the cap on the T-bill issuance could be lifted if a Greek deal is on the horizon with its creditors.â€
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