SURPRISE - Alpha Bank Suddenly Against the Troika

Alpha Bank analysts said on Friday that Greece made great progress in 2013 and it suspiciously questioned the delay in the release of the next loan tranche. (Why is Alpha Bank so concerned? Hmm....)

     "Two of the most striking developments in the Greek economy in 2013 were the totally successful restructuring and recapitalization of the banking system of the country and the better-than-expected execution of the central government budget in 2013, with a primary surplus of over 1.5 billion euros (0.8 percent of GDP)," according to Alpha Bank's weekly bulletin.
     "Based on the above-mentioned developments, as well as the smaller drop of the GDP in 2013, and the fact that recovery will probably be stronger than the troika estimated for 2014, there are serious questions raised as to the causes of the new delays in the disbursement of the agreed loan tranches," it said.
     "What is certain is that these new significant delays affect the country's economic recovery, have a negative impact on the progress of the restoration of confidence in the Greek banking system and prevent the return of deposits in the country," it warned.