ING: Greece among the winners from ECB’s negative interest rates

An ING analyst places Greece among the “winners” of the European Central Bank’s (ECB) negative interest rates, lumping the country along with other southern European member-states.

In an analysis signed by ING economist Teunis Brosens, the latter notes that previously Greek and Italian banking sectors had borrowed more than three times the amount from the ECB than they had deposited, and that targeted longer-term refinancing operations (TLTROs) borrowing exceeded reserves in Spain, Italy, Portugal and Greece in the years 2016-2019.