Bank of Greece trims 1% off rates for last time

The Bank of Greece Dec 27 implemented the last leg of monetary convergence with the euro-zone as it slashed between 75 to 100 basis points from three benchmark interest rates, bringing them in line with the European Central Bank's refinancing rates.

Rate harmonisation commenced on January 26, 2000, when BoG trimmed a whole percentage point off the 14-day intervention rate. Since then, the central bank has undertaken a gradual and conservative approach, taking between 50 to 75 basis points off

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