Disclaimer : The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates, employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in this report, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or such information by the recipient or other persons in whatever manner. Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to change without notice, and may not prove to be correct. This report is for the recipients information only. It does not represent or constitute any advice, offer, recommendation, or solicitation by us and should not be relied upon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

Event 28 (capital control) 6

24 :

26 : 5

28 : (ECB) (Emergency Liquidity Assistance: ELA)

Analysis ECB ELA 60

29 2011 20 basis points (bps) 13 8 bps (Risk-off sentiment)

5 1

29 2015

Disclaimer : The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates, employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in this report, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or such information by the recipient or other persons in whatever manner. Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to change without notice, and may not prove to be correct. This report is for the recipients information only. It does not represent or constitute any advice, offer, recommendation, or solicitation by us and should not be relied upon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

ECB ELA

ELA (Drachma) (Hyperinflation)

30 IMF 1.6 (Roll-over) 10 2 ELA ECB Roll-over (Sovereign default)

Implication 0.1% 0.07% ( 9.3% ) 2% ( 1) 80% ( 2) (QE) ECB 1.1

Disclaimer : The information contained in this report has been obtained from sources believed to be reliable. However, neither we nor any of our respective affiliates, employees or representatives make any representation or warranty, express or implied, as to the accuracy or completeness of any of the information contained in this report, and we and our respective affiliates, employees or representatives expressly disclaim any and all liability relating to or resulting from the use of this report or such information by the recipient or other persons in whatever manner. Any opinions presented herein represent our subjective views and our current estimates and judgments based on various assumptions that may be subject to change without notice, and may not prove to be correct. This report is for the recipients information only. It does not represent or constitute any advice, offer, recommendation, or solicitation by us and should not be relied upon as such. We, or any of our associates, may also have an interest in the companies mentioned herein.

1:

0.68 0.55 0.47 0.46

6.796.59

7.176.93

:

: The United Nations ITC Trade Map 2: 80%

6210

8

17

3

IMF

ECB

:

: Bloomberg, Greek Finance Ministry European Commission : . (phacharaphot.nuntramas@scb.co.th)

(tanakorn.limvittaradol@scb.co.th) SCB Economic Intelligence Center (EIC) EIC Online: www.scbeic.com