GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 629.69 posting losses of 1.54%, in a turnover of €26.45mn.
The Prime Minister Mr. Antonis Samaras said that a Greek exit from the euro zone would be devastating for the country and could harm Europe and lead to social problems. Mr. Samaras is scheduled to meet with the German Chancellor Angela Merkel today and travels to Paris tomorrow for talks with the French President Mr. Francois Hollande. The Chancellor Angela Merkel and the President Francois Hollande met yesterday to discuss how to deal with Greece. They put the pressure firmly on Greece to keep pursuing painful reforms and they are awaiting the troika report.
The Germany’s Finance Minster Mr. Wolfgang Schaeuble said that more money and time for Greece will not solve the problems it currently faces.
The Finnish European Affairs Minister Mr. Alexander Stubb warned against what he described as an attempt to erect a Berlin Wall separating northern Europe from the debt-laden south. He added that he was convinced that Greece would remain in the eurozone, and that Finland will not lose any money in its loans to Athens.
Corporate Impacts
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 639.57 posting losses of 0.51%, in a turnover of €27.63mn.
The Eurogroup chief Mr. Jean-Claude Juncker after his meeting with the Prime Minister Mr. Antonis Samaras said that the decision on whether to grant Greece additional time to meet budget targets will be based on the findings of the troika mission and urged Greece to push through austerity cuts. Mr. Samaras warned that those who bet on a Greek exit from the euro will be disappointed, as he personally guarantees that the country will repay Germany.
The German Chancellor Angela Merkel dismissed the chances of striking a final agreement on Greece’s rescue package during upcoming talks with the Prime Minister Antonis Samaras and she added that they will wait for the report of the troika and then they will decide.
According to Reuters, the hedge funds are nibbling again at Greek government bonds, increasingly optimistic that progress in talks between Athens and international lenders will deliver a better principle payout for bondholders.
Corporate releases
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 642.84 posting profits of 2.65%, in a turnover of €74.96mn.
The CDU budget spokesman Mr. Norbert Barthle said that concessions are possible for Greece so long as Greek government shows a willingness to strive to meet the main targets set out in its bailout program.
Corporate releases
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 626.22 posting losses of 2.04%, in a turnover of €15.44mn.
A finance ministry official said that Greece will easily reimburse maturing bonds held by the ECB, easing concerns about a possible default and added that Greece aims to reach a deal with the troika by the middle of September over the budget cuts. The final package will be determined with a visiting delegation from the troika, when officials are expected to return to Athens in early September.
The Germany’s Deputy Finance Minister Mr. Steffen Kampeter said that no final decisions will be taken regarding Greece’s bailout when Prime Minister Antonis Samaras meets German Chancellor Angela Merkel on Friday. Germany would wait until the troika delivers its assessment on Greece’s progress next month.
The ECB executive board member Mr. Joerg Asmussen said that a Greek euro exit would be “manageable” but much more expensive than some people believe.
The foreign minister Mr. Guido Westerwelle after meeting with his Greek counterpart Mr. Dimitris Avramopoulos.said that Germany will not substantially soften its agreements with Greece.
The new orders index in industry recorded a decline of 8.8% in June vs. –0.7% a year earlier.
Corporate releases
GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 639.27 posting profits of 1.22%, in a turnover of €18.01mn.
The Prime Minister Antonis Samaras will meet with the Eurogroup chief Mr. Jean-Claude Juncker this week (08/22).This meeting will be followed by one with the German Chancellor Mrs. Angela Merkel (08/24) and the French President Mr. Francois Hollande (08/25).
The president of Eurogroup Mr. Jean-Claude Juncker said that Greece will not leave the 17-nation eurozone, and an exit wouldn’t be politically feasible and would carry unforeseeable risks.
The German Finance Minister Mr. Wolfgang Schaeuble ruled out another aid program for Greece even though the country is in a “very difficult situation” with a shrinking economy.
The German politician Mr. Michael Fuchs said that Greece must stick to its commitments if it expects to receive the next instalment of financial aid.
Two German lawmakers said that the Chancellor Angela Merkel is considering easing Greece’s bailout terms, fanning tensions with members of her coalition who oppose giving the Greek government any more concessions.
The Finance Ministry said that the total central government debt stood at €303.5bn at the end of July 2012, up from €280.2bnat the end of the first three months of this year.
According to Der Spiegel, the troika said that Greece must cut €14bn from its budget in the next two years, €2.5bn more than they originally demanded.
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