GREEK MARKET
The General Index closed at 772.66 posting profits of 0.99%, in a low turnover of €22.53mn. Greece extended the deadline until April 4 for foreign law bondholders to swap notes.
IMF expects Greece to show a fiscal gap between €32-67bn billion after the end of the new funding program in 2014.
The head of the European Commission’s Task Force for Greece Mr. Horst Reichenbach expressed his optimism that Greece will improve its finances, but its banking sector still causes worries.
Mario Draghi, the president of the ECB said that Greece has a chance to escape its current downward spiral if it implements the “important reforms” that its Parliament has approved. It needs a stable political situation to overcome the crisis (Bild-Zeitung).
According to Fidelity Investments and JPMorgan Chase, bondholders planning to resist Greece’s debt swap are unlikely to get paid in full.
Spain’s Minister of Economics Mr. Luis de Guindos said that Spain is fully committed to meeting its deficit target and that any comparisons to Greece were total nonsense.
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GREEK MARKET
The General Index closed at 767.60 posting losses of 1.83%, after six consecutive sessions, due to the results of non-coverage of Bank of Cyprus’ capital increase, in a turnover of €39.57mn. Greek lawmakers approved the bailout deal of €172bn.
The Finance Ministry said that the state budget deficit amounted to €495mn in January and February this year vs. a target of €879mn.
The office of Prime Minister Mr. Lucas Papademos confirmed that the alternate Finance Minister Mr. Filippos Sachinidis will take over the top spot at the ministry following the resignation of Evangelos Venizelos to lead Socialist PASOK.
Commerzbank said that Greek agreement is benefiting EUR, after news that Greece΄s parliament had approved a new €130 billion loan deal for the country by a wide majority and the elections are to be held as planned.
The chief economist of Citi Mr. Willem Buiter said that Greece may need another bailout before the end of the year and no later than next year.
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GREEK MARKET
The General Index closed at 781.88 posting profits of 0.66%, completing six upward consecutive sessions, in a turnover of €58.34mn.
Greece raised €1.3bn in 13-week T- bills auction at an interest rate of 4.25%, lower than the 4.61% during a similar sale in February (PDMA).
The government said that Greece΄s public deficit for 2011 is expected to close at 9.2% (Dow Jones Newswires).
Pacific Investment Management Co. said that it is avoiding the debt of Greece, Ireland and Portugal and sees a significant risk the former will leave the 17-nation euro-region (Bloomberg).
The current account deficit shrank 46% y-o-y in January, helped by a smaller trade gap (BoG).
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GREEK MARKET
The General Index closed at 776.79 posting profits of 1.57%, after intraday profits of 2.23%, in a turnover of €64.36mn.
The first phase of an auction to settle credit default contracts underwritten on Greek sovereign debt determined an Initial Market Midpoint of 21.75 (Dow Jones Newswires).
The managing director of the IIF Mr. Charles Dallara said that Greece has been given the necessary room to implement the necessary structural changes to overhaul its economy.
The EU official in charge of aiding the country’s administrative overhaul Greece’s Mr. Horst Reichenbach said that exports will probably decline this year compared to 2011 (Bloomberg).
The central bank chief Mr. George Provopoulos said that Greece has an historic responsibility to implement promises made to international creditors in exchange for further aid once the new government takes power following elections, predicting another year of recession for the economy.
The government spokesman Mr. Pantelis Kapsis said that the date of the next general election will be announced next week.
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