Financial Morning News 20/08/2012


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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