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ASE Ends Lower In A Volatile Session



Despite the upward opening of trading on Wednesday, the Athens market closed in a corrective mood, following yesterday’s impressive rally.

Banking sector fluctuated into a margin of 6%, while market analysts expect increased volatility to continue in the near future, until bold decisions are made on the Greek debt and the medium-term plan.

Intense volatility mainly in banks is the most likely scenario, until a final agreement is reached, according to Merit Securities.

The short-term trend would be probably determined by the positive or negative statements made by officials, said Merit, adding that the corporate results completed yesterday left a bittersweet taste, and can not form a trend in the market.

It is quite early to determine whether the momentum has changed, since everything that has to do with country’s debt is still under negotiation, said Marfin Analysis in its morning report.

“It seems that opposition’s party mild assent and the safeguarding of the 5th instalment, ahead of the new fiscal measures, has offered some short term relief”, it added.


"I΄m still seeing some buying interest out there, but the market is waiting for further news," a trader told Dow Jones Newswires. "Basically, the market is waiting for the new measures before deciding on a direction."


Across the board, the General Index ended with losses of 1.49% at 1,289.99 points, after fluctuation within a margin of 46 units or 3.52%. Approximately 35.85 million units worth €127.04 million were traded on Wednesday, while a total amount of 76 shares declined, 55 rose and 150 remained unchanged.

Banks declined by 1.97%, at 955.29 units. Only Marfin Popular Bank and Piraeus Bank ended into positive territory, posting profits of 1.59% and 0.99% respectively.

On the other hand, Bank of Cyprus fell by 5.65%, while Eurobank and National Bank declined by 2.83% and 2.04% respectively.

(capital.gr)
 
Samaras tours Crete



ANA-MPA/Main opposition New Democracy (ND) leader Antonis Samaras was on a tour of Crete on Tuesday, during which he met with representatives of the tourism, health and commerce sectors, while in the afternoon he will attend a meeting at the local Technical Chamber.
Samaras also visited the tombs of Eleftherios and Sophocles Venizelos, where he laid a wreath.
"I believe that, in these difficult hours we are facing today, from here in Crete, the land of the great and heroic struggles, we must send a message of honor that, even under the present difficult conditions, and provided there is a plan, faith and persistence, we, too, will succeed," Samaras said.
Regarding the late statesman and several times prime minister Eleftherios Venizelos, the ND leader said that "he taught the entire world the art of negotiation".
"We are here today in a show of respect and gratitude to one of the greatest Greek leaders, Eleftherios Venizelos, who succeeded in combing the great vision with pure realism in the art of diplomacy, and who succeeded, under very adverse conditions, to teach the art of negotiation to the entire world".


(ana.gr)
 
Good progress on economic review




EU mulling offering investors incentives to hold bonds; Vienna-style system may be agreed upon
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The European Commission said on Wednesday there had been “good progress” in discussions between Greece and international experts evaluating the country’s finances and economic prospects, and that it was awaiting conclusions “in the coming days.”
Specialists from the European Union’s executive branch, the European Central Bank and the International Monetary Fund are in Athens conducting a quarterly review of Greek measures to plug a multi-billion-euro hole in its deficit reduction plans and encourage economic growth.
They are reporting back on the readiness of the government in Athens to deliver on promises and therefore to receive the next 12 billion euros in loans from its eurozone partners and the IMF under a 110-billion-euro bailout agreed last year.
“We are making good progress,” said Amadeu Altafaj, spokesman for EU Economic Affairs Commissioner Olli Rehn. “There is no major disagreement but still work to be done. We’re still expecting conclusions in the coming days,” he said, without going into details.
Greece’s European partners have been pressuring Athens for weeks to step up a program of state sell-offs, aiming to raise 50 billion euros toward the long-term objective of rebalancing its economy and getting a public debt approaching 350 billion euros onto a sustainable path. Discussions across European capitals are also ongoing over moves to sharpen the collection of taxes, amid work on a possible second bailout.
According to unnamed sources, Greek bondholders may be offered incentives to roll over maturing debt without triggering a credit rating downgrade that would roil Europe’s banking system. Options being examined include offering investors preferred status, higher coupon payments or collateral as inducements to buy bonds replacing Greek debt maturing between 2012 and 2014.
Late on Tuesday, Rehn said a Vienna-style system could be agreed upon with banks, which would mean they voluntarily agree to maintain exposure to Greece that would reschedule the debt.
The Vienna-inspired plan was a key plank in the IMF-sponsored rescues of Hungary, Romania, Latvia and Serbia in 2009. Under the plan, banks publicly pledged to keep their units in those countries afloat by rolling over funding and providing fresh capital if needed. The Vienna plan has drawn less hostile reviews from monetary policymakers than a debt “reprofiling” <+dash><+roman> or convincing bondholders to voluntarily accept an extension of maturities. The reprofiling option is still be considered.






ekathimerini.com , Wednesday June 1, 2011 (18:34)

***
Qui si parla di rollaggio del debito tra il 2012 e il 2014 con eventuale premio.
Quello che servono, però, sono le garanzie (anche senza il premio).
 
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Grecia, Bce: forse si' una ristrutturazione del debito

di: WSI-ANSA Pubblicato il 01 giugno 2011| Ora 19:00
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La Bce potrebbe favorire una rinegoziazione delle scadenze dei bond greci per risolvere la crisi di Atene. Lo riferiscono due fonti vicino alla vicenda. La Bce sembra dunque ammorbidire la sua opposizione a una qualsiasi forma di ristrutturazione del debito greco. Tra le ipotesi piu' probabili quella di incoraggiare i creditori a comprare un altro bond quando quelli in loro possesso sono maturati, cosi' si allenterebbe la stretta creditizia sulla Grecia e si escluderebbe un suo default tecnico.
non male per noi soluzione discreta
 
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Speriamo non sia connessa - anche se a sentimento:


BY DAVID ENRICH

LONDON—The results of Europe's latest round of bank "stress tests" will be delayed until July thanks to haggling between European regulators, the banks and their national supervisors over whether the banks submitted overly optimistic data, according to people familiar with the matter.
The European Banking Authority had planned to release the test results later this month.
The tests, which have been underway since March, are designed to gauge the financial health of 91 banks from 21 countries across the European Union. The goal is .
 
Grecia, Bce: forse si' una ristrutturazione del debito

di: WSI-ANSA Pubblicato il 01 giugno 2011| Ora 19:00
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La Bce potrebbe favorire una rinegoziazione delle scadenze dei bond greci per risolvere la crisi di Atene. Lo riferiscono due fonti vicino alla vicenda. La Bce sembra dunque ammorbidire la sua opposizione a una qualsiasi forma di ristrutturazione del debito greco. Tra le ipotesi piu' probabili quella di incoraggiare i creditori a comprare un altro bond quando quelli in loro possesso sono maturati, cosi' si allenterebbe la stretta creditizia sulla Grecia e si escluderebbe un suo default tecnico.
non male per noi soluzione discreta

Se uscirà questa soluzione, sarà l'ideale per noi del "parco buoi".
Rimane da capire "tecnicamente" come vorranno invogliare gli "istituzionali" verso questa ottima soluzione.
 
Grecia, Bce: forse si' una ristrutturazione del debito

di: WSI-ANSA Pubblicato il 01 giugno 2011| Ora 19:00
Share

print.jpg
STAMPA
invia.jpg
INVIA 0

La Bce potrebbe favorire una rinegoziazione delle scadenze dei bond greci per risolvere la crisi di Atene. Lo riferiscono due fonti vicino alla vicenda. La Bce sembra dunque ammorbidire la sua opposizione a una qualsiasi forma di ristrutturazione del debito greco. Tra le ipotesi piu' probabili quella di incoraggiare i creditori a comprare un altro bond quando quelli in loro possesso sono maturati, cosi' si allenterebbe la stretta creditizia sulla Grecia e si escluderebbe un suo default tecnico.
non male per noi soluzione discreta

Si, ma non chiamiamola ristrutturazione, please, (Vienna plan) :D
 
Speriamo non sia connessa - anche se a sentimento:


BY DAVID ENRICH

LONDON—The results of Europe's latest round of bank "stress tests" will be delayed until July thanks to haggling between European regulators, the banks and their national supervisors over whether the banks submitted overly optimistic data, according to people familiar with the matter.
The European Banking Authority had planned to release the test results later this month.
The tests, which have been underway since March, are designed to gauge the financial health of 91 banks from 21 countries across the European Union. The goal is .

Certo che la cosa è un pò ridicola. Gli stress test li hanno già fatti da un pò e adesso ritardano pure la comunicazione dei risultati.
 
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