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After an EU summit which produced little tangible progress, Greece equities are taking the heat. The Athens Stock Exchange is down 3.7 percent today—recovering slightly from losses over 4.4 percent—as traders continue to speculate against the troubling country. This comes even as markets elsewhere in the eurozone make big gains. That rally is being led by Spain, currently up over 1.8 percent today.
Bloomberg businessinsider via Athens2012 After yesterday’s big 6%+ down day, Greek stocks are off another 2.5% today. Greek banks are getting creamed worse. Without too much exaggeration, we’d say that Greece is trading like it’s going to zero. After the conservatives failed to form a government yesterday, it looks very much like there will be new elections in a few weeks, and it’s likely that the hand of the anti-austerity/anti-bailout faction will be strengthened even more. Athens Stock [...] by Tyler Durden The Athens Stock Exchange broad index of Greek stocks just dropped to its lowest level since 1992. It is now around 90% lower than it 1999 and 2007 peak levels. The index of Greek banking stocks is rumbling along the lowest levels on record down over 97% from its 2007 highs. Where is the Greek Whitney Tilson (or Dick Bove) when they need him? ASE Index at 20 year lows… and Greek banking [...] Greek centre-right head Antonis Samaras has said he cannot form a coalition government, dealing a blow to backers of the country’s international bailout. His New Democracy emerged as the biggest party after Sunday’s vote, but he said a coalition was “impossible”. Far-left group Syriza, which is opposed to austerity measures, will now try to form an anti-bailout coalition. Voters in Greece, France and Italy have all largely swung in favour of anti-austerity [...] By ELENA BECATOROS and MENELAOS HADJICOSTIS ATHENS, Greece (AP) – Greece has enough money to pay pensions, salaries and bondholders through mid-November, the finance minister said Tuesday, as global markets sank on worries that a messy default could bring down European banks and trigger another global recession. The Athens Stock Exchange general index tumbled to close down 6.3 percent, while the main Europe markets fell [...] A fresh round of capitalisation for European banks was firmly ruled out by EU officials and bankers when they appeared before an emergency meeting of the European Parliament’s economic committee. The officials poured cold water on calls from Christine Lagarde, head of the International Monetary Fund for “mandatory” recapitalisation to avoid another financial crisis but acknowledged that the EU economy was continuing to weaken.
Jean-Claude Trichet, [...] Europe’s currency is driving the demand in gold with some in Greece paying over $1,700 for coins from the government and over that for gold coins on the black market due to the shortage of coins sold by the government. quote In the first four months of 2010, the Greek central bank sold more than 50,000 sovereigns at its main downtown Athens office. Bank officials estimate that at least 100,000 other coins [...] The home of Socrates and Plato is so deep under water with its finances that only three years of Great Depression conditions could bring them back into balance. Yesterday, Standard & Poor’s downgraded the beleaguered nation’s debt to junk, causing the yield on its two year debt to soar to a staggering 17.8%. Greek bonds can no longer be accepted as collateral by banks. Short selling was banned on the [...] |
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