The Athens Stock Exchange is suffering losses on Wednesday ahead of the extraordinary Eurogroup meeting where expectations for an agreement between Greece and its partners are low.
According to Reuters, “euro zone finance ministers meet on Wednesday and EU leaders on Thursday, but officials are already playing down chances of a breakthrough”.
After yesterday’s sharp gains of 7.98% amid rumours for a Greece-EU deal, the Athex general index drops 3.77% to 795.19 points while FTSE is at 569.17 points and at -3.89%.
The banking stocks are under strong pressures, losing 7.17%.
National Bank tumbles 10.82%, Piraeus Bank falls 6.32%, Alpha Bank is down 4.82% and Eurobank loses 4.79%. Bank of Cyprus in the CSE drops 0.54% to €0.185 while in Athens it remains unchanged at €0.185.
The yields of the Greek bonds are slightly up. The yield of the 10-year Greek bond is going up to 10.2% today from 10.1% yesterday while that of the 3-year bond to 19.8% from 19.2%.
Greece is expected to submit its proposals for a bridge-program today, insisting that it cannot accept a return to austerity memoranda, as Greek Prime Minister Alexis Tsipras said before the Greek Parliament last night.
International creditors clearly indicate the need to respect agreements.
Greece's finance minister, Yanis Varoufakis told Germany’s Stern magazine that Greece would not be able to service its debt in the short-term so would need a haircut, or debt restructuring.
Prime Minister Alexis Tsipras, shortly after securing the parliament’s vote of confidence last night, sent a message in view of the critical Eurogroup meeting through his personal account on facebook:
"We put the people of this country above all. Greece will be in the Eurogroup. The 10 million Greeks who suffered unjustly for so many years. The 1.5 million unemployed. The 2.5 million poor. The 300,000 young men and women who became migrants. They will be in the Eurogroup”, said Alexis Tsipras.
According to reports in the Greek media, there are no "radical elements" and the plan moves on four pillars:
A bridge-program until September and redefinition of the target for the primary surplus, starting from this year.
The Greek side does not accept primary surplus of 3% of GDP for 2015 and claims reduction to levels of 1.5%-2%.
Also, the issue of debt that should be discussed based on the swaps combination proposed by the Greek side.
In relation to the red loans, the government wants to exploit part of the FSF pillow.
To make all this, Athens asks for €1.9 billion of the ECB profits, but also an increase in the limit of Treasury issuance. At the same time it claims part of the tranche of €7.2 billion.
According to Reuters, “euro zone finance ministers meet on Wednesday and EU leaders on Thursday, but officials are already playing down chances of a breakthrough”.
After yesterday’s sharp gains of 7.98% amid rumours for a Greece-EU deal, the Athex general index drops 3.77% to 795.19 points while FTSE is at 569.17 points and at -3.89%.
The banking stocks are under strong pressures, losing 7.17%.
National Bank tumbles 10.82%, Piraeus Bank falls 6.32%, Alpha Bank is down 4.82% and Eurobank loses 4.79%. Bank of Cyprus in the CSE drops 0.54% to €0.185 while in Athens it remains unchanged at €0.185.
The yields of the Greek bonds are slightly up. The yield of the 10-year Greek bond is going up to 10.2% today from 10.1% yesterday while that of the 3-year bond to 19.8% from 19.2%.
Greece is expected to submit its proposals for a bridge-program today, insisting that it cannot accept a return to austerity memoranda, as Greek Prime Minister Alexis Tsipras said before the Greek Parliament last night.
International creditors clearly indicate the need to respect agreements.
Greece's finance minister, Yanis Varoufakis told Germany’s Stern magazine that Greece would not be able to service its debt in the short-term so would need a haircut, or debt restructuring.
Prime Minister Alexis Tsipras, shortly after securing the parliament’s vote of confidence last night, sent a message in view of the critical Eurogroup meeting through his personal account on facebook:
"We put the people of this country above all. Greece will be in the Eurogroup. The 10 million Greeks who suffered unjustly for so many years. The 1.5 million unemployed. The 2.5 million poor. The 300,000 young men and women who became migrants. They will be in the Eurogroup”, said Alexis Tsipras.
According to reports in the Greek media, there are no "radical elements" and the plan moves on four pillars:
A bridge-program until September and redefinition of the target for the primary surplus, starting from this year.
The Greek side does not accept primary surplus of 3% of GDP for 2015 and claims reduction to levels of 1.5%-2%.
Also, the issue of debt that should be discussed based on the swaps combination proposed by the Greek side.
In relation to the red loans, the government wants to exploit part of the FSF pillow.
To make all this, Athens asks for €1.9 billion of the ECB profits, but also an increase in the limit of Treasury issuance. At the same time it claims part of the tranche of €7.2 billion.
3287.99
1275.09
