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MARKET NEWS

Greek market falls

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Athens Stock Exchange moves lower below 850 as Greeces foreign lenders have refused to make any further concessions on changes to labor laws contested by a junior coalition partner.

A Eurogroup meeting to discuss exclusively the Greek issue is likely to be held via teleconference next Wednesday, should agreement is achieved on Monday’s Euro Working Group. Thursday evening’s Euro Working Group would be adjourned for Monday, allowing time for an agreement between the coalition government’s three party leaders on a number of outstanding fiscal and labour market issues, part of the requirements for a rescue package.

During the weekend German Finance Minister Wolfgang Schaeuble rejected another debt restructuring for Greece, saying it’s unrealistic to expect public or private bondholders to take losses on their Greek holdings.

Schaeuble’s comments, made in an interview with German radio Deutschlandfunk broadcast, pour cold water on a report in this week’s Spiegel magazine that Greece’s international creditors recommend a so-called haircut in their latest report on the country’s finances. The Finance Ministry in Berlin declined to comment on the Spiegel article.

According to Beta Securities, the week ended in the ASE with losses for most stocks and with a quite low turnover as a sign of waiting stance ahead of the voting of the austerity package from the Greek parliament. Given that Mr Kouvelis (leader of the Democratic Left party) has not agreed to vote for the labour reforms market will focus on the alternatives that may occur in order Greece to get part or the whole amount of the 31.5bn package. As long as this issue remains vague market may keep a slow pace and low volumes.

Today Mr Stournaras will have a meeting with the board of the banking union (13:00) while Euro Working Group of eurozone finance ministry officials meets in Brussels to discuss Greece, Cyprus and Spain. We note US market will remain closed due to the current severe weather conditions in east coast.

On the board the General Index falls at 843 3.56% lower, moving in negative area since the beginning of trading.

The banking index falls 9.28% at 349.14.

Turnover stands at 43.7 million euros while 83 shares fall, 19 move higher and 20 remain unchanged.
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