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Athens News Agency: News in English, 11-04-11

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] EU: Debt restructuring 'not an option'
  • [02] Retailers: Sales boosted during journalists' strike
  • [03] Greek bond market closing report
  • [04] Hungarian nat'l day celebrated at Corinth Canal
  • [05] Stocks end 2.57% down 

  • [01] EU: Debt restructuring 'not an option'

    BRUSSELS (ANA-MPA) -- The European Commission on Monday rejected speculation it was discussing any restructuring of the Greek debt.

    "No discussions have been made on the restructuring of the Greek debt," Amadeu Altafaj, a spokesman for EU Commissioner for Economic and Monetary Affairs Olli Rehn, told reporters. He was answering questions over whether a possible restructuring of the Greek debt was discussed between the EU Commissioner, the president of the European Central Bank, Jean-Claude Trichet, and the finance ministers of France and Germany, during a teleconference held in April 2.

    "A Greek debt restructuring is not an option," he said, adding that for Greece there is an economic plan, one approved by the EU, which is currently being implemented. He stressed that Rehn underlined the issue during a press conference in Hungary after an informal Ecofin meeting there.

    Altafaj again stressed that Olli Rehn is opposed to a restructuring of the Greek debt.

    "Commissioner Rehn is not participating in several discussions and in different frameworks for Greece," he said, adding that "There was no discussion over a restructuring of the Greek debt".

    Meanwhile, Angel Gurria, secretary-general of the Organisation for Economic Cooperation and Development (OECD), in comments to Bloomberg TV, said Greece might need more time to repay its bond holders and that this could happen with an extension of the repayment period, which will not be considered as default. "The adjustment programme ... is very painful and if an extension of repayment periods is something necessary for these policies to be effective, then this should be done," Gurria said.

    More details on the subscriber's page of ANA-MPA | Subscription request form

    

    [02] Retailers: Sales boosted during journalists' strike

    (ANA-MPA) -- A four-day journalists' strike over the previous weekend was a "breath of fresh air" for retail sales, according to an announcement by the Piraeus Merchants Association on Monday.

    The association asserted that the four-day break from the news helped boost consumers' spirits and made them were more willing to splash out on shopping.

    The announcement said the strike had given people a "rest" from worry about impending "economic Armageddon" and urged journalists to "continue their valuable work in reporting events but without unnecessary and incomprehensible exaggerations, which unfortunately lead consumers to pessimism and restraint that benefits no one".

    More details on the subscriber's page of ANA-MPA | Subscription request form

    

    [03] Greek bond market closing report

    The yield spread between the 10-year Greek and German benchmark bonds widened to 942 basis points in the Greek electronic secondary bond market on Monday, from 930 bps on Friday, with the Greek bond yielding 12.9 pct and the German Bund 3.48 pct. Turnover in the market was a low 34 million euros, of which 32 million were sell orders and the remaining 2.0 million euros were buy orders. The 12-month Treasury bill was the most heavily traded security with a turnover of 12 million euros.

    In interbank markets, interest rates moved higher. The 12-month rate was 2.01 pct, the six-month rate was 1.61 pct, the three-month 1.31 pct and the one-month rate 1.11 pct.

    More details on the subscriber's page of ANA-MPA | Subscription request form

    

    [04] Hungarian nat'l day celebrated at Corinth Canal

    (ANA-MPA) -- Hungary's National Day was commemorated in Greece at the Corinth Canal on Sunday, within the framework of the Hungarian EU Presidency.

    Roughly 250 people attended a wreath-laying ceremony at the monument honouring the two pioneering Hungarian engineers, István Türr and Béla Gerster, who oversaw the construction of the Canal at the end of the 19th century.

    Hungarian ambassador to Greece József Tóth spoke at the ceremony, which was attended by local government officials and the management of the company that operates the Canal (A.E.DI.K).

    The event was organised by the Hungarian embassy in Greece and the Canal's operator, in cooperation with the municipality of Loutraki and the Club Hotel Casino Loutraki. (ANA-MPA)

    More details on the subscriber's page of ANA-MPA | Subscription request form

    

    [05] Stocks end 2.57% down

    Stocks continued moving lower at the Athens Stock Exchange on Monday, pushing the composite index of the market below the 1,500 level. Bank shares were at the focus of selling activity. The composite index dropped 2.57 pct to end at 1,491.83 points, with turnover shrinking to a low 74.049 million euros. The Big Cap index plunged 3.14 pct, the Mid Cap index ended 1.36 pct down and the Small Cap index dropped 3.22 pct.

    The Industrial Products (0.35 pct), Commerce (0.34 pct) and Travel (0.13 pct) sectors scored gains, while Media (7.05 pct), Banks (4.37 pct) and Health (4.48 pct) suffered the heaviest percentage losses of the day. Viohalco (0.96 pct), OPAP (0.27 pct) and Jumbo (0.20 pct) were top gainers among blue chip stocks, while ATEbank (6.78 pct), Eurobank (6.12 pct), Hellenic Postbank (5.41 pct) and Piraeus Bank (5.04 pct) were top losers. Broadly, decliners led advancers by 126 to 36 with another 42 issues unchanged. Hatzioannou (14.29 pct), CPI (14.29 pct) and Hatzikranioti (9.33 pct) were top gainers, while Edrasi (20 pct), Mihaniki (18.52 pct) and Spider (12.5 pct) were top losers.

    More details on the subscriber's page of ANA-MPA | Subscription request form


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