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live The fall of Papandreou: the stock exchange on the rise, anticipating prime minister's resignation

03 November 2011 / 16:11:55  GRReporter
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The Athens Stock Exchange main index has jumped, anticipating the socialist George Papandreou to resign and free Greece from his curse. The index jumped 2.86% at noon and the turnover reached 766.96 basis points. This positive development is explained by the rapid political changes in Greece and the receding idea of ​​a referendum "for or against Greece to stay in the eurozone." Natasha Rumantsi – a financial analyst at Piraeus exchanges – clarifies that decisions in the country are moving toward signing the arrangements for financial support from the end of October and it is giving hope to financial markets. The value of transactions in the middle of the day amounted to 25.24 million euros.

Today, banks are the most satisfied with any positive solution in Greece. Their index has jumped by 5%. The shares of the state Postbank have risen by 15.6%, of Agricultural Bank (ATEbank) – by 10.6% and of National Bank of Greece – by 8.6%.

The biggest European markets have also begun to offset the losses from previous days and their indexes are starting to move up. Germany’s Dax has risen by 2.54%, Britain's FTSE 100 index has jumped 0.80%, and France's CAC 40 has gained 2.41%.

Meanwhile, in Brussels, they continue to insist that the only choice facing the Greek government is keeping the country in the eurozone. In addition, the European Commission said that if Greece would decide to abandon the common currency, it would have to withdraw from the European Union that would forever change its geopolitical influence in the Balkans.

GRReporter invites you to vote in the new poll What does Greece need?

 

Tags: EconomyMarketsCrisisGreeceDebt crisisStock exchangeResignationPapandreou
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