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Athens News Agency: News in English, 10-11-05

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

From: The Athens News Agency at <>


  • [01] FinMin on state budget
  • [02] ASE opening: Decline

  • [01] FinMin on state budget

    ANA-MPA/Finance minister George Papaconstantinou is winding up a series of meetings with ministers ahead of the drafting of the ministries' budgets and the state budget for 2011.

    The next-to-last meeting took place Friday morning with Minister of State for international economic relations Haris Pamboukis, while a final meeting with employment and social security minister Louka Katseli has been planned for the coming week, after which the ministry services will roll up their sleeves and put together all the pieces of the puzzle for the final draft of the new budget.

    The finalised text, slated to be tabled in parliament on November 18, will envisage a new major cutback in budget expenditure, with the main focus on the general government agencies, public utilities and organisations (DEKO), local government, social security funds and state hospitals.ANA-MPA

    According to ministry officials, a big cutback in expenditure is non-negotiable, given the upward revision of the 2009 fiscal deficit to above 15 percent of GDP, a 2.05 billion euros shortfall in state revenues in the first eight months of the year, and a recession that has exceeded forecasts.

    A Troika team is due in Athens on November 15 for a review of progress in the Greek economy required for approval of a 9 billion euros third tranche of the EU-ECB-IMF loan to Greece. The troika of European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) experts will also review the course of execution of the 2010 budget and the provisions of the 2011 budget, and whether the expenditure cuts planned are satisfactory or whether additional measures will be required, in the troika's view.

    More details on the subscriber's page of APE-MPE | Subscription request form

    [02] ASE opening: Decline

    Equity prices were declining at the opening of trade on Friday on the Athens Stock Exchange (ASE), with the basic share price index down 0.86 percent, standing at 1,484.90 points at 11:00 a.m, and turnover at 17.340 million euros.

    Individual sector indices were mixed, with the only gains in Health, up 0.31 percent.

    The biggest losses were in Industrial Products, down 1.66 percent; and Telecoms, down 1.72 percent.

    The FTSE/ASE 20 index for blue chip and heavily traded stocks was down 0.69 percent, the FTSE/ASE MID 40 index was down 1.32 percent, and the FTSE/ASE-80 small cap index was down 0.35 percent.

    Of the stocks traded, 16 were up, 39 were down, and 17 were unchanged.

    More details on the subscriber's page of APE-MPE | Subscription request form

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