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Athens News Agency: News in English, 10-12-20

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

From: The Athens News Agency at <>


  • [01] PM Papandreou chairs informal cabinet meeting
  • [02] Stocks end 3.22% lower

  • [01] PM Papandreou chairs informal cabinet meeting

    Prime Minister George Papandreou appeared optimistic that the repayment period for Greek loans will be extended while addressing the informal cabinet meeting on Monday. During his ministers unveiled their agenda for the upcoming period, as requested in a letter signed by the premier.

    According to sources, Papandreou said that the first major legislation to be sponsored by the government will be the new investment law, while he put an emphasis on developments in Europe, stressing that Greece should be present and have voice.

    He also underlined that the government ministries should act in coordination and MPs should have an active participation in the preparation of draft laws.

    The prime minister said that the possibility of an extension for the repayment of the loan for 110 billion euros was positive for the country. He mentioned that he discussed this issue at last week's European Union summit and ascertained that "all are positive" on this possibility.

    However, Papandreou expressed reservations on the summit's decision as well as on the eurobond issue. The prime minister termed the EU's decision and the support mechanism a big step but stressed that he himself is not "absolutely sure that it will also be adequate for the eurozone to be stabilised."

    On the question of the eurobond and the view supported by many EU officials that this will come inevitably sooner or later, he pointed out that he is not so sure about this because, as he said, "there are resistances from certain countries that want to pass along the problem and not to assume their political responsibilities."

    Papandreou attacked credit rating firms saying that it is they that graded the banks with 3A and which finally collapsed. He underlined as a major problem the fact that the rating of these firms has immediate consequences for the banking system, considering that the problem would be greater without the intervention of the European Central Bank.

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    [02] Stocks end 3.22% lower

    Stocks took a dive on Athens Stock Exchange on Monday as uneasy traders shed bank shares on rumours of that yet another cut in international agency credit ratings for the Greek economy and Greek banks was imminent. The ASE general share price index ended 3.22 percent lower at 1,449.79 points, with turnover at 73.708 million euro.

    The Big Cap index slumped 3.92 pct, with all hi-cap stocks posting losses, the Mid Cap index was lost 2.25 pct and the Small Cap index was down 2.66 pct.

    All sector indices moved lower, with the biggest losses during the session posted by Health (-8.09 pct), Banks (-5.03 pct) and Telecoms (-4.19 pct).

    Decliners led advancers by 135 to 32 with another 36 issues remaining unchanged.

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