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Dow Jones. The three largest indices all closed fractionally lower, but smaller markets posted gains. Here's a round-up:. FTSE -4 points at , down 0. So, not exactly a hummdinger. David Jones of IG Index called it a fairly uninspiring start to the week, adding:. It is a case of same old same old when it comes to stock markets at the moment — there is very little day to day volatility but the bias remains to the upside, so we could well see a slow grind that finally breaches the level on the FSTE over the next few days.
Our correspondent Helena Smith reports that senior officials are now telling her that Evangelos Venizelos will remain finance minister at least until tomorrow despite officially resigning today! Ahead of tonight's cabinet meeting [which was due to start at 4pm GMT], negotiations were ongoing as to who will replace him. Kapsis said the issue of opneing up "closed professions" -- seen as vital by foreign lenders to make Greece's closed economy more competitive -- would be discussed at a cabinet meeting Wedensday.
In his annual report today, Central Bank governor Giorgos Provopoulos said the step was absolutely "essential" to kickstarting the moribund economy which he predicted would contract for a fifth straight year at 4.
Gaspar who is due to address the Peterson Institute in Washington shortly said this afternoon that Portugal is planning to hold an auction of month bills "before long", adding that it does not intend to seek additional help "on our own account" that's via Dow Jones newswires.
Greece's old bonds have been valued at Market participants who bought protection against a Hellenic Republic default will receive the face value of their bonds in exchange for a payment of Full details of the auction are here , and I attempted to explain how it worked at The European Financial Stability Facility announced that the bond has been priced at basis points or 1. That works out as a yield of 3. City investors had been guided to expect as basis point spread, so were encouraged that the EFSF could offer slightly less and still attract interest Not a desperately significant move, but if we're going to call the lows we'd better call the highs too, eh IfigEusLannuon?
In its annual report, the Bank of Greece also said that Greece cannot afford any slippage as it implements its economic programme. Only strict implementation of the plan will deliver success, it claimed. The success of the programme will hinge critically on its consistent implementation. Serious difficulties and problems obviously exist and need to be addressed.
The bottom line, however, is that the goals are feasible and the programme can succeed. It also estimated that by the end of the Greek economy will have regained two-thirds to three-quarters of the cumulative competitiveness loss recorded during [that's due to falling wages].
The full statement is here. The state-controlled NET TV channel is reporting that a decision will be "finally made" at a cabinet meeting which will assemble at 6pm local time 4pm GMT and which Venizelos will attend "for a last time" as finance minister even though he has formally resigned from the post. From Athens, Helena Smith reports that rumour is rife that Greece's technocrat prime minister Lucas Papademos , a macro-economist by profession and former vice president of the European Central Bank, may take on the role as Mario Montio does in Italy.
However, Papademos already has his work cut out overseeing the raft of reforms Athens must pass in exchange for rescue loans before parliament is dissolved in early April. Other contenders are the deputy finance minister Filippos Sachinides and Papademos' close friend and academic, Interior Minister Tassos Yannitsis. Ahead of general elections, Venizelos insisted today that: "Our priority is to tell the truth to the Greek people.
Pasok's focus would be exclusively on preparing the party for the national poll, cadres said with Venizelos establishing a strong committee to oversee how best the "country's only progressive centre left force" can regain some of the ground it has lost navigating Greece's worst economic crisis in decades. Seperately, government spokesman Pandelis Kapsis said today that the date of the next election will be announced next week.
With opinion surveys show a huge shift in support away from the main parties, there are, as we reported earlier , concerns that no single political force will win an absolutely majority forcing the creation of a coalition government at a time of great economic and social instability in Greece. The yield effectively the interest rate on the bond on Portuguese year bonds is almost triple the Italian equivalent.
It's also much higher than Ireland's year yield — suggesting that the financial markets have more faith in Dublin's ability to bring its finances into line than Lisbon's. Portugal, though, has not felt the benefits. That's a sign that investors are pricing in some form of debt restructuring. The hardline KKE communist party's leader, Aleka Papariga , has announced that she will address a mass rally outside parliament at PM local time tomorrow 4.
The demonstration will be one of scores organised across Greece Helena Smith reports. KKE's official statement attacked Greece's leaders for imposing harsh austerity measures on the country:. They are turning the working class and ordinary people back to the middle ages in the name of capitalist profits and the salvation of its mechanisms [banks].
As Helena points out, KKE like t he striking seamen are excluded from the "great silent majority" that Lucas Papademos claimed support Greece's economic programme. The party just released a curt announcement in response to prime minister Lucas Papademos' FT interview, asking:.
Pictured with prime minister Lucas Papademos in his official residence, the Maximos Mansion. The Greek government has just days to reach a deal before risking an exit from the eurozone that would likely be disastrous to its economy. Given these dramatic stakes, the risk of a Greek default has gone way up. One way to measure that risk is by looking at the skyrocketing price of insurance policies that would pay out if Greek bonds go bust.
Related: Greece has just days to get real. Greek creditors are "looking for a regime change in Athens with a government they can actually do business with," Randolph said, adding they've "given up on" Greek Prime Minister Alexis Tsipras. Related: Will indebted Greece turn to sanctioned Russia?
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