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This entry was posted on August 3, 2015 at 9:22.
The last change is the August 3, 2015 at 17:12.
It was not a surprise but the thud is remarkable. As of the opening of the scales there was a sharp drop in the Athens Stock Exchange, which reopened this morning after 5-week break. The last session of trading dates back to 26 June. The benchmark index in Athens closed the day at -16.2%. Heavy sales of all sectors, including financials, red 20%, dragged down by the first Greek commercial bank, the National Bank of Greece, down 30 percent.
In the last 12 months in Athens lost 37%
By incorporating the decline today, on the whole of the last 12 months, the Greek stock market has accumulated a decline of 37%, making it one of the worst performing markets in the world.
Down the bank in view of the recapitalization
A drag to the bottom of the list are the bank stocks that need to be recapitalized with at least 25 billion Euros to come from the proceeds of a fund for privatizations. But if they do not get away from that, as is likely, then the ESM would touch to open the purse strings and shell out cash or indirectly through a loan, however, it would increase the debt directly or through an injection of capital in shares the four major Greek banks. At that point, however, would have to apply, according to the rules of the ESM, the bail in, that the participation in losses for shareholders, bondholders and depositors up to 8% of liabilities (liabilities) of banks saved. It would be a gesture of trust important this choice to enter directly in the equity of Greek banks by creditors but if Europeans were to lower unsecured would be a blow to Greek companies that are holders of the 20 billion euro unsecured kept in current accounts of Greek institutions (there are a total of 120 billion Euros in bank accounts). The game is also very important because it would be the first application of the new directive on bank bailouts, which should enter into force only in 2016, as the Austrian Constitutional Court has rejected the Austrian law that would apply in advance to the case of the rescue of Hypo Alpe Adria Carinthia and bad bank on putting everything in the hands and into the coffers of the local government.
Wall Street turns negative
Wall Street opened with timid gains in a day full of macroeconomic data, and then turn negative. Personal income in June rose by 0.4%, in line with estimates, and consumption expenditures have seen a + 0.2%, exactly as expected by analysts. The growth of expenses, however, was the slowest since February, which goes to further fuel the debate on the timing of the Federal Reserve will begin to raise interest rates for the first time since 2006. The approach of the US central bank depends economic data, which is why it is waiting for further confirmation the trend of the US economy. The real date of the week, however, the employment report last month, coming next Friday. To help you determine if a close is coming in September.
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