Economy of Greece

Greek bond yields fell and stocks rose on Tuesday after Athens said it would present urgently needed economic reforms to its euro zone partners by next Monday.

By Dimitra Manifava

Supermarket chains Sklavenitis and Veropoulos have according to sources agreed to the acquisition by the former of a 60 percent stake in the latter, thereby creating a national champion in the local market. The formal announcements of the deal, reached a few days ago, are expected to be made in the next couple of weeks.

Athens and the eurozone both stepped back from the brink during the European summit following days of heightening tension and investors in Greek stocks responded on Friday with relief to the news by sending banks 11 percent higher, adding nearly 3 percent to the benchmark and almost doubling trading volume. However, the benchmark posted a 3.34 percent decline on a weekly basis.

By Vangelis Mandravelis

One word was enough to again change the purpose of the planned State Property Fund, which the government sees replacing TAIPED. A change in the draft law provides for only part of the fund?s revenues heading toward the support of social security in Greece.

Turnover rose above 100 million euros as Greek stocks gave up more ground on Thursday, with the fact that investor interest in the local stock market is only piqued when it?s time to sell becoming increasingly clear. Traders harbored little hope for progress in the premier?s talks in Brussels.

The European Commission?s disapproval of the Greek government?s unilateral moves regarding bills on the humanitarian crisis and the 100-installment payment plans for taxpayers, as well as a warning from the head of the Eurogroup that measures such as the capital controls imposed on Cyprus in 2013 could also be applied in Greece inflicted fresh losses on local stocks on Wednesday.

The office of the Athens appeals court prosecutor on Wednesday brought criminal charges against executives at TrainOSE, the operational arm of the Hellenic Railways Organization (OSE), who are alleged to have leased properties belonging to OSE at extremely low prices between 2006 and 2008.

German Finance Minister Wolfgang Schaeuble said on Wednesday at a news conference that time was running out for Greece, which is trying to achieve a better deal with its international creditors.

Sticking to his hard line on Greece, Schaeuble said that Greece has stated time and again that it doesn't want a third bailout program.

The local stock benchmark?s streak of losses may have been broken, but Tuesday?s early gains of 3 percent had been whittled away to less than 1 percent by the end of the session, as traders? political and economic expectations appeared to crumble.

Early losses at the Greek bourse were followed by an attempt at a rebound which was quickly snuffed out by sellers on Monday, leading the benchmark to end up in the red again. Trading volume continued to shrink, with investors avoiding any commitment to local securities as they still fear the worst.