Economy of Greece

By Lefteris Papadimas & Stephen Brown

Greece admitted on Wednesday it will struggle to make debt repayments to the IMF and the European Central Bank this year as Germany?s finance minister voiced open doubts about Athens?s trustworthiness.

The honeymoon is over at the Greek bourse, as the satisfaction from the country?s deal with the eurozone appeared short-lived, with stocks falling for a second day on Thursday on news that the state is increasingly cash-starved and left-wing deputies are disputing the government?s policy.

By Roxana Zega

Greek equities rallied as euro-area finance ministers approved the nation?s package of new economic measures, paving the way for an extension of its bailout plan.

The ASE Index rose 8.5 percent to 927.13 at 4:30 p.m. in Athens, with a gauge of banks rallying as much as 16 percent. The ASE is set to close at its highest level since Dec. 8.

German tabloid Bild reported that the list that the Greek government is planning to submit to its EU partners includes measures that could bring more than 7 bln euros to the Greek economy.

Mixed reactions in Europe to a Greek demand for an extension to its bailout framework submitted on Thursday resulted in increased volatility in the local stock market, but buyers kept the upper hand at the end of the day.

The Athens Exchange (ATHEX) benchmark spent the entire day in the green on Wednesday as traders appear convinced a deal will be reached between Athens and its eurozone peers and refuse to give in to uncertainty, though early gains were contained over the course of trading.

By Dimitra Manifava

Sportsland SA, owned by two of Greece?s most active entrepreneurs in tourism-related business ? Theodoros Vassilakis and Achilleas Konstantakopoulos ? is one of a number of firms to have submitted specific business plans and are still waiting for them to be processed by the Ministerial Committee for Strategic Investments (DESE).

Ranging from major losses (down 4.67 percent) to marginal gains (up 0.20 percent), the benchmark of the Greek bourse reflected the various shift in trader sentiment on Tuesday, a day after another inconclusive meeting of eurozone finance ministers on Greek debt.

By Elisa Martinuzzi & Stefania Spezzati

Greek banks fell in Athens trading after talks among euro-area finance ministers on extending the nation?s bailout ended abruptly, raising concern lenders may need to introduce controls to avert capital flight.

The intention of investors to cash in on last week?s gains and concerns over a possible rift between Athens and its eurozone peers resulted in a losing start to the week for Greek stocks, with banks sustaining considerable losses.