Economy of Greece

A third day of losses for most stocks on the Greek bourse has taken the benchmark index to its lowest point of the last 17 sessions, with banks again leading the way for sellers.

Businessman Lavrentis Lavrentiadis, who has been in Korydallos Prison for a year-and-a-half pending trial on charges of embezzlement, was granted release on Tuesday on the condition that he post 500,000 euros in bail and report regularly to his local police station.

Nikos Chrysoloras & Eleni Chrepa

Katerina Savvaidou, nominated Greece’s top tax collector, has her job cut out for her.

An Athens court on Tuesday ordered the conditional release of businessman Lavrentis Lavrentiadis. The former major stakeholder in Proton Bank was ordered to pay 500,000 euros in bail and was banned from exiting the country. Following his release he will also have to report to his local police precinct at regular intervals.

Thursday’s report by Moody’s highlighting positive developments in Greece’s fiscal health and the local credit sector is being viewed by market analysts and government officials as a prelude to a credit rating upgrade.

By Evgenia Tzortzi

Eurobank’s 500-million-euro four-year bond issued on Thursday was more than twice oversubscribed as orders totaled 1.1 billion euros at an interest rate of 4.25 percent. This completes the set of all four Greek systemic banks to have successfully issued bonds as the Greek economy reverts to normality.

By Vangelis Mandravelis

The improvement in the Greek economy is highlighted by the revival of mergers and acquisitions (M&A) in the local business sector: According to PricewaterhouseCoopers (PwC), there were 15 M&A transactions in Greece last year, with a total value of 3.3 billion euros.

The Greek bourse’s benchmark index began the week with a slight drop, mostly on the back of Monday’s closing auctions, with traders being particularly reserved.

The Athens Exchange (ATHEX) general index closed at 1,262.31 points declining 0.66 percent from Friday’s 1,270.69 points. The blue chip FTSE/ATHEX 25 fell 0.56 percent to close at 408.43 points.

By Ilias Bellos

A largely forgotten Greek financial derivative has risen by up to 475 percent since June 2012, becoming a leading measure of growing confidence in the local economy.

Rising stocks outnumbered those heading south on the local bourse on Thursday while the benchmark ended up virtually unchanged as early losses were offset by gains, mostly secured by outperforming mid-caps, as well as the OPAP gaming company, which is expected to profit on the World Cup that just started in Brazil.