Friday August 22, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
European shares stage recovery on Greek deal

European stocks rose on Tuesday, recovering from weakness in the previous session after international lenders agreed to reduce Greece's debt, paving the way for the next disbursement of aid.

The accord, reached by the lenders in the early hours of Tuesday, will cut Greek debt by 40 billion euros, bringing it down to 124 percent of gross domestic product by 2020.

The FTSEurofirst 300 was 0.6 percent higher at 1,111.23 by 0919 GMT, having dipped 0.5 percent on Monday following a five-session winning streak.

Traders, however, were doubtful as to the sustainability of any meaningful market gains, perceiving the deal to be a short-term fix.

"What we've averted here is the likelihood of a Greek default in the short term. I don't think it's taken it off the table in the long term, Michael Hewson, senior markets analyst at CMC Markets, said.

"We're still in the broad range in European markets and I don't think this really changes anything with respect to that ... The outlook for growth in Europe still remains fairly weak."

Banks were the top risers in a broad-based rally as investors drew strength from the Greek debt deal news.

A 4-percent advance put Royal Bank of Scotland near to the top of the FTSEurofirst 300 leader board, with the part-state-owned lender also boosted by a UBS upgrade to buy."

But even with the Greek problem ironed over for now, investors remain concerned by the threat of the US 'fiscal cliff' of automatic tax increases and government spending cuts set to come into force in early 2013.

The eurozone's blue-chip Euro STOXX 50, which lurched 5.3 percent higher last week, its best week since early December, climbed 0.7 percent to 2,561.04, erasing all of Monday's drop.

Phil Roberts, chief European technical strategist at Barclays Capital, said the index's 200-week moving average, at 2,585, is the main barrier to further gains, with the index having tested this level three times in as many months.

"To generate more upside potential we need a close above there, but even still I'm not so sure that the market would race away, he said. [Reuters]

ekathimerini.com , Tuesday November 27, 2012 (11:57)  
Report: Greek banks sturdily positioned
Economy stunted by property tax demands, report says
Primary surplus exceeds January-July target figure
Ryanair in Cyprus Airways talks
KEELPNO blames stomach bug for sick tourists on Rhodes
The Center for Disease Control and Prevention (KEELPNO) on Thursday contradicted foreign press reports according to which hundreds of tourists suffered food poisoning at a hotel on Rhodes ea...
KEPs to issue new and replacement driving licenses
Greeks and foreigners living in Greece will no longer have to queue up at the Transport Ministry to get new or replacement driving licenses as the government decided yesterday that Citizen S...
Inside News
SOCCER
Greek soccer officials in refereeing probe to face prosecutor on Sept 15
Eleven soccer officials were on Wednesday given until September 15 before they have to face prosecutor Aristidis Koreas, who is investigating allegations that the draws to decide which match...
ATHLETICS
Long jumper Tsatoumas takes Greeces second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
Inside Sports
COMMENTARY
Self-destructing political system
It finally seemed as if we had found some peace of mind. The vast majority of Greek MPs chose to abstain from festivities on August 15, also known as Assumption Day, thus sparing us from the...
EDITORIAL
Welcome movement
Many have spoken about the need to spur economic growth in this debt-wracked country, but very few officials seem to actually be doing anything meaningful to make this happen. Recent weeks h...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. KEELPNO blames stomach bug for sick tourists on Rhodes
2. Report: Greek banks sturdily positioned
3. Economy stunted by property tax demands, report says
4. Primary surplus exceeds January-July target figure
5. KEPs to issue new and replacement driving licenses
6. EU funds reserved for waste facilities in northern Greece
more news
Today
This Week
1. Merkel cites euros construction flaws as economy sputters
2. Brussels warns Greece over plans to allow construction near Korinos beach
3. Second man held over double murder in Mani
4. Avramopoulos in US for talks with Hagel on possible Greek role in peace missions
5. Eurozone business growth slows in July, prices fall: PMI
6. Inspectors visit Rhodes to probe reports of mass food poisoning of hotel guests
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Treating Amphipolis with care
3. Canadas fiscal adjustment has lessons for Greece
4. Greece to offer law on restructuring bad loans next month
5. Ministry sys no to debt collection agencies
6. Karatzaferis eyes ND-LAOS alliance to stop Tsipras
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.