Monday December 22, 2014 Search
Weather | Athens
17o C
10o 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)  
Political saga is harming liquidity
Bad timing for tenders as oil rates decline
Tax exemptions deprive state budget of over 3.5 bln euros
Teiresias to track letters of guarantee
Greek PM offers compromise solution with elections by end-2015
Prime Minister Antonis Samaras on Sunday presented a compromise solution to end a political stalemate that looks likely to send Greece to early general elections in about a month's time. Spe...
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athenss old quarter. The bill...
Inside News
SOCCER
Special day for Abidal, lucky one for PAOK
PAOK scraped through its Livadia challenge beating Levadiakos to remain on top of the Super League for Christmas, one point ahead of Olympiakos that enjoyed a great game at Kalloni and offer...
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
Inside Sports
INTERVIEW
Crisis of confidence will come back again and again, says Thomas Piketty
Hes treated like a rock star wherever he goes to lecture. His book Capital in the 21st Century, a study on income and wealth inequality from the 18th century to the present, recently tran...
COMMENTARY
Who lost Greece
If Greece collapses much will be said about where the fault lies. Sure, we all know the failings of Greek politicians. That said, much of the blame lies with outsiders who pushed Greece beyo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Special day for Abidal, lucky one for PAOK
2. Political saga is harming liquidity
3. Bad timing for tenders as oil rates decline
4. Tax exemptions deprive state budget of over 3.5 bln euros
5. Teiresias to track letters of guarantee
6. Agenda
more news
Today
This Week
1. Greek PM offers compromise solution with elections by end-2015
2. Who lost Greece
3. Crisis of confidence will come back again and again, says Thomas Piketty
4. Snubbing the moderates
5. Agenda
6. Bad timing for tenders as oil rates decline
Today
This Week
1. Samaras summons bond vigilantes with euro exit talk
2. A friendly yet firm message from Pierre Moscovici
3. Europe's drama in Greece needs final act to avoid tragedy
4. High stakes
5. On the edge but not gutless
6. Girl, aged 11, gives birth on Crete
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.