ECONOMY

Bailout vibes may stimulate bourse

The storm in global markets is worsening daily and the local bourse has shown little sign of resilience given its intrinsic problems and the cautious approach adopted by domestic investors. The Athens Exchange (ATHEX) general index closed the week on Friday at 2,804.95 points, with a significant decline of 7.06 percent from the previous Friday’s 3,017.89 points. It is no exaggeration to say that all eyes are now firmly fixed on the US, and particularly Wall Street, for direction in response to the bailout scheme approved Friday by Congress. The Greek banking sector is expected to make the most of the positive vibes that emerged and try to regain some of the lost ground. Last week’s deal between Endesa Hellas and Motor Oil is showing that in periods of crisis, major business figures such as those of Vardis Vardinoyiannis and Evangelos Mytilineos can find common ground for cooperation, which is encouraging for the local market in general.