ECONOMY

Turnaround in credibility is key for equity market

The CEO of Hellenic Exchanges (HELEX), Spyros Capralos, said yesterday steps to improve the country’s credibility are needed to help draw back foreign players who have adopted a reluctant stance toward Greece. «The bet for Greece is to restore its credibility. This can happen quickly and will allow us to move on to a good 2010,» said the CEO of HELEX, which operates the Athens stock and derivatives markets. Shares on the Athens bourse, which are 49.3 percent held by international investors, finished 2009 with gains of 23 percent, recording their best performance since 2005. However, the index fell 24 percent from a year-high recorded in mid-October as concerns grew that the country’s fiscal woes and shrinking economy will harm the profits shown by listed companies.