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Athens News Agency: News in English, 11-04-14

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Bank analysts oppose debt restructuring
  • [02] NHSA unites Greek origin students in US
  • [03] ND criticism on economy
  • [04] Stocks end sharply lower 

  • [01] Bank analysts oppose debt restructuring

    (ANA-MPA) -- Greek banks analysts on Wednesday said they were categorically opposed to a possibility of restructuring Greek debt. The head analysts of the countrys three largest banks, speaking during a conference organized by the Financial Times in Athens, expressed their strong opposition to this scenario.

    Mihalis Masourakis, head analyst in Alpha Bank, said a restructuring of the debt was not only a way out but would have no practical benefit, even the current talk could lead to negative results. "Law firms in London and international investment bankers speculating on the restructuring of our debt will be disappointed," Masourakis said, adding that since the government was implementing an economic consolidation programme, "we have all is needed to creating primary surpluses that will consolidate our debt".

    Pavlos Mylonas, National Banks chief analyst, said Greece must fully implement a memorandum signed with the troika. This programme must achieve all its quarterly goals so that there would be no disbelief and stressed that very significant steps have been made so far. "Even our own creditors do not want some kind of voluntary restructuring in case the country failed to meet its obligations envisaged in the memorandum," he said.

    Eurobank chief analyst Ghikas-Hardouvelis said it was not in our interest to say "I wont pay".

    "The cost will be huge. If it did not happen during the turmoil of 2010 we cannot do it now, we should not talk of restructuring," he said. (ANA-MPA)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [02] NHSA unites Greek origin students in US

    (ANA-MPA) -- The promotion of Greek-language education and culture across the Atlantic recently brought together Greek, Greek Cypriot and Greek-American students studying in 52 universities across the United States, leading to the establishment of the National Hellenic Student Association (NHSA) of America.

    NHSA, a network of the Hellenic Student Associations across America, focuses on the promotion of ideas and projects that enrich the Hellenic spirit on US campuses.

    NHSA holds two annual general assemblies (conventions) - fall and spring - to coordinate efforts aimed at creating a strong academic, professional and cultural Hellenic community in the United States.

    Outgoing NHSA president Giorgos Nikoletakis, a Cretan studying at Columbia, told ANA-MPA that the vision inspiring the organisation's founders was to unite all students that share a Greek cultural identity.

    The programmes promoted by NHSA include student exchanges between the United States and Greece, lectures on the economic situation in Greece and establishment of a Professional Opportunities Centre at the NHSA website. Cooperation with the ministries of education and culture in Greece for the promotion of the Greek education, culture and tourism is among the NHSA's future goals. (ANA-MPA)

    Caption: ANA-MPA file photo.

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [03] ND criticism on economy

    (ANA-MPA) -- Main opposition New Democracy (ND) party spokesman Yiannis Mihelakis on Thursday accused Finance Minister George Papaconstantinou of "setting off insecurity in the economy and systematically undermining the psychology of the market".

    He said Papaconstantinou makes conflicting statements as regards the measures set to be implemented and the time of the country's return to international markets, stressing that he "has no compass".

    Moreover, he rejected that the unemployment benefit should depend on the financial situation of the recipient, stressing that it is reciprocal in nature and does not constitute a social benefit. Mihelakis also expressed opposition to regulations that target the rights of children of large families.

    Referring to the situation in Social Insurance Foundation (IKA) branches and services, he said it is "in a state of dissolution and is responsible for the ordeal of tens of thousands of people; a situation that constitutes an insult to human beings".

    Mihelakis denied that ND leader Antonis Samaras foresaw elections based on statements he made on Wednesday and rejected a proposal made by Democratic Alliance's Dora Bakoyannis (a former ND MP), suggesting that political parties should reach an agreement on specific points to take country out of the crisis. "There is a chaos between us; an abyss called the memorandum," Mihelakis stated.

    Finally, as regards the situation at the national news agency ANA-MPA, he said ND has long stressed that the agency's "plurality is being attacked", while its "prestige is being hurt". He also referred to the high-profile resignation this week of the long-time ANA-MPA managing director. The spokesman underlined that ND's stance on the issue is being vindicated by the stance adopted by the Athens Journalists' Union (ESIEA). (ANA-MPA)

    More details on the subscriber's page of ANA-MPA | Subscription request form


    [04] Stocks end sharply lower

    A significant worsening of the climate in the Greek bond market, amid speculation of a debt restructuring, caused a negative effect on the Athens Stock Exchange on Thursday, pushing the composite index of the market below the 1,500 level again. Bank shares came under heavy selling pressure. The index fell 2.83 pct to end at 1,487.76 points, with turnover rising slightly to 96.177 million euros. The Big Cap index dropped 3.41 pct, the Mid Cap index ended 2.11 pct down and the Small Cap index fell 1.76 pct. All sector indices ended lower with the Health (8.07 pct), Banks (5.02 pct) and Financial Services (3.90 pct) suffering the heaviest percentage losses of the day.

    Piraeus Bank (5.88 pct), Eurobank (5.71 pct), ATEbank (5.36 pct), Alpha Bank (5.32 pct) and National Bank (5.20 pct) were top losers among blue chip stocks. Broadly, decliners led advancers by 118 to 29 with another 54 issues unchanged. Varvaressos (9.09 pct), General Trade (9.09 pct) and Karamolegos (8.45 pct) were top gainers, while Altec (16.67 pct), Douros (11.39 pct) and Alapis (11.11 pct) were top losers.

    More details on the subscriber's page of ANA-MPA | Subscription request form

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