OpenCalais Metadata: Ticker
Moody's views the Bank of Greece plan to manage nonperforming loans as a credit positive development for the country's lenders. The rating agency said in a report on Thursday that the plan will also improve the quality of banks' asset portfolios thanks to the reduction in the rate of deferred tax credits.
The management of Piraeus Bank is examining the use of a model previously employed by Attica Bank for its capital boost through the securitization of its bad loans. The objective is to draw 500 million euros that will count as Tier II capital, fulfilling the commitment made by the lender to the Single Supervisory Mechanism (SSM).
After Thursday's respite, sellers returned to the Greek stock market in force on Friday, resulting in losses for all blue chips except one and the benchmark closing at its lowest point since March 2017.
The Athens Exchange (ATHEX) general index ended at 658.97 points, shedding 2.57 percent from Thursday's 676.36 points. On a weekly basis it declined 4.73 percent.
Greek stocks continued to move in a narrow range for another day yesterday, with the majority ending lower again, but the benchmark at Athinon Avenue put an end to its four-day losing streak and posted a moderate rise, mainly assisted by the fresh drop in Greek bond yields. The only thing that seems to pique investor interest these days is listed firms' general meetings.