European Central Bank
The flexibility that the credit sector has secured from the European Central Bank and the reserved optimism that the restriction measures in Greece are bearing fruit, amid more handout pledges by the government, saw the local stock market head higher on Monday in a relatively calm environment for global securities.
European shares fell for the second straight session on Monday, as fears about the economic hit from the coronavirus pandemic intensified with several nations extending near-total lockdowns to curtail the spread of the flu-like disease.
The pan-European STOXX 600 index was down 0.8 per cent at 07.14 GMT, with energy, industrials and travel and leisure stocks leading declines.
The European Central Bank decision to lift its 33 percent limit on euro area government bond purchases gave Greek stocks a second consecutive day of healthy gains on Thursday. The bourse saw its capitalization grow by 2.5 billion euros over those two sessions, with credit sector stocks playing a major role in that advance.
Coronavirus will change our lives in many ways, in Greece and across the globe. First of all, it will certainly make us poorer; at least in the short term. International experts estimate that Greece will experience a recession of between 3 and 4 percent. That estimate is based on the projection that Greece's tourism industry will suffer a 50 percent drop.