Economy of Greece

The handful of traders who took an interest in the Athens stock market on Monday only did so to ease out of the bourse amid growing concerns that capital controls may be imposed as a deal between Greece and its creditors remains elusive. Trading was also at a record-low due to the public holiday in most European countries, on top of the prolonged uncertainty over the talks.

For the third time in the past few days the Greek bourse?s benchmark failed to stay above the 850-point level on Friday, as the EU summit in Riga gave traders an ambiguous picture of the course of debt talks.

The Athens Exchange (ATHEX) general index closed at 840.22 points, shedding 0.65 percent from Thursday?s 845.73 points, though on a weekly basis it rose 3.48 percent.

By Simon Kennedy

The Greek economy risks being more a submerging market than an emerging market.

By Yiannis Papadoyiannis

Piraeus Group announced on Thursday the sale of 98.5 percent of its Egyptian subsidiary, Piraeus Bank Egypt, to Al Ahli Bank of Kuwait (ABK) for $150 million.

The statement noted that the price agreed amounts to 1.5 times the Egyptian lender?s equities.

Good news for at least one of Greece’s four systemic banks on Thursday, as Piraeus Bank said it has sealed a deal with Kuwait’s Al Ahli Bank to sell its 98.5-percent stake in Piraeus Bank Egypt (PBE) for US$150 million.

The agreement is subject to approval by the Egyptian central bank and the Hellenic Financial Stability Fund (HFSF), amongst others.

Reports about a possible compromise being reached in the Brussels Group talks as a goodwill gesture by the European Commission helped the local stock market rebound on Monday after morning losses led the benchmark to decline up to 2.70 percent.

By Inyoung Hwang

European stocks fell, erasing earlier gains, as lenders sent Greek and Italian stocks lower.

An agonizing effort to keep itself afloat and avoid default while continuing to negotiate with its creditors may be coming to an end for Greece. 

Prime Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($845 million) due this month to the International Monetary Fund, Greek newspapers said May 17.

Reserved trade saw turnover dip to less than 75 million euros at the Greek bourse on Thursday and although the banks index posted a marginal drop the benchmark managed to recover its morning losses to end up well in the green.