Economy of Greece
The local bourses sixth consecutive day of gains, made on the strength of the balanced election results and a return to normality, took the benchmark above the 1,200-point level on Tuesday, with improved first-quarter results also playing a role. The Greek market had not seen six straight days of growth in over three months.
A Council of State decision that raises obstacles to the privatization of the Athens Water Company (EYDAP) and the election of a new Piraeus mayor who is against the sale of the OLP port authority failed to dampen investors relief on Monday at Greeces European and local election results, which appear to have reduced the chances of an early general election, for now at least.
Fitch ratings agency has upgraded Greece's sovereign debt rating by one notch, citing the country's improved deficit figures.
Although still deep in junk status, Friday's upgrade on Greek bonds, from B- to B, was a boost for the country that has been struggling through a devastating financial crisis for the past four years.