Recent political developments in Greece dictated the course of Athens market, which recorded extreme fluctuations and increased trading activity.
The meeting of Greek PM G.Papandreou and FinMin E.Venizelos with Eurozone leaders in Cannes last night caused nervousness in the Greek market, forcing the General Index and banks to early losses of 2% and 6.1% respectively at the opening.
Nervousness was intensified in both domestic and international markets, after European officials spoke openly of a possible Greek exit from the euro.
But rapid developments in the ranks of PASOK ruling party changed the picture across the board, after information indicated that George Papandreou was willing to call of the referendum.
The prospect of forming a interim coalition government enhanced the upward reaction, after major opposition party leader Antonis Samaras said that a coalition government would validate the decisions of the EU Summit.
Moreover, a surprising ECB decision on lowering interest rates also supported the rise.
Market analysts expect volatility to remain in tomorrow’s session, while political developments would be the only catalyst.
On the board, the General Index closed at 759.5 units with a rise of 1.86%.
(source: capital)
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