Calamos Supports Greece

Greek Market Rallies

Athens Stock Exchange ends higher above 770 buoyed by a German court ruling that ratification of the ESM is constitutional coupled with conditions to limit the country΄s potential liabilities towards fiscally-strapped euro zone economies.
Ruling that an injunction against the European Stability Mechanism (ESM) and fiscal compact was largely unfounded, the court said one condition for allowing ratification was that any increase in German liability beyond 190 billion euros must first be approved by the Bundestag lower house of parliament.
The Greek banking sector has responded the most positively with National Bank +17%, Piraeus Bank +23% and Eurobank Ergasias +26%.
Eyes will now turn to Greece΄s progress in making around EUR11.5B worth of new cuts for 2013-14 to secure continued loan funding from the troika of creditors – the EU, the IMF and the ECB.
On the board the Genera Index ends at 770.53 5,33% higher.
(source: capital)

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