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Major Losses on Athens Stock Exchange

As the government plans to make another $17.45 billion in spending cuts and tax hikes remained stuck in talks, the Athens Stock Exchange fell 6.3 percent on Oct. 9 as investors fretted that the delay could affect Greece’s chances of getting a $38.8 billion loan installment that is in limbo.
A Eurozone meeting to discuss the Greek issue is likely to be held via teleconference on Oct. 31 ahead of more discussions that could go into next week, giving time for Prime Minister Antonis Samaras to try to get an agreement from his coalition partners and international lenders on more austerity measures.
German Finance Minister Wolfgang Schaeuble rejected another debt restructuring for Greece, saying it’s unrealistic to expect public or private bondholders to take losses on their Greek holdings. Adding to the anxiety, Greek banks΄ results are to be delayed for a month to the end of November, a banking source told Reuters.
Greek banks will issue common shares to meet at least 6 percent of a 9 percent capital adequacy requirement the central bank will set as part of their expected recapitalization. The banks, whose capital base was almost wiped out by a combination of huge bond swap writedowns and rising loan impairments amid a deep five-year recession, will raise the rest through convertible bonds.
(Source: Capital)

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