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Athens Stock Exchange Suffers Heavy Losses

Athens Stock Exchange suffered heavy losses Oct. 31, its sixth consecutive losing session. Banks slump on a miserable day of news flow for Greece.
The country΄s manufacturing sector fell at its steepest rate in four months in October, and the resignation of a socialist lawmaker shows how fragile the coalition government is.
Lawmaker Michalis Kassis and Mariliza Xenogiannakopoulou, a former health minister, quit their Socialist party ahead of a vote next week on €13.5 billion ($17.5 billion) in additional spending cuts and tax increases over two years, the Associated Press reported.
The Troika says it΄s on track to present its proposals on Greece΄s debt load before the Eurozone finance ministers΄ meeting Nov. 12, but German officials are unsure whether a decision on the next tranche of aid will be forthcoming by then.
The International Monetary Fund, Nov. 1, backed a proposal for the European Central Bank to buy back Greek bonds as a way to help lower its debt burden. IMF spokesman Gerry Rice said all options to cut Greece΄s debt to sustainable levels should be considered by its European partners in its Greek bailout program.
On the board the General Index ends at 761.24 5% lower.
(source: Capital)

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