"Haircut war" provokes ASE takeoff

The ASE is on a roll, after Reuters’ denials of a possible extension in the process of the bonds exchange program. The rebuttal was made by the PDMA head, Petros Christodoulou.

After yesterday’s statements by the Minister of Finance on a collective action clause, the picture is different, perhaps due to a better course that the PSI will take. Estimates published by the Financial Times bring the participation rate of the PSI to 75% and up to 80%. Bloomberg recalls the case of the sinful swap with Goldman Sachs made by the country under Simitis, even citing statements by former PDMA head Mr. Sardelis, who reportedly stated that Greece was unaware what it was buying back then.

At the same time, IIF head Charles Dallara is reminding markets and bond holders of the danger that a Greek default would cost over 1 trillion and, apparently, that this is all part of a war underway within the backdrop of the Greek debt haircut, which some interests want to promote and some do not, at least not before the CACs are paid off.

The ASE General index stood at 755 units, recording an increase of 2.5% or more. A 13.85% profit for Alpha Bank, 12.24% for Eurobank. 9.33% increase for TT and 8.24% for Pirateus Bank. 8.66% increase for National Bank at 2.51 euros.

On the other hand, European markets show a downward trend, with losses of over 1.5% in Frankfurt and Paris and over 2% in Milan and Madrid.

The euro has subsided to $ 1.3140.