"Black Friday" at Greek Stock Market – Where are my Blue Chips?
June 4, 2010
Economy, News, Uncategorized
↓What happened today at the Greek Stock Market ?
Greek Stock Market experienced a dramatic sharp plunge today.
Athens Stock Exchange is down -78,63 or -5,03% at 1.484,9 units
Losses of Banks are at -5,64 % and the FTSE 20 is down -5,56 %
I saw a four-year low in Euro (USD 1,209) clowling by
There lots of bad news today:
1) Nouriel Roubini said Greece needs orderly to restructure Debt.
2) Krugman sees 50% Chance for Greece to leave the Eurozone
3) Hungary was outed as having ‘falsified budget data“, while state officials said country’s economy ” is in a very grave situation“
4) Broader European equity sales at all stock exchanges turned negative.
5) Financial Times warned about the danger of European banks’s exposures… the hard part begins
6) The disappointing U.S. macro (jobs market data)
7) Rumors having SocGen (Societe Generale) to face big Derivatives losses
Analysts speaking to www.capital.gr , an economic online newspaper, said they believe that the picture of sluggishness and lack of “physical players” observed recently in ASE leaves the Greek market orphan towards pressures of foreign stock,
Where are my Blue Chips?
I was busy with ‘issues’ today and for a change I failed to spend my day stuck in front of PC.
When I logged in at 5 o’ clock checking the Athens Stock Exchange I was shocked! In fact this seems to happen lately every time (and day) I DO NOT sit in front of my PC.
I am not a big player in the Stock Market, I have only some Blue Chips and some shares of a private company .
I check them from time to time, when the ASE goes highly up or highly down.
In fact I don’t even remember the value Blue Chips & Share had when I bought them.
I consider the money I invested as “money I have lost”. I do have some hope that in 10, 20 years, they might have a bigger value. So I don’t care about them right now.
But I do care about the progress or failure of the Banks; of the Greek Banks that do bad.
Being jobless but having a good paid job before, I live on my savings.
I have made the mistake to transfer my capital from abroad to Greece.
Three years ago, I was able to cover some 70% of my fix monthly expences via interest rates I was getting for my capital. These times are long over. Interest rates have dropped, although they’ve started to slowly recover lately.
So I do care about my capital at the Greek Banks. A capital that gets less year by year. With no job prespective in the near future, I can see myself taking position at the growing queue of desparate Greeks.
Here comes the main question: What shall I do?
A – Start crying
B – Committ suicide
C – Go to the Movies
D – Take a Walk at the Seaside
Court of Audit President Ioannis Sarmas was sworn in as prime minister of a caretaker …
Npne of the above.
Let that be a lesson to those naive enough to invest in Greece.
Isn’t ironic? The oldest country in the world is “an emerging” market?