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Athens Stock Exchange hits records

Athens Stocks and Greek banks soar on Monday, hitting records in gains in the wake of the resolutions of the Eurpean Summit in Brussels, last Friday and Saturday.

(13:48 local time) Across the board, the General Index is at 1659.39 units, up 5.02% in a turnover of EUR 154,53 million.

Banks wins are on the average at 5.6 %, with state-run Hellenic Postbank and Agricultural bank standing out with profits of 8.8%.

Analysts note that the decisions of the EU Summit is a long-awaited positive catalyst and helps ASE to differentiate from the trends of European exchanges, as overall decisions benefit Greece since they give time to implement the necessary fiscal policies that could lead to lowering its currently excessive debt.

European leader decided on Saturday on the extension of repayment period of Greek bailout loan, and the strengthening of European Financial Stability Facility and its ability to buy bonds in the primary market, while the Greek government bond spreads narrow by more than 30 basis points.

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Meanwhile Alpha Bank announced that the deal for a possible merger with NAtional Bank of Greece is “dead”.

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