Athens Stock Exchange is in free fall today, reacting negative to the Eurogroup decision to postpone the sixth bailout tranche, amounting 8 billion euro. Other factors influencing negative are the draft budget for 2012, the forecats for the deficit for 2011, the negative outlook for the state deficit and the increasing debt. Also the perspective of new austerity measures in a climate of deep recession. Analysts stress that the greatest concern refers to the possibility of a really large “haircut’ on Greece’s bonds.
Banks are suffering new losses.
11:36 am As I’m writing this post the General Index is at 742,85 units and the loss at -4.68%.
PS I’ve written off my Blue Chips for the next four decades…