Market Updates
Greek Stocks, Bonds Drop Second Day
123jump.com Staff
08 Dec, 2009
New York City
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Greek stocks and bonds decline as rating agencies clamor for a possible downgrade and investors fear deteriorating government financials. Though investors demand higher yield on bonds, Greece is not alone when it comes lack of fiscal discipline in Europe.
[R]9:00 AM New York – Greek stocks and bonds decline as rating agencies clamor for a possible downgrade and investors fear deteriorating government financials. Though investors demand higher yield on bonds, Greece is not alone when it comes lack of fiscal discipline in Europe.[/R]
Greek stocks and bonds declined as investors increasingly take a dim view of the government finances. Rating agencies have been sounding alarms that the nation’s debt may be downgraded. Banks fell sharply for the second day.
Fitch Ratings cut the government debt rating one step lower to BBB+ ad S&P placed the debt on watch.
Prime Minister George Papandreou government hopes to cut the fiscal deficit to 9.1% from the 12.7% shortfall in the current year.
Athens Composite Share Index declined as much as 5.6% but recovered near the close to a loss of 4.9% to 2,205.47. The 2-year Greek government bond yield increased 45 basis points to 2.52% and on 10-year bond jumped 25 basis points to 5.39%.
National Bank of Greece SA dropped 6.8% and EFG Eurobank Ergasias declined 5.8%.
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