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ASE closed in positive territory for the week Athens Stock Exchange nervously watched the developments of the PSI between Greece and it’s creditors and closed down Friday and near the day-low. The increasing nervousness concerning the long-awaited announcement of the agreement on the PSI conditions, the difficulties in negotiating for the new fiscal measures and policies led to last week´s plunge.

Greek 2011 budget deficit seen at 9.1-9.4 pct of GDP

Greece sees its 2011 budget deficit at between 9.1 and 9.4 percent of GDP, somewhat smaller than previously estimated thanks to better-than-expected property tax receipts, a finance ministry source said on Friday.

Greece’s fight to win its second international bailout

The rescue plan, which European officials and Greek creditors say may be wrapped up in coming days, includes a loss of more than 70 percent for bondholders in a voluntary exchange and loans likely to exceed the 130 billion euros now on the table.
GREECE

Roesler: Opposes ECB write-down on Greece

Roesler: Opposes ECB write-down on GreeceA German cabinet minister rejected demands to involve the European Central Bank directly in efforts to reduce Greece´s debt as international pressure is growing on the ECB to make a significant contribution to restructuring Athens´ debt.
EUROPE

Mobius: Bullish on Europe

Mobius: Bullish on EuropeInvestors are waking up to the reality that the European Union and the euro will survive, Mark Mobius, the executive chairman of Templeton Emerging Markets Group told CNBC on Friday. He added that he was looking to invest in the region, particularly in Eastern Europe.
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Employers and GSEE said “no” to wage cuts

GSEE remains firm in its position, rejecting the "freezing" of the minimum wage, maturation and earnings.

Papandreou urged his MPs to support PSI

PASOK party president and former prime minister George Papandreou on Thursday urged his MPs to vote in favour of the PSI bond swap.

Pharmaceutical spending to fall in 2012

State pharmaceutical spending will be no less than 2.88 billion euros this year, Health Minister Andreas Loverdos said.

Anonymous hackers access Greek ministry website

They posted a protest against Greece´s EU and IMF-inspired austerity policies on the website of the country´s justice ministry on Friday,

FTD: Euro-Area central banks could take loss on Greek bonds

Euro-area central banks may be prepared to take losses on the Greek bonds they hold that aren’t part of the ECB’s asset-purchase program.

Juncker may decide this afternoon on eurogroup

Juncker hasn’t yet made a decision about the meeting, Guy Schuller said today by text message.

Swedish FinMin sees progress ïn Greek talks

He said that his impression is that progress is being made in discussions about the restructuring of Greek debt.

The Hague Court of Justice rebuffed the Greek claim for Distomo

The Court by 12 votes to 3, 14 votes to 1, 14 votes to 1, 14 votes to 1 and unanimously, overruled the Greek and Italian appeals,
EUROPE
S&P: Eurozone recession could end in late 2012

S&P: Eurozone recession could end in late 2012

The eurozone should gradually climb out of its mild recession in the second half of this year and into 2013, said Standard & Poor´s today. "The core countries will likely lead the way back to growth, with other member countries delivering diverging performances," said Jean-Michel Six, Standard & Poor´s EMEA chief economist.
ECONOMY
OECD: Fracture of euro zone possible, but avoidable

OECD: Fracture of euro zone possible, but avoidable

There is a real risk that the euro zone will fracture under the strains of its fiscal crisis, but this can be avoided if the resources available to its bailout funds are increased, the European Central Bank undertakes quantitative easing, and retail and investment banking operations are separated, the Organization for Economic Cooperation and Development said Thursday.
BUSINESS
George Soros: The worst-case scenario is a collapse of the financial system

George Soros: The worst-case scenario is a collapse of the financial system

The situation is about as serious and difficult as I’ve experienced in my career,” Soros tells Newsweek. “We are facing an extremely difficult time, comparable in many ways to the 1930s, the Great Depression. We are facing now a general retrenchment in the developed world".

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