What you should know for Greece today:

Bank stocks led a much-needed Greek bourse rebound on Thursday, making up some of the ground lost in the first three sessions since the market reopened. However, traders viewed the recovery more as a correction and less as evidence of genuine expectations of an upward move in the coming days. That was also clear from the drop in trading volume.

The Athens Exchange (ATHEX) general index closed at 666.68 points, adding 3.65 percent to Wednesday’s 643.22 points. The large-cap FTSE 25 index expanded 4.81 percent to end at 197.96 points.

After the three-day 63.8 percent decline, the banks index clawed back 17.78 percent, as Alpha started the day at the limit down and ended 11.61 percent higher, National rose 27.47 percent and Eurobank gained 17.31 percent. Grivalia Properties lost 6.08 percent.

In total 71 stocks moved up, 22 came down and eight stayed put.

Turnover amounted to 73.4 million euros, down from Wednesday’s 81 million.

Greek state finances keep deteriorating

A dramatic decline was recorded in the primary budget surplus in the first half of the year although this was accompanied by growth in the debts of the state to its suppliers, Finance Ministry data showed on Thursday.

The general government primary surplus came to 238 million euros, against 1.8 billion euros in the same period last year, with the deterioration attributed mainly to the financial state of the social security funds. The latter posted a deficit of 1 billion euros this year against a surplus of 416 million euros in the January-June 2014 period.

Central government entities registered a primary deficit of 442 million euros, against a primary surplus of 740 million euros last year, while the primary surplus of local authorities fell to 145 million euros from 287 million in 2014.

The state’s expired debts rose at end-June to 5.3 billion euros, from about 5 billion at end-May and just 1.6 billion euros at the start of the year. Most of the debts belong to the social security funds, amounting to 2.3 billion euros which they owe to their suppliers.

Source: ekathimerini

Greece makes loan interest payment to IMF

Greece made a loan interest payment due Thursday to the International Monetary Fund, the institution said, avoiding another default as the debt-riddled country negotiates a third rescue plan.

“Greece has paid the interest charges due to the IMF today,” which amount to about 186.3 million euros ($203.6 million), the International Monetary Fund said in a statement.

The payment was the first time since early June that Greece had met the deadline for its loan payments to the IMF.

Cash-strapped Greece missed a 1.5 billion euro repayment on June 30, becoming the first developed country to default on an IMF loan. Less than two weeks later, Greece missed a 456 million euro payment to the IMF.

When it first defaulted at the end of June, the IMF froze Greece’s access to its resources, including the Fund’s ongoing financing program for the country.

However, on July 20, Greece paid the IMF about two billion euros in arrears, after it received an emergency bridge loan from the European Union, restoring its eligibility for IMF financing.

Representatives of the IMF, the European Commission and the European Central Bank — the international creditors of Greece’s two bailouts since 2010 — are currently in Athens holding negotiations with the Greek authorities on a third bailout.

Greece needs a deal that will unlock bailout funds by August 20, when it must repay some 3.4 billion euros due to the European Central Bank.

After Thursday’s payment to the IMF, Athens still owes about 22 billion euros, according to the Washington-based institution’s website.

The next IMF payment, of about 307 million euros, is due on September 1.

Source: eubusiness

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