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Arrangement pleases with Greece financial markets



The financial markets reacted on Friday made easier, after at the EU crisis summit arrangement could be achieved concerning a conversion of debts plan for Greece high in debt: Thus the development was friendly in the stock markets and also the course of the euro rose again.

However, though banks and assurances which will take part according to an official statement up to 2014 with a total of 37 milliard euros in the rescue plan are optimistic what concerns the rescue of Greece, nevertheless, deplore at the same time also the immense load which thereby comes up to them. Thus, for example, the boss of the German bank, Josef Ackermann counts, so that that banks on Greek titles would have to carry out write-offs at the rate of 21 percent. Still he expressly welcomed the rescue plan because he shows a well-balanced compromise between the interests of all partners. He expressed himself optimistically that now the problem of Greece would be solved in the essentials.

The big relaxation in the financial markets after the arrangement on Greece help appeared on wide front: Not only the risk premium on Greek state loans sank on Friday, also the yield on Irish state loans gave way about 18 base points and amounted to now only 12.3%. The same pleasing development was to be registered with the courses of the state loans of the other European problem children Spain and Italy: While the yields of Spanish as well as Italian state loans lay with 10-year-old term at the beginning of the week still with 6%, the Spanish papers pay on Friday with 5.7%, Italian with 5.3%. Also all big European share indexes reacted positively to the arrangement on the rescue of Greece and could register opening profits.