We think it is extremely difficult to discount the medium term; the next two months can be extremely volatile in light of a potential parliamentary election. The first presidential vote count is tomorrow; politics will drive the market/economy in the short term – for a change. During the Greek crisis it has been the economy…
Greece – the snap elections saga – 2015 presidential elections pushed forward This note will not focus on what will happen to Greek Equities if New Democracy looses in an upcoming parliamentary election. It will focus on how difficult it is to drawing any conclusion on the upcoming presidential elections…to access this note contact@researchgreece.com
ECB/EBA AQR and stress tests; DTA conversion into DTC can be a real game-changer adding E10bn/+42%/+430bps to CET1 capital in Q2 FL B3 terms. Short term we expect equities to trade lower on volatility caused by politics, the risk of early elections and negotiations with the Troika over public debt. Long term we expect asset…
It is impossible to estimate the outcome of the ECB/EBA AQR & Stress Test exercise on Greek banks. We believe there is a good chance Greek banks will not need to raise more capital given their recent recap and restructuring plans (approved by DG Comp); the results will be announced in late October. We have…
On top of the good news on the primary surplus and real GDP, we were pleased to see the prime minister addressing: 1/ the need to legislate on cutting red tape and speeding up company licensing; 2/ the need to reduce taxes, including the corporate tax rate (to 15% from 26%) by 2016. If the…