The main index on the Oslo Stock Exchange falling 0.13 percent to 613.24 Monday.
The volume is relatively modest. Shares and equity certificates 2.688 million traded so far.
Equity Strategist Kristian Tunaal DNB Markets enter Greece as one cause of the labre activity.
– People sitting and awaiting a final solution around Greece. As I see it, is not it happening there large enough that it can break the market, he says to TDN Finans.
– Now the European Central Bank (ECB) had some years to build firewalls and market has had some years to become psychologically habituated to the tank. For the market, it would be good to have a solution, whatever it is, continues Tunaal.
– Neverending Story
The brokerage writes in today’s report that the Greek tragedy continues seemingly without end – “like a Rocambole who dies at the end of each book, so to stand alive until the next.”
DNB Markets refers to the news Friday afternoon that Greece gets extended its loan agreement with Troika (IMF, ECB and European Commission) for a further four months, ie through June.
The condition is that the Greek authorities no later than the day comes up with a capable reform package.
bad cards on hand
Meglerhuset repeat today’s report that Greece does not have good enough cards in your hand anymore.
– First user Greece now a smaller proportion of GDP on debt servicing than other euro zone countries, thanks to the 4/5 of the national debt is now long-term, subsidized loans to other states. It is therefore difficult for Greece to get acceptance that the country is in a particularly difficult situation state financially.
– Second Greece has a small extent managed to deliver on their part of the agreement, namely structural reforms and government sell. Other countries’ patience with Greece is already pretty frayed.
– Third is the Greek government in danger of running out of funds already before Easter. Greece can not have negotiations draw protracted.
– Fourth; by Mario Draghis “Whatever it takes” in July 2012 and the establishment of the ECB “firewall” two months later implies no longer Grexit a threat of eurozone collapse. Also the quantitative easing, as the ECB begins with March, decreases the risk that Grexit will infect other euro zone countries.
– And finally does not want Greece to leave the eurozone. Consequently, Greece during the week will be faced with a “fait accompli”: Approve agreement or face the consequences. Only an “accident” in the negotiations, most likely related to stresses in the yet quite inexperienced Greek government alliance, can therefore lead to Grexit writes DNB Markets.
– Several rounds during the week
The brokerage also notes that Greece already this weekend sent over a draft of possible reform measures, before the formal ending of the troika will take place today.
– Coming troika that measures are not comprehensive enough, a new meeting of the Eurogroup (eurozone finance ministers) in the morning.
– All the time Greece hardly wants to go further than they need, is a reasonable guess that the first submission will be weighed and found wanting, and that there will be several rounds during the week before the existing loan agreement expires on Saturday, writes DNB Markets.
According to the brokerage is already suggested that the provisional over the ending is too little concrete.
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