Greek minister sees growing investor confidence in the economy

Investors believe that a declining uncertainty over the Greek stock market and the Greek economy in general is taking a permanent nature, Development and Competitiveness Deputy Minister Notis Mitarakis said on Wednesday.

Commenting on the latest

figures of the Volatility Index for Greece (KEPE GRIV) which showed a decline in uncertainty and a restoring of investors” confidence to the Greek economy, Mitarakis noted that evidence was rising that the Greek economy was exiting a recession cycle and that the country was looking forward for better times.

«We have already seen a series of advanced indexes, such as the European Commission’s economic sentiment index, the 10-year Greek bond spread and the composite index of the Athens Stock Exchange supporting this positive conclusion,» Mitarakis said, adding that the fear index compiled by KEPE fell to the lowest levels since September 2008, reflecting a positive sentiment among investors as they discounted positive developments and prospects for the Greek economy.

Mitarakis mentioned a series of new investments in the country, such as the TAP natural gas pipeline and the exploitation of Hellinikon area, which could contribute in a battle against unemployment «the biggest social problem in the country».

The Greek minister said that the composite index of the Athens Stock Exchange was currently 175.09 pct up compared with its lows in June 5 2012, while the spread of the 10-year benchmark bond fell to 510 basis points, to levels seen before the first memorandum (March 2010), with the Greek bond yielding 6.88 pct.

source: ΑΜΝΑ