The inability of Greece to find a solution with its private creditors on the issue with the country’s debt continues to pull euro downwards. Single fell against the dollar for a third day and is now away on the top 1.50% of that record on Friday. During the Asian trading session today, the euro extended losses that approached the pair EUR / USD to the psychological value of 1.30. Despite the increased pressure on European leaders over Greece, the country can not find common language with its creditors for a second week. We recall that Athens must convince his counterparts in the eurozone and the International Monetary Fund to relax its package of 130 billion EUR. Rescue cash injection against our southern neighbor will have to introduce a number of budget cuts and to implement a series of reforms. Among the main anti-crisis measures are reducing defense spending, health care and implementation of a major pension reform. The Greek authorities stressed that they would do everything possible to get a loan to avoid bankruptcy, but there is no formal agreement. The economic news from across the ocean to be missed expectations and pushed the major stock indexes on Wall Street in negative territory. Decreased appetite for equities and risky assets work in favor of the dollar because of currency as a refuge.
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The merger transaction in the second and third largest Greek banks Alpha Bank SA and EFG Eurobank Ergasias SA was postponed today at the initiative of one party and the country’s banking regulator suspend trade in their shares. The deal, which was announced at the end of August, had to be completed by year end and would lead to the creation of the largest bank in Greece and one of the largest in the region with assets of 150 billion. For problems with the completion of the transaction announced by Alpha Bank. The communication of the credit institution stating that the merger time now is early to speak because of the incomplete agreement to replace the Greek government debt held by private investors. The Greek banks are among the largest investors in government debt and the decision by the European Union had to suffer the loss of 50% in nominal value of bonds. But in lowering the yield on new bond debt written off could reach and even exceed 70% of face value. To insure the Greek financial system from collapse, the EU has pledged 30 billion euros to recapitalize local banks, but this program can begin only when an agreement with private investors.
“Following the recent macroeconomic events directly affecting the banking sector is currently impossible to specify an exact date for completion of the merger of EFG Eurobank Ergasias”, stated the release of Alpha Bank.
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With the preponderance of negative mood leads to trade on Wall Street. Nearly two hours after the start of the session Dow Jones lost 0.44 percent to 12,620 points, S & P 500 erases 0.18% to 1312 points, while Nasdaq only grew by 0.43 percent to 2799 points. The market participants are disappointed by today’s reports. Boeing’s financial results for the fourth quarter of last year not charmed investors. For the same period of the chip manufacturer Advanced Micro Devices (AMD) announced a loss of 177 million USD despite the increase in revenue to 1.65 billion USD. Yahoo’s profit for the last three months of 2011 even increased by only 5 percent to 296 million USD and the company’s sales fell by 3%. According to Barry James of James Investment Research forecasts for corporate earnings is unlikely to materialize for the most part. “I do not think today’s reports satisfy most investors. Do not see much hope for a strong economic recovery”, said James to Bloomberg. Further disappointment in the market and the data submitted for pre-sales of older homes in the U.S. in December. The index that tracks signed preliminary agreements for sale of properties fell by 3.5% in the expected drop of 1% reported by the American Association of Realtors. Only the results of Apple managed to move up the mood of the market. Statements of accounts for the growth of the technological index Nasdaq.
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The airline Norwegian Air Shuttle announced that it has signed an agreement with aircrafts-builders Boeing and Airbus for the purchase of 222 aircraft with a catalog value of 127 billion Norwegian kroner (21.6 billion USD). This is the largest contract in European aviation history, the statement said in Norwegian. Deliveries of the aircraft will begin in 2016, the contract includes 122 Boeing and 100 pieces Airbus A320neo. This is the first order of the Norwegian company Airbus.
“Today is a historic day for Norwegian Air Shuttle. The contract, which became the largest in the history of European aviation, marks an important milestone in the company’s ten-year history”, said the largest shareholder and chief executive officer Bjorn Kyos. If this contract includes an option to buy another 150 aircraft from both aircrafts-builder. Norwegian Air Shuttle is the second largest Scandinavian airlines, and its shares are quoted on the Oslo Stock Exchange. The company currently has over 60 aircraft, covering more than 100 routes, and its employees are about 2500 people.

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