Listed firms act as access to financing tightens
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Greek banks are reportedly refusing to offer listed companies guarantees that they will be able to continue meeting their urgent liquidity requirements in 2012.
Senior executives of firms that managed to settle their debts last year and maintain open credit lines this year after protracted negotiations with lenders told Kathimerini that the current political flux and the postponement of bank recapitalization has cast a heavy cloud of uncertainty over the future. At best, they note, the banking system and businesses have adopted a wait-and-see stance. It’s impossible to predict where the country will stand politically one month from now and no one can rule out the possibility that the government will declare a payments freeze one month from now if the country’s international creditors suspend the scheduled installments.
Banks have notified listed companies that they now control after the securitization of their debts to put financial plans on hold until the political landscape becomes clearer. This is especially trying for firms that cannot reduce production, as that would jeopardize their cash flows. Many of them have tried to improve their survival prospects by reorienting their activities abroad, given the bleak prospects of the domestic economy.
The lack of liquidity is prompting many firms to sell or reduce their holdings in order to protect their assets.
Even healthy firms are beginning to feel the liquidity pinch, and this has not escaped the attention of foreign portfolio managers who are watching the Greek market ready to snap up any opportunities. The overall picture that has emerged for the first quarter of the year is that two out of every three listed firms are facing very acute cash flow woes. On average, firms are two months behind in salary payments and have activated compulsory leave measures (two days a month), anticipating an average reduction in the wage bill of around 10 percent.
“Many firms will wither in 2012, given the sorry state of the Greek business environment. We do not want to be among them, so the group will conduct itself as conservatively as possible in order to deal with the situation,” said Evangelos Mytilineos, chairman and CEO of industrial conglomerate Mytilineos Holdings.
| Tumbling turnover has compounded the problems posed by the lack of financing. For instance, the situation is especially tough in the construction sector, as firms involved in public works are being led to collapse. Realty developers who were in the middle of projects when banks froze further credit are in an equally sorry state, while the recession in the tourism sector is giving rise to a similar picture for many cash-strapped hotel businesses. Even the food sector -- traditionally the most resistant of Greek industries during economically challenging periods -- is seeing sales fall as consumers cut back to the absolute essentials or turn to cheaper options. Also there have been reports that listed firms with property assets are being refused operating capital loans due to their supposed risk of default.
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New proposal leads to further party talks on Tuesday
 Democratic Left leader Fotis Kouvelis |
Papoulias put forward his proposal during Monday night’s talks with New Democracy leader Antonis Samaras, PASOK chief Evangelos Venizelos and the head of Democratic Left, Fotis Kouvelis. The three leaders were called in after discussions to form a unity government on Sunday failed as a result of the Coalition of the Radical Left (SYRIZA) declining a role in the administration.
SYRIZA, which opposes the European Union and International Monetary Fund loan deal, said it was not satisfied that a four-party government would be committed to ending the austerity policies imposed in Greece since 2010.
Although ND, PASOK and Democratic Left have 168 seats in Parliament, there is a feeling that SYRIZA’s support would be needed for greater political legitimacy. It emerged that during the talks between Samaras, Venizelos and Kouvelis last night, the idea of just the three parties forming a government was set aside in favor of Papoulias’s suggestion that as many political groups as possible support a so-called “government of personalities.”
As a result, a new meeting between all the leaders of parties that entered Parliament following the May 6 elections, apart from the far-right Chrysi Avgi (Golden Dawn), has been called for 2 p.m. today. It has been reported that the leader of the nationalist Independent Greeks, Panos Kammenos, will meet with the president a little earlier after Samaras asked Papoulias to look into whether there was a possibility of his party joining a unity government, thereby negating the need for an administration of technocrats to be formed.
There was a mixed reaction from the three leaders who took part in yesterday’s talks to the idea of a technocrat-led government but all agreed that such an administration would need broad support.
| “The effort to form a government is continuing,” said Samaras. “It needs to have the broadest possible support. It is not so important who the personalities are but which parties support the government.” “Under normal circumstances, governments of technocrats or personalities are not formed,” said Venizelos. “But when we are faced with such a crisis, such a deadlock, parliamentary support for such a government must be as broad as possible.” Democratic Left leader Kouvelis was the least enthusiastic about the prospect of such a government being formed, insisting that an administration made up of as many parties as possible was a better option. “This is a defeat for politics,” he said. SYRIZA leader Alexis Tsipras is expected to take part in Tuesday’s meeting after choosing not to attend the talks on Monday. Speaking to the Athens-Macedonia News Agency, Tsipras said that he plans to build on his party’s success in the May 6 polls, when it more than tripled its vote from the previous elections. “Today’s SYRIZA bears no relation to the SYRIZA of May 5,” said Tsipras. A survey by Public Issue for Kathimerini indicated that about half of the 16.8 percent of voters who backed SYRIZA just over a week ago had voted for New Democracy or PASOK in the 2009 elections. Tsipras said that he wanted to keep hold of these voters in the next elections and broaden its appeal. He said the structure of the party would change and that SYRIZA would take the necessary legal steps to ensure it would be able to profit from the 50-seat bonus given the leading party in elections. As a coalition, SYRIZA does not currently qualify for the bonus. The party, however, remains committed to changing the electoral system from one of reinforced proportionality to proportional representation.
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http://globaleconomicanalysis.blogspot.com/2012/05/mr-lie-when-its-serious-juncker-tells.html
Monday, May 14, 2012 6:42 PM
Mr. "Lie When It's Serious" Juncker Tells Another Whopper: "I Don’t Envisage, Not Even for One Second, Greece Leaving the Euro Area"; Two More Days of Hopefully Futile Coalition Talks on a "Government of Personalities"
Those looking for a bit of humor in the European debacle can find it in statements from Jean-Claude Juncker, head of the eurozone finance ministers.
Juncker says "I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda. We have to respect Greek democracy."
Bear in mind this statement comes from the same man who said "When it becomes serious, you have to lie."
Also bear in mind Juncker's support for a Troika installed puppet government in Greece, after Greek Prime Minister George Papandreou proposed putting bailout measures to a vote.Notice that bailout measures went to a vote anyway.
Juncker says "I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda. We have to respect Greek democracy."
Bear in mind this statement comes from the same man who said "When it becomes serious, you have to lie."
Also bear in mind Juncker's support for a Troika installed puppet government in Greece, after Greek Prime Minister George Papandreou proposed putting bailout measures to a vote.Notice that bailout measures went to a vote anyway.
Two More Days of Hopefully Futile Greek Negotiations
The Financial Times reports Greece set for further coalition talks
Greece’s president is set to resume coalition talks on Tuesday with the country’s political leaders in another attempt to avoid a fresh general election after a meeting on Monday evening ended without agreement.
President Karolos Papoulias has another 48 hours to persuade politicians to join a national unity government according to the constitution or face having to call another election.
Mr Venizelos said after the meeting he had supported the president’s proposal for a “government of personalities” with backing “from as many political parties as possible” to implement further reforms agreed in return for a second €174bn bailout.
“The situation is very difficult and I’m not optimistic, but we must try every possible solution,” Mr Venizelos said.
Alexis Tsipras, the leader of Syriza, the radical leftwing coalition that rejects the terms of Greece’s international bailout, refused to participate in Monday’s talks. “We’re not going to join in selective meetings of political leaders ... The circle of contacts provided for by the constitution has been completed,” he said.
Jean-Claude Juncker, the Luxembourg prime minister who heads the group of eurozone finance ministers, sharply criticised other EU leaders for “threatening” Greece with expulsion from the single currency, saying the will of Greek voters must be respected.
“I don’t envisage, not even for one second, Greece leaving the euro area. This is nonsense. This is propaganda,” Mr Juncker said angrily at a news conference. “We have to respect Greek democracy.”
He added he would be open to debating easing terms of the €174bn bailout, including extending dates to hit fiscal and economic reform targets by a year, something that has been anathema to several leaders in Germany, the European Central Bank and the European Commission.
Maria Fekter, the outspoken Austrian finance minister, went so far as to suggest Greece may have to leave the EU, since there is no legal provision for leaving the euro without exiting the union.
“Greece would have to reapply and then we would have membership negotiations and look very closely whether Greece would be able to become a member at all,” said Ms Fekter. “We look much more closely than when they joined the euro.”make full repayment on the bond, which was issued under UK law, to avoid future legal action by holdout investors, the official said.
Lies Everywhere
Junker's statement about willingness to negotiate changes in bailout terms is of course a blatant lie aimed at keeping Greece in the Eurozone.
Also note the lie from Maria Fekter about Greece having to leave the EU if it exits the eurozone. Given that numerous countries are in the EU without being in the Eurozone, the UK is a prime example, Fekter's statement is complete nonsense.
That said, perhaps Greece is better of not being in the EU as well. Certainly the UK would be better off telling the EU where to go.
"When it becomes serious, you have to lie."
Indeed Juncker and and others have proven lies are the norm.
Junker's statement about willingness to negotiate changes in bailout terms is of course a blatant lie aimed at keeping Greece in the Eurozone.
Also note the lie from Maria Fekter about Greece having to leave the EU if it exits the eurozone. Given that numerous countries are in the EU without being in the Eurozone, the UK is a prime example, Fekter's statement is complete nonsense.
That said, perhaps Greece is better of not being in the EU as well. Certainly the UK would be better off telling the EU where to go.
"When it becomes serious, you have to lie."
Indeed Juncker and and others have proven lies are the norm.
and....
http://www.businessinsider.com/greek-minister-of-citizen-protection-grexit-would-mean-civil-war-2012-5
GREEK MINISTER: An Exit From The Eurozone Could Trigger Civil War
AP Images
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In case you haven't heard his name in the headlines much lately, he's a member of the Hellenic Parliament finishing up his term as the Minister of Citizen Protection, and according to the Telegraph, he just told a Greek radio station in an interview that a Greek departure from the eurozone would most undoubtedly be bad news for more than just international creditors holding the bag on debt payments.
Here's how he sees it going down:
“What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”
Sounds worse than last summer.
http://www.telegraph.co.uk/finance/financialcrisis/9265930/Merkel-tells-Greece-to-back-cuts-or-face-euro-exit.html
10:00PM BST 14 May 2012
210 Comments
Raising the spectre of a Greek exit, the German chancellor said “solidarity for the euro” was threatened by the ongoing political crisis in Athens.
Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to renewed financial turmoil. The FTSE-100 index of Britain’s major companies fell by two per cent to 5465, with bank shares hit particularly hard.
The cost of Spanish government borrowing also hit a record high since the single currency was introduced because of concerns that the crisis will spread.
Today, François Hollande, the new French president, will be sworn in and, in an indication of the concern gripping Europe, will almost immediately travel to Berlin to hold talks with Mrs Merkel that will be dominated by Greece’s plight.
Attempts to form a new government in Athens have been thwarted for the past nine days, although the country’s president will meet all major parties this afternoon to discuss the forming of a “technocratic” administration rather than a coalition.
An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit. “If Greece cannot meet its obligations and serve its debt the pain will be great,” Michalis Chrysohoidis was quoted as telling a local radio station. “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”
New elections may be held next month and Greek voters are likely to be warned by European leaders that their country may be ejected from the euro if they do not support parties backing austerity measures.
George Osborne, the Chancellor, travelled to Brussels yesterday to take part in meetings with other European finance ministers about the worsening crisis.
Speaking on arrival, he said: “The eurozone crisis is having a real impact on growth across Europe.
“The British recovery has been damaged over the last two years not by Britain getting a grip on its public finances but by uncertainty in the eurozone. It is that uncertainty, not austerity, that is doing the real damage to the European recovery, and indeed the British recovery.”
Today, Mr Osborne may agree to looser banking rules, stipulating how much money banks must keep on their balance sheets, to allow more flexibility in responding to the turmoil.
A report from Fitch, the credit rating agency, said yesterday that the British economy may not re-emerge from recession before 2014 if there is a “shock case” of a disorderly Greek exit from the euro.
Germany and the European Central Bank are thought to have drawn up detailed plans for a Greek exit for the euro. They are designed to stop it provoking panic in other vulnerable countries, particularly Spain and Ireland. However, this is fraught with difficulties, particularly if Greece refuses to take part in an “negotiated exit”.
Yesterday, Mrs Merkel raised the spectre of Greece leaving the euro. She is under increasing pressure in Germany to force the country out of the single currency to avert several more years of uncertainty. “I believe it’s better for the Greeks to stay in the euro area, but that also requires that we set out a path on which Greece gets back on its feet step by step,” said the chancellor.
“The solidarity for the euro will end only if Greece just says, 'We’re not keeping to the [austerity] agreement.’ But I don’t expect that to happen. I do think they are making an effort. There are many, many people in Greece who actually want it.”
Wolfgang Schaeuble, the German finance minister, added: “We have a very nervous situation in the eurozone.”
He said the advantages of Greece staying in the euro outweighed any perceived gain from exiting the single currency. “But it will be strenuous,” he said. “The price if they decide to leave the euro is very high. It would cause a huge amount of turbulence for all of us.”
The British Government is largely watching the euro turmoil from the sidelines and has not seen the details of contingency planning in Germany. Ministers are relatively confident that British banks would not be hit too hard directly by a Greek meltdown, but the indirect impact of how this would spread through the global financial system are far less certain.
The Foreign Office also has plans to evacuate British citizens from Greece if it becomes dangerous. A government source said: “The situation is now political rather than economic so is out of our hands. We are well prepared to help protect British citizens from the storm.”
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http://www.athensnews.gr/portal/8/55504
Welcome to the Athens News live news blog, where we will be covering all the developments eight days after the 2012 general election
11.30pm So it looks that we're set for another set of talks, in what has to be a final attempt by President Papoulias to arrive at a viable governmental solution, before accepting defeat and elections are once again called. As ever, rumors are rife, mostly coming from the direction of the Eurogroup, adding extra pressure to Papoulias, who by now must know that he all but faces the impossible. Another tense day awaits us tomorrow. Join us again.
10.00pm With all that having been said, it was then officially announced that a meeting between party leaders for the formation of a new government will be continued at 2 p.m. (12.00 GMT) on Tuesday with the participation of more political parties.
KKE Secretary General Aleka Papariga was quck to announce that she would not participate in the meeting of party leaders. According to a relevant announcement by the party, "the position of the KKE, that was also expressed during the meeting with the President and is contained in the minutes of the discussion, is against the formation of a government of personalities, regardless of the name that it will take. Therefore, Aleka Papariga would not contribute to such a discussion, where the preconditions and the composition of this government would be determined."
Meanwhile Papoulias has already scheduled to meet Independent Greeks party leader Panos Kammenos at 1pm on Tuesday, before he meets the rest of the party leaders in order to discuss the President's proposal.
Furthermore, Syriza head Alexis Tsipras has confirmed he will participate in the meeting.
Party sources however, stressed that Syriza had already stated since Monday morning that it would respond to a relevant request, without this meaning that its political and programme position has been amended in the least.
9.50pm The head of New Democracy Antonis Samaras concluded the statements from the trio that participated in the President Papoulias meeting saying that support provided by as many political forces as possible to the government structure proposed by Papoulias, was absolutely necessary.
Addressing reporters he added that he asked from the president to consider a proposal by Independent Greeks party leader Panos Kammenos, which, as the ND leader said, leaves margins for providing support.
Samaras also said that the possibility of forming a government composed of political figures should be examined first and then a government of technocrats, but in emergency situations "such as the one we are facing today, one should also examine emergency solutions."
The ND leader reiterated that the people have sent, through their May 6th vote, "not only a message but an explicit mandate. This mandate is that we must all together, as much as that is possible, try to form this new government. Each party should assume their historic responsibilities."
9.20pm It was then the turn of Fotis Kouvelis, who insisted on his proposal on the creation of an ecumenical government with the participation of all the pro-European forces.
Kouvelis expressed his "clear and categorical" opposition to a government of technocrats and personalities that "constitutes proof of the defeat of politics", but appeared open to consider it, shoul no other solution by available.
He added that in Tuesday's meeting with all the party leaders, he will come with the proposal that he has extended on the formation of an ecumenical government for which the participation of Syriza also constitutes a precondition.
9.00pm Evangelos Venizelos, in a statement made shortly after the meeting that "we support a government of personalities as an emergency solution. In democracy the responsibility belongs to the political governments, the political parties, the political figures."
With that, he was the first to reveal and confim the rumors that President Papoulias had in fact proposed a government of technocrats as the only viable short-term solution.
Venizelos added that "it is not natural for governments of technocrats or personalities to be formed, however when we are before such a crisis, such a deadlock, we must accept this as well, it is also important that the Parliamentary support of this government be the widest possible."
He further said that "the participation of New Democracy, the Democratic Left, Pasok as well as Syriza (the Radical Left Coalition) is the minimum base in our opinion. Other forces could also participate, the party of Panos Kammenos (the Independent Greeks) could participate, even the KKE (the Communist Party of Greece) must be asked and assume its own responsibilities."
8.42pm The meeting lasted less than an hour with all three leaders leaving without comment, but with rumors rife that another meeting is set for tomorrow, including all political leaders, except Golden Dawn chief Nikos Mihaloliakos.
7.58pm Papoulias meeting trio of political leaders
7.55pm Dutch Finance Minister Jan Kees De Jager commenting on Greek commitments:
"Greece has no option but to reform and to repay (its debts) and if it doesn't do that, it will be a very serious problem, not just for Greece, but for everyone. There is no room to soften the (second bailout) agreement, or to say 'we're going to reform a bit less or we could repay a bit less'.
"If there are suggestions for an alternative (for Greece), then the (ECB/IMF) Troika must look into them. But the Greek agenda is but one: to reform.
"And if the Greek people choose another agenda then we are going to have a big problem and we don't have the room to say 'well, don't worry'."
On a possible contagion from a Greek exit:
"We have worked hard over the past half-year on reducing the risk from a possible problem in any one country (with the firewall). But I can say, I hope it is not necessary because (a euro exit) would be very painful for any country."
"For Greece, it is all about meeting its commitments, and if it doesn't then they really have a big problem. I don't want to speculate but we have tried to work to overcome the (contagion) risks if a certain country has problems."
7.42pm Independent Greeks MPs expressed resentment and discontent in response to the fact that their party was not invited in the meeting under President Karolos Papoulias today.
“We do not understand why we had to be excluded from the meeting considering that our leader had tabled specific proposals designed to lead the country out of the crisis,” a close associate of party leader Panos Kammenos told AMNA.
MP and former minister Costas Markopoulos said that the President’s decision is “inexplicable”, while MP Pavlos Haikalis said that “there was no reason to invite Kouvelis unless New Democracy (ND), Pasok and DIM.AR. agree to form a government.”
7.36pm Belgian Finance Minister Didier Reynders, arriving at the Eurogroup meeting in Brussels on Monday, said that "a possible exit of Greece from the euro would have disastrous consequences, at social level, primarily for the country itself and for the eurozone, that would be faced with the risk of the spreading of the crisis."
Reynders, after expressing his concern over the political situation in Greece, stressed that the country itself is the one that must decide on what it desires. He pointed out that every effort must be made, for Greece to remain in the euro.
He also said that Greece must make supplementary efforts regarding the decrease of expenditures and the collection of taxes, while, as he said, on its part, the EU could strengthen its solidarity with the provision of loans of a bigger duration, 10-15 years.
7.30pm The meeting between Antonis Samaras of New Democracy, Evangelos Venizelos of Pasok and Fotis Kouvelis of the Democratic Left and President Papoulias is now underway.
7.27pm Coalition of the Radical Left (Syriza) leader Alexis Tsipras on Monday announced the 'refounding' of Syriza and its evolution towards becoming a major democratic leftist party, saying that this was the 'mandate' of the electorate and that the Syriza of May 5 "no longer exists".
Speaking during an interview with AMNA Web TV, he said this process had already begun, with 70 open meetings held throughout the country.
Explaining his refusal to support a broad coalition government as demanded by other party leaders, Tsipras said that the pro-bailout parties wanted Syriza to lend a facade of legitimacy to policies already 'delegitimised' by voters in the elections.
According to Tsipras, President Papoulias could evaluate whether New Democracy, Pasok and the Democratic Left party agreed and give them a mandate to form a coalition government.
He said the three parties appeared to have reached a policy outline for a two-year government, since they were asking for a government last as long as the envisaged term of the bailout agreements.
Asked whether he can guarantee that Greece will remain in the euro, Syriza's leader underlined the party's position was firmly in favour of remaining in the Eurozone but he "cannot guarantee that the eurozone will exist".
"What has to stop is the experiment [using] Greece and a solution must be found on a European level. Therefore, the issue is to convince our partners and creditors that it is in our common interest to change the austerity policy and have it proceed step by step for Greece and Europe".
He addressed the immigration issue, blaming Antonis Samaras and Michalis Chryssochoidis for their handling of the matter and leading to the impressive rise of neo-nazi party Golden Dawn. "Greece cannot become a storage space for souls", he said. "We say no to detention camps".
Finally, he said that although his party had not governed, they had a plan, a vision and proposals to lead the country through this diffuclt time, stressing that his party had people with the public's best interest at heart.
5.33pm Momentum seems to be gathering concerning the coming together of a unified pro-European front. Essentially a reaction to the escalating popularity of the anti-memorandum electional movement that made itself known through the electional result on May 6, it will probably involve Pasok, New Democracy, Drasi and the Democratic Alliance.
Stefanos Manos, whose party Drasi failed to enter parliament on May 6 said that "we shall help, with the strength given to us by our small percentage in these past elections, in the formation of a pro-Europe, reform-friendly front that will stand against those who, by not accepting reality, are leading Greece outside the euro".
Dora Bakoyannis of the Democratic Alliance followed swiftly, pledging her allegiance to such an effort. "I call upon all those parties and powers that believe that Greece can still have a future in Europe to come together".
5.08pm Democratic Left party leader Fotis Kouvelis on Monday said Greece was being led to repeat elections in June after Syriza refused to support a broad coalition government in this round. He also stressed in statements to the local radio station Real FM that he will not support Syriza even after the elections.
He insisted that Syriza's presence in such a broad coalition was vital, even though a government with New Democracy, Pasok and Democratic Left would have a comfortable majority in Parliament without it, "so the formation would not be exceedingly fragile and at risk of collapsing on the next day after it is formed".
Kouvelis further criticised Syrizas's proposal for a leftist government, saying that he had failed to use the support offered by Pasok and the Democratic Left and the 'tolerance' of ND, accusing the party of resorting to 'communication gimmicks'.
5.01pm A Syriza announcement has said that party leader Alexis Tsipras is not willing to participate in selective meetings of political leaders under President of Republic Karolos Papoulias referring, to Tsipras' refusal to take part in Monday's meeting at the presidential mansion with the participation of New Democracy (ND) leader Antonis Samaras, Paosk leader Evangelos Venizelos and Democratic Left leader Fotis Kouvelis.
Syriza underlined that Tsipras is at the President's disposal for a meeting in private or a meeting with the participation of all the parliamentary parties except the ultra right Chryssi Avghi.
Moreover, Syriza demands the immediate publication of the minutes of Sunday's meeting between the three political leaders and the President, noting that it is the evident duty of the Presidency, in order for the Greek people to be informed and to stop media speculation on Syriza's positions and the other parties' intentions.
Syriza's decision was sharply criticised by Pasok, whose press spokesman Fofi Gennimata said that his refusal to attend the meeting was an insult to the president and the voters that had supported Syriza in the hope of a better prospect for the country.
Gennimata accused Tsipras of being "afraid" to take responsibility for government and emphasised that repeat elections would be "disastrous" since government revenues were already collapsing, so that by the end of the month Greece would be in a worse financial position and with no guarantee that elections would not lead to another inconclusive result.
4.54pm Under fire German Chancellor Angela Merkel said it would be best for Greece to remain in the euro zone, and that European leaders must do everything possible to help the country back to economic growth.
European solidarity with Greece would cease if Greece decided to renege on the terms of its agreements, she said, adding: "I don't expect this to happen".
1.55pm Just in from Brussels: The European Commission hopes Greece will remain part of the euro zone but Athens must respect its obligations. "We wish Greece will remain in the euro and we hope Greece will remain in the euro ... but it must respect its commitments," European Commission spokeswoman Pia Ahrenkilde Hansen told a regular news briefing.
1.30pm The Independent Greeks has denied speculation that the party is holding secret talks with New Democracy (ND). In a statement, the party's spokesman, Terence Quick (below), insisted that the party always speaks openly and in public and never secretly or behind the scenes. "The dirty games refer to the traitors that attempt desperately to cling to something after their total failure in the general elections," he said. Independent Greeks is a splinter party from New Democracy.
12.25pm The Radical Left Coalition (Syriza), which said it will not attend a 7.30pm meeting with New Democracy, Pasok or the Democratic Left, said on Monday it would be willing to take part in a meeting that includes more groups.
"Syriza's leader [Alexis Tsipras] does not intend to participate in selective meetings with political leaders summoned by the president," Syriza said in a statement.
"However, he is at the president's disposal to meet him either on an individual basis or meet with all parliamentary parties, with the exception of (neo-Nazi) Golden Dawn," the statement said.
11.45am Equity prices were declining at the opening of trade at the Athens Stock Exchange, with the basic share price index down 3.03 percent, standing at 593.42 points at 11am, and turnover at 3.777m euros.
The FTSE/ASE 20 index for blue chip and heavily traded stocks was down 4.33 percent, the FTSE/ASE MID 40 index was down 1.40 percent, and the FTSE/ASE-80 small cap index was up 0.01 percent.
All individual sector indices were moving downward, with the heaviest losses in banks (down 6.63 percent), travel and recreation (down 5.98 percent) and financial services (down 5.77 percent).
Of the stocks traded, 7 were up, 35 were down, and 5 were unchanged.
"This is due to the political uncertainty and the ongoing statements from Europe about the risk of Greece exiting the euro," said Natasha Roumantzi, head of analysis at Piraeus Securities.
11.25am Today's Eleftheros Typos has a new opinion poll, conducted by Rass. The poll is over voter intention and has not been modified to show what the actual share of the vote would be. This is done by removing the abstentions, blank votes and votes for parties that poll below the three-percent threshold.
The poll was conducted on May 10-11 on a nationwide sample of 1,002 people.
Syriza 20.5%
New Democracy 19.4%
Pasok 11.8%
Independent Greeks 7.8%
Democratic Left 6.2%
Communist Party 4.8%
Golden Dawn 3.8%
Democratic Alliance 2.4%
Recreate Greece 2.3%
Popular Orthodox Rally (Laos) 2%
Ecogreens 1.8%
Others 3.7%
Spoiled/blank 2.2%
Undecided 11.3%
The Rass poll also asked interviewees who adapted the worst position during the talks on the formation of a government: 37.1% felt Tsipras was the worst, followed by Samaras (19.6%), Papariga (10.7%) and Venizelos (10.3%)
When asked who had the greatest responsibility for forming a government, 39% said Tsipras, 19.3% said Samaras, 8.1% said Venizelos and 3.2% Papariga. Surprisingly, only 0.4% said DL leader Kouvelis had the most responsibility.
10.45am A tale of two covers. Below is how two prominent Greek and German publications view the political situation.
On the left is the front cover of today's issue of Ta Nea. In his sketch, cartoonist Dimitris Hantzopoulos depicts a man shooting himself in the head, just below the chin. The bloody exit wound paints a map of Greece - a shocking message in our uncertain times.
On the right, is the cover of this week's issue of the biggest German news magazine Der Spiegel. Under the headline "Akropolis Adieu!", the magazine says - for the first time - that Greece must now leave the eurozone.
