German Finance Minister Wolfgang Schaeuble said Greece may need more time to reduce its debt to regain access to capital markets, the Handelsblatt reported, citing an interview. Schaeuble also said a debt restructuring is “considered by many” to carry “high risks,” potentially triggering consequences “more disastrous” than those after the collapse of Lehman Brothers, according to the newspaper.
WHAT TO WATCH: *Finance Minister George Papaconstantinou said restructuring the nation’s debt won’t solve its problems and that the European debate on the matter is “dangerous.” *Gazprom will study assets offered for sale by the Greek government, Interfax reported *Fitch Ratings said today that German banks’ exposure to Greece is manageable *More than 2,000 Greek protesters gathered outside the country’s Parliament House in central Athens calling for changes to the electoral system in Madrid-style protest
EARNINGS: *Public Power Corp (PPC GA), reports 1Q 2011 earnings before start of trading *National Bank of Greece (ETE GA) releases 1Q earnings after market close, holds conference call at 6pm *Marfin Popular Bank (MARFB GA) releases 1Q earnings before market trading *Folli Follie (FFGRP GA) releases 1Q earnings after market close
EQUITIES: *Motor Oil Hellas (MOH GA), reports 1Q 2011 earnings of EU62.3M *Agricultural Bank (ATE GA) releases 1Q loss of EU29.5M *EFG Eurobank (EUROB GA) announced 1Q net income of EU74M *Sidenor (SIDE GA) reports 1Q net loss of EU7.6M
ANALYST RATINGS *Opap (OPAP GA) price est. cut to EU18 from EU19 at Proton *Alpha Bank (ALPHA GA) price est. cut to EU5 from EU6 at Proton
MARKETS: *The ASE Index gained 7.91 or 0.6% to 1,289.63 *FTSE/ASE 20 Index up 1.1% at 571.49 *Cypriot General Index rose 0.6% to 826.95 *Greece 2YR Bond Yields: 26.03% - 10YR Bond Yields: 16.73% *10YR bond spread against German bunds -- 13.68 ppts *Euro -- U.S. $1.42 *The MSCI Asia Pacific Index rose 1.2% as of 12:55 p.m. in Tokyo, as raw material producers increased after oil and copper prices rallied
BLOOMBERG TV: *9:37 a.m. Holger Schmieding, Berenberg, on the European economy
*11:50 a.m. Michael Dawson-Kropf, Fitch, German lenders and Greek risk *2:10 p.m. Paul Donovan, UBS, discusses global economy, ECB, IMF and peripheral European nations *6:30 p.m. Constance Parten, Aladdin Capital Management, Greek debt crisis, European outlook