The president of the European Central Bank (ECB), Mario Draghi, has rejected recently the speculations regarding a possible exit of Greece from the euro area. The political problems are maintained, but in Athens, and some investors emphasize good decisions of the Greek government, which were taken into consideration also by Patrascu Octavian Constantin, business developer, when he concluded a business on the Greek online trading market.
Alexandros Moraitakis is one of those business men in Greece claiming that the “government” made some smart decisions within the purpose of encouraging the foreign investors, by offering them important levers on different economic levels”, which makes him believe that “in the nearest future, the ones investing in Greece will enjoy more and more friendly conditions”.
Moraitakis performs its activity on the online trading market, and soon he stroke a bargain with the young business developer Patrascu Constantin Octavian, in a deal involving the access to the online trading platforms, including know-how in the field and specialized brokers.
The Greek online trading market is already a mature one, as the Stock market is also, attracting many investors, which have a higher appetite towards risk. We must not forget that Forex market offers chances for fast and significant gains, but, at the same time, it can also be the source of some loss, as characterized by Octavian Patrascu Forex.
During the last days, euro Forex market took a downward trajectory, based on the rumors regarding a possible exist of Greece from the euro area, by bringing into “spotlight” the American dollar.
The president of ECB, Mario Draghi, repeated recently, on a meeting with IMF, what he stated, actually, three years ago, namely the fact that the euro currency is irreversible, and the states from the euro area cannot come back to the national currency.
“There is no coming back to pound, drachma or any other currency. It is useless to bet against euro. It is useless to sell euro, anticipating that it will depreciate”, states the chief of ECB in August 2012, where through on April 18th, 2015 to claim that today he would make “exactly the same affirmations”, according to Wall Street Journal.
The ECB chief made these remarks in the context of increased fears, on international markets, regarding a possible failure of Greece in concluding an agreement with the international partners for continuing the reform programs and accessing new funds from the loan of 240 billion euro, signed in 2010 with EU, IMF and ECB, without which the county might go into payment default.
The general picture shows that the interested parties try to determine Greece to accept the requirements of the international creditors and there are now two pressure ways. One coming from the banking system and the second through the situation of cash of the Greek government.
These days, the financial markets, including the Stock market in Athens, reacted negatively after the Greek executive issued different decrees regarding the storage of cash balance of the local administration in the Central Bank, to be used by the government.
In markets it is spoken about preparing of a proposition by ECB in order to subtly apply additional pressure upon Greece, when the country does not have control over the finance of its banking system.
Mario Draghi refused to comment upon ECB reaction in case of Greek bankruptcy, saying that he does not wish to think of such scenario. “We all wish Greece to succeed. The solution in the Greek government’s hands” he concluded.
Time is running fast and the uncertainty regarding the conclusion of an agreement between Greece and its creditors influences the prices, based on the increase of “Frexit” risk, on Forek market and on the Stock market.
Forex market is not directly influenced by the situation of Greece, as meaning that the “players” are not retreating of fear regarding the bankruptcy of the country, but only they changed their tactics, counting on a euro weakened by context and all they can do is to take advantage of the volatility of the European currency. “As I was saying, it is a risky market and each investor must take this thing into consideration”, mentions Octavian Patrascu on Forex dangers.
It is to mention the fact that Greece resumed on April 18th, 2015 the technical discussions with the main external creditors on the reforms it must implement in order to access new funds from the load from IMF, EU and ECB. The country can also access a tranche of 7,2 billion euro of the financial help programme.
Greece obtained the prolongation of the financial help from international creditors in February 2015 being a moment or respite for authorities and also for investors. Some of them maintain the country on the list of business opportunities, like Patrascu Octavian Constantin, starting from the figures regarding the country economy evolution. . “Greece remains a country with large business opportunities”, emphasizes Constantin Patrascu, whose area of interest is the Forex market.
Greek’s GDP increased with 0,8% in 2014, overcoming the official estimates, according to preliminary data published by the Greek Statistical Office (ELSTAT) and taken over by Reuters.
The value of Greek’s GDP increase to 186,5 billion euro, last year, as against 185,1 billion euro, in 2013.
Athens and international creditors (EU, ECB and IMF) were expecting an advance of the economy of 0,6% in 2014 and estimate and advance of 2,9%, for 2015.
This article was published in gandul.info by Patrascu Octavian Constantin