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At­tica Bank.

Small Greek lender At­tica Bank has post­poned for a sec­ond time a share­holder vote on a 434-mil­lion-euro fundrais­ing to plug a cap­i­tal short­fall, say­ing it needed more time to fin­ish talks with in­vestors. Last month, the 79-branch bank had put off a share­hold­ers’ vote sched­uled for Oc­to­ber 13 un­til yes­ter­day, cit­ing the same rea­son. Share­hold­ers agreed to re­con­vene on De­cem­ber 10 to vote on a plan to re­duce the num­ber of the bank’s out­stand­ing shares and an is­sue of new equi- ty about seven times its cur­rent mar­ket cap­i­tal­iza­tion of 62 mil­lion euros. At­tica, which is 51 per­cent-owned by the en­gi­neers’ pen­sion fund TSMEDE, plans to raise the funds through a rights is­sue to ex­ist­ing share­hold­ers and a pri­vate place­ment with strate­gic in­vestors.

In­dus­trial out­put.

Greek in­dus­trial out­put fell 5.1 per­cent year-on-year in Septem­ber after an up­wardly re­vised 5.9 per­cent con­trac­tion in Au­gust, its sev­enth straight month of de­cline, statis­tics ser­vice ELSTAT said yes­ter­day. The drop was mainly due to a 5.7 per­cent de­cline in min­ing out­put and a 15.2 per­cent fall in elec­tric­ity pro­duc­tion. Man­u­fac­tur­ing pro­duc­tion fell 2.1 per­cent from a year ear­lier. Septem­ber’s drop was the sev­enth con­sec­u­tive con­trac­tion in in­dus­trial out­put since Fe­bru­ary this year, based on re­vised data that sets 2010 as the base year, ELSTAT said.

steeper than a 1 per­cent de­cline ex­pected by econ­o­mists in a Reuters poll. For years an in­fla­tion out­lier in the eu­ro­zone, Greece has been in de­fla­tion mode for the last 20 months as cuts in wages and pen­sions and a deep re­ces­sion ex­ert down­ward pres­sures. De­fla­tion in Greece hit its high­est level in Novem­ber 2013, with con­sumer prices reg­is­ter­ing a 2.9 per­cent year-on-year de­cline.

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