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.
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.