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Musings on Greece
The local equity market is among the worst performers globally, falling approximately 40% year-to-date, even after the recent bounce. This exceeds the declines of around 30% seen in the Italian and Spanish markets, whilst both remain epicenters of the outbreak in Europe. Furthermore, many Greek mid-caps have seen even greater share price declines, despite in most instances being less materially impacted than the financials and industrials heavy index.
Telecoms are booming with the confinement
Telecom Italia reports a 70% increase in land line usage since the confinement, and 30% for mobile. Surely, the enablers of teleworking, on-line entertainment and social networking will benefit from more traffic, as long as people are forced to remain at home.