10 February 2012 17:16 [Source: ICIS news]
(releads and updates throughout)
LONDON (ICIS)--European chemical stocks continued to fall on Friday, in line with financial markets, as investors' concerns worsened that plans to solve the Greek debt crisis would fail.
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With European indices trading lower, the Dow Jones Euro Stoxx Chemicals index was down by 1.43%, as shares in many of
Petrochemical major BASF’s shares had fallen by 1.53%, while fellow Germany-based chemical company Bayer’s shares were trading down by 1.74%.
Shares in Germany-based fertilizer producer K+S and chemical firm Wacker Chemie were trading down by 2.32% and 6.44% respectively.
France-based Arkema’s shares were trading down by 2.66% from the previous close while shares in
On Thursday, Prime Minister Lucas Papademos of
However, eurozone finance ministers later set out additional measures Greece, already in deep recession, must accept in order to receive further bailout funds of around €130bn ($173bn) the country needs to avoid defaulting.
If a deal is not made it could also mean
The Greek parliament has been asked to ratify all cuts and reforms agreed with the International Monetary Fund (IMF), the European Central Bank (ECB) and the EU by 12 February and also for
Eurozone finance ministers also asked for guarantees that the deal would be implemented.
Greek politicians remain deeply concerned over the severity of the austerity measures required, while Greek unions opposed to the proposed cuts began a 48-hour strike on Friday.
Four cabinet ministers from Greece's far-right Laos group also resigned, according to reports, saying the country was being humiliated by Germany.
Public anger over the reforms, which include lowering the minimum wage by 20% to €600 a month and 15,000 public-sector job cuts, has led to violent clashes in
Police have used teargas to disperse and control demonstrators armed with stones and petrol bombs, according to media reports.
($1 = €0.75)
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