Stockholm stock market up on Greek tax vote

At the close of trading on Tuesday, the Stockholm stock exchange OMXS index had risen by 5.7 percent on the back of positive news from Greece.

The index had started to move into the black already during morning trading but the increase accelerated when the Greek minister of finance Evangelos Venizelos announced that Greece would be receiving the emergency loan the country needs to avoid bankruptcy.

“”The disbursement will take place, and it will take place on time,” Venizelos said, according to news agency Reuters.

Venizelos also said Greece must endure more cutbacks, expected in October, to get the loan and to pass from a vicious to a virtuous economic cycle.

According to news agency TT it seems that the hitherto hesitant members of the governing party Pasok have fallen in line and will vote in favour of the cut backs.

The Greek parliament voted later Tuesday to back a hugely unpopular property tax, one of a several new austerity measures aimed at getting the country’s econonomy back on track.

The vote reduced the risk of a default and a Pan-European bank crisis and was well received by stock markets across Europe.

London’s FTSE index climbed 4.2 percent, the Paris CAC up 5.7 and the Frankfurt DAX ended the day up 5.3 percent.

In Stockholm, the banks were among the overall winners with an index rise of 8.4 percent.

Nordea rose by 9.9 percent, Swedbank by 8.9, SEB by 7.9 and Handelsbanken by 5.5 percent.

Energy firms also climbed strongly with Lundin Petroleum up 8.9 percent and Alliance Oil up 5.7 percent.

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Swede dies in earthquake in Greece and Turkey

A Swedish man was one of the people killed when a violent earthquake hit Greek island Kos, Sweden's foreign ministry has confirmed.

Swede dies in earthquake in Greece and Turkey
Rubble sitting outside the bar damaged by an earthquake in Kos, Greece. Photo: Michael Probst/AP

A second person killed was named as Turkish national Sinan Kurdoglu by Turkey's deputy prime minister, according to news agency the Associated Press. The men died when the roof of a bar collapsed in Kos, The Guardian reports.

The 6.7 magnitude earthquake shook the Greek island and Turkish tourist resort Bodrum in the early hours of Friday. Greek officials said around 200 people were injured, at least 120 on Kos and 70 in Turkey. Sweden's foreign ministry has confirmed that Swedes are among the injured.

The epicentre of the earthquake, which struck at around 1.30am local time, was 10 kilometres south of Bodrum and 16 kilometres north-east of Kos which was the worst hit, reports The Guardian.

A toppled column in Kos after the earthquake. Photo: Michael Probst/AP

“I'm still in shock,” Isak Bergh from Västerås told Swedish tabloid Aftonbladet, explaining that paintings and mirrors fell from the walls of the hotel he was in and the power was lost.

Another reader described the scene at Rhodes airport.

“I laid on the floor and started to shake around,” Brian Ramirez explained.