000 E??Y??

O:000 E Y O 1/20/11 3:47 PM Page 1

√ Nigel Gibson Â›Ó·È ‰ËÌÔÛÈÔÁÚ¿ÊÔ˜ Î·È Û˘ÁÁڷʤ·˜. √ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎfi˜ ÙÔ̤·˜ ηı›ÛÙ·Ù·È ÔÏÔ¤Ó· ÈÔ ÛËÌ·ÓÙÈÎfi˜ ηÈ
∂ÚÁ¿ÛÙËΠˆ˜ Û˘ÓÙ¿ÎÙ˘ ÔÈÎÔÓÔÌÈÎÒÓ ıÂÌ¿ÙˆÓ ÁÈ· ÙÔ ÔχÏÔÎÔ˜ Ù· ÙÂÏÂ˘Ù·›· ¯ÚfiÓÈ·, ÏfiÁˆ Ù˘ ÂÎıÂÙÈ΋˜ ·‡ÍËÛ˘ ÙˆÓ
ÂÚÈÔ‰ÈÎfi The Economist Î·È ˆ˜ ‚ÔËıfi˜ ·Ú¯ÈÛ˘ÓÙ¿ÎÙË ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ Û˘Ó·ÏÏ·ÁÒÓ Î·È Ù˘ ‰È¿‰ÔÛ˘ Ù˘ Ó¤·˜
ÁÈ· ÙÔ Eurobusiness. ∆· ÙÂÏÂ˘Ù·›· ¯ÚfiÓÈ· ÂÚÁ¿ÛÙËΠٯÓÔÏÔÁ›·˜. ∆Ô ·ÚfiÓ ‚È‚Ï›Ô ·ÔÙÂÏ› ¤Ó·Ó Ô‰ËÁfi ÛÙȘ ‚·ÛÈΤ˜
µ · Û È Î¤ ˜ · Ú ¯ ¤ ˜ Ô È Î Ô Ó Ô Ì › · ˜

µ · ÛÈ Î ¤ ˜ · Ú ¯ ¤ ˜ Ô È ÎÔ Ó Ô Ì › · ˜
ÛÙÔÓ ÙÔ̤· ÙˆÓ ‰ËÌfiÛÈˆÓ Î·È ÂÂÓ‰˘ÙÈÎÒÓ Û¯¤ÛÂˆÓ ÛÙÔ ¤ÓÓÔȘ ÙˆÓ ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ Î·È ÂÚÈÏ·Ì‚¿ÓÂÈ ¤ÓÓÔȘ ·fi ÙÔ A
§ÔÓ‰›ÓÔ Î·È ÛÙÔ ÃÔÓÁÎ ∫ÔÓÁÎ. ¤ˆ˜ ÙÔ Z Ô˘ ηχÙÔ˘Ó ı¤Ì·Ù· fiˆ˜ Ù· ·Ú·Î¿Ùˆ:
µ · Û È Î¤ ˜ · Ú ¯ ¤ ˜ Ô È Î Ô Ó Ô Ì › · ˜ Fannie Mae, LIBOR, Ponzi scheme, ·ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘,

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ·ÓÂ›ÛË̘ ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ Û˘Ó·ÏÏ·Á¤˜, ·ÓÙÈÛÙ·ıÌÈÛÙÈÎfi

˘fiÏÔÈÔ, ·ԉȷÌÂÛÔÏ¿‚ËÛË, ·fi‰ÔÛË Â¤Ó‰˘Û˘ ¤ˆ˜ ÙË Ï‹ÍË,
·Ô‰Ô¯‹, ‰Â›ÎÙ˘ Â͢ËÚ¤ÙËÛ˘ ¯Ú¤Ô˘˜, ‰ËÌÔÛ›Â˘ÛË ÁÈ· ÙËÓ ¤Î‰ÔÛË

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ Ó¤ˆÓ ÔÌÔÏfiÁˆÓ, Â¤Ó‰˘ÛË Û ÌÂÙÔ¯¤˜ ·Í›·˜, ıˆڛ· Ù˘
·ÔÙÂÏÂÛÌ·ÙÈ΋˜ ·ÁÔÚ¿˜, ηÓfiÓ˜ «ÁÓÒÚÈÛ ÙÔÓ ÂÏ¿ÙË ÛÔ˘»,
ÎÂÊ¿Ï·ÈÔ Î›ÓËÛ˘, ÎÂÊ·Ï·ÈÔ˘¯È΋ Â¿ÚÎÂÈ·, Ìfi¯Ï¢ÛË, ÔÌfiÏÔÁÔ

ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ÌˉÂÓÈÎÔ‡ ÙÔÎÔÌÂÚȉ›Ô˘, ÔÌfiÏÔÁÔ Ù‡Ô˘ Bunny, ÔÌfiÏÔÁÔ ¯·ÌËÏ‹˜

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ

N i g el G i b s o n ·ÍÈÔÈÛÙ›·˜, fi¯ËÌ· ÂȉÈÎÔ‡ ÛÎÔÔ‡, ÛÙÂÓ‹ ·ÁÔÚ¿, Û˘ÌÏËڈ̷ÙÈ΋
Î¿Ï˘„Ë, Û˘Ó·ÏÏ·Á¤˜ ÂÎÙfi˜ ÈÛÔÏÔÁÈÛÌÔ‡, Û˘ÓÙÂÏÂÛÙ‹˜ ·Ófi‰Ô˘,
™ÙȘ ·Ú¯¤˜ ÙÔ˘ 21Ô˘ ·ÈÒÓ· ÛËÌÂÈÒıËΠÌÂÁ¿ÏË ·Ó·Ù·Ú·¯‹ ÛÙȘ ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈΤ˜
Ù·˘Ùfi¯ÚÔÓË Ï‹ÍË ÙÚÈÒÓ ÂȉÒÓ Ù›ÙψÓ, Ù¯ÓËÙ‹ ¿ÓÔ‰Ô˜ Ù˘ ÙÈÌ‹˜ ÙˆÓ
·ÁÔÚ¤˜. ∆· ¯ÚËÌ·ÙÈÛÙ‹ÚÈ· η٤ÚÚÂ˘Û·Ó, ÔÈ Û˘ÓÙ¿ÍÂȘ ÌÂÈÒıËÎ·Ó Î·È Ù· ·Ú¿ÁˆÁ· – Ù·
ÌÂÙÔ¯ÒÓ, Ù˘¯·›· ÔÚ›·, ¯Ú‹ÛË ÎÂÊ·Ï·›ˆÓ.
¯ÚËÌ·ÙÔÈÛÙˆÙÈο fiÏ· Ì·˙È΋˜ ηٷÛÙÚÔÊ‹˜, Û‡Ìʈӷ Ì ÙÔÓ Warren Buffet –
Û˘Ó¯›˙Ô˘Ó Ó· ÛÎÔÚÔ‡Ó ÙÔÓ fiÏÂıÚÔ. ªÈ· ÌÔÏ˘ÛÌ·ÙÈ΋ ·ÏËÛÙ›·, ηٿ ÙÔÓ Alan
Greenspan, ¤¯ÂÈ Î˘ÚȇÛÂÈ ÌÂÁ¿ÏÔ Ì¤ÚÔ˜ ÙÔ˘ ÎfiÛÌÔ˘ ÙˆÓ ÂȯÂÈÚ‹ÛÂˆÓ Î·È ÙˆÓ
¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ÔÚÁ·ÓÈÛÌÒÓ. øÛÙfiÛÔ, Ë ÛÔ˘‰·ÈfiÙËÙ· ÙÔ˘ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÔ‡
ÎfiÛÌÔ˘ Â›Ó·È ÌÂÁ·Ï‡ÙÂÚË ·fi ÔÙ¤, ηıÒ˜ Ë ÔÏ˘ÏÔÎfiÙËÙ¿ ÙÔ˘ ·˘Í¿ÓÂÙ·È ‰È·ÚÎÒ˜.
∞˘Ùfi˜ Ô Û·Ê‹˜, ÁÏ·Ê˘Úfi˜ Î·È Ú·ÎÙÈÎfi˜ Ô‰ËÁfi˜ ı· Ú›ÍÂÈ Êˆ˜ ÛÙ· Ì˘ÛÙ‹ÚÈ· Î·È ÛÙȘ
ȉÈÔÙ˘›Â˜ ÙÔ˘.

N i g e l G ibs o n
www.bookstore-oikonomiki.gr
bookstore@oikonomiki.gr
™¯Â‰È·ÛÌfi˜ Â͈ʇÏÏÔ˘: the Senate
∂ÈÎÔÓÔÁÚ¿ÊËÛË Â͈ʇÏÏÔ˘: Brett Ryder
001-005 19/1/12 16:24 Page 3

µ·ÛÈΤ˜ ·Ú¯¤˜ ÔÈÎÔÓÔÌ›·˜

TÔ ·ÏÊ·‚ËÙ¿ÚÈ
ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ
001-005 19/1/12 16:24 Page 4

∆›ÙÏÔ˜ ÙÔ˘ ÚˆÙÔÙ‡Ô˘ Essential Finance

∂ΉfiıËΠ·fi ÙËÓ Profile Books Ltd ÛÂ Û˘ÓÂÚÁ·Û›· ÌÂ
The Economist Newspaper Ltd
Copyright © The Economist Newspaper Ltd 2003
Text copyright © Nigel Gibson 2003

¶ÚÒÙË ¤Î‰ÔÛË ÁÈ· ÙËÓ ÂÏÏËÓÈ΋ ÁÏÒÛÛ·

© ∂ΉfiÛÂȘ ∫∂ƒ∫Àƒ∞ ªÔÓÔÚfiÛˆË ∂¶∂
ISBN: 960-8386-39-X
ºÂ‚ÚÔ˘¿ÚÈÔ˜ 2006
1.500 ·ÓÙ›Ù˘·

¶·Ú·ÁˆÁ‹: ∂ΉfiÛÂȘ ∫∂ƒ∫Àƒ∞

ªÂÙ¿ÊÚ·ÛË: ™ÔÊ›· ™·‚‚Ô˘Ï›‰Ô˘
¢ÈfiÚıˆÛË: MÂÓ›Ó· ºÔ˘ÚÙÔ‡ÓË
™˘ÓÙÔÓÈÛÌfi˜ ¤Î‰ÔÛ˘: ŒÊË AÓ‰ÚÈÎÔÔ‡ÏÔ˘
™¯Â‰È·ÛÌfi˜-ÛÂÏȉÔÔ›ËÛË: ∞ÙÂÏȤ ∫∂ƒ∫Àƒ∞

∫ÂÓÙÚÈ΋ ‰È¿ıÂÛË:

µÏ·¯¿‚· 6-8, 105 51 ∞ı‹Ó·

∆ËÏ.: 210-32 44 102, 210-33 14 714, fax: 210-32 30 338
www.oikonomiki.gr, sales@oikonomiki.gr
www.bookstore-oikonomiki.gr, bookstore@oikonomiki.gr

∞·ÁÔÚ‡ÂÙ·È Ë ·Ó·‰ËÌÔÛ›Â˘ÛË Î·È ÁÂÓÈο Ë ·Ó··Ú·ÁˆÁ‹ ÙÔ˘ ·ÚfiÓÙÔ˜

¤ÚÁÔ˘, Ì ÔÔÈÔÓ‰‹ÔÙ ÙÚfiÔ, ÙÌËÌ·ÙÈο ‹ ÂÚÈÏËÙÈο, ÛÙÔ ÚˆÙfiÙ˘Ô
‹ Û ÌÂÙ¿ÊÚ·ÛË ‹ ¿ÏÏË ‰È·Û΢‹, ¯ˆÚ›˜ ÁÚ·Ù‹ ¿‰ÂÈ· ÙÔ˘ ÂΉfiÙË.
001-005 19/1/12 16:24 Page 5

¶ÂÚȯfiÌÂÓ·

∂ÈÛ·ÁˆÁ‹ 6

∆Ô ÌÂÙ·‚·ÏÏfiÌÂÓÔ ÚfiÛˆÔ ÙˆÓ ·ÁÔÚÒÓ 8

A-Z 33
∂˘ÚÂÙ‹ÚÈÔ fiÚˆÓ 425

*™ËÌ›ˆÌ· ÁÈ· ÙËÓ ÂÏÏËÓÈ΋ ¤Î‰ÔÛË:

ªÂ ÛÙfi¯Ô ÙËÓ ÔÌÔÈÔÌÔÚÊ›·, ÎÚ›ıËΠÛÎfiÈÌÔ ÛÙËÓ ÂÏÏËÓÈ΋ ¤Î‰ÔÛË Ó· ‰È·ÙË-
ÚËı› ÙÔ ·ÁÁÏÈÎfi ·ÏÊ¿‚ËÙÔ ÁÈ· ÙËÓ ·Ú¿ıÂÛË ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ fiÚˆÓ. √È fiÚÔÈ
‰›ÓÔÓÙ·È ÛÙ· ·ÁÁÏÈο Î·È ÛÙ· ÂÏÏËÓÈο. °È· ÏfiÁÔ˘˜ ¢¯ÚËÛÙ›·˜, ÛÙÔ Ù¤ÏÔ˜ ÙÔ˘ ÂÁ-
¯ÂÈÚȉ›Ô˘ ·Ú·Ù›ıÂÙ·È Â˘ÚÂÙ‹ÚÈÔ Ù˘ ÂÏÏËÓÈ΋˜ ÔÚÔÏÔÁ›·˜ Û ·ÓÙÈÛÙÔȯ›· Ì ÙËÓ
·ÁÁÏÈ΋, ÒÛÙÂ Ô ·Ó·ÁÓÒÛÙ˘ Ó· ÂÓÙÔ›˙ÂÈ Â‡ÎÔÏ· ÙÔ Ï‹ÌÌ·.
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6 TO A§ºABHTAPI TøN OIKONOMIKøN | BA™IKE™ APXE™ OIKONOMIA™

∂ÈÛ·ÁˆÁ‹

Ô ∞ÏÊ·‚ËÙ¿ÚÈ ÙˆÓ √ÈÎÔÓÔÌÈÎÒÓ ·Ó‹ÎÂÈ ÛÙË ÛÂÈÚ¿ ‚È‚Ï›ˆÓ ÙÔ˘

∆ The Economist, Ù· ÔÔ›· ·ÔÛ·ÊËÓ›˙Ô˘Ó ÙÔ˘˜ ÔχÏÔÎÔ˘˜
ÙÔÌ›˜ ÙˆÓ ÂȯÂÈÚ‹ÛˆÓ, ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ Î·È ÙÔ˘ Ì¿Ó·Ù˙ÌÂÓÙ.
∫·ıÔ‰ËÁ› ÙÔÓ ·Ó·ÁÓÒÛÙË ÛÙÔÓ ÔÏÔ¤Ó· Î·È ÈÔ ÂÚ›ÏÔÎÔ Îfi-
ÛÌÔ ÙÔ˘ ¯Ú‹Ì·ÙÔ˜, ÙˆÓ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ·ÁÔÚÒÓ Î·È fiψÓ
ÙˆÓ Û¯ÂÙÈÎÒÓ ıÂÌ¿ÙˆÓ. ªÂÁ¿ÏÔ Ì¤ÚÔ˜ ÙˆÓ ÏËÚÔÊÔÚÈÒÓ ÚÔ¤Ú-
¯ÂÙ·È ·fi ÙÔ˘˜ Û˘Ó·Ú·ÛÙÈÎÔ‡˜ Î·È Û˘¯Ó¿ η˘ÛÙÈÎÔ‡˜ Ô‰ËÁÔ‡˜
ÁÈ· ÙÚ¿Â˙˜, ÙÚ·Â˙›Ù˜ Î·È ÁÈ· ÙË ‰ÈÂıÓ‹ ÔÈÎÔÓÔÌ›·, ÙÔ˘˜
ÔÔ›Ô˘˜ ¤¯ÂÈ Û˘ÁÁÚ¿„ÂÈ Î·Ù¿ ηÈÚÔ‡˜ Ô Tim Hindle, ÚÒËÓ ÔÈ-
ÎÔÓÔÌÈÎfi˜ Û˘ÓÙ¿ÎÙ˘ Î·È ÙÒÚ· Û˘ÓÙ¿ÎÙ˘ ÂȯÂÈÚËÌ·ÙÈÎÒÓ
˘Ôı¤ÛÂˆÓ ÙÔ˘ ÂÚÈÔ‰ÈÎÔ‡ The Economist.
™ÙÔÓ ÚfiÏÔÁÔ ·Ó·Ï‡ÔÓÙ·È Ë ÌÂÙ·‚·ÏÏfiÌÂÓË ÂÈÎfiÓ· ÙˆÓ ·ÁÔ-
ÚÒÓ, Ë ·˘Í·ÓfiÌÂÓË ÛÔ˘‰·ÈfiÙËÙ· ÙˆÓ ÌÂÙÔ¯ÒÓ Î·È ÙˆÓ ÔÌÔÏfi-
ÁˆÓ ˆ˜ ËÁÒÓ ¯ÚËÌ·ÙÔ‰fiÙËÛ˘ ÙˆÓ ÂÙ·ÈÚÂÈÒÓ, Ë ‰È‡ڢÓÛË ÙˆÓ
¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ÔÚÁ·ÓÈÛÌÒÓ, fi¯È ÌfiÓÔ Û ̤ÁÂıÔ˜ ·ÏÏ¿ ηÈ
¤Ú· ·fi Ù· fiÚÈ· Î·È ÙÔ˘˜ ÂȯÂÈÚËÌ·ÙÈÎÔ‡˜ ÎÏ¿‰Ô˘˜ ÛÙÔ˘˜
ÔÔ›Ô˘˜ ‰Ú·ÛÙËÚÈÔÔÈÔ‡ÓÙ·Ó ·Ú¯Èο. ∏ ÔÏ˘ÏÔÎfiÙËÙ· ÙˆÓ
ÂÙ·ÈÚÈÎÒÓ Û˘ÌʈÓÈÒÓ Î·È Ë Ù·¯‡ÙËÙ· ÌÂÙ·‚›‚·Û˘ ÙÂÚ¿ÛÙȈÓ
¯ÚËÌ·ÙÈÎÒÓ ÔÛÒÓ ÛÙȘ Ë̤Ú˜ Ì·˜ ·Ó·ÌÊ›‚ÔÏ· ¤¯Ô˘Ó ·˘Í‹ÛÂÈ
ÙËÓ ·ÛÙ¿ıÂÈ· ÙˆÓ ·ÁÔÚÒÓ Î·È ÙÔ˘˜ ÎÈÓ‰‡ÓÔ˘˜ ÁÈ· ÙÔ˘˜ ÂÂÓ‰˘-
Ù¤˜, ΛӉ˘ÓÔÈ Ô˘ Á›ÓÔÓÙ·È ÈÔ ÛËÌ·ÓÙÈÎÔ› Î·È ÔÈ ÔÔ›ÔÈ ÂÍ·ÏÒ-
ÓÔÓÙ·È Ì ÙË ¯Ú‹ÛË ÙˆÓ ·Ú·ÁÒÁˆÓ (ÚÔıÂÛÌȷΤ˜ Û˘Ó·ÏÏ·Á¤˜,
‰ÈηÈÒÌ·Ù· ÚÔ·›ÚÂÛ˘ ÌÂÙÔ¯ÒÓ Î·È Ù· ÏÔÈ¿).
∆ÔÓ ÚfiÏÔÁÔ ·ÎÔÏÔ˘ı› ¤Ó· ÂÎÙÂٷ̤ÓÔ ÁψÛÛ¿ÚÈÔ Ì fiÚÔ˘˜
·fi ÙÔ ∞ ˆ˜ ÙÔ ∑, ÔÈ ÔÔ›ÔÈ ¯ÚËÛÈÌÔÔÈÔ‡ÓÙ·È Â˘Ú¤ˆ˜ ·fi fiÛÔ˘˜
‰Ú·ÛÙËÚÈÔÔÈÔ‡ÓÙ·È ÛÙÔ ¯ÒÚÔ Ù˘ ÔÈÎÔÓÔÌ›·˜ Î·È ÙˆÓ ÙÚ·Â-
˙ÒÓ. ™˘¯Ó¿ Ë ÛËÌ·Û›· ÙˆÓ fiÚˆÓ ‰È·Ê¤ÚÂÈ ·ÎfiÌË Î·È ÁÈ· fiÛÔ˘˜
ÎÈÓÔ‡ÓÙ·È ÛÙÔÓ ›‰ÈÔ Ì˘ÛÙËÚÈÒ‰Ë ÎfiÛÌÔ Ù˘ ÔÈÎÔÓÔÌ›·˜. ™Â ·˘Ù‹
006-027 meros A 17/1/12 17:06 Page 7

EI™A°ø°H 7

ÙËÓ ÂÓfiÙËÙ· ÔÈ Ï¤ÍÂȘ Ô˘ Â›Ó·È ÁÚ·Ì̤Ó˜ Ì ÎÂÊ·Ï·›· Û˘Ó‹-

ıˆ˜ ‰ËÏÒÓÔ˘Ó fiÙÈ ˘¿Ú¯ÂÈ ÌÈ· ͯˆÚÈÛÙ‹ Î·È ÂÓ›ÔÙ ۯÂÙÈ΋ η-
Ù·¯ÒÚÈÛË Û ¿ÏÏÔ ÛËÌÂ›Ô ÙÔ˘ ‚È‚Ï›Ô˘ (‚¤‚·È· Î·È ÔÈ Û˘ÓÙÔÌÔ-
Áڷʛ˜ ÂÌÊ·Ó›˙ÔÓÙ·È Ì ÙËÓ ›‰È· ÌÔÚÊ‹).

Nigel Gibson
ª¿ÚÙÈÔ˜ 2003
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8 TO A§ºABHTAPI TøN OIKONOMIKøN | BA™IKE™ APXE™ OIKONOMIA™

∆Ô ÌÂÙ·‚·ÏÏfiÌÂÓÔ ÚfiÛˆÔ ÙˆÓ ·ÁÔÚÒÓ

¿Ó Ô Rip Van Winkle (·fi ÙÔ Ì˘ıÈÛÙfiÚËÌ· ÙÔ˘ Washington

E Irving) ›¯Â ¤ÛÂÈ ÁÈ· ‡ÓÔ ÛÙȘ ·Ú¯¤˜ ÙÔ˘ 1970 Î·È Í˘ÓÔ‡ÛÂ
ÙÚÈ¿ÓÙ· ¯ÚfiÓÈ· ·ÚÁfiÙÂÚ·, ı· ·Ó·ÁÓÒÚÈ˙ ÂÏ¿¯ÈÛÙ· ÙÔ ÛËÌÂÚÈÓfi
ÔÈÎÔÓÔÌÈÎfi ÙÔ›Ô. ∂›Ó·È ·Ï‹ıÂÈ· fiÙÈ ˘¿Ú¯Ô˘Ó ÂÙ·ÈÚ›˜ Ì ÌÂÙfi-
¯Ô˘˜ Î·È ÙÚ¿Â˙˜ Î·È ¯ÚËÌ·ÙÈÛÙ‹ÚÈ·, ÂÓÒ ÂÍ·ÎÔÏÔ˘ıÔ‡Ó Ó·
˘¿Ú¯Ô˘Ó ÔÏÏÔ› ‰ÈÎËÁfiÚÔÈ Î·È ÙÚ·Â˙›Ù˜ Ô˘ ‚ÔËıÔ‡Ó ÛÙË ÌÂÙ·-
ÊÔÚ¿ ÙˆÓ ¯ÚËÌ¿ÙˆÓ ·fi ÙË ÌÈ· ÙÛ¤Ë ÛÙËÓ ¿ÏÏË, ¤ÙÛÈ ÒÛÙ ÔÈ
ÂÙ·ÈÚ›˜ Ó· ÌÔÚÔ‡Ó Ó· ÂÍ·ÛÊ·Ï›˙Ô˘Ó Ù· ¯Ú‹Ì·Ù· Ô˘ ¯ÚÂÈ¿˙Ô-
ÓÙ·È Î·È Ó· Â›Ó·È Û ı¤ÛË Ó· Ú·ÁÌ·ÙÔÔÈÔ‡Ó ÂȯÂÈÚËÌ·ÙÈΤ˜
‰Ú·ÛÙËÚÈfiÙËÙ˜. øÛÙfiÛÔ, Ô ÙÚfiÔ˜ Ì ÙÔÓ ÔÔ›Ô Û˘ÁÎÂÓÙÚÒÓÔÓÙ·È
Ù· ¯Ú‹Ì·Ù· Î·È Ë Ù·¯‡ÙËÙ· Ì ÙËÓ ÔÔ›· Á›ÓÂÙ·È ·˘Ùfi ¤¯Ô˘Ó ·ÏÏ¿-
ÍÂÈ ÚÈ˙Èο. ¶ÚÈÓ ·fi ÙÚÈ¿ÓÙ· ¯ÚfiÓÈ·, ÔÈ ÙÚ¿Â˙˜ ÂÍ·ÎÔÏÔ˘ıÔ‡Û·Ó
Ó· Â›Ó·È Ë Î‡ÚÈ· ËÁ‹ ¯ÚËÌ·ÙÔ‰fiÙËÛ˘ ÁÈ· ÙȘ ÂÚÈÛÛfiÙÂÚ˜ ÌÂ-
Á¿Ï˜ ÂÙ·ÈÚ›˜, ȉȷ›ÙÂÚ· ÛÙËÓ π·ˆÓ›· Î·È ÛÙËÓ ∂˘ÚÒË.
™‹ÌÂÚ·, ˆ˜ Â› ÙÔ Ï›ÛÙÔÓ, ÔÈ ÙÚ¿Â˙˜ ·›˙Ô˘Ó ‰Â˘ÙÂÚ‡Ô-
ÓÙ· ÚfiÏÔ ÛÙËÓ ·ÁÔÚ¿ ›‰ÈˆÓ ÎÂÊ·Ï·›ˆÓ Î·È ÔÌÔÏfiÁˆÓ ÁÈ· ÌÂÁ¿-
Ϙ ÂÙ·ÈÚ›˜. ∞ÎfiÌË Î·È ÛÙË °ÂÚÌ·Ó›· Î·È ÛÙËÓ π·ˆÓ›·, Ô Úfi-
ÏÔ˜ ÙˆÓ ÙÚ·Â˙ÒÓ ¤¯ÂÈ Û˘ÚÚÈÎÓˆı›. √È ·ÁÔÚ¤˜ ›‰ÈˆÓ ÎÂÊ·Ï·›ˆÓ
Î·È ÔÌÔÏfiÁˆÓ ¤¯Ô˘Ó ·ÔÎÙ‹ÛÂÈ ‰ÈÂıÓ‹ ¯·Ú·ÎÙ‹Ú· Î·È ¤¯Ô˘Ó
ÂÂÎÙ›ÓÂÈ ÙËÓ ÂÈÚÚÔ‹ ÙÔ˘˜ Ì ÙÚfiÔ˘˜ Ô˘ ηÓ›˜ ‰ÂÓ ı· Ê·-
ÓÙ·˙fiÙ·Ó ÚÈÓ ·fi ÙÚÈ¿ÓÙ· ¯ÚfiÓÈ·.
™˘ÁÎÚÈÙÈο Ì ÙÔ˘˜ ·ÓÙ›ÛÙÔÈ¯Ô˘˜ ÔÚÁ·ÓÈÛÌÔ‡˜ Ô˘ ÏÂÈÙÔ˘Ú-
ÁÔ‡Û·Ó ÚÈÓ ·fi Ì›· ‰ÂηÂÙ›·, ÔÈ ÛËÌÂÚÈÓÔ› ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÔ›
ÔÚÁ·ÓÈÛÌÔ› ‰ÂÓ ·ÚÔ˘ÛÈ¿˙Ô˘Ó ÌfiÓÔ ÌÂÁ·Ï‡ÙÂÚË ÔÈÎÈÏ›· ÙfiÛÔ
ÁˆÁÚ·ÊÈο fiÛÔ Î·È ·fi ÙËÓ ¿Ô„Ë ÙˆÓ ÂȯÂÈÚËÌ·ÙÈÎÒÓ ‰Ú·-
ÛÙËÚÈÔÙ‹ÙˆÓ ÙÔ˘˜, ·ÏÏ¿ Â›Û˘ Â›Ó·È Î·Ï‡ÙÂÚ· ÎÂÊ·Ï·ÈÔÔÈË̤-
ÓÔÈ. ∆Ô 1990, ÔÈ ÌÂÁ·Ï‡ÙÂÚ˜ ¯ÚËÌ·ÙÔÈÛÙˆÙÈΤ˜ ÂÙ·ÈÚ›˜ ‹Ù·Ó
ÂÌÔÚÈΤ˜ ÙÚ¿Â˙˜, ÂÎ ÙˆÓ ÔÔ›ˆÓ ÔÈ ÂÚÈÛÛfiÙÂÚ˜ ‹Ù·Ó È·ˆ-
006-027 meros A 17/1/12 17:06 Page 9

∆O METABA§§OMENO ¶PO™ø¶O TøN A°OPøN 9

ÓÈΤ˜, Ì ·ÚÈ· ‰Ú·ÛÙËÚÈfiÙËÙ· ÙËÓ ·ÔÙ·Ì›Â˘ÛË Î·Ù·ı¤ÛˆÓ

Î·È ÙË ¯ÔÚ‹ÁËÛË ‰·Ó›ˆÓ. ∂ΛÓË ÙËÓ ÂÔ¯‹, ÔÈ ÙÚ¿Â˙˜ ÛÙËÓ
∂˘ÚÒË ‰Ú·ÛÙËÚÈÔÔÈÔ‡ÓÙ·Ó Û ÂÚÈÛÛfiÙÂÚÔ˘˜ ÙÔÌ›˜ Û˘ÁÎÚÈÙÈ-
ο Ì ÙÔ˘˜ ·ÓÙ›ÛÙÔÈ¯Ô˘˜ ÔÚÁ·ÓÈÛÌÔ‡˜ ÛÙËÓ ∞ÌÂÚÈ΋, ÔÈ ÔÔ›ÔÈ,
‚¿ÛÂÈ ÙÔ˘ ÓfiÌÔ˘ Glass-Steagall – Ô ÔÔ›Ô˜ ÂÓ Î·ÈÚÒ Î·Ù·ÚÁ‹ıËÎÂ
– ¤ÚÂ ӷ ÂÈϤÍÔ˘Ó ÌÂٷ͇ Ù˘ ÂÌÔÚÈ΋˜ ÙÚ·Â˙È΋˜, Ù˘
ÂÂÓ‰˘ÙÈ΋˜ ÙÚ·Â˙È΋˜ Î·È Ù˘ ·ÚÔ¯‹˜ ÂÍÂȉÈÎÂ˘Ì¤ÓˆÓ ¯ÚËÌ·-
ÙÔÈÛÙˆÙÈÎÒÓ ˘ËÚÂÛÈÒÓ, fiˆ˜ Â›Ó·È ÔÈ ÂÂÓ‰‡ÛÂȘ.
™ÙȘ Ë̤Ú˜ Ì·˜, ÔÈ ÌÂÁ·Ï‡ÙÂÚ˜ ÂÙ·ÈÚ›˜ Â›Ó·È Ì·ÎÚ¿Ó ÔÈ
ÎÔÈÓÔڷ͛˜ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ˘ËÚÂÛÈÒÓ, ÔÈ Ôԛ˜ Û˘Ó-
‰˘¿˙Ô˘Ó ÙËÓ ÂÌÔÚÈ΋ ÙÚ·Â˙È΋ Ì ¢ڇ Ê¿ÛÌ· ¿ÏÏˆÓ ¯ÚËÌ·-
ÙÔÈÛÙˆÙÈÎÒÓ ˘ËÚÂÛÈÒÓ, fiˆ˜ ÙËÓ ·ÛÊ¿ÏÈÛË ÂΉfiÛÂˆÓ ÔÌÔÏfi-
ÁˆÓ Î·È ›‰ÈˆÓ ÎÂÊ·Ï·›ˆÓ Î·È ÙËÓ ·ÚÔ¯‹ Û˘Ì‚Ô˘Ï¢ÙÈÎÒÓ ˘Ë-
ÚÂÛÈÒÓ ÁÈ· Û˘Á¯ˆÓ‡ÛÂȘ Î·È ÂÍ·ÁÔÚ¤˜. ∂›Û˘, ¯ÔÚËÁÔ‡Ó Î·Ù·-
ӷψÙÈο ‰¿ÓÂÈ· Î·È ‰È·ı¤ÙÔ˘Ó ÚÔ˜ ÒÏËÛË ‰¿ÓÂÈ· Û ¿ÏÏÔ˘˜
ÂÂÓ‰˘Ù¤˜, ÁÈ· ·Ú¿‰ÂÈÁÌ·, ‰ËÌÈÔ˘ÚÁÒÓÙ·˜ ÂÓÒÛÂȘ, ·ÁÔÚ¿˙Ô-
ÓÙ·˜ Î·È ˆÏÒÓÙ·˜ ·Ú¿ÁˆÁ· Î·È ÂΉ›‰ÔÓÙ·˜ ÔÈÎÔÓÔÌÈÎÔ‡˜ Ù›Ù-
ÏÔ˘˜ ÌÂ Î¿Ï˘„Ë ·fi ÂÓ˘fiıËη ‰¿ÓÂÈ·, ÂÈÛÚ·ÎÙ¤· ÈÛÙˆÙÈÎÒÓ
ηÚÙÒÓ Î.¿. ∆Ô 1990, ÛÙÔÓ Î·Ù¿ÏÔÁÔ ÙˆÓ ‰Âη¤ÓÙ ÌÂÁ·Ï‡ÙÂ-
ÚˆÓ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ÂÙ·ÈÚÂÈÒÓ, ‚¿ÛÂÈ Ù˘ ¯ÚËÌ·ÙÈÛÙËÚÈ·-
΋˜ ·Í›·˜ ÙÔ˘˜ (Û‡Ìʈӷ Ì ÙË Morgan Stanley Capital
International), ‚Ú›ÛÎÔÓÙ·Ó Î·Ù¿ ·ÚÈÔ ÏfiÁÔ È·ˆÓÈΤ˜ ÙÚ¿Â-
˙˜, ÂÎ ÙˆÓ ÔÔ›ˆÓ Ë ¯ÚËÌ·ÙÈÛÙËÚȷ΋ ·Í›· ÙˆÓ ÌÂÁ·Ï‡ÙÂÚˆÓ
‹Ù·Ó ‡„Ô˘˜ 57 ‰ÈÛÂηÙÔÌÌ˘Ú›ˆÓ ‰ÔÏ·Ú›ˆÓ. ¢¤Î· ¯ÚfiÓÈ· ·ÚÁfi-
ÙÂÚ·, ÂÓ Ì¤ÚÂÈ ÏfiÁˆ ÏËıÒÚ·˜ Û˘Á¯ˆÓ‡ÛÂˆÓ ÌÂٷ͇ Ù¤ÙÔȈÓ
ÂÙ·ÈÚÂÈÒÓ, ÔÈ ‰ÈÂıÓ›˜ fiÌÈÏÔÈ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ˘ËÚÂÛÈÒÓ
η٤Ϸ‚·Ó ÙȘ ÂÚÈÛÛfiÙÂÚ˜ ı¤ÛÂȘ Î·È Ë ÌÂÁ·Ï‡ÙÂÚË ÙfiÙ ÂÙ·È-
Ú›· (Citigroup) ÎÂÊ·Ï·ÈÔÔÈ‹ıËΠÛÙË Û˘Ó¤¯ÂÈ· ÁÈ· ÂÚÈÛÛfi-
ÙÂÚ· ·fi 250 ‰ÈÛÂηÙÔÌ̇ÚÈ· ‰ÔÏ¿ÚÈ·.
∆Ô ›‰ÈÔ ÙÔ Ì¤ÁÂıÔ˜ ÙˆÓ ÎÔÈÓÔÚ·ÍÈÒÓ ÙȘ ‚Ô‹ıËÛ ·Ó·ÌÊ›‚Ô-
Ï· Ó· ·ÓÙ¤ÍÔ˘Ó ÛÙ· ÎÙ˘‹Ì·Ù· Ô˘ ¤ÏËÍ·Ó ÙÔ ÙÚ·Â˙ÈÎfi Û‡-
ÛÙËÌ· ·fi ÙËÓ ÂÔ¯‹ Ô˘ ÔÈ ÂÙ·ÈÚ›˜ dotcom, ÔÈ Ôԛ˜ ¢ڛ-
006-027 meros A 17/1/12 17:06 Page 10

10 TO A§ºABHTAPI TøN OIKONOMIKøN | BA™IKE™ APXE™ OIKONOMIA™

ÛÎÔÓÙ·Ó Û Ï‹ÚË ¿ÓıÈÛË, ÙÒ¯Â˘Û·Ó Î·È ÔÈ ¯ÚËÌ·Ù·ÁÔÚ¤˜ ¿Ú-

¯ÈÛ·Ó Ó· ˘Ô¯ˆÚÔ‡Ó. ªÂٷ͇ ÙˆÓ ÂÙÒÓ 1998 Î·È 2001, Û‡Ìʈӷ
Ì ÙËÓ √ÌÔÛÔӉȷ΋ ∫ÂÓÙÚÈ΋ ∆Ú¿Â˙·, ÙËÓ ÎÂÓÙÚÈ΋ ÙÚ¿Â-
˙· Ù˘ ∞ÌÂÚÈ΋˜, ÔÈ ÂÙ·ÈÚ›˜ ÙËÏÂÈÎÔÈÓˆÓÈÒÓ Û fiÏÔ ÙÔÓ ÎfiÛÌÔ
‰·Ó›ÛÙËÎ·Ó ÂÚ›Ô˘ ¤Ó· ÙÚÈÛÂηÙÔÌ̇ÚÈÔ ‰ÔÏ¿ÚÈ·. ŒÎÙÔÙÂ,
ÔÏÏ¿ ·fi ·˘Ù¿ Ù· ‰¿ÓÂÈ· ¯ÚÂÈ¿ÛÙËΠӷ ·Ú·ÁÚ·ÊÔ‡Ó, ÂÂȉ‹
ÔÈ ‰·ÓÂÈÔÏ‹Ù˜ ¯ÚÂÔÎfiËÛ·Ó. ™ÙȘ ∏ӈ̤Ó˜ ¶ÔÏÈÙ›˜, ÂÙ·È-
Ú›˜, fiˆ˜ Ë Enron, Ë Worldcom, Ë Global Crossing Î·È ¿ÏϘ,
η٤ÚÚÂ˘Û·Ó Ë ÌÈ· ÌÂÙ¿ ÙËÓ ¿ÏÏË. ∂Ó ÙÔ‡ÙÔȘ, Û ·ÓÙ›ıÂÛË ÌÂ
ÙȘ ÚÔËÁÔ‡ÌÂÓ˜ ο̄ÂȘ Ô˘ ·ÎÔÏÔ˘ıÔ‡Û·Ó ·ÚfiÌÔȘ ÂÚÈfi-
‰Ô˘˜ ˘ÂÚÏËıˆÚÈÛÌÔ‡ Î·È ·‡ÍËÛ˘ ÙˆÓ ÂÂÓ‰‡ÛˆÓ, ÔÈ ÙÚ¿Â-
˙˜ ηٿÊÂÚ·Ó Ó· Û˘Ó¯›ÛÔ˘Ó Ó· ¯ÔÚËÁÔ‡Ó ‰¿ÓÂÈ· Û ÂÙ·ÈÚ›˜
Ô˘ ¯ÚÂÈ¿˙ÔÓÙ·Ó ¯Ú‹Ì·Ù·. ∂›Û˘ Ë ·Ó¿Ù˘ÍË ÙˆÓ Û‡ÓıÂÙˆÓ
·ÁÔÚÒÓ ‰·Ó›ˆÓ ‚Ô‹ıËÛ ÒÛÙ ӷ ÌÂȈı› Ë ÂÍ¿ÚÙËÛË ÙˆÓ ÂÙ·È-
ÚÂÈÒÓ ·fi ÙȘ ÈÛÙÒÛÂȘ Î·È Ù· ›‰È· ÎÂÊ¿Ï·È· ÙˆÓ ÙÚ·Â˙ÒÓ ÁÈ·
ÙË ¯ÚËÌ·ÙÔ‰fiÙËÛË ÙˆÓ ‰Ú·ÛÙËÚÈÔÙ‹ÙˆÓ ÙÔ˘˜. ŒÙÛÈ, Ë ·ÌÂÚÈη-
ÓÈ΋ ÔÈÎÔÓÔÌ›· – ȉȷ›ÙÂÚ· – ηٿÊÂÚ ӷ ÙËÚ‹ÛÂÈ ¤Ó·Ó Ù·¯‡ÙÂ-
ÚÔ Ú˘ıÌfi ·Ó¿Ù˘Í˘, ·Ú¿ ÙÔ˘˜ Êfi‚Ô˘˜ ÔÚÈṲ̂ӈÓ.
∆Ô ÁÂÁÔÓfi˜ fiÙÈ Ë J.P. Morgan Chase ηٿÊÂÚ ӷ ·ÔÚÚÔÊ‹-
ÛÂÈ Ù· ‰ÈÛÂηÙÔÌ̇ÚÈ· ‰ÔÏ¿ÚÈ· Û ˙Ë̛˜ Ô˘ ÚԤ΢„·Ó ·fi
ÙËÓ Î·Ù¿ÚÚ¢ÛË Ù˘ Enron, ÌÈ·˜ ÂÙ·ÈÚ›·˜ ÂÌÔÚ›·˜ ÂÓ¤ÚÁÂÈ·˜,
ÛÙ· Ù¤ÏË ÙÔ˘ 2001, ϤÂÈ ÔÏÏ¿, fi¯È ÌfiÓÔ ÁÈ· ÙÔ Ì¤ÁÂıÔ˜ ÙÔ˘ ÈÛÔ-
ÏÔÁÈÛÌÔ‡ Ù‹˜ J.P. Morgan, ·ÏÏ¿ Î·È ÁÈ· ÙËÓ ÈηÓfiÙËÙ¿ Ù˘ Ó·
ÂÂÎÙ›ÓÂÈ ÙÔÓ Î›Ó‰˘ÓÔ ˆÏÒÓÙ·˜ ·Ú¿ÁˆÁ· Û ¿ÏÏÔ˘˜ ÂÂÓ‰˘-
Ù¤˜. ∆Ë ‰ÂηÂÙ›· ÙÔ˘ 1980, ÌÈ· ˙ËÌ›· Îϛ̷η˜ Enron, ÌÈ·˜ ÂÎ
ÙˆÓ ÌÂÁ·Ï˘Ù¤ÚˆÓ ÙfiÙ ‰ÈÂıÓÒ˜ ÂÙ·ÈÚÂÈÒÓ, ı· ÌÔÚÔ‡Û ӷ ›¯Â
·Ó·ÙÚ¤„ÂÈ ÙÔ ÙÚ·Â˙ÈÎfi Û‡ÛÙËÌ· ÙÔ˘ ∆¤Í·˜. ∆ÂÏÈο, ÙÔ ∆¤Í·˜
·ÔÎÏ›ÛÙËΠ·fi ÙËÓ ·ÔÚ‡ıÌÈÛË ÙˆÓ ÎÚ·ÙÈÎÒÓ ÙÚ·Â˙ÈÎÒÓ
ÓfiÌˆÓ Ô˘ ›Û¯˘Û·Ó ÛÙË Û˘Ó¤¯ÂÈ·, ÁÂÁÔÓfi˜ Ô˘ Â¤ÙÚ„ ÛÙËÓ
J.P. Morgan Chase (Î·È Ë ›‰È· ·Ì¿ÏÁ·Ì· ‰‡Ô ÌÂÁ¿ÏˆÓ ÙÚ·Â˙È-
ÎÒÓ Ơ̂ψÓ) Ó· ·ÁÔÚ¿ÛÂÈ ÙËÓ ∂ÌÔÚÈ΋ ∆Ú¿Â˙· ÙÔ˘ ∆¤Í·˜, Ë
ÔÔ›· ‹Ù·Ó ¤Ó·˜ ·fi ÙÔ˘˜ ÌÂÁ·Ï‡ÙÂÚÔ˘˜ ‰·ÓÂÈÛÙ¤˜ Ù‹˜ Enron.
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Ff 189

Facility
¢È¢ÎfiÏ˘ÓÛË
ªÈ· ÙÚ·Â˙È΋ ˘ËÚÂÛ›· (fiˆ˜ ÌÈ· ‰È¢ÎfiÏ˘ÓÛË À¶∂ƒ∞¡∞§∏æ∏™)
Ë ÔÔ›· Ù›ıÂÙ·È ÛÙË ‰È¿ıÂÛË ÙˆÓ ÂÏ·ÙÒÓ ÁÈ· Ó· ÙË ¯ÚËÛÈÌÔÔÈ-
‹ÛÔ˘Ó fiˆ˜ Î·È fiÙ·Ó ÙÔ ıÂÏ‹ÛÔ˘Ó. ∏ ÂÈÛÙÔÏ‹ ·Ó·ÁÁÂÏ›·˜ ¤ÁÎÚÈ-
Û˘ ¯ÔÚ‹ÁËÛ˘ ‰·Ó›Ԣ Â›Ó·È ÌÈ· ÂÈÛÙÔÏ‹ ·fi ÌÈ· ∆ƒ∞¶∂∑∞, Ë
ÔÔ›· ÂȂ‚·ÈÒÓÂÈ ÂÁÁڿʈ˜ ÙȘ ÏÂÙÔ̤ÚÂȘ ÂÓfi˜ Û˘ÁÎÂÎÚÈ-
̤ÓÔ˘ ¢∞¡∂π√À Ô˘ Ù›ıÂÙ·È ÛÙË ‰È¿ıÂÛË ÙÔ˘ ÂÏ¿ÙË.

Factoring
∂Í·ÁÔÚ¿ ··ÈÙ‹ÛˆÓ
∏ Âȯ›ÚËÛË Â›Ûڷ͢ ÙˆÓ Ãƒ∂ø¡ οÔÈÔ˘ ¿ÏÏÔ˘ ÁÈ· ÏÔÁ·ÚÈ·-
ÛÌfi ÙÔ˘. ªÈ· ÂÙ·ÈÚ›· ˆÏ› ÙÔ˘˜ ÂÈÛÚ·ÎÙ¤Ô˘˜ ÏÔÁ·ÚÈ·ÛÌÔ‡˜
Ù˘ (‰ËÏ·‰‹ Ù· ·ÓÂÍfiÊÏËÙ· ÙÈÌÔÏfiÁÈ¿ Ù˘) Û ¤Ó·Ó Ú¿ÎÙÔÚ·
··ÈÙ‹ÛÂˆÓ (Û˘¯Ó¿ ı˘Á·ÙÚÈ΋ ÌÈ·˜ ∆ƒ∞¶∂∑∞™) Ì ∂∫¶∆ø™∏. ™ÙË
Û˘Ó¤¯ÂÈ·, Ô Ú¿ÎÙÔÚ·˜ ÍÂÎÈÓ¿ ÙËÓ Â›ÛÚ·ÍË ÙˆÓ ÔÊÂÈÏÒÓ. ∆Ô
∫Œƒ¢√™ ÙÔ˘ Ú¿ÎÙÔÚ· ÂÈÙ˘Á¯¿ÓÂÙ·È fiÙ·Ó Î·Ù·Ê¤ÚÂÈ Ó· ÂÈÛÚ¿-
ÍÂÈ ÂÚÈÛÛfiÙÂÚ· ·fi ÙË ÌÂȈ̤ÓË ÙÈÌ‹ Ô˘ η٤‚·Ï ÁÈ· ÙȘ ÔÊÂÈ-
Ϥ˜. ∏ ÂÙ·ÈÚ›· Ô˘ ˆÏ› ÙȘ ÔÊÂÈϤ˜ Ù˘ Û ¤Ó·Ó Ú¿ÎÙÔÚ· ÂÓÈ-
Û¯‡ÂÈ ÙËÓ ∆∞ªπ∞∫∏ ƒ√∏ Ù˘, ‰ÂÓ ¯ÚÂÈ¿˙ÂÙ·È Ó· ·ÓËÛ˘¯Â› ÁÈ· ∂¶π-
™º∞§∏ Ã∂∏ Î·È ı· Ú¤ÂÈ Ó· Â›Ó·È Û ı¤ÛË Ó· ÌÂÈÒÛÂÈ ÙȘ ‰·¿-
Ó˜ ÂÛˆÙÂÚÈ΋˜ ÏÂÈÙÔ˘ÚÁ›·˜ ÙˆÓ ÏÔÁ·ÚÈ·ÛÌÒÓ. ∏ ÂÍ·ÁÔÚ¿ ··È-
Ù‹ÛÂˆÓ ÌÔÚ› Â›Û˘ Ó· ÂÚÈÏ·Ì‚¿ÓÂÈ ¤Ó· ‹ fiÏ· Ù· ·Ú·Î¿Ùˆ:
■ Ù‹ÚËÛË ÙÔ˘ ηıÔÏÈÎÔ‡ ˆÏ‹ÛÂˆÓ Ù˘ ÂÙ·ÈÚ›·˜,
■ ‰È·¯Â›ÚÈÛË ÙÔ˘ ÂϤÁ¯Ô˘ ¶π™∆ø™∂ø¡ Ù˘ ÂÙ·ÈÚ›·˜, ‰ËÏ·‰‹ ‰È·-
ÛÊ¿ÏÈÛË fiÙÈ ‰ÂÓ ‰›ÓÔÓÙ·È ÛÙÔ˘˜ ÂÏ¿Ù˜ ˘ÂÚ‚ÔÏÈο ÌÂÁ¿Ï·
¯ÚÔÓÈο ‰È·ÛÙ‹Ì·Ù· ÁÈ· ÂÍfiÊÏËÛË,
■ ›ÛÚ·ÍË ÙˆÓ ·ÓÂÍfiÊÏËÙˆÓ ÔÊÂÈÏÒÓ,
■ ∞™º∞§π™∆π∫∏ Î¿Ï˘„Ë ¤Ó·ÓÙÈ ÂÈÛÊ·ÏÔ‡˜ ¯Ú¤Ô˘˜.
∏ ÂÍ·ÁÔÚ¿ ··ÈÙ‹ÛÂˆÓ ¯ˆÚ›˙ÂÙ·È Û ÌË ÂÌÈÛÙ¢ÙÈ΋ Î·È ÂÌÈ-
ÛÙ¢ÙÈ΋. ∏ ÌË ÂÌÈÛÙ¢ÙÈ΋ ÂÍ·ÁÔÚ¿ ··ÈÙ‹ÛˆÓ, ηٿ ÙËÓ
ÔÔ›· Ô Ú¿ÎÙÔÚ·˜ ÁÓˆÛÙÔÔÈ› ÛÙÔ˘˜ ÔÊÂÈϤÙ˜ fiÙÈ ÂÈÛÚ¿ÙÙÂÈ
189-257 19/1/12 16:27 Page 212

Gg
212

Gearing
ªfi¯Ï¢ÛË
∆Ô ¯Ú¤Ô˜ ÌÈ·˜ ÂÙ·ÈÚ›·˜ ÙÔ ÔÔ›Ô ÂÎÊÚ¿˙ÂÙ·È ˆ˜ ÔÛÔÛÙfi ÙˆÓ
π¢πø¡ ∫∂º∞§∞πø¡ Ù˘. ªÈ· ÂÙ·ÈÚ›· Ì ˘„ËÏfi ‚·ıÌfi Ìfi¯Ï¢Û˘
ÛËÌ·›ÓÂÈ fiÙÈ ¤¯ÂÈ Ï¿‚ÂÈ ÔÏÏ¿ ‰¿ÓÂÈ· Û˘ÁÎÚÈÙÈο Ì ٷ ›‰È· ÎÂ-
Ê¿Ï·È· Ô˘ ‰È·ı¤ÙÂÈ. ŸÛÔ ÈÔ Ì·ÎÚÔÚfiıÂÛÌÔ Â›Ó·È ÙÔ Ãƒ∂√™
ÌÈ·˜ ÂÙ·ÈÚ›·˜ ÙfiÛÔ ÌÂÁ·Ï‡ÙÂÚË Â›Ó·È Î·È Ë ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈ΋
Ìfi¯Ï¢ÛË. √È Ì¤ÙÔ¯ÔÈ ¤¯Ô˘Ó Î¤Ú‰Ë ÛÙÔ ‚·ıÌfi Ô˘ Ë ∞¶√¢√™∏
·fi Ù· ¯Ú‹Ì·Ù· ÙÔ˘ ‰·Ó›Ԣ Â›Ó·È ÌÂÁ·Ï‡ÙÂÚË ·fi ÙÔ ÎfiÛÙÔ˜ ÙÔ˘
∆√∫√À. £ÂˆÚËÙÈο, ÔÈ ª∂∆√Ã∂™ ı· Ú¤ÂÈ Ó· ·˘Í¿ÓÔÓÙ·È ·Ó·ÏÔ-
ÁÈο Û ·Í›·. (µÏ¤ Â›Û˘ ∂•∞°√ƒ∞ ª∂ ª√ç∂À™∏.)

General policy
°ÂÓÈÎÔ› fiÚÔÈ ·ÛÊ¿ÏÈÛ˘
¶ÔÏÈÙÈ΋ ∞™º∞§π™∏™, Ë ÔÔ›· ·Ú·Î¿ÌÙÂÈ ÙËÓ ·Ó¿ÁÎË ÂÓfi˜ ÂÌfi-
ÚÔ˘ Ó· ·ÛÊ·Ï›˙ÂÈ Î¿ı ·ÔÛÙÔÏ‹ ÂÌÔÚÂ˘Ì¿ÙˆÓ ¯ˆÚÈÛÙ¿. √
¤ÌÔÚÔ˜ Î·È Ô ·ÛÊ·ÏÈÛÙ‹˜ Û˘Ó¿ÙÔ˘Ó Û˘Ìʈӛ· ·ÛÊ·ÏÈÛÙÈ΋˜
Î¿Ï˘„˘ ̤¯ÚÈ ÂÓfi˜ ÔÚÈṲ̂ÓÔ˘ ÔÚ›Ô˘. √ ¤ÌÔÚÔ˜, ÛÙË Û˘Ó¤¯ÂÈ·,
·ÏÒ˜ ÂÓËÌÂÚÒÓÂÈ ÙÔÓ ·ÛÊ·ÏÈÛÙ‹ ÁÈ· ÙË Ê‡ÛË Î·È ÙËÓ ·Í›· ÙˆÓ
ÂÌÔÚÂ˘Ì¿ÙˆÓ, ηıÒ˜ Î·È ÁÈ· ÙËÓ ËÌÂÚÔÌËÓ›· ·Ú·ÁˆÁ‹˜ ÙÔ˘˜
¤ˆ˜ fiÙÔ˘ (Û˘ÓÔÏÈο) ηχ„Ô˘Ó ÙÔ ÚÔηıÔÚÈṲ̂ÓÔ fiÚÈÔ.

Gilts
ºÂÚ¤ÁÁ˘· ÎÚ·ÙÈο ¯ÚÂfiÁÚ·Ê·
™Ù· ·ÁÁÏÈο ¯ÚËÛÈÌÔÔÈÂ›Ù·È Ô fiÚÔ˜ gilts, Û˘ÓÙÔÌÔÁÚ·Ê›· ÙÔ˘
gilt-edged security, Ô˘ ηٿ ϤÍË ÛËÌ·›ÓÂÈ Ù›ÙÏÔ˜ Ì ¯Ú˘Û¤˜
¿ÎÚÂ˜Ø Î·È ·˘Ùfi ÁÈ·Ù› ·Ú¯Èο Ù· ÈÛÙÔÔÈËÙÈο ÙˆÓ ‚ÚÂÙ·ÓÈÎÒÓ
ÎÚ·ÙÈÎÒÓ √ª√§√°ø¡ ›¯·Ó Â›¯Ú˘Û˜ ¿ÎÚ˜ Î·È ‹Ù·Ó ΢ÚÈÔÏÂ-
ÎÙÈο ÂÍ›ÛÔ˘ ÊÂÚ¤ÁÁ˘· Ì ÙÔ ÃƒÀ™√. Ÿˆ˜ Î·È Ù· ÈÛÙÔÔÈËÙÈο
Ù›ÙÏˆÓ ÙÔ˘ ¢ËÌÔÛ›Ô˘ ÛÙȘ ∏ӈ̤Ó˜ ¶ÔÏÈÙ›˜, Ù· ‚ÚÂÙ·ÓÈο
ÎÚ·ÙÈο ¯ÚÂfiÁÚ·Ê· ıˆÚÂ›Ù·È fiÙÈ ‰ÂÓ ÂÓ¤¯Ô˘Ó Î·Ó¤Ó·Ó ∫π¡¢À¡√
∞¢À¡∞ªπ∞™ ∂•√º§∏™∏™ ∆ø¡ Ã∂ø¡. °È’ ·˘Ùfi ¯ÚËÛÈÌÔÔÈÔ‡ÓÙ·È ˆ˜
424-448 20/1/12 12:06 Page 425

E˘ÚÂÙ‹ÚÈÔ fiÚˆÓ
ESOP MSB
ACH ETF MSCI
ADR
Eurex
AIM
Euribor
NASDAQ
Allfinanz NASDAQ Europe
Euro.NM
AMEX NAV
Euroclear
APR NIF
ARM Fannie Mae NYBOT
Back-to-back FCM
FDI
NYSE
Berne Union
Bunny bond FDIC OBU
CAMEL
Financial Times PEP
Freddie Mac Pfandbrief
CARs FRN PIN
CATS FSA Ponzi scheme
CBOE FSI
CBOT R ed herring
CD Ginnie Mae Rocket scientist
CDO Greenback RUF
CFTC
City banks
IBF S &L
IFA SDR
Clearstream
IPO SEAQ
CLS Bank
ISA SEC
CME
ISIN SET
COB
ISMA SFO
COD
COMEX Kaffir Smurfing
SPV
Commission des Krugerrand
Opérations de Strips
Bourse LBO T he City
CREST Libor
LIFFE TMT
CRM
Lloyd's Tom/next
CTA
LSE Tontine
EASDAQ UCITS
EBITDA M&A
EFTPOS MATIF Wall Street Journal
Egibi Mayday
EPS MBO Xetra
424-448 20/1/12 12:06 Page 426

426 EYPETHPIO OPøN

∞ÁÔÚ¿ ·ÁÔÚ·ÛÙÒÓ (Buyer's market)

∞ÁÔÚ¿ ¿ÌÂÛ· ·Ú·‰ÔÙ¤ˆÓ ÚÔ˚fiÓÙˆÓ (Spot market)
∞ÁÔÚ¿ ÌÂÙÔ¯ÒÓ (Stockmarket)
∞ÁÔÚ¿ fiÔ˘ ÂÈÎÚ·ÙÔ‡Ó ÔÈ ˆÏËÙ¤˜ (Seller's market)
∞ÁÔÚ¿ ÚÔıÂÛÌÈ·ÎÒÓ Û˘Ó·ÏÏ·ÁÒÓ (Marché à terme des instruments
financiers)
∞ÁÔÚ¿ ÙÔȘ ÌÂÙÚËÙÔ›˜ (Cash market)
Õ‰ÂÈ· ÂÈÛ·ÁˆÁ‹˜ ÛÙÔ ¯ÚËÌ·ÙÈÛÙ‹ÚÈÔ (Quotation)
Õ‰ËÏÔÈ fiÚÔÈ (Invisibles)
∞‰˘Ó·Ì›· ÂÍfiÊÏËÛ˘ ¯Ú¤Ô˘˜, ·ı¤ÙËÛË Û˘Ì‚·ÙÈ΋˜ ˘Ô¯Ú¤ˆÛ˘
(Default)
∞ηı¿ÚÈÛÙË ÙÈÌ‹ (Dirty price)
∞ÎÚÈ‚Ò˜ ÛÙ· ¯Ú‹Ì·Ù¿ ÙÔ˘ (At the money)
∞·ڈÛË (Defeasance)
ÕÏÊ· (Alpha)
∞ÌÂÚÈηÓÈÎfi ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ (American Stock Exchange, AMEX)
ÕÌÂÛË Í¤ÓË Â¤Ó‰˘ÛË (Foreign direct investment)
ÕÌÂÛË ¯Ú¤ˆÛË (Direct debit)
ÕÌÂÛÔ˜, ·˘ÙfiÌ·ÙÔ˜ (Direct)
∞ÌÔÈ‚·›· ÎÂÊ¿Ï·È· ¯ÚËÌ·Ù·ÁÔÚ¿˜ (Money-market fund)
∞ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ (Mutual fund)
∞ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ (Unit trust)
∞ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ ‰Â›ÎÙË (Index fund)
∞ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘ (Hedge fund)
∞ÌÔÈ‚·›Ô˜ (Mutual)
∞ÌÔÈ‚·ÈfiÙËÙ· (Reciprocity)
∞Ì˘ÓÙÈÎfi fiÚÈÔ, ÂÚÈıÒÚÈÔ (Collar)
∞ÌÊ›‰ÚÔÌË ·ÁÔÚ¿ (Two-way market)
∞Ó·ÁηÛÙÈ΋ ·ÔÙ·Ì›Â˘ÛË (Forced savings)
∞Ó·‰È¿ÚıÚˆÛË (Restructuring)
∞Ó¿‰Ô¯Ô˜ (Underwriter)
∞Ó·‰ÚÔÌÈ΋ ÈÛ¯‡˜ (Carry back)
∞Ó·‰˘fiÌÂÓË ·ÁÔÚ¿ (Emerging market)
∞ӷ·ÎψÛË (Recycling)
∞Ó·ÏÔÁÈÛÙ‹˜ (Actuary)
∞Ó·ÏÔÁÈÛÙÈÎfi ÏÂfiÓ·ÛÌ· (Actuarial surplus)
∞Ó¿Ï˘ÛË Ì ¯Ú‹ÛË ÁÚ·ÊÈÎÒÓ ·Ú·ÛÙ¿ÛÂˆÓ (Chartism)
∞Ó·Ï˘Ù‹˜ (Analyst)
424-448 20/1/12 12:06 Page 427

EYPETHPIO OPøN 427

∞Ó·Ó¤ˆÛË ‰·Ó›Ԣ (Roll-over)

∞Ó·ÓÂÒÛÈÌË ›ÛÙˆÛË (Revolving credit)
∞Ó·Ù˘Íȷ΋ ÌÂÙÔ¯‹ (Growth stock)
∞Ó·¯ÚËÌ·ÙÔ‰fiÙËÛË (Refinancing)
∞ÓÂ›ÛË̘ ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ Û˘Ó·ÏÏ·Á¤˜ (Kerb trading)
∞ÓÔȯÙfi ÂӉȷʤÚÔÓ (Open interest)
∞ÓÔȯً ı¤ÛË (Open position)
∞ÓÙ·ÏÏ·Á‹ (Swap)
∞ÓÙ·ÏÏ·Á‹ ·ı¤ÙËÛ˘ ›ÛÙˆÛ˘ (Credit default swap)
∞ÓÙ·ÏÏ·Á‹ Û˘ÓÔÏÈ΋˜ ·fi‰ÔÛ˘ (Total return swap)
∞ÓÙ·ÏÏ·ÎÙ‹ÚÈÔ Û˘Ó·ÏÏ¿ÁÌ·ÙÔ˜ (Bureau de change)
∞ÓÙ·ÏÏ·ÎÙÈÎfi ÂÌfiÚÈÔ (Countertrade)
∞ÓÙ·ÏÏ¿ÍÈÌÔ˜ (Fungible)
∞ÓÙ·ÔÎÚ›ÙÚÈ· ÙÚ¿Â˙· (Correspondent bank)
∞ÓÙ·ÛÊ¿ÏÈÛË (Reinsurance)
∞ÓÙÂÛÙÚ·Ì̤ÓË Î·Ì‡ÏË ·fi‰ÔÛ˘ (Inverse yield curve)
∞ÓÙÈÚ·ÁÌ·ÙÈÛÌfi˜ (Barter)
∞ÓÙÈÚfiÛˆÔ˜ (Agent)
∞ÓÙÈÛÙ¿ıÌÈÛË ÎÈÓ‰‡ÓÔ˘ (Hedge)
∞ÓÙÈÛÙ·ıÌÈÛÙÈÎfi ˘fiÏÔÈÔ (Compensating balance)
∞ÓÙÈÛÙÔ›¯ÈÛË (Matching)
∞ÓÙÈÊÒÓËÛË (Open outcry)
ÕÓÙÏËÛË ÎÂÊ·Ï·›ˆÓ (Drawdown)
∞ÓÒÙ·ÙÔ fiÚÈÔ ‹ ÔÚÔÊ‹ (Cap)
∞Í›· ÂÍ·ÁÔÚ¿˜ (Surrender value)
∞Í›· ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Asset value)
∞Í›· ÙˆÓ ÌÂÙfi¯ˆÓ (Shareholder value)
∞Í›· ¯ÚfiÓÔ˘ (Extrinsic value)
∞ÍÈÔÏfiÁËÛË ÈÛÙÔÏËÙÈ΋˜ ÈηÓfiÙËÙ·˜ (Rating)
∞ÍÈÔÏfiÁËÛË ÈÛÙˆÙÈ΋˜ ÈηÓfiÙËÙ·˜ (Credit rating)
∞·ÁfiÚ¢ÛË ‰·ÓÂÈÛÌÔ‡ Ì ÂÓ¤¯˘ÚÔ (Negative pledge)
∞·›ÙËÛË ÏËڈ̋˜, ‰Èη›ˆÌ· ÂÍfiÊÏËÛ˘ (Call)
∞¿ÏÂÈ„Ë (Carve-out)
∞·Û¯ÔÏÔ‡ÌÂÓÔ ÎÂÊ¿Ï·ÈÔ (Capital employed)
∞¿ÙË (Fraud)
∞Ïfi˜ (Plain vanilla)
∞ԉȷÌÂÛÔÏ¿‚ËÛË (Disintermediation)
∞fi‰ÔÛË (Return)
∞fi‰ÔÛË (Yield)
424-448 20/1/12 12:06 Page 428

428 EYPETHPIO OPøN

∞fi‰ÔÛË Â¤Ó‰˘Û˘ ¤ˆ˜ ÙË Ï‹ÍË (Yield to maturity)

∞fi‰ÔÛË Î·Ù¿ ÙË Ï‹ÍË (Redemption yield)
∞Ô‰Ô¯‹ (Acceptance)
∞Ô‰Ô¯‹ ÙÚ·Â˙›ÙË (Banker's acceptance)
∞Ô˙ËÌ›ˆÛË (Indemnity)
∞Ôı¤Ì·Ù· (Inventory)
∞ÔıÂÌ·ÙÈο (Reserves)
∞Ôı‹Î¢ÛË (Warehousing)
∞Ô΋ڢÍË (Renunciation)
∞ÔÚ‡ıÌÈÛË (Deregulation)
∞fiÛ‚ÂÛË (Depreciation)
∞ÔÛÙÔϤ·˜ ÂÌ‚¿ÛÌ·ÙÔ˜ (Money remitter)
∞fiÛ¯ÈÛË (Spin off)
∞ÔÙ·ÌÈ¢ÙÈ΋ ÙÚ¿Â˙· (Savings bank)
∞Ô¸ÏÔÔ›ËÛË (Dematerialise)
∞ÚÈıÌË̤ÓÔ˜ ÏÔÁ·ÚÈ·ÛÌfi˜ (Numbered account)
∞ÚÎÔ‡‰· (Bear)
∞ÚÓËÙÈο ›‰È· ÎÂÊ¿Ï·È· (Negative equity)
∞ÚÓËÙÈ΋ ηÌ‡ÏË ·fi‰ÔÛ˘ (Negative yield curve)
∞Ú¯‹ ∂ÔÙ›·˜ ÃÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ ÀËÚÂÛÈÒÓ (Financial Services
Authority)
∞Ú¯È΋ ‰ËÌfiÛÈ· ÚÔÛÊÔÚ¿ (Initial public offering)
∞Ú¯ÈÎfi ÎÂÊ¿Ï·ÈÔ, ÂÓÙÔϤ·˜ (Principal)
ÕÛÎËÛË (Exercise)
∞ÛÊ¿ÏÂÈ· (Assurance)
∞ÛÊ¿ÏÈÛË Î·Ù·ı¤ÛÂˆÓ (Deposit insurance)
∞ÛÊ¿ÏÈÛË ÈÛÙÒÛÂˆÓ (Credit insurance)
∞ÛÊ¿ÏÈÛË ¯·ÚÙÔÊ˘Ï·Î›Ô˘ (Portfolio insurance)
∞ÛÊ¿ÏÈÛË, ·ÛÊ·ÏÈÛÙÈÎfi˜ ÎÏ¿‰Ô˜ (Insurance)
∞ÛÊ·ÏÈṲ̂ÓÔ ‰¿ÓÂÈÔ (Secured loan)
∞ÛÊ·ÏÈÛÙ‹˜ Ù˘ Lloyd's (Name)
∞ÛÊ·ÏÈÛÙÈ΋ ÂÙ·ÈÚ›· Â˘Ú¤Ô˜ Ê¿ÛÌ·ÙÔ˜ ·ÛÊ·ÏÈÛÙÈÎÒÓ ˘ËÚÂÛÈÒÓ
(Composite insurer)
∞ÛÊ·ÏÈÛÙÈ΋ ˙ˆ‹˜ (Life company)
∞ÙÔÌÈÎfi˜ Û˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi˜ ÏÔÁ·ÚÈ·ÛÌfi˜ (Individual retirement account)
∞ÙÔÌÈÎfi˜ Û˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi˜ ÏÔÁ·ÚÈ·ÛÌfi˜ ÌÂÙÚËÙÒÓ (IRA)
Õ˘Ï· ÂÚÈÔ˘Ûȷο ÛÙÔȯ›·, ¿˘Ï· ÛÙÔȯ›· ÂÓÂÚÁËÙÈÎÔ‡, ·ÛÒÌ·Ù˜
·ÎÈÓËÙÔÔÈ‹ÛÂȘ (Intangible assets)
424-448 20/1/12 12:06 Page 429

EYPETHPIO OPøN 429

∞˘ÙfiÌ·ÙÔ Û‡ÛÙËÌ· ÚÔÛ‰ÈÔÚÈÛÌÔ‡ ÙÈÌÒÓ ÙÔ˘ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (Stock

Exchange Automated Quotations)
∞˘ÙÔÌ·ÙÔÔÈË̤ÓÔ ÁÚ·ÊÂ›Ô ÂÎηı¿ÚÈÛ˘ (Automated clearing house)

µ¿ÛË (Basis)
µ‹Ù· (Beta)
µÈ‚Ï›Ô (Book)
µÈ‚Ï›Ô ˘Ô¯ÚÂÒÛÂˆÓ (Bought ledger)
µÚ·¯˘ÚfiıÂÛÌÔ˜ (Short-term)
µÚÂÙ·ÓÈο ¯ÚÂfiÁÚ·Ê· (Shorts)

°ÂÓÈÎÔ› fiÚÔÈ ·ÛÊ¿ÏÈÛ˘ (General policy)

°ËÚ·È¿ ΢ڛ· Ù˘ Ô‰Ô‡ Threadneedle (Old Lady of Threadneedle
Street)
°ÎÚ›˙· ·ÁÔÚ¿ (Grey market)
°Ú·ÌÌ¿ÙÈÔ Î˘Ì·ÈÓfiÌÂÓÔ˘ ÂÈÙÔΛԢ (Floating-rate note)
°Ú·ÌÌ¿ÙÈÔ Ì ·Ó·ÚÔÛ·ÚÌÔ˙fiÌÂÓÔ ÂÈÙfiÎÈÔ (Adjustable-rate note)
°Ú·ÊÂ›Ô ÂÎηı¿ÚÈÛ˘ (Clearing house)

¢ ¿ÓÂÈ· ÁÈ· ·ÓÙÈÌÂÙÒÈÛË ÔÈÎÔÓÔÌÈÎÒÓ ‰˘Û¯ÂÚÂÈÒÓ (Workout loans)

¢¿ÓÂÈÔ (Loan)
¢¿ÓÂÈÔ ÂÍÔÊÏËÙ¤Ô ÂÊ¿·Í ηٿ ÙË Ï‹ÍË (Bullet)
¢¿ÓÂÈÔ ÂÊ¿·Í ÂÍfiÊÏËÛ˘ Î·È ÛÙ·‰È·Î‹˜ ηٷ‚ÔÏ‹˜ ÌfiÓÔ ÙfiÎÔ˘
(Interest-only loan)
¢·ÓÂÈÛÌfi˜ ÔÈÎÔÓÔÌÈÎÒÓ Ù›ÙÏˆÓ (Securities lending)
¢·ÓÂÈÛÌfi˜ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘ (Sub-prime lending)
¢·ÓÂÈÛÙ‹˜ ÙÂÏÂ˘Ù·›·˜ ÚÔÛÊ˘Á‹˜ (Lender of last resort)
¢Â‰Ô˘ÏÂ˘Ì¤ÓÔ˜ ÙfiÎÔ˜ (Accrued interest)
¢Â›ÎÙ˜ Dow Jones (Dow Jones Indexes)
¢Â›ÎÙ˘ (Index )
¢Â›ÎÙ˘ Hang Seng (Hang Seng Index)
¢Â›ÎÙ˘ Â͢ËÚ¤ÙËÛ˘ ¯Ú¤Ô˘˜ (Debt service ratio)
¢Â›ÎÙ˘ Î¿Ï˘„˘ ˘Ô¯ÚÂÒÛÂˆÓ (Asset cover)
¢Â›ÎÙ˘ Î¿Ï˘„˘ ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ ‰··ÓÒÓ (Interest coverage
ratio)
¢Â›ÎÙ˘ ÎÂÊ·Ï·›ˆÓ (Capital ratio)
¢Â›ÎÙ˘ ÙÈÌ‹˜/ÏÔÁÈÛÙÈ΋˜ ·Í›·˜ (Price/book ratio)
¢Â›ÎÙ˘ ÙÈÌÒÓ ÙÔ˘ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ ÙÔ˘ ∆fiÎÈÔ (Nikkei Stock Average)
424-448 20/1/12 12:06 Page 430

430 EYPETHPIO OPøN

¢Â›ÎÙ˘ ÙÈÌÒÓ ÙˆÓ Financial Times (Footsie)

¢Â›ÎÙ˘ ÙÈÌÒÓ ÙˆÓ Financial Times 100 (FTSE 100)
¢Â›ÎÙ˘ ÙÈÌÒÓ/ÎÂÚ‰ÒÓ ·Ó¿ ÌÂÙÔ¯‹ (Price/earnings ratio)
¢ÂÏÙ›Ô Û˘Ì‚Ô˘ÏÒÓ (Tip sheet)
¢¤ÛÌÈ·, ÂÍ·ÚÙË̤ÓË ·ÛÊ·ÏÈÛÙÈ΋ ÂÙ·ÈÚ›· (Captive)
¢Â˘ÙÂÚÔÁÂÓ‹˜ ·ÁÔÚ¿ (Secondary market)
¢¤ˆÓ ¤ÏÂÁ¯Ô˜ (Due diligence)
¢ËÏËÙËÚÈ҉˜ ¯¿È (Poison pill)
¢‹ÏˆÛË ÂÈÛÔ‰‹Ì·ÙÔ˜ (Income statement)
¢‹ÏˆÛË ÔÌÔÏÔÁÈ·ÎÒÓ ‰·Ó›ˆÓ Î·È ÙÌËÌ·ÙÈΤ˜ ‰È·ı¤ÛÂȘ ÌÂÙÔ¯ÒÓ (Shelf
registration)
¢ËÌÔÛ›Â˘ÛË ÁÈ· ÙËÓ ¤Î‰ÔÛË Ó¤ˆÓ ÔÌÔÏfiÁˆÓ (Tombstone)
¢ËÌÔÙÈÎfi ÔÌfiÏÔÁÔ (Municipal bond)
¢È·Î·ÓÔÓÈÛÌfi˜ ·‰È¿ÏÂÈÙ˘ Û‡Ó‰ÂÛ˘ (Continuous linked settlement)
¢È·Î˘‚¤ÚÓËÛË (Governance)
¢È¿Ï˘ÛË (Dilution)
¢È·ÌÂÛÔÏ·‚ËÙ‹˜ (Interdealer broker)
¢È·ÌÂÛÔÏ·‚ËÙ‹˜ (Ombudsman)
¢È·ÌÂÛÔÏ·‚ËÙÈ΋ Â¤Ó‰˘ÛË (Fiduciary deposit)
¢È·Ú·ÁÌ¿Ù¢ÛË ·Î¤ÙˆÓ (Block trading)
¢È·Ú·ÁÌ·Ù‡ÛÈÌÔ Ì¤ÛÔ (Negotiable instrument)
¢È·Ú·ÁÌ·ÙÂ˘Ù‹˜, ¤ÌÔÚÔ˜ (Dealer)
¢È¿ÚÎÂÈ· Ù˘ ›ÛÙˆÛ˘ (Credit duration)
¢È·ÙÚ·Â˙È΋ ·ÁÔÚ¿ (Interbank market)
¢È·ÙÚ·Â˙ÈÎfi ÂÈÙfiÎÈÔ ÙÔ˘ §ÔÓ‰›ÓÔ˘ (London Interbank Offered Rate)
¢È·ÊÔÚ¿ ÙÈÌ‹˜ ·ÁÔÚ¿˜ Î·È ÙÈÌ‹˜ ÒÏËÛ˘ (Bid-offer spread)
¢È·ÊÔÚ¿ ˘¤Ú ÙÔ ¿ÚÙÈÔ (Share premium)
¢È·Ê˘ÁfiÓÙ· ÎÂÊ¿Ï·È· (Flight capital)
¢È·¯Â›ÚÈÛË ‚¿ÛÂÈ ‰ÂÈÎÙÒÓ / ·ıËÙÈ΋ ‰È·¯Â›ÚÈÛË (Index tracking)
¢È·¯Â›ÚÈÛË ÎÈÓ‰‡ÓÔ˘ (Risk management)
¢È·¯Â›ÚÈÛË ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Asset management)
¢È·¯Â›ÚÈÛË ˘Ô¯ÚÂÒÛÂˆÓ (Liability management)
¢È·¯Â›ÚÈÛË ¯·ÚÙÔÊ˘Ï·Î›Ô˘ (Portfolio management)
¢È·¯ÂÈÚÈÛÙ‹˜ (Trustee)
¢È·¯ÂÈÚÈÛÙ‹˜ ‚È‚Ï›Ô˘ (Book runner)
¢È·¯ÂÈÚÈÛÙ‹˜ ÎÂÊ·Ï·›ˆÓ, ÂÙ·ÈÚ›· ‰È·¯Â›ÚÈÛ˘ ÎÂÊ·Ï·›ˆÓ (Fund
manager)
¢ÈÂıÓ›˜ ‰Â›ÎÙ˜ ÎÂÊ·Ï·›Ô˘ Morgan Stanley (Morgan Stanley Capital
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EYPETHPIO OPøN 431

International Indices)
¢ÈÂıÓ¤˜ ¡ÔÌÈÛÌ·ÙÈÎfi ∆·ÌÂ›Ô (International Monetary Fund)
¢ÈÂıÓ‹˜ ·ÁÔÚ¿ (Global market)
¢ÈÂıÓ‹˜ ŒÓˆÛË ÃÚËÌ·ÙÈÛÙËÚ›ˆÓ (International Securities Market
Association)
¢ÈÂıÓ‹˜ ıÂÌ·ÙÔÊ˘Ï·Î‹ (Global custody)
¢ÈÂıÓ‹˜ ∆Ú¿Â˙· ∞Ó·Û˘ÁÎÚfiÙËÛ˘ Î·È ∞Ó¿Ù˘Í˘ (International Bank
for Reconstruction and Development)
¢ÈÂıÓ‹˜ ÙÚ·Â˙È΋ ‰È¢ÎfiÏ˘ÓÛË (International Banking Facility)
¢È¢ÎfiÏ˘ÓÛË (Facility)
¢È¢ÎfiÏ˘ÓÛË ¤Î‰ÔÛ˘ ¯ÚÂÔÁÚ¿ÊˆÓ (Note issuance facility)
¢ÈËÓÂ΋˜ (Perpetual)
¢Èη›ˆÌ· ·ÁÔÚ¿˜ (Call option)
¢Èη›ˆÌ· Â›Û¯ÂÛ˘ (Lien)
¢Èη›ˆÌ· ÚÔ·ÁÔÚ¿˜ (Pre-emption rights)
¢Èη›ˆÌ· ÚÔ·›ÚÂÛ˘ (Option)
¢Èη›ˆÌ· ÚÔ·›ÚÂÛ˘ ·ÌÂÚÈηÓÈÎÔ‡ Ù‡Ô˘ (American-style option)
¢Èη›ˆÌ· ÚÔ·›ÚÂÛ˘ Â› ¯ÚËÌ·ÙÈÛÙËÚÈ·ÎÔ‡ ‰Â›ÎÙË (Index option)
¢Èη›ˆÌ· ÚÔ·›ÚÂÛ˘ Â˘Úˆ·˚ÎÔ‡ Ù‡Ô˘ (European-style option)
¢Èη›ˆÌ· ÒÏËÛ˘ (Put option)
¢ÈÙÙ‹ ȉÈfiÙËÙ· (Dual capacity)
¢¡∆ (IMF)
¢ÔÚ˘ÊÔÚÈ΋ ÔÚÁ¿ÓˆÛË ÙÚ·Â˙ÒÓ (Satellite banking)
¢˘ÓËÙÈ΋ ˙ËÌ›· (Value at risk)

∂ÁÁ˘Ë̤ÓÔ ¯ÚˆÛÙÈÎfi ÔÌfiÏÔÁÔ (Collateralised debt obligation)

∂ÁÁ‡ËÛË, ÂÁÁ˘ÒÌ·È (Guarantee)
∂ÁÁ˘ËÙÈ΋ ÂÈÛÙÔÏ‹ ηϋ˜ ÂÎÙ¤ÏÂÛ˘ (Performance bond)
∂ÁÎÂÎÚÈ̤ÓÔ˜ ·ÓÙÈÚfiÛˆÔ˜ (Registered representative)
Œ‰Ú· Û ¯ÚËÌ·ÙÈÛÙ‹ÚÈÔ ·ÍÈÒÓ (Seat)
∂ȉÈÎfi ‰Èη›ˆÌ· ·Ó·Ï‹„ÂˆÓ (Special drawing right)
∂ȉÈÎfi˜ (Specialist)
∂ȉÈÎfi˜ ·Ó·Ï˘Ù‹˜ ÂÂÓ‰‡ÛÂˆÓ (Quant)
∂ȉÈÎfi˜ ‰È·Ú·ÁÌ·ÙÂ˘Ù‹˜ (Market maker)
∂ÈÎÔÓÈ΋ Âȯ›ÚËÛË (Virtual enterprise)
∂ÈÛ·ÁˆÁ‹ ÌÂÙÔ¯ÒÓ ÛÙË ¯ÚËÌ·ÙÈÛÙËÚȷ΋ ·ÁÔÚ¿ (Introduction)
∂ÈÛ·ÁˆÁ‹ ÛÙÔ ¯ÚËÌ·ÙÈÛÙ‹ÚÈÔ (Listing)
∂ÈÛÚ·ÎÙ¤· ÔÛ¿ (Receivables)
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432 EYPETHPIO OPøN

ŒÎ‰ÔÛË ‰ÈÎ·ÈˆÌ¿ÙˆÓ (Rights issue)

ŒÎ‰ÔÛË ÎÏ·ÛÌ·ÙÈÎÒÓ ÌÂÙÔ¯ÒÓ (Scrip issue)
ŒÎ‰ÔÛË Ù›ÙÏˆÓ (Flotation)
ŒÎ‰ÔÛË, ‰È¿ıÂÛË ÌÂÙÔ¯ÒÓ (Issue)
ŒÎıÂÛË ÂÏÂÁÎÙ‹ (Comfort letter)
∂Îηı¿ÚÈÛË ÂÈÙ·ÁÒÓ (Cheque clearing)
∂Îηı·ÚÈÛÙÈ΋ ÙÚ¿Â˙· (Clearing bank)
∂ÎÎÚÂÌ‹˜ ÏÔÁ·ÚÈ·ÛÌfi˜ (Suspense account)
∂ÎÌÂÙ¿ÏÏ¢ÛË ÂÌÈÛÙ¢ÙÈÎÒÓ ÏËÚÔÊÔÚÈÒÓ (Insider dealing)
ŒÎÙˆÛË (Discount)
ŒÎÙˆÛË ÎÂÊ·Ï·›Ô˘ (Capital allowance)
∂ÎÙfi˜ ÈÛÔÏÔÁÈÛÌÔ‡ (Off balance sheet)
∂ÎÙfi˜ Ù˘ ·ÁÔÚ¿˜ (Off-market)
∂ÎÙfi˜ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (Off-exchange)
∂Ï¿ÛÛÔÓÔ˜ ÚÔÙÂÚ·ÈfiÙËÙ·˜ (Subordinated)
∂Ï¿ÙÙˆÛË ÙˆÓ ÙÈÌÒÓ, ¤ÎÙˆÛË (Mark down)
∂Ï¿¯ÈÛÙË ‰È·Î‡Ì·ÓÛË ÙÈÌ‹˜ (Tick)
∂Ï¿¯ÈÛÙË ÌÔÓ¿‰· ‰È·Ú·ÁÌ¿Ù¢Û˘ (Round lot)
∂Ï¿¯ÈÛÙÔ˜ Û˘ÓÙÂÏÂÛÙ‹˜ ·fi‰ÔÛ˘ (Hurdle rate)
ŒÏÂÁ¯Ô˜ (Audit)
ŒÌ‚·ÛÌ· (Remittance)
∂ÌfiÚÂ˘Ì· (Commodity)
∂ÌÔÚÈ΋ ›ÛÙˆÛË (Supplier credit)
∂ÌÔÚÈ΋-ÂÂÓ‰˘ÙÈ΋ ÙÚ¿Â˙· (Merchant bank)
∂ÌÔÚÈÎfi ¯ÚÂfiÁÚ·ÊÔ (Commercial paper)
∂ÌÔÚÈÎfi ¯ÚÂfiÁÚ·ÊÔ Â˘Úˆ·ÁÔÚ¿˜ (Eurocommercial paper)
ŒÌÔÚÔ˜ Û˘Ì‚ÔÏ·›ˆÓ ÌÂÏÏÔÓÙÈ΋˜ ÂÎÏ‹ÚˆÛ˘ Ì ÚÔÌ‹ıÂÈ· (Futures
commission merchant)
∂Ó·ÏÏ·ÎÙÈ΋ Â¤Ó‰˘ÛË (Alternative investment)
ŒÓ‰ÂÈÍË ÙˆÓ Ù¿ÛÂˆÓ ÂÓfi˜ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (Bellwether)
∂ӉȿÌÂÛÔ ‰¿ÓÂÈÔ (Bridging loan)
∂ÓËÌÂÚˆÙÈÎfi Ê˘ÏÏ¿‰ÈÔ (Prospectus)
∂Ó›Û¯˘ÛË ÈÛÙÒÛÂˆÓ (Credit enhancement)
∂ÓÔÈÎÈ·ÁÔÚ¿ (Hire purchase)
∂¡™ (EMS)
∂Óۈ̷و̤ÓË ·Í›· (Embedded value)
∂ÓÙÔÏ‹ «˘fi ·›ÚÂÛË» (Straddle)
∂ÓÙÔÏ‹ ÔÚ›Ô˘ ·‡Û˘ ·ÁÔÚ·ˆÏËÛÈÒÓ (Stop order)
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EYPETHPIO OPøN 433

∂Ó˘fiıËÎÔ ‰¿ÓÂÈÔ Ì ·Ó·ÚÔÛ·ÚÌÔ˙fiÌÂÓÔ ÂÈÙfiÎÈÔ (Adjustable-rate

mortgage)
∂Ó˘fiıËÎÔ ‰¿ÓÂÈÔ, ÂÓ˘fiıËÎÔ˜ (Mortgage)
∂ÓÒÛÂȘ ·ÔÙ·ÌȇÛÂˆÓ Î·È ‰·Ó›ˆÓ (Savings and loan association)
ŒÓˆÛË ∞ÁÔÚ¿˜ ÃÚ˘ÛÔ‡ Î·È ∞ÚÁ‡ÚÔ˘ ÙÔ˘ §ÔÓ‰›ÓÔ˘ (London Bullion
Market Association)
∂Í·ÁÔÚ¿ ··ÈÙ‹ÛÂˆÓ (Factoring)
∂Í·ÁÔÚ¿ ÂÙ·ÈÚ›·˜ ·fi ÙË ‰ÈÔ›ÎËÛ‹ Ù˘ (Management buy-out)
∂Í·ÁÔÚ¿ Ì Ìfi¯Ï¢ÛË (Leveraged buy-out)
∂Í·ÁˆÁÈ΋ ›ÛÙˆÛË (Export credit)
∂ÍÈÛÔÚÚÔË̤ÓÔ ·ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ (Balanced (mutual) fund)
∂ÍÔ˘ÛÈÔ‰ÔÙË̤ÓÔ˜ ·ÓÙÈÚfiÛˆÔ˜ (Nominee)
∂ÍÔ˘ÛÈÔ‰ÔÙË̤ÓÔ˜ ÔÚÁ·ÓÈÛÌfi˜ ÏËÚˆÌÒÓ (Paying agent)
∂ÍÔ˘ÛÈÔ‰fiÙËÛË, ÏËÚÂÍÔ‡ÛÈÔ˜ (Proxy)
ŒÍ˘ÓË Î¿ÚÙ· (Smart card)
ŒÍˆ ·fi Ù· ¯Ú‹Ì·Ù¿ ÙÔ˘ (Out of the money)
∂͈ÙÂÚÈο ÎÂÊ¿Ï·È· (External funds)
∂͈ÙÂÚÈ΋ ·Ó¿ıÂÛË (Outsourcing)
∂͈¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ Û˘Ó·ÏÏ·Á¤˜ (OTC)
∂͈¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ Û˘Ó·ÏÏ·Á¤˜ (Over the counter)
∂͈¯ÒÚÈÔ ÙÚ·Â˙ÈÎfi ˘ÔηٿÛÙËÌ· (Offshore banking unit)
∂͈¯ÒÚÈÔ˜ (Offshore)
∂√¡π∞ (∂√¡π∞)
∂·Ó·‰È·Ú·ÁÌ¿Ù¢ÛË ‰·Ó›Ԣ (Rescheduling)
∂·Ó·ÒÏËÛË (Buy-Back)
∂·Ó·Û˘Û΢·Û›· (Repackaging)
∂¤Ó‰˘ÛË ·ÓÔȯÙÔ‡ Ù‡Ô˘ (Open-end fund)
∂¤Ó‰˘ÛË ÎÏÂÈÛÙÔ‡ Ù‡Ô˘ (Closed-end fund)
∂¤Ó‰˘ÛË Û ·Ó·Ù˘ÍȷΤ˜ ÌÂÙÔ¯¤˜ (Growth investing)
∂¤Ó‰˘ÛË Û ÌÂÙÔ¯¤˜ ·Í›·˜ (Value investing)
∂ÂÓ‰˘Ù‹˜ Û ËÌÂÚ‹ÛȘ Û˘Ó·ÏÏ·Á¤˜ (Day trader)
∂ÂÓ‰˘ÙÈÎfi ÛÙÈÏ (Investment style)
∂ȉÔÙÔ‡ÌÂÓÔ ÂÓ˘fiıËÎÔ ‰¿ÓÂÈÔ (Endowment mortgage)
∂ÈıÂÙÈ΋ ÚÔÛÊÔÚ¿ (Hostile bid)
∂ÈÎÔ˘ÚÈ΋ ÈÛÙˆÙÈ΋ ‰È¢ÎfiÏ˘ÓÛË (Discount window)
∂›Ï¢ÛË, valeur, Ú¢ÛÙfi ‰È·ı¤ÛÈÌÔ (Float)
∂ÈÛʷϤ˜ ‰¿ÓÂÈÔ (Impaired loan)
∂ÈÛʷϤ˜ ¯Ú¤Ô˜ (Bad debt)
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434 EYPETHPIO OPøN

∂ÈÙ·Á‹ (Cheque)
∂ÈÙfiÎÈÔ (Rate of interest)
∂ÈÙfiÎÈÔ EONIA (Euro Overnight Index Average)
∂ÈÙfiÎÈÔ ÔÌÔÛÔӉȷÎÒÓ Î·Ù·ı¤ÛÂˆÓ (Fed funds rate)
∂ÈÙÚÔ‹ ÂϤÁ¯Ô˘ ÙˆÓ ÚÔıÂÛÌÈ·ÎÒÓ ÂÌÔÚÂ˘Ì·ÙÈÎÒÓ Û˘Ó·ÏÏ·ÁÒÓ
(Commodity futures trading commission)
∂ÈÙÚÔ‹ ∂ÌÔÚ›Ô˘ Ù˘ ¡¤·˜ ÀfiÚ΢ (New York Board of Trade)
∂ÈÙÚÔ‹ ∂ÌÔÚ›Ô˘ ÙÔ˘ ™ÈοÁÔ˘ (Chicago Board of Trade)
∂ÈÙÚÔ‹ ∫ÂÊ·Ï·È·ÁÔÚ¿˜ (Securities and Exchange Commission)
∂ȯÂÈÚËÌ·ÙÈÎfi ÎÂÊ¿Ï·ÈÔ (Venture capital)
∂ȯÂÈÚËÛȷ΋ ·Í›· (Enterpise value)
∂ÛˆÙÂÚÈο ÎÂÊ¿Ï·È· (Internal funds)
∂ÛˆÙÂÚÈ΋ ·Í›· (Intrinsic value)
∂ÛˆÙÂÚÈÎfi˜ Û˘ÓÙÂÏÂÛÙ‹˜ ·fi‰ÔÛ˘ (Internal rate of return)
∂Ù·ÈÚ›· ÂÂÓ‰‡ÛÂˆÓ (Investment trust)
∂Ù·ÈÚ›· ÂÂÓ‰‡ÛÂˆÓ ‰È·¯ˆÚÈṲ̂ÓÔ˘ ÎÂÊ·Ï·›Ô˘ (Dual-capital trust)
∂Ù·ÈÚ›· ÂÂÓ‰‡ÛÂˆÓ ‰È·¯ˆÚÈÛÙÈÎÔ‡ ÎÂÊ·Ï·›Ô˘ (Split-capital investment
trust)
∂Ù·ÈÚ›· ÂÂÓ‰‡ÛÂˆÓ ¯·ÚÙÔÊ˘Ï·Î›Ô˘ (Holding company)
∂Ù·ÈÚÈÎfi ÔÌfiÏÔÁÔ (Corporate bond)
∂Ù‹ÛÈÔ ÂÈÙfiÎÈÔ (Annualised percentage rate)
∂˘Î·ÈÚ›·, Û˘Ó·ÏÏ·Á‹, ‰È·Ú·ÁÌ¿Ù¢ÛË (Bargain)
∂˘ÚÒ (Euro)
∂˘Úˆ·ÁÔÚ¿ (Euromarket)
∂˘ÚˆÓfiÌÈÛÌ· (Eurocurrency)
∂˘ÚˆÔÌfiÏÔÁÔ (Eurobond)
∂˘Úˆ·˚΋ ∫ÂÓÙÚÈ΋ ∆Ú¿Â˙· (European Central Bank)
∂˘Úˆ·˚΋ ÓÔÌÈÛÌ·ÙÈ΋ ÌÔÓ¿‰· (European currency unit)
∂˘Úˆ·˚΋ ∆Ú¿Â˙· ∞Ó·Û˘ÁÎÚfiÙËÛ˘ Î·È ∞Ó¿Ù˘Í˘ (European Bank
for Reconstruction and Development)
∂˘Úˆ·˚΋ ∆Ú¿Â˙· ∂ÂÓ‰‡ÛÂˆÓ (European Investment Bank)
∂˘Úˆ·˚Îfi ‰È·ÙÚ·Â˙ÈÎfi ÚÔÛÊÂÚfiÌÂÓÔ ÂÈÙfiÎÈÔ (EURIBOR)
(European Interbank Offered Rate)
∂˘Úˆ·˚Îfi ¡ÔÌÈÛÌ·ÙÈÎfi πÓÛÙÈÙÔ‡ÙÔ (European Monetary Institute)
∂˘Úˆ·˚Îfi ¡ÔÌÈÛÌ·ÙÈÎfi ™‡ÛÙËÌ· (European Monetary System)
∂˘Úˆ›ÛÙˆÛË (Eurocredit)
∂¯Â̇ıÂÈ· (Secrecy)
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EYPETHPIO OPøN 435

∑ÂÛÙfi ¯Ú‹Ì· (Hot money)

∏ıÈΤ˜ ÂÂÓ‰‡ÛÂȘ (Ethical investing)
∏ÏÂÎÙÚÔÓÈ΋ ÌÂÙ·ÊÔÚ¿ ÎÂÊ·Ï·›ˆÓ ÛÙÔ ÛËÌÂ›Ô ÒÏËÛ˘ (Electronic
funds transfer at the point of sale)
∏ÏÂÎÙÚÔÓÈ΋ ÙÚ·Â˙È΋ ·fi ÙÔ Û›ÙÈ (Home banking)
∏ÏÂÎÙÚÔÓÈ΋ ÙÚ·Â˙È΋ ̤ۈ Internet (Internet banking)
∏ÏÂÎÙÚÔÓÈÎfi ÂÌfiÚÈÔ (E-commerce)
∏ÏÂÎÙÚÔÓÈÎfi ÔÚÙÔÊfiÏÈ (Electronic purse)
∏̤ڷ ηıÔÚÈÛÌÔ‡ fiÚˆÓ Ó¤·˜ ¤Î‰ÔÛ˘ (Impact day)
∏ÌÂÚ‹ÛÈÔ fiÚÈÔ ‰È·Î‡Ì·ÓÛ˘ (Daily trading limit)
∏ÌÂÚÔÌËÓ›· ÂÍfiÊÏËÛ˘ (Redemption date)
∏ÌÂÚÔÌËÓ›· Ï‹Í˘ (Due date)
∏ÌÂÚÔÌËÓ›· Ï‹Í˘ (Expiry date)
∏ÌÂÚÔÌËÓ›· Ï‹Í˘, ‰È¿ÚÎÂÈ· ÈÛ¯‡Ô˜ (Maturity)
∏ÌÂÚÔÌËÓ›· ÔÏÔÎÏ‹ÚˆÛ˘ Û˘Ó·ÏÏ·Á‹˜ (Settlement date)
∏ÌÂÚÔÌËÓ›· ˘ÔÏÔÁÈÛÌÔ‡ Ù˘ ·Í›·˜ ÂÓfi˜ ¯ÚÂÔÁÚ¿ÊÔ˘ (Value date)

£ÂÌ·ÙÔʇϷη˜ (Custodian)
£¤ÛË (Position)
£ÂÛÌÈÎfi˜ ÂÂÓ‰˘Ù‹˜ (Institutional investor)
£ÂˆÚËÙÈ΋ ÔÛfiÙËÙ· (Notional amount)
£ÂˆÚ›· Ù˘ ·ÔÙÂÏÂÛÌ·ÙÈ΋˜ ·ÁÔÚ¿˜ (Efficient market theory)

ÿ‰È· ÎÂÊ¿Ï·È· (Equity)

π‰ÈˆÙÈο ÎÂÊ¿Ï·È· (Private equity)
π‰ÈˆÙÈ΋ ÙÔÔı¤ÙËÛË (Private placement)
π‰ÈˆÙÈ΋ ÙÚ¿Â˙· (Private bank)
π‰ÈˆÙÈÎÔÔ›ËÛË (Privatisation)
ÿ‰Ú˘Ì· Û˘ÁÎÂÓÙÚÒÛÂˆÓ ·ÔÙ·ÌȇÛÂˆÓ (Thrift)
ÿ‰Ú˘Ì· ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ ˘ËÚÂÛÈÒÓ (Financial services institution)
πÛÏ·ÌÈ΋ ÙÚ·Â˙È΋ (Islamic banking)
πÛÔÏÔÁÈÛÌfi˜ (Balance sheet)
πÛÔÙÈÌ›· ‰ÔÏ·Ú›Ô˘/ϛڷ˜ (Cable)
πÛÙÔÚÈÎfi ÎfiÛÙÔ˜ (Historic cost)

∫·ı·Ú‹ ·Í›· ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Net asset value)

∫·ı·Ú‹ ÏÔÁÈÛÙÈ΋ ·Í›· (Book value)
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436 EYPETHPIO OPøN

∫·ı·Ú‹ ÏÔÁÈÛÙÈ΋ ·Í›· (Net book value)

∫·ı·Ú‹ ·ÚÔ‡Û· ·Í›· (Net present value)
∫·ı·Ú‹ ÙÈÌ‹ (Clean price)
∫·ı·Úfi, ÂÎηı·Ú›˙ˆ (Net)
∫·ıËÌÂÚÈÓ‹ ·ÔÙ›ÌËÛË (Mark to market)
∫·ıÔÚÈÛÌfi˜ Ù˘ ÙÈÌ‹˜ ¯Ú˘ÛÔ‡ (Fixing)
∫·Ï˘Ì̤ÓÔ ÈÛÙÔÔÈËÙÈÎfi ÂÈÏÔÁ‹˜ (Covered warrant)
∫¿Ï˘„Ë (Cover)
∫¿Ï˘„Ë ÌÂÚ›ÛÌ·ÙÔ˜ (Dividend cover)
∫·Ì‡ÏË ·fi‰ÔÛ˘ (Yield curve)
∫·Ó¿ÏÈ ‰È·ÓÔÌ‹˜ (Distribution channel)
∫·ÓfiÓ·˜ «ÁÓÒÚÈÛ ÙÔÓ ÂÏ¿ÙË ÛÔ˘» (KYC rules)
∫·ÓÔÓÈÛÌfi˜ ÁÈ· ‰›Î·ÈË ‰ËÌÔÛ›Â˘ÛË (Regulation Fair Disclosure)
∫·Ù¿ıÂÛË fi„ˆ˜ (Sight deposit)
∫·Ù·Ó·ÏˆÙÈ΋ ›ÛÙˆÛË (Consumer credit)
∫·Ù·ÓÔÌ‹ ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Asset allocation)
∫·Ù¿ÙÌËÛË ÌÂÙÔ¯ÒÓ (Stock split)
∫·ÙËÁÔÚ›· ÂÚÈÔ˘ÛÈ·ÎÔ‡ ÛÙÔÈ¯Â›Ô˘ (Asset class)
∫¿ÙÔ¯Ô˜ ÂÚÈÛÛfiÙÂÚˆÓ Ù›ÙÏˆÓ ·fi ÙȘ ˘Ô¯ÚÂÒÛÂȘ ÙÔ˘˜ (Long)
∫·ÙÒÙ·ÙÔ fiÚÈÔ ÙÈÌÒÓ, ·›ıÔ˘Û· ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (Floor)
∫ÂÓÙÚÈ΋ ÙÚ¿Â˙· (Central bank)
∫ÂÓÙÚÈÎfi˜ ÏÔÁ·ÚÈ·ÛÌfi˜ ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Central asset account)
∫¤Ú‰Ë (Earnings)
∫¤Ú‰Ë (Profit)
∫¤Ú‰Ë ·Ó¿ ÌÂÙÔ¯‹ (Earnings per share)
∫¤Ú‰Ë ÎÂÊ·Ï·›Ô˘ (Capital gain)
∫¤Ú‰Ë ÚÔ ÙfiΈÓ, ÊfiÚˆÓ Î·È ·ÔÛ‚¤ÛÂˆÓ (Earnings before interest,
taxes, depreciation and amortisation)
∫¤Ú‰Ô˜ ·fi ÙË ‰È·ÊÔÚ¿ ÌÂٷ͇ ·ÁÔÚ¿˜ Î·È ÒÏËÛ˘ (Turn)
∫ÂÚ‰ÔÛÎÔ›· (Speculation)
∫ÂÚ‰ÔÛÎÔÈ΋ ·ÁÔÚ·ˆÏËÛ›· (Arbitrage)
∫ÂÚ‰ÔÛÎfiÔ˜ ·ÁÔÚ·ÛÙ‹˜ ÌÂÙÔ¯ÒÓ (Stag)
∫ÂÚ‰ÔÊfiÚÔ˜ ÂÙ·ÈÚ›· (Blue chip)
∫ÂÊ·Ï·È·ÁÔÚ¿ (Capital market)
∫ÂÊ¿Ï·ÈÔ (Capital)
∫ÂÊ¿Ï·ÈÔ Î›ÓËÛ˘ (Working capital)
∫ÂÊ¿Ï·ÈÔ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘ (Risk capital)
∫ÂÊ·Ï·ÈÔÔ›ËÛË (Capitalisation)
424-448 20/1/12 12:06 Page 437

EYPETHPIO OPøN 437

∫ÂÊ·Ï·ÈÔ˘¯È΋ Â¿ÚÎÂÈ· (Capital adequacy)

∫›Ó‰˘ÓÔ˜ (Risk)
∫›Ó‰˘ÓÔ˜ ‚¿Û˘ (Basis risk)
K›ÙÚÈÓÔ Ê˘ÏÏ¿‰ÈÔ (Yellow sheet)
∫ÔÈÓ‹ ÌÂÙÔ¯‹ (Common stock)
∫ÔÈÓ‹ ÌÂÙÔ¯‹ (Ordinary share)
∫ÔÈÓÔÚ·ÎÙÈÎfi ‰¿ÓÂÈÔ (Syndicated loan)
∫ÔÈÓÔÚ·Í›· ÙÚ·Â˙ÒÓ (Consortium bank)
∫ÔÈÓˆÓÈο ˘‡ı˘ÓË Â¤Ó‰˘ÛË (Socially responsible investing)
∫fiÎÎÈÓË Ú‹ÙÚ· (Red clause)
∫ÔÌÈÔ˘ÙÂÚ¿‰Â˜ Î·È ÁÈ¿ˉ˜ (Fruits and suits)
∫ÔÓÙ¿ÓÁÎÔ (Contango)
∫fiÛÙÔ˜ ·ÓÙÈηٿÛÙ·Û˘ (Replacement cost)
∫fiÛÙÔ˜ ¢ηÈÚ›·˜ (Opportunity cost)
∫fiÛÙÔ˜ ÎÂÊ·Ï·›Ô˘ (Cost of capital)
∫fiÛÙÔ˜ ÚÔÛÊÔÚ¿˜ (Bid costs)
∫Ú·ÙÈÎÔ› ·ÌÂÚÈηÓÈÎÔ› Ù›ÙÏÔÈ (Governments)
∫Ú·ÙÈÎÔÔ›ËÛË (Nationalisation)
∫Ú·¯ (Crash)
∫Ú˘Ê‹ Û˘Û›ڈÛË ÌÂÙfi¯ˆÓ (Concert party)
∫˘ÎÏÈ΋ ÌÂÙÔ¯‹ (Cyclical stock)
∫˘ÎÏÈ΋ Û˘Ó·ÏÏ·Á‹ (Circular transaction)
∫˘ÎÏÈÎfi Ù·Í›‰È ÌÂÙÔ¯‹˜ (Roundtripping)
∫˘Ì·ÈÓfiÌÂÓË ÂÈ‚¿Ú˘ÓÛË (Floating charge)
∫˘Ì·ÈÓfiÌÂÓÔ ÂÈÙfiÎÈÔ (Floating rate)
∫‡ÚÈÔ˜ ‰È·Ú·ÁÌ·ÙÂ˘Ù‹˜ (Primary dealer)

§ ¤Û¯Ë ÂÂÓ‰‡ÛÂˆÓ (Investment club)

§Â˘Îfi˜ ÈfiÙ˘ (White knight)
§ÔÁ·ÚÈ·ÛÌfi˜ (Account)
§ÔÁ·ÚÈ·ÛÌfi˜ ·ÔÙÂÏÂÛÌ¿ÙˆÓ ¯Ú‹Û˘ (Profit and loss account)
§ÔÁ·ÚÈ·ÛÌfi˜ ‰È·¯Â›ÚÈÛ˘ ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Asset management
account)
§ÔÁ·ÚÈ·ÛÌfi˜ ‰È·¯Â›ÚÈÛ˘ ¯·ÚÙÔÊ˘Ï·Î›Ô˘ (Discretionary account)
§ÔÁ·ÚÈ·ÛÌfi˜ ıÂÌ·ÙÔʇϷη (Escrow account)
§ÔÁ·ÚÈ·ÛÌfi˜ ÂÚÈıˆÚ›ˆÓ (Margin account)
§ÔÁ·ÚÈ·ÛÌfi˜ ÙÔ˘ ÚÔ¸ÔÏÔÁÈÛÌÔ‡ (Budget account)
§ÔÁ·ÚÈ·ÛÌfi˜ ÙÚÂ¯Ô˘ÛÒÓ Û˘Ó·ÏÏ·ÁÒÓ (Current account)
424-448 20/1/12 12:06 Page 438

438 EYPETHPIO OPøN

§fiÁÔ˜ Ú¢ÛÙfiÙËÙ·˜ (Current ratio)

ª·˙È΋ ·fiÛ˘ÚÛË ¯ÚËÌ¿ÙˆÓ (Run)

ª·ÎÚÔÚfiıÂÛÌ· ÔÌfiÏÔÁ· (Longs)
ª·‡ÚË ¢Â˘Ù¤Ú· (Black Monday)
ª·‡ÚË ∆ÂÙ¿ÚÙË (Black Wednesday)
ªÂ ‰Èη›ˆÌ· ÚÔÛÊ˘Á‹˜ (With resource)
ªÂ ÌÂÚÈ΋ ÂÍfiÊÏËÛË (Partly paid)
ªÂ ̤ÚÈÛÌ· (Cum div)
ªÂÁ¿ÏË ŒÎÚËÍË (Big Bang)
ªÂÁ·Ï‡ÙÂÚË ÛÙ¿ıÌÈÛË ·fi ÙËÓ Î·ÓÔÓÈ΋ (Overweight)
ª¤ıÔ‰Ô˜ Â΂ȷÛÌÔ‡ (Greenmail)
ªÂÈÎÙ¤˜ ÈÛÙÒÛÂȘ (Mixed credit)
ªÂÏÏÔÓÙÈ΋ Î¿Ï˘„Ë (Forward cover)
ªÂÚ›‰ÈÔ (Tranche)
ª¤ÚÈÛÌ· (Dividend)
ª¤ÚÈÛÌ· Û ÌÂÙÔ¯¤˜ (Stock dividend)
ª¤Û· ÛÙ· ¯Ú‹Ì·Ù¿ ÙÔ˘ (In the money)
ªÂÛ¿˙ˆÓ (Broker)
ª¤ÛË ÙÈÌ‹ (Middle price)
ª¤ÛÔ ÎfiÛÙÔ˜ (Average cost)
ªÂÛÔÏ·‚ËÙ‹˜ ÌÂÙ·ÊÔÚ¿˜ (Transfer agent)
ªÂÛÔÏ·‚ËÙÈ΋ ¯ÚËÌ·ÙÔ‰fiÙËÛË (Mezzanine)
ªÂÛÔÚfiıÂÛÌÔÈ Ù›ÙÏÔÈ (Medium-term note)
ªÂÙ¿ ÙÔ ÎÏ›ÛÈÌÔ ÙÔ˘ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (After-hours)
ªÂÙ·‚›‚·ÛË (Allotment)
ªÂÙ·‚ÏËÙfi ÂÈÙfiÎÈÔ (Variable rate)
ªÂÙ·‚ÏËÙfi ÔÌfiÏÔÁÔ (Flip-flop bond)
ªÂÙ·‚ÏËÙfiÙËÙ· (Volatility)
ªÂÙ·ÎÈÓ‹ÛÂȘ ÎÂÊ·Ï·›ˆÓ (Capital flight)
ªÂÙ·ÙÚ¤„ÈÌÔ˜ (Convertible)
ªÂÙ·ÊÂÚfiÌÂÓË ›ÛÙˆÛË (Transferable credit)
ªÂÙ·ÊÔÚ¿ ÂÌÔÚÂ˘Ì¿ÙˆÓ ‰È¿ ı·Ï¿ÛÛ˘ (Afloats)
ªÂÙ·ÊÔÚ¿ Û ÂfiÌÂÓË ÂÚ›Ô‰Ô (Carry forward)
ªÂÙ·¯ÚÔÓÔÏfiÁËÛË (Post-date)
ªÂÙÔ¯¤˜ ÂÙ·ÈÚÂÈÒÓ dotcom (Dotcom stocks)
ªÂÙÔ¯¤˜ ˘„ËÏ‹˜ ÔÈfiÙËÙ·˜ (Alpha stocks)
ªÂÙÔ¯‹ ·Í›·˜ (Value stock)
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EYPETHPIO OPøN 439

ªÂÙÔ¯‹ ·Ú·ÎÔÏÔ‡ıËÛ˘ (Tracking stock)

ªÂÙÔ¯‹ Ù˘ ‰Âοڷ˜ (Penny stock)
ªÂÙÔ¯‹, ·fiıÂÌ· (Stock)
ªÂÙÔ¯‹, ÌÂÚ›‰ÈÔ (Share)
ªÂÙÔ¯ÈÎfi ‰Èη›ˆÌ· (Share option)
ªÂÙÚËÙ¿, Ù·Ìȷο ‰È·ı¤ÛÈÌ· (Cash)
ªË ·ÛÊ·ÏÈṲ̂ÓÔ˜ (Unsecured)
ªË Â͢ËÚÂÙÔ‡ÌÂÓ· ‰¿ÓÂÈ· (Non-performing loan)
ªË ÊÈÏÈ΋ ÂÍ·ÁÔÚ¿ (Contested bid)
ªË‰ÂÓÈ΋ ‚¿ÛË (Nil basis)
ªË¯¿ÓËÌ· ·Ó¿Ï˄˘ (Cash machine)
ªË¯¿ÓËÌ· ·˘ÙfiÌ·Ù˘ ·Ó¿Ï˄˘ ¯ÚËÌ¿ÙˆÓ (ATM)
ªË¯¿ÓËÌ· ·˘ÙfiÌ·Ù˘ ·Ó¿Ï˄˘ ¯ÚËÌ¿ÙˆÓ (Automated teller machine)
ªË¯·ÓÈÛÌfi˜ ·ÔÎÔ‹˜ Î·È ÂÌÔÚ¢ÛÈÌfiÙËÙ·˜ ÙÔÎÔÌÂÚȉ›ˆÓ ηÈ
«ÛˆÌ¿ÙˆÓ» ÔÌÔÏfiÁˆÓ (Separate trading of registered interest and
principal of securities )
ªË¯·ÓÈÛÌfi˜ ™˘Ó·ÏÏ·ÁÌ·ÙÈÎÒÓ πÛÔÙÈÌÈÒÓ (Exchange Rate Mechanism)
ªÈÎÚfiÙÂÚË ÛÙ¿ıÌÈÛË ·fi ÙËÓ Î·ÓÔÓÈ΋ (Underweight)
ªÂÈÎÙfi ÎÂÊ¿Ï·ÈÔ (Blend fund)
ªÔÓ¿‰· ‚¿Û˘ (Basis point)
ªÔÓ·‰È·›Ô˜ ÊfiÚÔ˜ (Unitary tax)
ªÔÓ·‰È΋ ÈηÓfiÙËÙ· (Single capacity)
ªfi¯Ï¢ÛË (Gearing)
ªfi¯Ï¢ÛË (Leverage)
ª·ÏfiÓÈ (Balloon)
ª™π (ERM)

¡·ÚÎÔ‰ÔÏ¿ÚÈ· (Narcodollars)
¡ÔÌÈÛÌ·ÙÈ΋ ÔÏÈÙÈ΋ (Monetary policy)
¡fiÌÔÈ Â͢Á›·ÓÛ˘ ÙÔ˘ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘ (Blue sky laws)
¡fiÌÔ˜ Glass-Steagall (Glass-Steagall Act)
¡fiÌÔ˜ Sarbanes-Oxley (Sarbanes-Oxley Act)
¡fiÌÔ˜ ÂÚ› ÂÍ·ÛÊ¿ÏÈÛ˘ Ù˘ Û‡ÓÙ·Í˘ ÙˆÓ ÂÚÁ·˙ÔÌ¤ÓˆÓ (ERISA)
(Employee Retirement Income Security Act)
¡fiÌÔ˜ ÙÔ˘ Gresham (Gresham's Law)
¡ÙÂfiÚ (Backwardation)

•¤ÓÔ ÔÌfiÏÔÁÔ (Foreign bond)

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440 EYPETHPIO OPøN

•¤ÓÔ Û˘Ó¿ÏÏ·ÁÌ· (Foreign exchange)

•¤Ï˘Ì· (Laundering)
•¤Ï˘Ì· ‚ÚÒÌÈÎÔ˘ ¯Ú‹Ì·ÙÔ˜ (Money laundering)

√ÈÎÔÓÔÌÂÙÚ›· (Econometrics)
√ÈÎÔÓÔÌÈ΋ Î·È ¡ÔÌÈÛÌ·ÙÈ΋ ŒÓˆÛË (Economic and Monetary Union)
√ÈÎÔÓÔÌÈÎfi ¤ÙÔ˜ (Financial year)
√ÈÎÔÓÔÌÈÎfi ΤÓÙÚÔ (Financial centre)
√ÈÎÔÓÔÌÈÎfi˜ Ù›ÙÏÔ˜ ÛÙ·ıÂÚÔ‡ ÂÈÛÔ‰‹Ì·ÙÔ˜ (Fixed-income security)
√ÈÎÔÓÔÌÈÎfi˜ Ù›ÙÏÔ˜, Ù›ÙÏÔ˜, ¯ÚÂfiÁÚ·ÊÔ (Security)
√Ì¿‰· EͤٷÛ˘ EÍ·ÁÔÚÒÓ Î·È ™˘Á¯ˆÓ‡ÛÂˆÓ (Panel on Takeovers and
Mergers)
√Ì·‰È΋ ·ÛÊ¿ÏÈÛË (Group insurance)
√Ì·‰ÈÎÔ› ÏÔÁ·ÚÈ·ÛÌÔ› (Group accounts)
√ÌfiÏÔÁ· Ì ˘„ËÏ‹ ÚÔÛ‰ÔÎÒÌÂÓË ·fi‰ÔÛË (Rising star)
√ÌÔÏÔÁȷο ‰¿ÓÂÈ· (Debenture)
√ÌÔÏÔÁÈ·Îfi ‰¿ÓÂÈÔ Û ‰ÔÏ¿ÚÈ· (Yankee bond)
√ÌfiÏÔÁÔ (Bond)
√ÌfiÏÔÁÔ Brady (Brady bond)
√ÌfiÏÔÁÔ ¢ËÌÔÛ›Ô˘ (Treasury bill)
√ÌfiÏÔÁÔ ÂÍfiÊÏËÛ˘ ÌfiÓÔ ·Ú¯ÈÎÔ‡ ÎÂÊ·Ï·›Ô˘ (Principal-only bond)
√ÌfiÏÔÁÔ ÂÙ‹ÛÈ·˜ ‰È¿ÚÎÂÈ·˜ (Yearling)
√ÌfiÏÔÁÔ Î·Ù·ÛÙÚÔÊ‹˜ (Catastrophe bond)
√ÌfiÏÔÁÔ Ì ‚·ıÌÔÏfiÁËÛË Î·Ù¿ÏÏËÏË ÁÈ· Â¤Ó‰˘ÛË (Investment grade)
√ÌfiÏÔÁÔ Ì ÙÔÎÔÌÂÚ›‰ÈÔ (Cushion bond)
√ÌfiÏÔÁÔ ÌÂÁ¿ÏÔ˘ ÂÂÓ‰˘ÙÈÎÔ‡ ÎÈÓ‰‡ÓÔ˘ (Fallen angel)
√ÌfiÏÔÁÔ ÌˉÂÓÈÎÔ‡ ÙÔÎÔÌÂÚȉ›Ô˘ (Zero-coupon bond)
√ÌfiÏÔÁÔ Û ȷˆÓÈÎfi ÁÂÓ (Samurai bond)
√ÌfiÏÔÁÔ Û ϛÚ˜ (Bulldog bond)
√ÌfiÏÔÁÔ ˘„ËÏ‹˜ ·fi‰ÔÛ˘ (High-yield bond)
√ÌfiÏÔÁÔ ¯·ÌËÏ‹˜ ·ÍÈÔÈÛÙ›·˜ (Junk bond)
√ÌÔÛÔӉȷ΋ ÂÙ·ÈÚ›· ·ÛÊ¿ÏÈÛ˘ ηٷı¤ÛÂˆÓ (Federal Deposit
Insurance Corporation)
√ÌÔÛÔӉȷ΋ ∫ÂÓÙÚÈ΋ ∆Ú¿Â˙· ÙˆÓ ∏¶∞ (Federal Reserve)
√ÌÔÛÔӉȷ΋ ∆Ú¿Â˙· Ù˘ °ÂÚÌ·Ó›·˜ (Bundesbank)
√¡∂ (∂ªU)
ŸÓÔÌ· ÙÔ˘ ¯ÚËÌ·ÙÈÛÙ‹ (Street name)
√ÓÔÌ·ÛÙÈ΋ ·Í›· (Par)
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EYPETHPIO OPøN 441

√ÓÔÌ·ÛÙÈ΋ ÙÈÌ‹ (Nominal price)

√ÓÔÌ·ÛÙÈÎfi˜ Ù›ÙÏÔ˜ (Registered security)
√ÈÛıÔÁÚ¿ÊËÛË (Endorsement)
√ÚÁ·ÓÈÛÌfi˜ ·ÍÈÔÏfiÁËÛ˘ ÂȯÂÈÚ‹ÛÂˆÓ (Rating agency)
√ÚÈ·Îfi ÎfiÛÙÔ˜ (Marginal cost)
ŸÚÈÔ ÙÈÌ‹˜ (Limit order)
√ÚÈÛÌfi˜ ÙÔ˘ ̤ÛÔ˘ fiÚÔ˘ (Averaging)
Ÿ¯ËÌ· ÂȉÈÎÔ‡ ÛÎÔÔ‡ (Special purpose vehicle)

¶¿ÁÈ· ÂÓÙÔÏ‹ (Standing order)

¶·ÁÎfiÛÌÈ· ∆Ú¿Â˙· (World Bank)
¶·Ú¿ÁˆÁ· (Derivatives)
¶·Ú¿‰ÔÛË (Delivery)
¶·Ú¿‰ÔÛË Ì ·ÓÙÈηٷ‚ÔÏ‹ (Cash on delivery)
¶·Ú¿‰ÔÛË Ì ·ÓÙÈηٷ‚ÔÏ‹ (Collect on delivery)
¶·Ú¿ÏÏËÏË ·ÁÔÚ¿ (Parallel market)
¶·Ú¿ÏÏËÏË ¯ÚËÌ·ÙÔ‰fiÙËÛË (Parallel financing)
¶ÂÚÈıÒÚÈÔ, ‰È·ÛÔÚ¿ (Spread)
¶ÂÚÈÏËÙÈÎfi ÂÓËÌÂÚˆÙÈÎfi ¤ÓÙ˘Ô (Pathfinder)
¶ÂÚ›Ô‰Ô˜ ¯¿ÚÈÙÔ˜ (Grace period)
¶ÂÚÈÔ˘Ûȷο ÛÙÔȯ›·, ¿ÁÈ· (Asset)
¶ËÁ¤˜ ÎÂÊ·Ï·›ˆÓ (Sources of funds)
¶ÈÛÙÔÔÈËÙÈÎfi ηٿıÂÛ˘ ÌÂÙÔ¯ÒÓ (American depositary receipt)
¶ÈÛÙÔÔÈËÙÈÎfi ÂÈÏÔÁ‹˜ (Warrant)
¶ÈÛÙÔÔÈËÙÈÎfi ηٿıÂÛ˘ (Certificate of deposit)
¶ÈÛÙÔÔÈËÙÈÎfi Ù›ÙÏˆÓ ¢ËÌÔÛ›Ô˘ CATS (Certificate of accrual on
Treasury securities)
¶›ÛÙˆÛË (Credit)
¶›ÛÙˆÛË ‚·ÛÈṲ̂ÓË Û ¤ÁÁÚ·Ê· ÛÙÔȯ›· (Documentary credit)
¶›ÛÙˆÛË ÁÈ· ·ÁÔÚ¿ Ì ‰fiÛÂȘ (Instalment credit)
¶›ÛÙˆÛË ÙÔ˘ ·ÁÔÚ·ÛÙ‹ (Buyer credit)
¶ÈÛÙˆÙÈ΋ ¤ÓˆÛË (Credit union)
¶ÈÛÙˆÙÈ΋ ÂÈÛÙÔÏ‹ (Letter of credit)
¶ÈÛÙˆÙÈ΋ οÚÙ· (Credit card)
¶ÈÛÙˆÙÈÎfi fiÚÈÔ (Credit line)
¶ÈÛÙˆÙÈÎfi fiÚÈÔ (Line of credit)
¶ÈÛÙˆÙÈÎfi ÛËÌ›ˆÌ· (Credit note)
¶ÈÛÙˆÙÈÎfi˜ ΛӉ˘ÓÔ˜ (Credit risk)
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442 EYPETHPIO OPøN

¶Ï·ÛÙÔÁÚ·Ê›· (Forgery)
¶ÏÂÈÛÙËÚÈ·ÛÌfi˜ ÔÏÏ·Ó‰ÈÎÔ‡ Ù‡Ô˘ (Dutch auction)
¶ÏËıˆÚÈÛÌfi˜ (Inflation)
¶ÏËÚÂÍÔ‡ÛÈÔ (Power of attorney)
¶ÔÈÔÙÈ΋ ·Ó¿Ï˘ÛË (Qualitative analysis)
¶ÔÏ˘ÌÂÙÔ¯Èο ÎÂÊ¿Ï·È· ·ıËÙÈ΋˜ ‰È·¯Â›ÚÈÛ˘ (Tracker fund)
¶ÔÛfi ÁÈ· ÚԂϤ„ÂȘ (Provisions)
¶ÔÛÔÛÙfi ·fi‰ÔÛ˘ (Rate of return)
¶ÔÛÔÛÙfi ÚÔÛ·‡ÍËÛ˘ (Accrual rate)
¶ÔÛfiÙËÙ· ÌÈÎÚfiÙÂÚË Ù˘ ÂÏ¿¯ÈÛÙ˘ ÌÔÓ¿‰·˜ ‰È·Ú·ÁÌ¿Ù¢Û˘ (Odd
lot)
¶ÔÛÔÙÈ΋ ·Ó¿Ï˘ÛË (Quantitative analysis)
¶Ú·ÎÙÈ΋ front running (Front running)
¶Ú·ÎÙÈ΋ ‰È¢ÎfiÏ˘ÓÛ˘ ¤Î‰ÔÛ˘ ÔÌÔÏfiÁˆÓ (Revolving underwriting
facility)
¶Úfi‚ÏÂ„Ë (Forecasting)
¶ÚfiÁÚ·ÌÌ· ·ÁÔÚ·ˆÏËÛÈÒÓ (Program trading)
¶ÚfiÁÚ·ÌÌ· ·ÁÔÚ¿˜ ÌÂÙÔ¯ÒÓ ·fi ÂÚÁ·˙Ô̤ÓÔ˘˜ (Employee stock
ownership plan)
¶ÚÔÂÍfiÊÏËÛË (Prepayment)
¶ÚÔÂÍÔÊÏËÙÈ΋ ¯ÚËÌ·ÙÔ‰fiÙËÛË (Forfaiting)
¶ÚÔÂÍÔÊÏËÙÈÎfi ÂÈÙfiÎÈÔ (Discount rate)
¶ÚÔıÂÛÌȷ΋ ηٿıÂÛË (Time deposit)
¶ÚÔıÂÛÌȷ΋ Û˘Ìʈӛ· ÂÈÙÔΛˆÓ (Forward rate agreement)
¶ÚÔıÂÛÌÈ·Îfi ‰¿ÓÂÈÔ (Term loan)
¶ÚÔıÂÛÌÈ·Îfi Û˘Ì‚fiÏ·ÈÔ (Forward contract)
¶ÚÔηٷ‚ÔÏ‹, ÎÔ›Ù·ÛÌ·, ηٿıÂÛË (Deposit)
¶ÚÔ̤ÚÈÛÌ· (Interim dividend)
¶ÚÔÌ‹ıÂÈ· (Commission)
¶ÚÔÌ‹ıÂÈ· ·‰Ú¿ÓÂÈ·˜ (Commitment fee)
¶ÚÔÓÔÌÈÔ‡¯Â˜ ÌÂÙÔ¯¤˜ (Preference share)
¶ÚÔÓÔÌÈÔ‡¯Â˜ ÌÂÙÔ¯¤˜ (Preferred stock)
¶ÚÔÓÔÌÈÔ‡¯Â˜ ÌÂÙÔ¯¤˜ ÌˉÂÓÈÎÔ‡ ÙÔÎÔÌÂÚȉ›Ô˘ (Zero-coupon
preference share)
¶ÚÔÓÔÌÈÔ‡¯Ô˜ ÈÛوً˜ (Preferential creditor)
¶ÚfiÛıÂÙË ÂÁÁ‡ËÛË, ¯¤ÁÁ˘Ô (Collateral)
¶ÚfiÛÎÏËÛË ÁÈ· ˘Ô‚ÔÏ‹ ÚÔÛÊÔÚÒÓ ÁÈ· ·ÁÔÚ¿ Ù›ÙÏˆÓ (Tender offer)
¶ÚfiÛÔ‰Ô˜ ÂÙ‹ÛÈ· ‹ ÌËÓÈ·›· (Annuity)
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EYPETHPIO OPøN 443

¶ÚÔÛ¿ıÂÈ· ˆÚ·ÈÔÔ›ËÛ˘ Ù˘ ÏÔÁÈÛÙÈ΋˜ ηٿÛÙ·Û˘ (Window

dressing)
¶ÚÔÛÙ·Û›· ηٷı¤ÛÂˆÓ (Deposit protection)
¶ÚÔÛÙÈı¤ÌÂÓË ·Í›· (Value added)
¶ÚÔÛÊÔÚ¿ ÒÏËÛ˘ (Offer for sale)
¶ÚÔÛÊÔÚ¿ ¯Ú‹Ì·ÙÔ˜ (Money supply)
¶ÚÔÛÊÔÚ¿, ÚfiÙ·ÛË (Bid)
¶ÚÔÛÊ˘Á‹ (Class action)
¶ÚÔÛˆÈÎfi˜ ·Ó·ÁÓˆÚÈÛÙÈÎfi˜ ·ÚÈıÌfi˜ (Personal Identification number)
¶ÚÔ¸ÔÏÔÁÈÛÌfi˜ (Budget)
¶ÚˆÙÔÁÂÓ‹˜ ·ÁÔÚ¿ (Primary market)
¶ÒÏËÛË ÂÚÈÛÛfiÙÂÚˆÓ ·Î¤ÙˆÓ ÌÂÙÔ¯ÒÓ ·fi fiÛ· ¤¯ÂÈ Î¿ÔÈÔ˜ÛÙË
‰È¿ıÂÛ‹ ÙÔ˘ (Short)
¶ÒÏËÛË ÂÚÈÛÛfiÙÂÚˆÓ ·Î¤ÙˆÓ ÌÂÙÔ¯ÒÓ ·fi fiÛ· ¤¯ÂÈ Î¿ÔÈÔ˜ ÛÙË
‰È¿ıÂÛ‹ ÙÔ˘ (Short sale)
¶ˆÏËÙ‹˜ ‰ÈηÈÒÌ·ÙÔ˜ ÚÔ·›ÚÂÛ˘ (Writer)

ƒ¤Ô˜ (Repo)
ƒÂ˘ÛÙÔÔ›ËÛË (Liquidation)
ƒÂ˘ÛÙfiÙËÙ· (Liquidity)
ƒ‹ÙÚ· ·Ï˘ÛȉˆÙ‹˜ ηٷÁÁÂÏ›·˜ (Cross default)
ƒ‹ÙÚ· ÎfiÎÎÈÓ˘ ÁÚ·ÌÌ‹˜ (Red lining)
ƒÔ˙ Ê˘ÏÏ¿‰ÈÔ (Pink sheet)

™ËÌÂ›Ô ·Ó·ÊÔÚ¿˜ (Benchmark)

™ÈÓÈÎfi Ù›¯Ô˜ (Chinese wall)
™ÎÈ҉˘ ÏÔÁÈÛÙÈ΋ (Shadow accounting)
™ÎÏËÚfi ÓfiÌÈÛÌ· (Hard currency)
™Ù·ıÂÚfi ÂÈÙfiÎÈÔ (Fixed rate)
™Ù¿ıÌÈÛË (Weighting)
™ÙÂÁ·ÛÙÈ΋ ÙÚ¿Â˙· (Building society)
™ÙÂÓ‹ ·ÁÔÚ¿ (Narrow market)
™ÙÔȯ›· ÂϤÁ¯Ô˘ (Audit trail)
™ÙÔ›¯ËÌ· Â› Ù˘ ‰È·ÛÔÚ¿˜ (Spread betting)
™‡ÁÎÚÔ˘ÛË Û˘ÌÊÂÚfiÓÙˆÓ (Conflict of interest)
™˘Á¯ÚËÌ·ÙÔ‰fiÙËÛË (Co-financing)
™˘Á¯ˆÓ‡ÛÂȘ Î·È ÂÍ·ÁÔÚ¤˜ (Mergers and acquisitions)
™˘Ì‚fiÏ·È· ÌÂÏÏÔÓÙÈ΋˜ ÂÎÏ‹ÚˆÛ˘ (Futures)
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444 EYPETHPIO OPøN

™˘Ì‚fiÏ·ÈÔ (Contract)
™˘Ì‚fiÏ·ÈÔ ‚¿ÛÂÈ ‰È·ÊÔÚ¿˜ ÙÈÌ‹˜ (Contract for difference)
™‡Ì‚Ô˘ÏÔ˜ ·ÁÔÚ·ˆÏËÛÈÒÓ ÂÌÔÚÂ˘Ì¿ÙˆÓ (Commodity trading
adviser)
™˘ÌÌÂÙÔ¯‹ ÛÙ· Î¤Ú‰Ë (Profit-sharing)
™˘ÌÏËڈ̷ÙÈ΋ ¤Î‰ÔÛË ÌÂÙÔ¯ÒÓ (Bonus issue)
™˘ÌÏËڈ̷ÙÈ΋ Î¿Ï˘„Ë (Margin call)
™˘ÌʈÓËÙÈÎfi (Covenant)
™˘Ìʈӛ· Â·Ó·ÁÔÚ¿˜ (Reverse repurchase agreement)
™˘Ìʈӛ· Â·Ó·ÒÏËÛ˘ (Repurchase agreement)
™˘Ìʈӛ· Â·Ó·ÒÏËÛ˘ Î·È ·ÁÔÚ¿˜ (Reverse repo)
™˘Ìʈӛ· ηٿ Ù˘ ‰ÈÏ‹˜ ÊÔÚÔÏfiÁËÛ˘ (Double-taxation agreement)
™˘Ìʈӛ· ÙÔ˘ Bretton Woods (Bretton Woods Agreement)
™˘Ì„ËÊÈÛÌfi˜ (Netting)
™˘Ó·›ÓÂÛË (Consensus)
™˘Ó·ÏÏ·Á¤˜ ·ÓÔȯً˜ ·ÁÔÚ¿˜ (Open-market operations)
™˘Ó·ÏÏ·Á¤˜ Ì ·ÓÙÈΛÌÂÓÔ ÙË ‰È·ÊÔÚ¿ ÙÈÌÒÓ (Basis trade)
™˘Ó·ÏÏ·ÁÌ·ÙÈ΋ (Bill of exchange)
™˘Ó·ÏÏ·ÁÌ·ÙÈÎfi˜ ¤ÏÂÁ¯Ô˜ (Exchange control)
™‡Ó‰ÂÛÌÔ˜ ¢ÈÂıÓÒÓ ªÂÛÈÙÒÓ / ¢È·Ú·ÁÌ·Ù¢ÙÒÓ √ÌÔÏÔÁÈÒÓ (Association
of International Bond Dealers)
™˘Ó‰ÈοÙÔ, ÎÔÈÓÔÚ·Í›·, fiÌÈÏÔ˜ (Syndicate)
™˘Ó‰˘·ÛÌfi˜ swap Î·È ‰ÈηÈÒÌ·ÙÔ˜ ÚÔ·›ÚÂÛ˘ (Swaption)
™˘Ó¯‹˜ ηıÔ‰È΋ Ù¿ÛË Ù˘ ·ÁÔÚ¿˜ (Bear market)
™‡ÓıÂÙ· ¿ÁÈ· (Synthetic asset)
™˘ÓÔÏÈ΋ ·fi‰ÔÛË (Total return)
™‡ÓÙ·ÍË (Pension)
™‡ÓÙ·ÍË, ÂÍfiÊÏËÛË ‰·Ó›Ԣ (Retire)
™˘ÓÙ·ÍÈÔ‰ÔÙÈο ÚÔÁÚ¿ÌÌ·Ù· ηıÔÚÈÛÌ¤ÓˆÓ ÂÈÛÊÔÚÒÓ (Defined
contribution pension)
™˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi ÚfiÁÚ·ÌÌ· ηıÔÚÈÛÌ¤ÓˆÓ ·ÚÔ¯ÒÓ (Defined benefit
pension)
™˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi ÚfiÁÚ·ÌÌ· Ì ‚¿ÛË ÙȘ ηٷ‚ÏËı›Û˜ ÂÈÛÊÔÚ¤˜
(Money-purchase pension)
™˘ÓÙ·ÍÈÔ‰ÔÙÈÎfi Ù·ÌÂ›Ô (Pension fund)
™˘ÓÙ·ÍÈÔ‰ÔÙÈÎÔ› fiÚÔÈ (Retirement fund)
™˘ÓÙÂÏÂÛÙ‹˜ ·Ófi‰Ô˘/ÙÒÛ˘ (Advance/decline ratio)
™‡ÛÙËÌ· ÌÂÙ·ÊÔÚ¿˜ ¯ÚËÌ¿ÙˆÓ Ì¤Ûˆ ÙÚ·Â˙ÒÓ ‹ Ù·¯˘‰ÚÔÌ›ˆÓ (Giro)
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EYPETHPIO OPøN 445

∆ ·Ìȷ΋ ÚÔ‹ (Cash flow)

∆·ÌÂ›Ô ·ÛÊ¿ÏÈÛ˘ ÙÚ·Â˙ÒÓ (Bank insurance fund)
∆·ÍȉȈÙÈ΋ ÂÈÙ·Á‹ (Traveller's cheque)
∆¿ÛË Ù‡Ô˘ «ÎÂÊ¿ÏÈ Î·È ÒÌÔÈ» (Head and shoulders)
∆·‡ÚÔ˜ (Bull)
∆·˘Ùfi¯ÚÔÓË Ï‹ÍË ÙÚÈÒÓ ÂȉÒÓ Ù›ÙÏˆÓ (Triple witching hour)
∆ÂÏÈ΋ ·ÚÔ¯‹ (Terminal bonus)
∆¯ÓËÙ‹ ¿ÓÔ‰Ô˜ Ù˘ ÙÈÌ‹˜ ÙˆÓ ÌÂÙÔ¯ÒÓ (Laddering)
∆¯ÓËÙ‹ ·‡ÍËÛË ÙÈÌ‹˜ ÌÂÙÔ¯‹˜ (Ramp)
∆¯ÓËÙ‹ ¯ÚËÌ·ÙÈÛÙËÚȷ΋ ΛÓËÛË (Churn)
∆¯ÓÈ΋ ·Ó¿Î·Ì„Ë (Technical rally)
∆¯ÓÈ΋ ·Ó¿Ï˘ÛË (Technical analysis)
∆¯ÓÔÏÔÁ›·, ÔÏ˘Ì¤Û· Î·È ÙËÏÂÈÎÔÈӈӛ˜ (Technology, media and
telecommunications)
∆ÈÌ‹ ¿ÛÎËÛ˘ (Exercise price)
∆ÈÌ‹ ‚¿Û˘ (Basis price)
∆ÈÌ‹ ‰ÈηÈÒÌ·ÙÔ˜ ÌÂÏÏÔÓÙÈ΋˜ ·ÁÔÚ¿˜ (Call premium)
∆ÈÌ‹ ÂÍ¿ÛÎËÛ˘ (Srike price)
∆ÈÌ‹ ÎÏÂÈ̷ۛÙÔ˜ (Closing price)
∆›ÌËÌ·, ·ÓÙ¿ÏÏ·ÁÌ· (Premium)
∆›ÙÏÔÈ ÛÙ·‰È·Î‹˜ ‰È¿ıÂÛ˘ ÛÙËÓ ·ÁÔÚ¿ (Tap stock)
∆ÈÙÏÔÔ›ËÛË (Securitisation)
∆›ÙÏÔ˜ ‰·ÓÂȷ΋˜ ˘Ô¯Ú¤ˆÛ˘ (Loan stock)
∆›ÙÏÔ˜ ÎÔÌÈÛÙ‹ (Bearer security)
∆›ÙÏÔ˜ Û˘Ó‰Â‰Â̤ÓÔ˜ Ì ‰Â›ÎÙË (Index-linked)
∆Ì‹Ì· ›‰ÈˆÓ ÎÂÊ·Ï·›ˆÓ (Equity carve-out)
∆Ì‹Ì· ÌÂÙfi¯ˆÓ (Investor relations)
∆Ô Î·Ì·Ó¿ÎÈ ÙÔ˘ Lutine (Lutine bell)
∆ÔÎÔÁÏ˘Ê›· (Usury)
∆ÔÎÔÌÂÚ›‰ÈÔ (Coupon)
∆fiÎÔ˜ (Interest)
∆Ô̤·˜ ·ÁÔÚ¿˜ ÌÂÙÔ¯ÒÓ (Stockmarket sector)
∆ÔÔı¤ÙËÛË (Placement)
∆Ú¿Â˙·-ΤÓÙÚÔ ¯Ú‹Ì·ÙÔ˜ (Money-center bank)
∆Ú¿Â˙· (Bank)
∆Ú¿Â˙· ·ÌÔÈ‚·›ˆÓ ·ÔÙ·ÌȇÛÂˆÓ (Mutual savings bank)
∆Ú¿Â˙· ÁÂÓÈÎÔ‡ Ù‡Ô˘ (Universal bank)
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446 EYPETHPIO OPøN

∆Ú¿Â˙· ¢ÈÂıÓÒÓ ¢È·Î·ÓÔÓÈÛÌÒÓ (Bank for International Settlements)

∆Ú¿Â˙· ÂÂÓ‰‡ÛÂˆÓ (Investment bank)
∆Ú¿Â˙· ÂÈÎÂÊ·Ï‹˜ ÔÌ›ÏÔ˘ (Lead manager)
∆Ú¿Â˙· ÏÈ·ÓÈ΋˜ (Retail bank)
∆Ú¿Â˙· Ù˘ ∞ÁÁÏ›·˜ (Bank of England)
∆Ú·Â˙È΋ ÂÓÙÔÏ‹ (Banker's draft)
∆Ú·Â˙Ô·ÛÊ¿ÏÂÈ· (Bancassurance)
∆Ú·ÛÙ, ÂÙ·ÈÚ›· ÂÂÓ‰‡ÛÂˆÓ (Trust)
∆Ú¤¯Ô˘Û· ·Ú¿‰ÔÛË (Nearby delivery)
∆Ú¤¯Ô˘Û· ÙÈÌ‹ (Spot price)
∆ÚÈÙÂÁÁ‡ËÛË Û˘Ó·ÏÏ·ÁÌ·ÙÈ΋˜ (Aval)
∆‡Ô˜ Black-Scholes (Black-Scholes formula)
∆˘¯·›· ÔÚ›· (Random walk)

À ÏÈÎfi ·Á·ıfi ‹ ÂÌfiÚÂ˘Ì· (Actual)

ÀÂÚ·Ó¿ÏË„Ë (Overdraft)
ÀÂÚÎ¿Ï˘„Ë ÚÔÛÊÔÚ¿˜ ÌÂÙÔ¯ÒÓ (Oversubscribed)
ÀÂÚ¯ÚËÌ·ÙÔ‰fiÙËÛË (Overfunding)
À‡ı˘ÓÔ˜ ÏÂËÏ·Û›·˜ ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Asset stripper)
À‡ı˘ÓÔ˜ Û ı¤Ì·Ù· Û˘ÌÌfiÚʈÛ˘ (Compliance officer)
ÀËÚÂÛ›· ·ÓÙÈÌÂÙÒÈÛ˘ ÛÔ‚·ÚÒÓ ˘Ôı¤ÛÂˆÓ ·¿Ù˘ (Serious Fraud
Office)
Àfi ÙȘ ηχÙÂÚ˜ ÚÔ¸Ôı¤ÛÂȘ (At best)
ÀÔ‚¿ıÌÈÛË (Downgrade)
Àfi‰ÂÈÁÌ· ·ÔÙ›ÌËÛ˘ ÂÚÈÔ˘ÛÈ·ÎÒÓ ÛÙÔȯ›ˆÓ (Capital asset pricing
model)
ÀÔηٿÛÙËÌ· (Branch)
ÀÔÏÔÁÈÛÙÈÎfi ʇÏÏÔ (Spreadsheet)
ÀÔÛ¯ÂÙÈÎfi ÁÚ·ÌÌ¿ÙÈÔ (Promissory note)
ÀÔÙ›ÌËÛË (Devaluation)
ÀÔ¯Ú¤ˆÛË, ÔÊÂÈÏ‹ (Liability)

º ÂÚ¤ÁÁ˘· ÎÚ·ÙÈο ¯ÚÂfiÁÚ·Ê· [µÚÂÙ·Ó›·] (Gilts)

ºÂÚÂÁÁ˘fiÙËÙ· (Solvency)
º‹ÌË (Goodwill)
ºÔÚÔÏÔÁÈο ÂχıÂÚÔ ÂÈÛfi‰ËÌ· (Franked income)
ºÔÚÔÏÔÁÈ΋ ˙ËÌ›· (Tax loss)
ºÔÚÔÏÔÁÈÎfi ηٷʇÁÈÔ (Tax shelter)
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EYPETHPIO OPøN 447

ºfiÚÔ˜ zakat (zakat)

ºfiÚÔ˜ ·Ú·ÎÚ¿ÙËÛ˘ (Withholding tax)
ºfiÚÔ˜ ÚÔÛÙÈı¤ÌÂÓ˘ ·Í›·˜ (Value-added tax)
ºÔÚÙˆÙÈ΋ (Bill of lading)
ºÔ‡Ûη Ù˘ ÂÙ·ÈÚ›·˜ South Sea (South Sea Bubble)

÷ÚÙÔÓfiÌÈÛÌ·, ‚Ú·¯˘ÚfiıÂÛÌÔ ÁÚ·ÌÌ¿ÙÈÔ (Note)

÷ÚÙÔÊ˘Ï¿ÎÈÔ (Portfolio)
ÃÚÂfiÁÚ·Ê· ‚·ÛÈṲ̂ӷ Û ÛÙÔȯ›· ÙÔ˘ ÂÓÂÚÁËÙÈÎÔ‡ (Asset-backed
securities)
ÃÚÂÔÎÔ›· (Bankruptcy)
ÃÚÂÔÏ˘ÙÈÎfi ÎÂÊ¿Ï·ÈÔ (Sinking fund)
ÃÚ¤Ô˜ (Debt)
ÃÚÂÔÛÙ¿ÛÈÔ (Moratorium)
ÃÚ¤ˆÛË, ÂÈ‚¿Ú˘ÓÛË (Charge)
ÃÚˆÛÙÈ΋ οÚÙ· (Charge card)
ÃÚˆÛÙÈ΋ οÚÙ· (Debit card)
ÃÚËÌ·Ù·ÁÔÚ¿ (Money market)
ÃÚËÌ·ÙÈÛÙËÚȷο ·ÌÔÈ‚·›· ÎÂÊ¿Ï·È· (Exchange traded fund)
ÃÚËÌ·ÙÈÛÙËÚȷ΋ ·Í›· (Market capitalisation)
ÃÚËÌ·ÙÈÛÙËÚȷ΋ Â›ıÂÛË, ÂÍ·ÁÔÚ¿ (Takeover)
ÃÚËÌ·ÙÈÛÙËÚÈ·Îfi˜ ‰Â›ÎÙ˘ (Stock index)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ (Stock exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ¢ÈÎ·ÈˆÌ¿ÙˆÓ ¶ÚÔ·›ÚÂÛ˘ ÙÔ˘ ™ÈοÁÔ˘ (Chicago Board
Options Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ∂ÌÔÚÂ˘Ì¿ÙˆÓ Ù˘ ¡¤·˜ ÀfiÚ΢ (New York Mercantile
Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ∂ÌÔÚÂ˘Ì¿ÙˆÓ ÙÔ˘ ™ÈοÁÔ˘ (Chicago Mercantile
Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ™˘Ó·ÏÏ·ÁÒÓ ™˘Ì‚ÔÏ·›ˆÓ ªÂÏÏÔÓÙÈ΋˜ ∂ÎÏ‹ÚˆÛ˘ ÙÔ˘
§ÔÓ‰›ÓÔ˘ (London International Financial Futures Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ Ù˘ ¡¤·˜ ÀfiÚ΢ (New York Stock Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ÙÔ˘ §ÔÓ‰›ÓÔ˘ (London Stock Exchange)
ÃÚËÌ·ÙÈÛÙ‹ÚÈÔ ÙÔ˘ ∆fiÎÈÔ (Tokyo Stock Exchange)
ÃÚËÌ·ÙÈÛÙ‹˜ (Jobber)
ÃÚËÌ·ÙÈÛÙ‹˜ (Stockbroker)
ÃÚËÌ·ÙÈÛÙ‹˜ Û ‰‡Ô ‰È·ÊÔÚÂÙÈο ¯ÚËÌ·ÙÈÛÙ‹ÚÈ· (Shunter)
ÃÚËÌ·ÙÔ‰fiÙËÛË ¤ÚÁˆÓ (Project finance)
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448 EYPETHPIO OPøN

ÃÚËÌ·ÙÔ‰ÔÙÈ΋ Ì›ÛıˆÛË (Leasing)

ÃÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎfi˜ ÌÂÛÔÏ·‚ËÙ‹˜ (Financial intermediary)
ÃÚËÌ·ÙÔÈÛÙˆÙÈÎfi ̤ÛÔ (Financial instrument)
ÃÚ‹ÛË ÎÂÊ·Ï·›ˆÓ (Use of funds)
ÃÚ˘Û¿ ‰ÂÛÌ¿ (Golden handcuffs)
ÃÚ˘Û‹ ‚‰ÔÌ¿‰· (Golden week)
ÃÚ˘Û‹ οÚÙ· (Gold card)
ÃÚ˘Û‹ ÌÂÙÔ¯‹ (Golden share)
ÃÚ˘Û‹ ¯ÂÈÚ·„›· (Golden handshake)
ÃÚ˘Ûfi˜ (Gold)
ÃÙ˘Ò Ì ÛÊ˘Ú› (Hammering)
Èڛ˜ ̤ÚÈÛÌ· (Ex-div)
Èڛ˜ ¯ÚËÌ·ÙÔ‰fiÙËÛË (Unfunded)
ÃÒÚÔ˜ ‰È·Ú·ÁÌ·Ù‡ÛÂˆÓ (Pitch)
ÃÒÚÔ˜ ‰È·Ú·ÁÌ·Ù‡ÛÂˆÓ [∏¶∞] (Pit)
ÃÒÚÔ˜ ¯ÚËÌ·ÙÈÛÙËÚ›Ô˘, ·Îψ̷ (Ring)

flÚ· Ù·˘Ùfi¯ÚÔÓ˘ Ï‹Í˘ Ù›ÙÏˆÓ (Witching hour)

000 E??Y??O:000 E Y O 1/20/11 3:47 PM Page 1

√ Nigel Gibson Â›Ó·È ‰ËÌÔÛÈÔÁÚ¿ÊÔ˜ Î·È Û˘ÁÁڷʤ·˜. √ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎfi˜ ÙÔ̤·˜ ηı›ÛÙ·Ù·È ÔÏÔ¤Ó· ÈÔ ÛËÌ·ÓÙÈÎfi˜ ηÈ
∂ÚÁ¿ÛÙËΠˆ˜ Û˘ÓÙ¿ÎÙ˘ ÔÈÎÔÓÔÌÈÎÒÓ ıÂÌ¿ÙˆÓ ÁÈ· ÙÔ ÔχÏÔÎÔ˜ Ù· ÙÂÏÂ˘Ù·›· ¯ÚfiÓÈ·, ÏfiÁˆ Ù˘ ÂÎıÂÙÈ΋˜ ·‡ÍËÛ˘ ÙˆÓ
ÂÚÈÔ‰ÈÎfi The Economist Î·È ˆ˜ ‚ÔËıfi˜ ·Ú¯ÈÛ˘ÓÙ¿ÎÙË ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ Û˘Ó·ÏÏ·ÁÒÓ Î·È Ù˘ ‰È¿‰ÔÛ˘ Ù˘ Ó¤·˜
ÁÈ· ÙÔ Eurobusiness. ∆· ÙÂÏÂ˘Ù·›· ¯ÚfiÓÈ· ÂÚÁ¿ÛÙËΠٯÓÔÏÔÁ›·˜. ∆Ô ·ÚfiÓ ‚È‚Ï›Ô ·ÔÙÂÏ› ¤Ó·Ó Ô‰ËÁfi ÛÙȘ ‚·ÛÈΤ˜
µ · Û È Î¤ ˜ · Ú ¯ ¤ ˜ Ô È Î Ô Ó Ô Ì › · ˜

µ · ÛÈ Î ¤ ˜ · Ú ¯ ¤ ˜ Ô È ÎÔ Ó Ô Ì › · ˜
ÛÙÔÓ ÙÔ̤· ÙˆÓ ‰ËÌfiÛÈˆÓ Î·È ÂÂÓ‰˘ÙÈÎÒÓ Û¯¤ÛÂˆÓ ÛÙÔ ¤ÓÓÔȘ ÙˆÓ ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈÎÒÓ Î·È ÂÚÈÏ·Ì‚¿ÓÂÈ ¤ÓÓÔȘ ·fi ÙÔ A
§ÔÓ‰›ÓÔ Î·È ÛÙÔ ÃÔÓÁÎ ∫ÔÓÁÎ. ¤ˆ˜ ÙÔ Z Ô˘ ηχÙÔ˘Ó ı¤Ì·Ù· fiˆ˜ Ù· ·Ú·Î¿Ùˆ:
µ · Û È Î¤ ˜ · Ú ¯ ¤ ˜ Ô È Î Ô Ó Ô Ì › · ˜ Fannie Mae, LIBOR, Ponzi scheme, ·ÌÔÈ‚·›Ô ÎÂÊ¿Ï·ÈÔ ˘„ËÏÔ‡ ÎÈÓ‰‡ÓÔ˘,

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ·ÓÂ›ÛË̘ ¯ÚËÌ·ÙÈÛÙËÚȷΤ˜ Û˘Ó·ÏÏ·Á¤˜, ·ÓÙÈÛÙ·ıÌÈÛÙÈÎfi

˘fiÏÔÈÔ, ·ԉȷÌÂÛÔÏ¿‚ËÛË, ·fi‰ÔÛË Â¤Ó‰˘Û˘ ¤ˆ˜ ÙË Ï‹ÍË,
·Ô‰Ô¯‹, ‰Â›ÎÙ˘ Â͢ËÚ¤ÙËÛ˘ ¯Ú¤Ô˘˜, ‰ËÌÔÛ›Â˘ÛË ÁÈ· ÙËÓ ¤Î‰ÔÛË

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ Ó¤ˆÓ ÔÌÔÏfiÁˆÓ, Â¤Ó‰˘ÛË Û ÌÂÙÔ¯¤˜ ·Í›·˜, ıˆڛ· Ù˘
·ÔÙÂÏÂÛÌ·ÙÈ΋˜ ·ÁÔÚ¿˜, ηÓfiÓ˜ «ÁÓÒÚÈÛ ÙÔÓ ÂÏ¿ÙË ÛÔ˘»,
ÎÂÊ¿Ï·ÈÔ Î›ÓËÛ˘, ÎÂÊ·Ï·ÈÔ˘¯È΋ Â¿ÚÎÂÈ·, Ìfi¯Ï¢ÛË, ÔÌfiÏÔÁÔ

ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ ÌˉÂÓÈÎÔ‡ ÙÔÎÔÌÂÚȉ›Ô˘, ÔÌfiÏÔÁÔ Ù‡Ô˘ Bunny, ÔÌfiÏÔÁÔ ¯·ÌËÏ‹˜

∆Ô ·ÏÊ·‚ËÙ¿ÚÈ ÙˆÓ ÔÈÎÔÓÔÌÈÎÒÓ

N i g el G i b s o n ·ÍÈÔÈÛÙ›·˜, fi¯ËÌ· ÂȉÈÎÔ‡ ÛÎÔÔ‡, ÛÙÂÓ‹ ·ÁÔÚ¿, Û˘ÌÏËڈ̷ÙÈ΋
Î¿Ï˘„Ë, Û˘Ó·ÏÏ·Á¤˜ ÂÎÙfi˜ ÈÛÔÏÔÁÈÛÌÔ‡, Û˘ÓÙÂÏÂÛÙ‹˜ ·Ófi‰Ô˘,
™ÙȘ ·Ú¯¤˜ ÙÔ˘ 21Ô˘ ·ÈÒÓ· ÛËÌÂÈÒıËΠÌÂÁ¿ÏË ·Ó·Ù·Ú·¯‹ ÛÙȘ ¯ÚËÌ·ÙÔÔÈÎÔÓÔÌÈΤ˜
Ù·˘Ùfi¯ÚÔÓË Ï‹ÍË ÙÚÈÒÓ ÂȉÒÓ Ù›ÙψÓ, Ù¯ÓËÙ‹ ¿ÓÔ‰Ô˜ Ù˘ ÙÈÌ‹˜ ÙˆÓ
·ÁÔÚ¤˜. ∆· ¯ÚËÌ·ÙÈÛÙ‹ÚÈ· η٤ÚÚÂ˘Û·Ó, ÔÈ Û˘ÓÙ¿ÍÂȘ ÌÂÈÒıËÎ·Ó Î·È Ù· ·Ú¿ÁˆÁ· – Ù·
ÌÂÙÔ¯ÒÓ, Ù˘¯·›· ÔÚ›·, ¯Ú‹ÛË ÎÂÊ·Ï·›ˆÓ.
¯ÚËÌ·ÙÔÈÛÙˆÙÈο fiÏ· Ì·˙È΋˜ ηٷÛÙÚÔÊ‹˜, Û‡Ìʈӷ Ì ÙÔÓ Warren Buffet –
Û˘Ó¯›˙Ô˘Ó Ó· ÛÎÔÚÔ‡Ó ÙÔÓ fiÏÂıÚÔ. ªÈ· ÌÔÏ˘ÛÌ·ÙÈ΋ ·ÏËÛÙ›·, ηٿ ÙÔÓ Alan
Greenspan, ¤¯ÂÈ Î˘ÚȇÛÂÈ ÌÂÁ¿ÏÔ Ì¤ÚÔ˜ ÙÔ˘ ÎfiÛÌÔ˘ ÙˆÓ ÂȯÂÈÚ‹ÛÂˆÓ Î·È ÙˆÓ
¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÒÓ ÔÚÁ·ÓÈÛÌÒÓ. øÛÙfiÛÔ, Ë ÛÔ˘‰·ÈfiÙËÙ· ÙÔ˘ ¯ÚËÌ·ÙÔÈÛÙˆÙÈÎÔ‡
ÎfiÛÌÔ˘ Â›Ó·È ÌÂÁ·Ï‡ÙÂÚË ·fi ÔÙ¤, ηıÒ˜ Ë ÔÏ˘ÏÔÎfiÙËÙ¿ ÙÔ˘ ·˘Í¿ÓÂÙ·È ‰È·ÚÎÒ˜.
∞˘Ùfi˜ Ô Û·Ê‹˜, ÁÏ·Ê˘Úfi˜ Î·È Ú·ÎÙÈÎfi˜ Ô‰ËÁfi˜ ı· Ú›ÍÂÈ Êˆ˜ ÛÙ· Ì˘ÛÙ‹ÚÈ· Î·È ÛÙȘ
ȉÈÔÙ˘›Â˜ ÙÔ˘.

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