The situation on the stock exchange in 2012 will be determined by the approval of the super-tranche amounting to 89 billion by the Troika, the contract for PSI+, the conclusions of BlackRock about the banks and the need for their recapitalization (analysts estimated it at 40-52 billion euro), the depth of the recession, which was - 6 % in 2011 and total of -13% for the last four years, is further expected to range between -3.5% and 6% in 2012, and political events.