EUROCORP

Finanacial Morning News 15/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 926.55 posting marginal losses of 0.04%, in a turnover of €57.70mn, but posting considerable weekly gains of 12.59%.

The political leaders agreed on how to proceed with cutbacks in the state sector, with 4,000 departures expected by the end of the year. At the same time, the Prime Minister Mr. Antonis Samaras said that the dismissal of state workers was not illegal if the positions they hold are abolished through the merging of state bodies.

According to Reuters, troika completed their review of Greek progress, paving the way for the release of €10bn, €2.8bn in rescue loans and €7.2bn in bonds to recapitalize Greek banks.

Corporate Impacts

  • Construction Companies: The Development Ministry expects the stalled highway construction projects to restart within this month, after signing agreements with the four contractors regarding their compensation from the state, amounting to over €350mn.
  • Cypriot Banks: The Eurozone finance ministers approved a €10bn bailout for Cyprus, although several national parliaments, including the German one, still have to agree to the package. The Cypriot government spokesman Mr. Christos Stylianides said there was no question of a further haircut on deposits, despite the troika’s debt sustainability analysis showing that Cyprus could need a total of €23.5bn by the end of 2016, rather than the €17bn originally thought.
  • Piraeus Bank: The bank postponed a shareholder vote on its €7.3bn recapitalization plan to April 18 because not enough shareholders turned up to a meeting on Friday.
  • Technical

    FTSE 25 June future:

      Support levels: 292-286-280. Resistance levels: 307-314-320.

    General Index:

      Support levels: 910-880-860. Resistance levels: 950-960-975.

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