EUROCORP

Financial Morning News 03/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 856.29 posting losses of 1.48%, in a turnover of €46.74mn.

The Prime Minister Mr. Antonis Samaras will meet his government coalition partners today (7 p.m. local time) ahead of the return of troika to Greece. The government’s aim is to resolve all pending issues before the next scheduled summit of eurozone finance ministers on April 12, when a decision is to be made on whether to release €2.8bn in rescue funding to Greece.

Corporate Impacts

  • NBG, Eurobank: There are concerns that their proposed merger may face possible objections from Greece’s international creditors. Please note that the BoG chief Mr. George Provopoulos confirmed reports in the Greek press that the country’s international creditors had raised objections for the merger of NBG and Eurobank. However, NBG officials have indicated that the agreement will go through as scheduled and under the current legislated time plan.
  • Cypriot Banks:Cyprus agreed on the terms of its €10bn bailout with the troika and it expects to receive its first bailout tranche in early May. Cyprus will be charged an interest rate of 2.5% for its loans but will receive a 10-year grace period on repayments. In other news, the Cyprus Finance Mr. Minister Michalis Sarris resigned amid criticism over his handling of the country’s financial crisis. The Labor Minister Mr. Haris Georgiades will be appointed as the country’s new finance minister.
  • Technical

    FTSE 25 June future:

      Support levels: 260-255-250. Resistance levels: 270-278-286.

    General Index:

      Support levels: 850-830-805. Resistance levels: 880-910-930.

    Disclaimer

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