EUROCORP

Financial Morning News 03/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 823.83 posting losses of 3.24%, in a turnover of €55.79mn.

The Greek Prime Minister Mr. Antonis Samaras will be in Berlin today, in order to participate in the EU Forum for the specification of policies to tackle unemployment, where he will meet with the Chancellor Angela Merkel and other leaders. Please note that the German Finance Minister Mr. Wolfgang Schäuble will visit Greece on July 18, after the invitation of the Finance Minister Mr. Yannis Stournaras.

The troika will have a new meeting with the Administrative Reform Minister Mr. Kyriakos Mitsotakis today in order to resolve the issue of the lay offs. Yesterday, the EC denied reports that the troika has given Greece a three-day deadline to assure foreign lenders it can meet the terms of its bailout deal before it can receive the next tranche of aid. In addition, the Health Minister Mr. Adonis Georgiadis said that the ministry reached total agreement with the troika and there can be no further cuts in health spending.

Corporate Impacts

  • Greek Banks: The deputy chief executive of Greece’s bank rescue fund Mr. Marios Koliopoulos stepped down from his position. Please note that he is the second senior executive to leave the Hellenic Financial Stability Fund, or HFSF, in the last few months.
  • Piraeus Bank: The 4.958bn new shares and the 849.19mn warrants will start trading today. Each warrant will represent 4.47577 Piraeus Bank sharesand the starting price of the warrant will be €0.899.
  • Technical

    FTSE 25 September future:

      Support levels: 272-266-258. Resistance levels: 288-296-302.

    General Index:

      Support levels: 806-790-760. Resistance levels: 850-860-884.

    Disclaimer

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