EUROCORP

Financial Morning News 03/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 780.94 posting profits of 4.91%, in a turnover of €67.05mn.

Standard Chartered Plc economists said that ECB could transfer its holdings of GGBs to the euro area’s rescue fund to provide further debt relief for the country. A transfer to the ESM would bypass ECB objections to being involved in a Greek debt restructuring.

The Labor Minister Mr. Yiannis Vroutsis and troika chiefs discussed about the labour laws. Sources said that the troika raised objections to €1.5bn of spending cuts for next year. The international lenders also doubt on €2bn worth of measures for 2014.

Corporate Impacts

  • Piraeus Bank:
    Piraeus Bank: It struck a preliminary deal to buy French lender Societe Generale’s Greek unit Geniki to strengthen its position amid a debt crisis. It will take one or two weeks for the banks to have the necessary approvals (Reuters).
  • Cypriot Banks:
    The President Mr. Demetris Christofias said that Cyprus wants to avoid a painful recession as it continues talks with the troika on bailout terms.
  • Technical

    FTSE 20 September future:

      Support levels: 280–272-266. Resistance levels: 292-300-306.

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