Financial Morning News 04/12/2012


The General Index in Athens Stock Exchange (ASE) closed at 819.39, posting profits of 1.27%, in a turnover of €45.55mn.

The Eurogroup head Mr. Jean-Claude Juncker said that the finance ministers discussed about the Greek adjustment program and they will meet again on December 13. Mr. Juncker is confident that Greece will get the next aid tranche on December 13.

The debt agency announced a plan to buy back up to €10bn worth of debt to buy back €30bn in debt, giving bond holders until 5:00 pm London time December 7 to make offers of how many bonds they would sell and at what price they would sell them as part of Dutch auction procedure. The debt agency would then decide the final price and amount of bonds that would be bought back. Greece indicated that the minimum prices it would offer for the 20-odd bond series outstanding on the market would range between €30.20 and €38.10 cents of face value. Maximum prices would range between €32.20 cents and €40.10 cents. Greece will swap its existing Greek government bonds with EFSF notes.

BoG sees that the Greek GDP may contract slightly more than 6% in 2012 and 4 -4.5% in 2013, returning to positive growth in 2014. It warned of more severe consequences if reforms delayed.

The German government spokesman Mr.Steffen Seibert said that a haircut on official loans to Greece “plays no role” in the future financing of Greece. He denied that taking a loss on Greek loans would be a financing consideration, saying it was “very imaginative” to infer anything else from the Chancellor’s interview.

One official China Daily reported that fifty “high-profile” Chinese companies have shown an interest in state-owned assets being sold by Greece’s government to help the European nation cut its debt.


FTSE 20 December future:

    Support levels: 280-276-270. Resistance levels: 292-298-306.


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