EUROCORP

Financial Morning News 04/06/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,009.57 posting losses of 0.49%, in a turnover of €69.21mn.

The troika’s technical team is due back in Greece today to start their latest review of the Greek adjustment program.

The Alternate Finance Minister Mr. Christos Staikouras said that the state’s outstanding debts to the private sector reduced by 11% to €7.3bn and he added that €2.9bn has entered the real economy since the beginning of the year, while the outstanding tax returns reduced by 62% in April to €278mn. Since December, the Ministry has satisfied 80% of applications by ministries for payments worth about €4.2bn and a further €1.1bn in funding applications is being evaluated.

Corporate Impacts

  • Cypriot Banks: Fitch downgraded Cyprus’s Long-term foreign currency IDR to ‘B-‘ from ‘B’ with a Negative Outlook, and the local currency IDR to ‘CCC’ from ‘B’. The Rating Watch Negative (RWN) on both ratings has been removed. The Short-term foreign currency IDR and the Country Ceiling have been affirmed at ‘B’. The downgrade of reflects the elevated uncertainty around the outlook for the Cypriot economy due to the high implementation risks on the agreed program and the restructuring of the banking industry.
  • Technical

    FTSE 25 June future:

      Support levels: 334-328-320. Resistance levels: 350-358-366.

    General Index:

      Support levels: 979-950-936. Resistance levels: 1,030-1,055- 1,072.

    Disclaimer

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