EUROCORP

Financial Morning News 04/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 819.03 posting losses of 0.58%, in a turnover of €79.08mn.

A senior euro-zone official said that Greece could face up to three months without aid, if fraught talks over Greece’s bailout between the government and the troika do not conclude before the euro-zone meeting on Monday. The official said that this was a worst-case scenario and Greece did not need much funding for July and August. He also mentioned the possibility of chopping up the pending €8.1bn tranche into sub-tranches, but noted there will not be another opportunity in the course of the summer for the euro-zone finance ministers to meet and approve disbursements.

The Administrative Reform Minister Mr. Kyriakos Mitsotakis will meet the troika today at 10 am. The pending issues at the Administrative Reform Ministry were an extension for the induction of 12,5k civil servants into a so-called mobility scheme. Troika officials were also expected to visit the Ministry of Interior and the discussion was expected to focus on matters such as possible municipal staff layoffs. In addition, troika officials will meet with the Prime Minister Mr. Antonis Samaras.

Corporate Impacts

  • OPAP: The main stakeholder in the Greek-Czech consortium Emma Delta Mr. Jiri Smejc said that they will proceed to the completion of the transaction for the acquisition of 33% stake in the company and then they will examine the contract for the operation of state lotteries that the current management of OPAP is about to sign. The OPAP sale is now expected to be completed by September.
  • Technical

    FTSE 25 September future:

      Support levels: 270-266-258. Resistance levels: 288-296-302.

    General Index:

      Support levels: 810-796-760. Resistance levels: 844-860-884.

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