GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 501.90 posting heavy losses of 4.48% in a turnover of €56.96mn.
The President of World Bank, Mr. Robert Zoellick said that the European leaders must be ready to recapitalize banks in the event of a Greek exit from the euro zone currency and assure funding for Spain to prevent an economic collapse.
Turkey’s Deputy Prime Minister, Mr. Ali Babacan said that the euro area leaders must “definitely” prevent a possible exit by Greece because some other countries may follow, leading to a further acceleration in risk premiums.
The general secretary of the Academic Committee of China’s National Development and Reform Commission Mr. Zhang Yansheng said that the country will be able to cope if Greece leaves the euro region and no large-scale stimulus is needed for the economy (Bloomberg).
According to a study conducted by Finnish pollster Think If Laboratories showed that the majority of Finns want Greece to leave the eurozone.
Societe Generale said that a Greek exit from the euro risks sparking uncontrollable contagion that may exhaust official funding sources, since Greece leaving the euro may lead markets to question the future of the currency shared by 17 nations. Direct costs may reach €360bn or 3.8% of euro-area GDP (Bloomberg).
- Cypriot Banks: The European Commission is confident that Cyprus can avoid bailout it implements a host of reforms already deemed well off-target.
- FTSE 20 June future: Support levels: 170-164-158. Resistance levels: 184-190-198.
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