EUROCORP

Financial Morning News 05/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 802.21 posting significant profits of 5.38%, rebounding after six consecutive losing sessions, in a turnover of €71.49mn.

The government will submit the package of measures to Parliament today. The Finance Minister Mr. Yannis Stournaras is confident that the austerity measures and structural reforms will get a majority vote in Parliament on Wednesday, before the ballot on the 2013 national budget is held at midnight on Sunday, November 11.

The Prime Minister Mr. Antonis Samaras called the government coalition to support the new austerity measures, rallying together till the end. Earlier, the PASOK deputy Mr. Mimis Androulakis had stated he would not vote for the labour reforms included in the austerity package, echoing the views of the Democratic Left.

The Bundesbank board member Mr. Andreas Dombret said that Greece is far behind in implementing its reform program and shouldn’t rely on international creditors like the EU to solve its problems.

Greece will auction €1bn of six-month T-bills tomorrow to refinance a €1.6bn maturing issue (PDMA).

According to Bloomberg’s view, the debt buyback idea is appealing, not least because it allows Germany to agree to a debt reduction measure for Greece without having to cross its own red lines of forgiving debt that the country owes to the German government or the ECB. Under a buyback, the ESM probably would loan Greece money to buy its bonds from investors at the current, discounted market rates.

Corporate Impacts

  • PPC:The Power workers will begin rolling 48-hour strikes from today evening that may affect supply, especially in cases of any network damage.
  • Technical

    FTSE 20 September future:

      Support levels: 290-282-272. Resistance levels: 302-312-320.

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