EUROCORP

Financial Morning News 05/12/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,211.77 posting losses of 0.75%, in a turnover of €120.52mn.

During a joint conference with the EC President Mr. Juan Manuel Barroso, following a meeting between the Greek government delegation and the EU’s 28-member College of Commissioners, the Prime Minister Mr. Antonis Samaras appeared optimistic that negotiations had not reached an “impasse” and that a compromise would be reached before the end of the year. He added that the structural changes carried out in the country were necessary to implement irrespective of the crisis if Greece wants to become more competitive.

The deputy of the ruling Christian Democrats (CDU) Mr. Norbert Barthle said that it will take some 20 to 30 years for all the positive effects of the reforms to become obvious in the Greek economy. He added that resorting to a debt haircut would be ‘very dangerous,’ stressing that now things have calmed down, a further write-down of Greek state debt would upset the markets again.

Technical

FTSE 25 December future:

    Support levels: 392-386-380. Resistance levels: 405-410-416.

General Index:

    Support levels: 1,200-1,180-1,150. Resistance levels: 1,230-1,260-1,280.

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