EUROCORP

Financial Morning News 07/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 831.70 posting profits of 1.59%, despite the downgrade to selective default by S&P’s from CCC after the government began buying its bonds back from investors, in a turnover of €100.28mn.

The Prime Minister Mr. Antonis Samaras said that Greece can avoid another haircut on its debt if it gets back on a sustainable growth path.

The unemployment rate in September rose to 26% from a revised 25.3% in the previous month (ELSTAT).

Corporate Impacts

  • Greek banks: Banks will decide today whether to take part in the bond buyback that is crucial for the country’s debt sustainability. We remind that the participation of the Greek banks is the key for the success of the plan, under which Greece aims to spend €10bn of borrowed money to buy back bonds, cutting its debt by a €20bn.
  • Technical

    FTSE 20 December future:

      Support levels: 286-278-270. Resistance levels: 298-306-312.

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