EUROCORP

Financial Morning News 08/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 643.87 posting heavy losses of 6.67% in a turnover of €45.85mn.

The Greek conservative leader Mr. Antonis Samaras failed to form a coalition government and handed back the mandate to the President Mr. Karolos Papoulias. The leader of SYRIZA Mr. Alexis Tsipras will meet with Mr. Papoulias to try and form an administration.

German Government officials reported that Germany will work with all Greek Partners and any New Greek government must continue to implement the mix of austerity measures and structural reforms that Greece has agreed to in exchange for its international bailouts.

The Commission economic and monetary affairs spokesman Mr. Amadeu Altafaj said that Greece must implement the reforms it agreed to under the second bailout program and the European Commission is ready to help Athens with that.

EU and IMF officials said that Greece must adhere strictly to its austerity program signalling that there was little room for a New Greek government to renegotiate the country΄s bailout terms.

Corporate Releases

  • 08/05: Alpha Bank EGM
  • 08/05: Mytilineos, Metka AGM

Broker Meteorology

  • Citigroup reported that the Greek parliamentary elections delivered a fragmented result that highlighted growing public opposition to austerity, foreshadowing significant challenges ahead at forging the political consensus necessary to keep the country in the euro.

Corporate Impacts

  • Alpha Bank: It announced buyback of hybrid bonds with a Core Tier I gain of €330mn.

Technical

    • FTSE 20 June future: Support levels: 234-226-220. Resistance levels: 248-256-262.

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