EUROCORP

Financial Morning News 08/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 840.92 posting profits of 2.32%, in a turnover of €36.09mn.

Today, the eurozone finance ministers will decide whether to release €8.1bn of bailout funding to Greece. The government and the troika appeared to reach a compromise on the weekend over public sector reforms which would permit the troika to complete its review of the adjustment program.

The EU’s economic chief Mr. Ollie Rehn said that Greece could be in danger of receiving only part of a scheduled loan tranche if its international creditors are not satisfied with the progress of its economic reforms program. Please note that the release of the €4.8bn will be decided by the euro-zone finance ministers today, but it is dependent on the successful outcome of troika’s report.

The German Foreign Minister Mr.Guido Westerwelle said that the recent decision by the group developing Azerbaijan’s vast gas reserves to choose the Trans Adriatic Pipeline (TAP) via Greece is “very good news for the country’s economic prospects,”, adding that the project could strengthen ties with Turkey and other countries in the region. He hailed the government’s reform efforts, adding that the debt haircut issue is not related to Germany’s upcoming federal elections.

Corporate Impacts

  • OPAP, Intralot: They signed an agreement according to which Intralot will supply technical support for OPAP’s games, including the maintenance of terminals at OPAP agencies. The signing of the agreement removes the first of two obstacles that were blocking the concession of the 12-year contract for the operation of state lotteries. However OPAP, Intralot and Scientific Games have not yet signed the contract for the state lotteries, as the prospective strategic investor in OPAP, the Emma Delta consortium, objects to Intralot and Scientific Games maintaining veto rights.
    • Greek Banks: The offers for the sale of Hellenic Postbank are expected to be submitted tomorrow as the data room procedure is ending and the domestic systemic groups are set to table their offers and business plans for the state-owned lender’s utilization.
    • Technical

      FTSE 25 September future:

        Support levels: 280-274-268. Resistance levels: 295-300-308.

      General Index:

        Support levels: 810-796-780. Resistance levels: 860-884-910.

      Disclaimer

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