EUROCORP

Financial Morning News 08/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 829.96 posting profits of 5.05%, in a turnover of €88.92mn.

The Germany’s Chancellor Angela Merkel will meet the Prime Minister Mr. Antonis Samaras tomorrow. This meeting is highly significant as Greece is trying to agree with the troika on the €13.5bn measures. Mr. Samaras said that Greece will run out of money at the end of November if it does not receive the next planned instalment of its bailout loans and suggested the ECB could help by easing the terms of its Greek debt holdings.

The Finance Minister Mr. Yannis Stournaras after his meeting with troika said that the talks would have to continue this week as there was no final agreement on the details of the austerity package demanded by troika.

A senior eurozone official said that the EU summit on October 18-19 will not take any decisions on Greece because the preparatory work on Greek reforms and the country’s macroeconomic situation will not be ready by then (Reuters).

The ECB executive board member Mr. Joerg Asmussen said that they can neither extend the maturities for Greek bonds nor lower the interest rates and he added that both would be a form of debt relief and so direct financing of the Greek state, which the ECB is not legally allowed to do.

Corporate Impacts

  • NBG, Eurobank:NBG announced its board’s decision to proceed to a full merger with Eurobank. NBG is offering 58 new shares for every 100 shares of Eurobank. Once the share exchange is completed, NBG shareholders will own 75% of the combined entity, with Eurobank shareholders owning the rest. The merger planned is set to create a national champion in the industry with combined assets of at least €177.7bn. Its loan portfolio will amount to some €110bn and deposits will add up to €90bn. It will have a total of 1,845 branches abroad and 952 in Greece.
  • Technical

    FTSE 20 September future:

      Support levels: 296-288-280. Resistance levels: 312-320-328.

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