GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 620.54 posting heavy losses of 3.62% in a turnover of €41.72mn.
The Greek President Mr. Karolos Papoulias handed the exploratory mandate to the head of SYRIZA party Mr. Alexis Tsipras to form a government after the leading New Democracy party failed to do so. Mr. Tsipras challenged the two parties PASOK and New Democracy to rescind their letters of guarantee to creditors saying that Greece would abide in full to the terms of the bailout deal.
The chief Democratic Left Mr. Fotis Kouvelis said that he will support SYRIZA in an anti-memorandum coalition government.
The German Foreign Minister Mr. Guido Westerwelle said that the terms of Greece’s bailout are not up for renegotiation and agreed policy changes in the country must be carried out.
The managing director of the IIF Mr. Charles Dallara said that he is optimistic about Greece’s long-term prospects, but estimates that the next few months will be a crucial test for Greece, as it failed to form a government, after the general elections on May 6.
Greece sold €1.3bn of six-month T-bills with the yield of 4.69% from 4.55% in the previous auction. The bid-cover ratio was 2.6, down from 2.62 in the April 10 auction.
- 10/05: OTE, CCH, Frigoglass, BOC Q1’12 results
- 10/05: Metka Ex-Dividend €0.75
- Banks: The SYRIZA’s Representative Mr. Dimitris Stratoulis said that party will nationalize banks and will use banks deposits in order to boost growth.
- Alpha Bank: The Extraordinary General Meeting of Shareholders, which was held yesterday, was postponed for May 22, because the required quorum was not achieved.
- FTSE 20 June future: Support levels: 220-214-208. Resistance levels: 234-242-250.
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