EUROCORP

Financial Morning News 09/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 825.09 posting losses of 0.59%, despite a new 12-month high at the opening of the session, in a turnover of €92.83mn.

The Chancellor Ms. Angela Merkel will meet today the Prime Minister Mr. Antonis Samaras for thorough discussions about Greece’s efforts to revamp its economy and reduce its debt. Ms. Merkel will also meet the Greek President Mr. Karolas Papoulias and the representatives of German companies operating in Greece. The German government spokesman Mr. Steffen Seibert said that Germany will continue to assist Greece to remain in the euro zone and expects Athens to fulfil the obligations and he added that Ms. Merkel would “bring no gifts” in her baggage. The Finance Minister Mr. Schaeuble said that the trip of Ms. Merkel to Greece is to help Greece build a competitive economy and to offer German experience to help the country through a difficult path.

The Euro zone finance ministers meeting made no decisions on Greece. They said that the next move on Greece was expected from the troika and they recognized that Greece is making a lot of effort. The head of the Eurogroup of finance ministers Mr. Jean-Claude Juncker said that the euro zone still hopes to make a decision on the next disbursement for Greece in October. Meanwhile, the Luxembourg’s finance minister Mr. Luc Frieden said that Greece should be given more time to bring its budget back under control, as long as the cost to its creditors can be kept to a minimum. The Dutch Finance Minister Jan Kees de Jager said that the Netherlands’ outgoing government is against giving Greece a fresh loan or writing off the country’s debt.

The IMF executive director Mr. Menno Snel said that the European countries should consider restructuring the Greek debt they hold if the country’s financial burden proves to be unsustainable (Dutch paper Het Financieele Dagblad).

Economic Releases

  • CPI, Harmonised CP y-o-y SeptemberConstructionJuly
  • Corporate Releases

    • Terna Energy EGM
    • Corporate Impacts

      • Cypriot Banks:Moody’s downgraded Cyprus’s bond rating to B3 from Ba3 and assigned a negative outlook. The Cypriot government will probably have to give the banks financial support that could threaten the sustainability of the government’s debt burden.
      • Technical

        FTSE 20 December future:

          Support levels: 298-290-284. Resistance levels: 310-314-322.

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