EUROCORP

Financial Morning News 10/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 615.12 posting losses of 0.87% in a turnover of €26.96mn.

The New Democracy leader Mr. Antonis Samaras called for the formation of a broad, center-right front that would guarantee Greece’s position in the eurozone, as he has not reached an agreement for a coalition government with the head of SYRIZA. The leader of PASOK Mr. Evangelos Venizelos said that there has been no success so far in negotiations to form a coalition government.

The spokesman for EU economy commissioner Olli Rehn Mr. Amadeu Altafaj said that Greece will receive a €5.2bn tranche of bailout loans, as it has already been approved, despite rising uncertainty over the country’s political future.

The head of Fitch Mr. Paul Taylor said that a Greek exit from the eurozone would not kill the euro because Germany has invested too much in the single currency΄s survival.

The German Foreign Minister Mr. Guido Westerwelle said that Greece will not receive any further tranches of aid under the planned bailout program unless it continues with reforms. He added that Germany would like to keep Greece in the euro zone but whether Greece actually does remain in the euro zone or not lies in its own hands.

The German Finance Minister Mr. Wolfgang Schaeuble said that Greece must stick to a March deal agreed with its international backers and enact promised reforms to remain within the eurozone.

The Economist Mr. Nouriel Roubini said that he expects Greece to leave the euro zone by 2013.

The annual consumer price inflation rose to 1.9% in April from 1.7% in March (ELSTAT).

Corporate Releases

  • 10/05: OTE, CCH, Frigoglass, BOC Q1’12 results
  • 10/05: Metka Ex-Dividend €0.75

Corporate Impacts

  • CCH: It will propose a capital return of €0.34/sh. to the AGM on the 25th of June.

Technical

    • FTSE 20 June future: Support levels: 220-214-208. Resistance levels: 234-242-250.

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