GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 840.73 posting profits of 1.09%, in a turnover of €46.93mn.
Greece is expected to announce today the outcome of its bond buyback. According to Finance Ministry sources hedge funds offered about €15 to 16bn of Greek paper, while Greek banks will contribute up to €16bn. This would allow Greece to spend about €10bn to buy back €30bn worth of bonds, reducing its debt by €20bn. Greek banks hope that there would be enough participation from foreign hedge funds to allow them to hold on the rest of their Greek bonds. We remind that the successful completion of the buyback would open the way for the eurozone and the IMF to allow the disbursement, following a Eurogroup and EU leaders’ summit on Thursday.
The GDP contracted by 6.9% in the third quarter of 2012, due to the decline in investment by 19.7%, the 10.7% slide in public consumption and the continuing shrinking of private consumption, by 8.4%. For the first time in at least 12 years, exports of Greek products and services exceeded imports in the third quarter of 2012 (ELSTAT).
The Public Debt Management Agency will conduct a large-volume T-bill auction tomorrow, offering a total of €3.375bn and splitting the T-bill supply between four- and 26-week paper.
Corporate Impacts
- OTE:Deutsche Telecom said that OTE has refinanced its August 2013 maturities.
Technical
FTSE 20 December future:
- Support levels: 288-280-272. Resistance levels: 300-308-314.
Disclaimer
The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.
The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.
The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.
You will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.