EUROCORP

Financial Morning News 11/06/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 492.69 posting marginal profits of 0.10% in a turnover of €29.42mn.

Greece΄s economy shrank further in the first three months of 2012 by 6.5%. The consumer spending fell 7.5% y-o-y, while gross capital investment plunged 21.3%, as the cash strapped government struggled to shrink the budget hole. The weak domestic demand led to a further easing in consumer inflation to 1.4%.

Moody’s said that a Greek exit from the euro could pose a threat to the currency’s existence, affecting the sovereign ratings of Cyprus, Portugal, Ireland, Italy and Spain.

Greece will seek to sell €1.25bn of 26-week T-bills at an auction tomorrow.

The Harvard Professor, Mr. Martin Feldstein said that Greece is beyond repair and the country would be better off exiting Europe΄s single currency area.

The Romania’s Prime Minister, Mr. Victor Ponta said that Greeks need to accept steps to avoid exiting the euro as the prospect that voters will reject austerity measures may push the Balkan region into a prolonged recession.

Technical

FTSE 20 June future:

    Support levels: 170-166-158. Resistance levels: 184-192-198.

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