EUROCORP

Financial Morning News 12/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 731.51 posting profits of 0.75%, in a turnover of €61.04mn.

The Prime Minister Mr. Antonis Samaras met with the ECB President Mr. Mario Draghi. According to press reports, mr. Samaras asked Mr. Draghi to extend the maturity of €20.6bn of Greek government bonds held by the ECB. They agreed that Greece has already taken significant steps towards budgetary consolidation but that major challenges remain. Mr. Samaras will meet today with the troika, which has accepted €6bn of the €11.5bn in spending cuts proposed by the Greek government. In addition to this, Mr. Samaras will meet with his coalition partners in order to discuss other ways to meet the troika’s target.

The German Finance Minister Mr. Wolfgang Schaeuble said that there cannot be any new negotiations about the Greek budget consolidation and he added that Greece has undertaken impressive steps.

The Finance Ministry announced that the budget deficit narrowed by 34% y-o-y between January and August, helped by cuts in public spending and investment. The budget gap fell to €12.4bn from €18.7bn in the same period last year.

Corporate Impacts

  • Banks:The CFO of Credit Agricole Mr. Bertrand Delpit expects the sale of Emporiki to be signed within weeks. Credit Agricole is in the process of transferring shipping loans denominated in US dollars from Emporiki to its own balance sheet.
  • Technical

    FTSE 20 September future:

      Support levels: 264-258-250. Resistance levels: 278-284-290.

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