GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,278.22 posting profits of 2.58 %, in a turnover of €75.76mn.
Ifo estimates a €9.0bn reduction in the Greek debt in the case the EU loans are extended to 50 years and the cost is reduced by 50bps.
At the same time, Deutsche Bank estimates that a new debt restructuring by extending bilateral loans to 50 years could reduce the country’s burden by up to €26bn in net present value terms.
According to Bloomberg Greece and its creditors are wrestling with the country’s debts yet again. It probably will not be the last time. As long as they keep making the same mistake, the next agreement is no more likely to succeed than the others. Greece still needs debt forgiveness — and the EU needs to show that it’s capable of learning from its mistakes.
Corporate Impacts
- Greek Banks: According to press reports, Greek government officials expect that the total needs of the Greek banks from the stress test of Blackrock will not exceed €4.5bn.
Technical
FTSE 25 February future:
- Support levels: 410-402-396. Resistance levels: 425-432-440.
General Index:
- Support levels: 1,250-1,225-1,200. Resistance levels: 1,290-1,305-1,320.
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