EUROCORP

Financial Morning News 13/06/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 489.35 posting losses of 1.42%, in a turnover of €22.39mn.

The European Commission said that it was not working on a plan to manage an exit of Greece from the Eurozone. The comments follow a report by Reuters in which unnamed Eurozone officials told the news agency that they were working on contingency measures including limiting ATM withdrawals and implementing border controls.

Fitch said that core euro-zone countries may have to increase their spending to help more indebted countries to limit contagion effects were Greece to leave the euro.

Greece sold €1.625bn of six-month T-bills yesterday, with the yield of 4.73% vs. 4.69% in a previous auction in May. The sale’s bid-cover ratio was 2.14, down from 2.6.

The EC in charge of financial regulation Mr. Michel Barnier said that it will be much tougher for Greece to go it alone than to work in partnership with Europe.

The President of the European Council Mr. Herman Van Rompuy said that EU will do all it can to keep Greece in the euro zone if it respects its bailout commitments.

Corporate releases

  • 06/15: Fourlis, OTE AGM

Corporate Impacts

  • Cypriot Banks: According to press reports, there are rumors that the Cypriot government is in talks with Russia for a loan of €5bn.
  • BoC: Moody’s downgraded the deposit and senior unsecured debt ratings by one notch to B2 from B1 and lowered the standalone credit assessment to b3 from b2, reflecting the increased risk of a Greek exit from the euro area.
  • Cyprus Popular Bank: Moody’s placed the bank’s B3 senior unsecured debt and deposit ratings on review for downgrade and will also re-assess the bank’s standalone credit assessment of caa1 during the review period.
  • Technical

    FTSE 20 June future:

      Support levels: 170-166-158. Resistance levels: 184-190-198.

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