GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 611.96 posting heavy losses of 4.52% in a turnover of €147.26mn. The market depends entirely on the political developments.
The Greek President Mr. Karolos Papoulias met with the heads of the political leading parties yesterday, but no agreement on ecumenical government reached. The talks will be continued today.
The European Commission forecasts that the GDP will shrink by 4.7% in 2012 and will be flat in 2013, whereas concerning the unemployment rate EU forecasts that it may increase to 19.7% in 2012 from 17.7% in 2011.
The head of Bundesbank Mr. Jens Weidmann warned that there would be no basis for further financial aid to Greece if the country backs off agreements with international creditors.
The Germany’s finance minister Mr. Wolfgang Schaeuble suggested the euro area could handle Greece dropping out and the risks of contagion for other countries of the euro zone have been reduced and the euro zone as a whole has become more resistant.
The Germany΄s foreign minister Mr. Guido Westerwelle said that the future of Greece in the euro zone lies in the hands of Greece. They want Greece, but Greece has to be ready to accept help.
The Greek Public Debt Management Agency said that it will seek to sell €1bn of 13-week T-bills at an auction tomorrow.
- OTE: Bank of America cuts its PO to €2.70, due to macro and political uncertainty, incorporating the risk that Greece will leave the euro, while remaining neutral on its valuation. On the contrary, Barclays rises its target price for the company at €3.90 (from €3.70).
- FTSE 20 June future: Support levels: 222-216-210. Resistance levels: 238-244-250.
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