Financial Morning News 14/05/2013


The General Index in Athens Stock Exchange (ASE) closed at 1,065.22 posting profits of 2.98%, in a turnover of €105.27mn.

The Eurozone Finance Ministers approved the disbursement of two bailout tranches, amounting to €7.5bn (€4.2bn will be disbursed on the following days, while €3.3bn will be released in June, if Greece completes the “milestones” it has agreed for May and a troika review will not be needed for this disbursement, which will be agreed by the Euro Working Group).

The European Commission said that Greece will hit its fiscal targets this year and next but needs additional savings to meet its bailout requirements in 2015 and 2016.

Greece’s lenders said in a draft report that the progress on privatizing state assets is unsatisfactory but the country’s overall debt outlook remains unchanged as it steps up budget cuts. The target for revenues from privatizations had been cut to €2bn this year from €2.6bn (Reuters).

The Prime Minister Mr. Antonis Samaras said that Greece can beat the targets set under its €240bn IMF and euro area bailout program and return to bond markets in the first half of next year.

Corporate Impacts

  • Cypriot Banks: The European Stability Mechanism approved the disbursal of the first part of Cyprus’s first bailout installment, to the tune of €2bn. The second part, worth €1bn will be transferred on June 30.
  • Technical

    FTSE 25 June future:

      Support levels: 362-356-348. Resistance levels: 374-380-386.

    General Index:

      Support levels: 1,050-1,030-1,010. Resistance levels: 1,070-1,100-1,150.


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