EUROCORP

Financial Morning News 14/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 741.76 posting heavy losses of 3.73%, in a turnover of €106mn. We do not wait that the today Eurogroup meeting would reach any decision on Greece and as a result any important decision making is postponed for the October 8 Eurogroup meeting and the October 18 – 19 EU Council meeting.

The senior IMF official Mr. Thanos Catsambas said that Greece will need a third bailout package from the euro zone and the country΄s European creditors will have to find the money for it.

The government spokesman Mr. Simos Kedikoglou said that the package of €11.5bn in austerity measures being discussed by coalition leaders and troika is tough, noting that labor costs are already low and that there was no reason for this issue to be raised again by the troika. We remind that the main areas of disagreement between the coalition leaders and the troika ate the layoffs in the public sector and the further deregulation of the labor market. At the same time, the two main labor unions have called for a general strike against the new austerity measures on Sept. 26

The French Finance Minister Mr. Pierre Moscovici discussed Greece’s economic problems and reform efforts with the Prime Minister Mr. Antonis Samaras in Athens. The talks were very cordial and focused on issues of concern to both Greece and Europe ahead of today’s informal Eurogroup summit in Nicosia. He expressed his government’s full backing for Greece’s membership of the eurozone but stressed the need for Athens to push through reforms and regain credibility with its partners.

Greece and the European Investment Bank agreed on the immediate disbursement of €750mn in loans to small and medium-sized enterprises and for transport, energy and education projects.

The unemployment rate rose to a record high in the second quarter of this year at 23.6% from 22.6% in the first three months of 2012 and 16.3% in the second quarter of 2011 (ELSTAT).

Corporate Impacts

  • OTE:It announced that it plans to cut costs by offering early retirement or new roles to a fifth of its local fixed-line workforce – about 2,000 staff.
  • Technical

    FTSE 20 September future:

      Support levels: 272-266-260. Resistance levels: 286-292-296.

    Disclaimer

    The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Error Page

GlobalSoft Perquote Server 1.0.2.9

    Error 404:   

    The page requested not found!