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).
- 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.
FTSE 20 September future:
- Support levels: 272-266-260. Resistance levels: 286-292-296.
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