GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 1,109.20 posting losses of 1.34%, in a turnover of €731.69mn.
The Finance Minister Mr. Yannis Stournaras travels to Luxembourg to take part in a Eurogroup meeting of Eurozone Finance Ministers.
The European Economic and Monetary Affairs Commissioner Mr. Olli Rehn said that giving fiscal relief to Greece by cutting its debt load should not be a goal of policy makers, saying he preferred other means.
The ECB’s President Mr. Mario Draghi said that the current economic projections for Greece are well-founded and there is no prospect of Greek default.
According to press reports, the Finance Ministry officials proposed to troika representatives a way of covering an anticipated funding gap for next year of €4.4bn in a bid to postpone talk about further measures. Some €4.4bn in bonds that were issued in 2009 as a capital boost for Greek banks and are to mature next May would be replaced by new bonds. Such a move would cover an estimated funding gap for next year and, Greek officials hope, would postpone until spring any discussion about the sustainability of Greece’s debt and the possible need for new austerity measures for 2015 and 2016.
- OPAP: Emma Delta, controlled by Czech investor Jiri Smejc and Greek businessman George Melissanidis, paid €622mn for a 33% stake in OPAP. The fund will pay an additional €3mn a year for the next 10 years.
FTSE 25 October future:
- Support levels: 362-356-350. Resistance levels: 375-382-390.
- Support levels: 1,090-1,070-1,050. Resistance levels: 1,130-1,159-1,180.
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