Financial Morning News 14/12/2012


The General Index in Athens Stock Exchange (ASE) closed at 859.76 posting losses of 1.54%, in a turnover of €61.76mn.

The Eurozone finance ministers agreed yesterday to immediately disburse €34.3bn in bailout funds for Greece (€16bn for bank recapitalization, €7bn for budgetary financing and €11.3bn for the bond buyback program). Greece will receive a total of €49.1bn by the end of the first quarter of 2013 and the disbursement will be made in several tranches.

The EU Economic and Monetary Affairs Commissioner Mr. Olli Rehn said that the decision was a definitive response to those who believed Greece would leave the euro. Greece and the other euro-area member states are prepared to take additional measures, if necessary, to ensure that this objective is met.

The German Finance Minister Mr. Wolfgang Schaeuble said that Greece will not need a bigger bailout as a result of cost overruns in the country’s debt buyback and he added that Greece’s creditors would reduce payments earmarked for recapitalizing the country’s banks and would move forward other payments to keep the bailout capped at its current level.

The chief of IMF Ms. Christine Lagarde said that she would ask the IMF’s executive board to complete the first review of Greece’s rescue program. She added that she expects a Board meeting on Greece to take place in January.

The unemployment rate climbed to 24.8% from 23.6% in the second quarter of 2012 and 17.7% in the third quarter of 2011 (ELSTAT).

Corporate Releases

    Alpha Bank EGM – 2nd call [if required] issuance by the Bank & private placement with Credit Agricole

    Corporate Impacts

    • Cypriot Banks:The President of the Eurogroup‎ Mr. Jean-Claude Juncker described Cyprus’s problem as serious but said that an agreement on a bailout was in the offing.
    • Technical

      FTSE 20 December future:

        Support levels: 292-286-278. Resistance levels: 306-310-316.


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