EUROCORP

Financial Morning News 15/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 804.19 posting losses of 0.90%, in a turnover of €50.64mn.

The German Chancellor Ms. Angela Merkel stressed that she did “not see” the possibility of a new haircut for Greek debt, emphasizing however that the German government supported Greece’s difficult economic reform effort. At the same time, the German Finance Minister Mr. Wolfgang Schaeuble said that eurozone finance ministers would next year examine the possibility of extending further aid to Greece.

The Finance Minister Mr. Yannis Stournaras said that the target of producing a primary surplus by the end of the year remains, while he brushed aside any concerns about a fiscal gap appearing this year or next. Mr. Stournaras also said the Finance Ministry estimates that the fiscal gap for 2015 and 2016 will be smaller than the 2% of GDP that the troika predicts.

Corporate Impacts

  • Eurobank: According to the decision of the HFSF, Eurobank absorbed the Hellenic Postbank and the Proton Bank.
  • Cypriot Banks: Moody’s said that the risk for another default for Cyprus over the coming years remains elevated due to very substantial risks to the country’s economic performance and, as a result, the government’s finances.
  • Technical

    FTSE 25 September future:

      Support levels: 270-264-258. Resistance levels: 285-292-300.

    General Index:

      Support levels: 790-760-730. Resistance levels: 830-860-884.

    Disclaimer

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