EUROCORP

Financial Morning News 15/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 794.72, posting profits of 2.45%, in a turnover of €60.51mn. .

The economy weakened sharply in the third quarter, contracting 7.2% compared with the same period a year ago (ELSTAT).

The head of IIF Mr. Charles Dallara said that Greece should be given much more time to meet its budget targets and its official creditors should provide better terms on their loans. The solution to Greece’s debt problems depended entirely on returning to growth.

The German government expects a decision on disbursing loans to Greece by the end of November, as it still does not have the full report from the troika. It also said that the euro zone finance ministers scheduled to meet next Tuesday.

The IMF chief Ms. Christine Lagarde said that the IMF expects a “real fix” and not a “quick fix” to Greece’s debt problem and she hopes for a sustainable debt level as quickly as possible.

Corporate Impacts

  • Cypriot Banks: The Cypriot President Mr. Dimitris Christofias said that the troika is setting “political terms” in its bailout talks that are hard for the country to accept. We remind that Mr. Christofias has promised to defend wage indexation and the 13th salary, which the troika said must be scrapped.
  • Technical

    FTSE 20 December future:

      Support levels: 280-272-266. Resistance levels: 294-300-308.

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