EUROCORP

Financial Morning News 16/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 925.49 posting marginal losses of 0.11%, in a turnover of €54,05mn.

Troika said that Greece is on track to meet the conditions of its international bailout, paving the way for the payment of the next tranche of financial aid, after reaching an agreement on the country’s economic targets. It added that the mission’s view is that debt sustainability remains on track. The Eurogroup of finance ministers and the IMF’s executive board are expected to consider approval of the review in May.

The Prime Minister Mr. Antonis Samaras issued a statement hailing the latest agreement between the troika and Greece and insisting that the 15k civil servants who are to be sacked in the coming months would all be replaced. He focused on the dismissal of some 4k civil servants this year and up to 11k next year, which the government had initially resisted.

Corporate Impacts

  • Cypriot Banks: A European Commission document showed that the large depositors who kept their money in the two biggest Cypriot banks stand to lose up to €8.3bn through the restructuring of the two institutions.
  • Technical

    FTSE 25 June future:

      Support levels: 292-286-280. Resistance levels: 307-314-320.

    General Index:

      Support levels: 910-880-860. Resistance levels: 950-960-975.

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