EUROCORP

Financial Morning News 16/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 834.99 posting profits of 1.23%, in a turnover of €57.11mn.

The Finance Minister Mr. Yannis Stournaras said that he does not expect the government and the troika to agree on the austerity deal in time for Thursday’s EU summit and the negotiations will be continued after the summit. We remind that an agreement on the measures, as well as other structural reforms, is a precondition for Greece to receive the next tranche of aid and to secure a possible two-year extension to deficit-reduction targets set in that rescue agreement.

Today, the Prime Minister Mr. Antonis Samaras will meet with his coalition partners, the socialist PASOK chief Mr. Evangelos Venizelos and the Democratic Left chief Mr. Fotis Kouvelis to discuss the €13.5bn of austerity measures. We remind that Mr. Samaras had stressed that his aim was to finalize the package before Thursday’s EU leaders’ summit in Brussels.

The German Chancellor Ms. Angela Merkel said that there will be no uncontrollable events in the euro zone and she added that they want Greece to remain in the euro zone, but Greece still has a lot of work to do.

The IMF Managing Director Ms. Christine Lagarde said that Greece has a reliable government that is determined to put the country back on the path to stability and growth, adding that she believes the government is close to a deal with its creditors.

Technical

FTSE 20 December future:

    Support levels: 300-294-286. Resistance levels: 314-320-326.

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