EUROCORP

Financial Morning News 16/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 788.06, posting losses of 0.84%, in a turnover of €44.52mn.

The IMF said that the talks over Greece’s debt-reduction plans are not deadlocked, even as the fund disagrees with its European partners over the timetable. The IMF Managing Director Ms. Christine Lagarde is cutting short a trip to Southeast Asia to attend a meeting of euro-area finance ministers on Greece next week, as Ms. Lagarde will participate in a eurogroup meeting on Nov. 20, as she usually does.

The Greek prime minister on Thursday predicted next year will see the country’s first signs of economic recovery.

The EU΄s top economic official Mr. Olli Rehn said that resolving Greece΄s debt problems will require a combination of measures but should not include any change to the principal amount it owes.

The Slovak Prime Minister Mr. Robert Fico said that Slovakia does not favour granting its eurozone peer Greece more time to fix its debt problems or further debt write-downs.

Corporate Impacts

  • NBG: Fitch Ratings said that the contagion risks for Turkey’s Finansbank from its parent, NBG are minimal. Fitch is unlikely that it would downgrade Finansbank as a result of any further deterioration in NBG’s financial position.
  • Technical

    FTSE 20 December future:

      Support levels: 274-268-262. Resistance levels: 288-394-300.

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