GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 560.26 posting profits of 1.85%, in a turnover of €97.04mn.
The conservative New Democracy finished first with 29.66% of the vote, followed by the left-wing Syriza party with just over 26.89%. The Socialists (PASOK) came third with 12.28%. The right-wing Independent Greeks won 7.51%, the Golden Dawn won 6.92%, Democratic Left won 6.26% and the Communist Party won 4.50%. Since none of the parties won an outright majority, the Greek President Mr. Karolos Papoulias will now call on the leader of the first party to form a coalition government.
The leftist leader of SYRIZA Mr. Alexis Tsipras rejected to participate in a coalition government and he insisted that his party should remain in opposition. The leader of PASOK Mr. Evangelos Venizelos spoke of his preference for a government of “shared responsibility” and he suggested that he would like SYRIZA to join a unity administration as well. Democratic The Democratic Left leader Mr. Fotis Kouvelis interpreted Sunday’s result as one that calls for the formation of a coalition government.
EU leaders urged Greek parties yesterday to quickly agree the formation of a coalition government and pledged to continue to support Athens’ efforts to deal with its debt crisis.
The Belgium Deputy Prime Minister Didier Reynders said that Greece will face a worse situation if it exits the euro zone.
- Piraeus Bank: It signed a deal to sell its New York subsidiary, Marathon Bank to Investors Bancorp for $133mn in cash. The sale will boost its total capital adequacy ratio by about 22 basis points to 9.3%.
- CCH: Moody’s downgraded to Baa1 from A3, while the outlook on the rating remains negative, as the current macroeconomic and consumer outlook across Europe will remain depressed in the coming quarters.
FTSE 20 June future:
- Support levels: 204-196-190. Resistance levels: 220-232-240.
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