GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 832.73 posting profits of 1.72%, in a turnover of €49.54mn.
153 lawmakers out of the 293 present voted in favour of the bill, whose passage was required to unlock €6.8bn in aid from EU and IMF. Please note that the vote was the first major test for the Prime Minister Mr. Antonis Samaras’s two-party coalition since losing an ally over the abrupt shutdown of the state broadcaster last month.
The German Finance Ministry rejected media reports that Greece faces a €10bn funding gap, adding that troika said that Greece’s recovery program is broadly on track. Please note that the German Finance Minister Mr. Schäuble will be in Greece today. He will take part in the signing of the memorandum of cooperation between German bank KfW and the Institution for Growth development fund. The German side will contribute €100mn, while Greece’s contribution will amount to €350mn.
Α European Commission spokesman said that a hole that will come up in Greece’s financing between now and end-2014 could be plugged by using leftover funding from the package earmarked to recapitalize the country’s banks. He added that the updated estimate of the fiscal gap would be published in the troika report in the coming weeks, but noted the new amount would be closer to the already public range and significantly lower than the €10bn.
The U.S. Treasury Secretary Mr.Jack Lew will visit Greece on Sunday to discuss the euro zone country’s economic reforms and Europe’s policies to support recovery. Please note the Prime Minister Mr. Antonis Samaras will meet with the U.S. President Mr. Barack Obama in Washington on August 8.
The Prime Minister Mr. Antonis Samaras announced that the value added tax in the Greek food service sector will be reduced from 23% to 13 % starting on August 1.He added that certain measures, such as pension cuts for the military and extra tax for company revenues agreed with the troika for 2014 would not be imposing.
The Greek exports rose by 8% to €9.1bn in the first four months of 2013, whereas imports declined by 6% to €15.7bn. The trade deficit declined to €6.6bn from €8.3bn a year ago (Eurostat).
- NBG: According to press reports, the bank is adopting a new strategy for its group in Greece and abroad, including the gradual sale of a minority stake in Turkish subsidiary Finansbank that will not exceed 40%.
FTSE 25 September future:
- Support levels: 278-272-266. Resistance levels: 292-300-308.
- Support levels: 820-806-790. Resistance levels: 850-870-911.
The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.
The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.
The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.
You will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.