EUROCORP

Financial Morning News 18/07/2013

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).

Corporate Impacts

  • 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%.
  • Technical

    FTSE 25 September future:

      Support levels: 278-272-266. Resistance levels: 292-300-308.

    General Index:

      Support levels: 820-806-790. Resistance levels: 850-870-911.

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