GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 844.46 posting losses of 1.47%, in a turnover of €69.78mn.
Moody’s said that Greece’s government debt level remains unsustainable despite the country’s second default, as only official institutions taking losses on Greek loans will be able to put the country back on track. It also said that it isn’t realistic to expect Greece to meet the fiscal targets imposed by its international lenders, given that the austerity measures enacted are having an “adverse effect” on the economy. It expects the economy to contract a further 4.2% in 2013, hampering the government’s austerity efforts to rectify fiscal imbalances.
Greece will auction €1bn of three-month T-bills today to refinance a maturing issue (PDMA). In addition, the Prime Minister Mr. Antonis Samaras will host a meeting with his government coalition partners Mr. Evangelos Venizelos (PASOK) and Mr. Fotis Kouvelis (Democratic Left) at the Maximos Mansion today (8 p.m.).
The EU, in Monday’s quarterly report said that Greek tax collection is still falling well short of some key targets that need to be met to reduce the government’s staggering debt pile. With two months to go in 2012, it was still about €1bn behind the EU target of recovering €2bn.
- Greek Banks:The ECB funding to Greek banks fell by €913mn in November to €5.61bn, while emergency liquidity assistance from the central bank rose slightly to €123.30bn from €122.79bn in October. In other news, banks will release their financial results on Friday.
FTSE 20 December future:
- Support levels: 284-278-272. Resistance levels: 298-306-312
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.