EUROCORP

Financial Morning News 18/12/2012

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.

Corporate Impacts

  • 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.
  • Technical

    FTSE 20 December future:

      Support levels: 284-278-272. Resistance levels: 298-306-312

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