EUROCORP

Financial Morning News 19/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 755.98 posting profits of 2.86%, in a turnover of €76.12mn.

The Finance Minister Mr. Yannis Stournaras said that Greece hopes to finalize the details of a planned multi-billion euro package of spending cuts by Sunday, as the country was running out of time to reach a decision on those spending cuts. He added that Greece will meet its nominal 2012 deficit reduction targets but faces growing strain because of the deepening recession. The primary deficit figure would reach 1.5% of GDP, compared with a previous estimate of 1%.

The chief of IIF Mr. Charles Dallara said that Greece should get cheaper rates on its €130bn aid deal and at least two more years from the EU and IMF to repay them.

The chairman of the Eurogroup Mr. Jean-Claude Juncker said that Greece΄s competitiveness has greatly improved and its wage costs have fallen significantly and the euro zone must strive to keep the country as a member.

The head of the European Commission’s Task Force for Greece Mr. Horst Reichenbach said that the progress recorded in less than 100 days at the Development Ministry has been impressive.

Greece sold €1.3 bn of three-month T-bills yesterday, with the yield of 4.31%, 12 basis points less than in the previous auction. The sale’s bid-cover ratio was 1.98, up from 1.36 in the Aug 14 auction (PDMA).

The current account balance showed a surplus of €642mn in July for the first time since May 2010, driven mainly by a shrinking trade deficit (BoG).

Technical

FTSE 20 September future:

    Support levels: 280-274-268. Resistance levels: 290-296-302.

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