EUROCORP

Financial Morning News 19/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 790.49, posting profits of 0.31%, in a turnover of €39.10mn.

The Eurogroup is meeting tomorrow in order to discuss Greece’s debt sustainability and funding gap. We hope that the eurozone finance ministers will reach agreement on Greek financing aid, approving the disbursement of the loan tranche to Greece. However, there are still different views between the EU and the IMF on how to reduce the Greek debt, as the IMF insists that Greece should meet the initial target of lowering its debt/GDP ratio to 120% by 2020.

The ECB board member Mr. Joerg Asmussen said that Greece will need yet more international financial assistance beyond the agreed bailout programs through 2014.

The head of the IMF Ms. Christine Lagarde said that an agreement among Greece’s creditors on how to reduce its large debt pile should be «rooted in reality and not in wishful thinking».

The head of Bundesbank Mr. Jens Weidmann said that the question of a write-down of Greek debt is open, but said such a move would raise difficult questions over the willingness toward reform programs in other euro-zone countries. Nevertheless, he added that a write-down would not solve Greece’s problems without reform.

The Greek Prime Mr. Minister Antonis Samaras will hold an investment trip to Qatar later this month and similar trips to China and Russia are planned at a later date.

Economic Releases

    Greek Current Account (Sep) Prior: €1.6bn

    Corporate Releases

      Jumbo Q1 results

      Technical

      FTSE 20 December future:

        Support levels: 276-268-262. Resistance levels: 290-296-300.

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