EUROCORP

Financial Morning News 19/6/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 580.67 posting profits of 3.64%, due to the election outcome, in a turnover of €102.01mn. The stock market will now focus on the formation of a new government and its policy priorities.

The New Democracy leader Mr. Antonis Samaras received the mandate from the President Karolos Papoulias to form a government and he will have three days to do so. He first met with SYRIZA chief Mr. Alexis Tsipras, who turned down joining a coalition, saying that his party must be in opposition as they represent opposite camps. Then he met PASOK head Mr, Evangelos Venizelos who stated that the most crucial thing right now is to achieve the greatest possible range of consensus and this must happen by today night at the latest.

A government spokesman said that Germany is awaiting the troika’s report on Greece’s reform progress before it will take any action regarding pending bailout payments to Greece.

The German Deputy Finance Minister Mr. Steffen Kampeter said Athens should not be pushed too hard on its reforms, signaling there may be scope for some easing of the pressure.

The IMF chief Christine Lagarde stated that we can perform a new revision to Greece’s program, which could start as soon as a new government is formed in Athens.

Broker Meteorology

  • Goldman Sachs said that the election results may temporarily alleviate market sentiment, but this does not change the rules of the game, as Greece still faces unresolved issues.
  • Corporate Impacts

    • Banks: Greek deposit withdrawals slowed yesterday after the election victory by New Democracy party eased concern the nation will abandon the euro.
    • Technical

      FTSE 20 September future:

        Support levels: 216-208-202. Resistance levels: 232-240-246.

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