EUROCORP

Financial Morning News 20/05/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,152.60 posting profits of 1.62%, in a turnover of €217.42mn.

A senior EU official said that Greece could return to small-scale market borrowing as soon as next year but restoring full access to market financing is still years away. The official said that the privatizations remain a source of concern, but noted that the troika does not want to change the overall target of €22bn by 2020. He warned that Greece is lagging behind in hitting the annual privatization targets and if that continued it could call for additional funding needs for the country’s budget The official praised Greece’s efforts in cutting its spending and increasing its revenue.

Greece received the €4.2bn installment of the bailout loan, while to receive the €3.3bn, Greece must overhaul its tax system to better ensure revenue collection, liberalize the electricity market, pass

Corporate Impacts

  • Piraeus Bank: The bank announced that there is no strategic investor in the share capital. At the same time, Goldman Sachs, Barclays, Deutsche Bank and Bank of America-Merrill Lynch will be the advisors for the capital increase of €7.33bn. Please note that the bank will announce today the Q1’13 results.
  • Technical

    FTSE 25 June future:

      Support levels: 398-390-380. Resistance levels: 410-418-424.

    General Index:

      Support levels: 1,115-1,070-1,050. Resistance levels: 1,165-1,180-1,250.

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