GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 820.91, posting profits of 3.85%, in a turnover of €53.11mn.
The Eurogroup is meeting today in order to discuss Greece’s debt sustainability and funding gap and Greece finalized the details regarding structural reforms and fiscal monitoring. We hope that the eurozone finance ministers will reach agreement on Greek financing aid. However, the Finance Ministry spokeswoman Ms. Marianne Kothe reiterated its opposition to a write down of Greek sovereign debt, saying that a haircut on GGBs remains unimaginable. Berlin also cautioned that a final decision could not be taken today as parliaments first had to give their go-ahead. At the same time, the IMF called on European lenders to offer debt relief to Greece.
According to Reuters, the Euro zone finance ministers will give a tentative go-ahead for the disbursement of €44bn in emergency loans to Greece today, but the money will only be paid on December 5 if the country meets all remaining conditions.
The Austria Finance Minister Ms. Maria Fekter reiterated her opposition to giving Greece more aid and she said that Greece should not expect a write-off of its debts.
The overall current account balance swung to a €774.6mn surplus in September from a deficit of €1.07bn a year ago, reflecting a steep fall in the value of imported goods, which fell 30% from a year earlier to €1.67bn.
The new orders index in industry fell by 11.4% in September vs. 3.8% a year earlier (ELSTAT).
OPAP Q3’12 results Estimates: Sales: €888.20mn, EBITDA: €147mn Net Income: €109.5mn
- Jumbo:The fiscal first-quarter profit reduced by 4.23% to €17.15mn from €17.90mn in the same period of 2011. The sales rose 2.84% at €123.97mn from €120.55mn.
FTSE 20 December future:
- Support levels: 290-284-278. Resistance levels: 300-308-316.
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