GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 600.07 posting profits of 3.34%, in a turnover of €71.36mn.
After his meeting with PASOK leader Mr. Venizelos, the Democratic Left president Mr. Kouvelis reiterated his conditions in order to participate in a coalition government with New Democracy and PASOK. We remain that the three political leaded will go to the president of the Republic to formalize the agreement to form a government of national salvation.
The European Commission said that it wants to work with a new Greek government to push through reforms and revive the economy but that there would be no new agreement with Greece on the terms of its €130bn rescue package.
S&P’s said that the victory of the pro-bailout parties in the Greek elections at the weekend has cut the risk of the country’s disorderly exit from the euro zone in the near term. However, he warned that both Greece and the creditors will need to do further work to ensure that it can stay in the euro zone in the long term.
The US Treasury Department’s chief international official Ms. Lael Brainard said that we need to give some more time for Greece’s international financial rescue to work.
Greece sold €1.3bn of three-month T-bills, with the yield of 4.31%, down from 4.34% in the previous auction. The sale’s bid-cover ratio was 2.19 vs. 2.32.
- Cypriot Banks: The Finance Minister Mr. Vassos Shiarly said that they are optimistic they will get the financing they need to recapitalize the banks, whether that will be through a bilateral agreement, or through the EFSF.
- Greek Banks: Several Greek bankers said that deposits are trickling back to Greek banks after the election outcome, as panicked Greeks who had withdrawn up to €800mn from major banks daily in the run-up to Sunday΄s vote on fears a leftist victory would push the country back to the drachma were now bringing back some of the money stashed at home (Reuters).
FTSE 20 September future:
- Support levels: 222-216-208. Resistance levels: 238-246-252.
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