EUROCORP

Financial Morning News 21/01/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 973.95 posting profits of 2.12%, in a turnover of €70.21mn.

The IMF report for Greece calls for the effective combating of tax evasion, more public sector layoffs, as well as further reductions in social benefits. It proposes for replacing the board of the Hellenic Republic Asset Management Fund (TAIPED) with foreign managers if the targets for the first half of the year are not met. The Fund appears pessimistic on the unemployment front, forecasting that unemployment will reach at 24.4% in 2013 and 25.1% in 2014. It mentions for a haircut of the Geek debt held by Greece’s European Union partners.

The Finance Minister Mr. Yannis Stournaras travels to Brussels today to take part in the Eurogroup meeting. It is estimated that the eurozone finance ministers will approve the disbursement of €9.2bn of the January tranche.

Corporate Impacts

  • Cypriot banks: The German Finance Ministry spokeswoman Ms. Marianne Kothe said that there will not be a decision made regarding aid for Cyprus at today Eurogroup meeting. She also said that Pimco’s report on the health of Cypriot banks will be sent to federal lawmakers in Berlin.
  • Technical

    FTSE 20 December future:

      Support levels: 326-320-314. Resistance levels: 338-345-350.

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