EUROCORP

Financial Morning News 21/05/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 550.13 posting profits of 2.54% in a turnover of €59.57mn.

The G8 leaders said that they reaffirm their interest in Greece remaining in the eurozone while respecting its commitments. They did not propose any specific measures for easing the crisis.

The Caretaker Prime Minister Mr. Panayiotis Pikrammenos will meet with all political leaders between 9.30 a.m. and 6.30 p.m. as the pre-election period begins.

The European parliament chief, Mr. Martin Schulz warned against a Greek exit from the euro zone, saying the economy could collapse within days if it abandoned the single currency and the European countries called on to give billions more in emergency funds.

The German Finance Minister, Mr. Wolfgang Schaeuble said that the market turmoil surrounding the euro zone crisis could last another 12 to 24 months and he urged Greeks to decide whether they wished to stay in the single currency.

The General of the Association of Hellenic Tourism Enterprises Mr. George Drakopolous said that the period January to April 2012 showed a decline of 3.5% in international arrivals compared with 2011, following a strong increase of 10% last year.

De La Rue Plc, a U.K. company that prints banknotes for more than 150 countries, is preparing for a possible withdrawal from the euro and reintroduction of the drachma by Greece (London-based Times).

Broker Meteorology

    Citi believes that a Greek exit from the euro zone has a 50-75% probability but that it would be manageable for European banks, since it could impact exposures to Greece of up to €410bn. UBS believes that Greece will stay in the euro, but another debt restructuring is unavoidable. The cost for European tax payer for a Greek exit is €60bn.

    Corporate Impacts

    • OTE: Fitch downgraded its Long-term foreign currency Issuer Default Rating to ‘B-‘ from ‘BB’. The rating remains on Rating Watch Negative.
    • Marfin Popular Bank: The Cyprus parliament unanimously backed legislation to underwrite its issue of €1.8bn in new shares to help it recapitalise. The bank obliges to cut expenditure and salaries by 12.5%.
    • Technical

        • FTSE 20 June future: Support levels: 195-190-186. Resistance levels: 210-218-224.

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