EUROCORP

Financial Morning News 21/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 763.69 posting profits of 1.41%, in a turnover of €81.73mn.

The coalition leaders are due to meet again next week to discuss the austerity package of €11.5bn. According to press reports, a gap of about €2–2.5bn remains to be bridged. The Finance Minister Mr. Yannis Stournaras said that it is a very difficult negotiation and they are trying to convince the troika to accept reform measures and the measures will be sealed soon.

Fitch said that an agreement on any change to the Greek austerity and reform program before the next European Union summit in October would reduce the risk of an exit from the currency bloc or a default on its debt.

The ECB governing council member Mr. Josef Bonnici said that Greece’s problems cannot be solved by transferring the country’s debt to other European states and he stressed that the Greek government must deliver on its reform promises.

The Commerzbank Chief Executive Mr. Martin Blessing said that he expects a further haircut on Greek sovereign debt, in which all creditors would have to take part.

Corporate Impacts

  • PPC:It won an EU court bid to overturn a 2008 decision ordering Greece to loosen the company’s stranglehold on a cheap fuel for electricity generation. The EU General Court ruled that the European Commission failed to show there was abuse of a dominant position by PPC as a result of its preferential treatment in the market for lignite.
  • OPAP: The company stated that it expects a final decision next year from the EU Court of Justice on whether the company’s monopoly on gambling activities in Greece is lawful, after an adviser to Europe’s highest court said that the firm should not have a monopoly because it is using its protected position to expand, in the face of European policies limiting gambling. In other news, a government official said that at least four groups are interested in acquiring a 29% stake currently held by the Greek state in OPAP.
  • Technical

    FTSE 20 September future:

      Support levels: 270-266-258. Resistance levels: 286-292-300.

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