EUROCORP

Financial Morning News 2/11/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 761.24 posting heavy losses of 5.00%, due to the increasing problems within the government coalition, ahead of two decisive votes in Parliament next week, in a turnover of €106.40mn.

The government coalition faces an extremely tense. The Democratic Left has promised to vote against the austerity measures, as it does not agree on the labour rights. In addition to this, two members of PASOK quit yesterday. The Prime Minister Mr. Antonis Samaras is due to meet with his 127 deputies on Monday, ahead of the vote on structural reforms on Wednesday and the ballot on the 2013 national budget, which will be held on November 11. We remind that the euro-zone finance ministers are due to meet on November 12 and could decide on whether to release more funding for Greece. The Finance Minister Mr. Yannis Stournaras said that the Parliament will back the new austerity measures and he added that the mood of the Eurogroup conference on Wednesday was good.

The IMF spokesman Mr. Gerry Rice said the IMF backed the proposal for the ECB to buy back Greek bonds as a way to help lower its debt burden and he added that all options to cut Greece’s debt to sustainable levels should be considered by its European partners in its Greek bailout program. It is critical for the program’s credibility that Greece’s debt burden be sustainable. He also said that most of economic policy issues that Greece must implement to get the next tranche of its bailout have been agreed between troika and Greece and that a deal could be soon finalized.

A senior German finance ministry official said that Germany does not expect any decision about the next tranche of aid to Greece when European finance ministers meet in Brussels on November 12.

The activity in manufacturing sector fell to 41 in October from 42.2 in September, as employment levels shrank markedly and output and new orders declined.

Corporate Impacts

  • Cypriot Banks:The central bank governor Mr. Panicos Demetriades said that the country made substantial progress in negotiations with the troika for the bailout package. He expects the troika to return soon to Cyprus to finalize the bailout.
  • Technical

    FTSE 20 September future:

      Support levels: 270-266-258. Resistance levels: 286-296-300.

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