EUROCORP

Financial Morning News 21/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 880.70 posting marginal profits of 0.26%, in a turnover of €52.37mn.

The Finance Minister Mr. Yannis Stournaras said that possibility of a Greek default has not disappeared despite the release of more bailout funding by the EU and IMF and that the coalition government will have to resist social tension next year for the adjustment program to remain on track. The finance minister sees the recession easing towards the end of next year and growth returning in 2014.

The current account deficit fell to 2.1% of GDP or €4.1bn in the year’s first 10 months (BoG).

Corporate Impacts

  • Greek Banks:S&P’s maintained the rating for the biggest banks at CCC, considering that they continue to face huge challenges, despite upgrading Greece’s credit rating to B- this week. Today (after the market), NBG and Alpha Bank are set to announce their nine-month results.
  • Eurobank:It posted Q3’12 losses of €223mn and €1.095bn nine-month loss, due to higher funding costs that led to a 4% fall in net interest income. The non-performing credit rose to 17% of its loan book from 14%, while the provisions for impaired loans rose 23% to €1.213bn. The total recapitalisation need is €5.8bn.
  • Piraeus Bank:The total recapitalisation need is €7.3bn, while the bank took provisions of €1.8bn and recorded €629mn nine-month loss NPLs amounted to 18% of all Piraeus Bank loans.
  • Attica Bank: It announced nine-month losses of €108mn, but retained its positive net position despite the huge provisions of €351.2mn (+36.8%).
  • Cypriot Banks: The first deputy managing director of the IIF Mr. Hung Tran said that write-downs on Cypriot government debt like those forced on Greek bondholders would leave banks in Cyprus decimated and make it harder for other euro-area nations to borrow.
  • Technical

    FTSE 20 March future:

      Support levels: 298-292-286. Resistance levels: 312-318-324.

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