EUROCORP

Financial Morning News 22/11/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,141.83 posting profits of 0.46%, in a turnover of €146.27mn.

Today, the Prime Minister Mr. Antonis Samaras is scheduled to meet with the German Chancellor Ms. Angela Merkel. The agenda reportedly includes the sustainability of the Greek debt. Ms. Merkel said yesterday that Greece has implemented changes over the past years which are absolutely remarkable and she added that “Who would have thought that Greece will post a primary budget surplus this year?”.

According to the 2014 budget plan, the government expects a primary budget surplus of €812mn this year thanks to higher than expected tax revenues, compared to a previous forecast of €344mn. Please note that posting a primary surplus makes Greece eligible for debt relief from international lenders. Greece maintained its forecast for a primary surplus of 1.6% of GDP (€2.96bn) in 2014 and its target of raising €3.56bn from privatizations next year.

The Eurogroup chief Mr. Jeroen Dijsselbloem said that Greece must urgently meet the commitments it made to international lenders in order to restore its competitiveness and attract foreign investment.

The troika officials, in a joint statement said that a number of questions remain over Greece’s reform progress, but good progress has been made. The discussions will continue from respective headquarters and the talks will resume early December.

Corporate Impacts

  • OTE: According to press reports, more than 1,300 applications of interest have been submitted in the first two days since OTE telecom announced a program of voluntary redundancies. The deadline for applications is November 29 and a sum of €190mn has been set aside to pay for the scheme.
  • Technical

    FTSE 25 November future:

      Support levels: 375-368-362. Resistance levels: 388-396-400.

    General Index:

      Support levels: 1,120-1,110-1,100. Resistance levels: 1,165-1,180-1,200.

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