EUROCORP

Financial Morning News 23/09/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 984.04 posting heavy losses of 3.78%, in a turnover of €95.01mn.

The crucial negotiations between the Finance Ministry and the chief inspectors of troika began yesterday, with Greece aiming to secure the €1bn tranche due in mid-October. The first action required for the disbursement concerns the restructuring plans for defense industries EAS and ELVO and mining company Larco. Another prior action to be examined is the repayment of state arrears to EYDAP and EYATH. Moreover, the troika appears to be satisfied with the initiatives of the Administrative Reform Ministry for placing 12,5k civil servants in mobility scheme.

The Finance Minister Mr. Yannis Stournaras met with Moody’s officials. The meeting reportedly took place in a good atmosphere, with the ministry expecting Moody’s to upgrade Greece’s rating soon.

The Finance Ministry considers the possibility of using real estate owned by the Greek state as collateral for a new loan to cover its funding gap for next year and 2015.

Corporate Impacts

  • Greek Banks: The four systemic banks are working to complete their restructuring plans for 2013-17, which have to be submitted to local and European watchdogs by September 30.
  • Technical

    FTSE 25 October future:

      Support levels: 330-324-318. Resistance levels: 345-350-355.

    General Index:

      Support levels: 980- 970-955. Resistance levels: 1,000-1,017-1,030.

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