Financial Morning News 23/10/2012


The General Index in Athens Stock Exchange (ASE) closed at 894.01 posting profits of 2.68%, in a turnover of €134.29mn.

The coalition leaders will meet today (15:00 local time) to discuss the final details of the €13.5bn package. We remind that Greece must vote the measures before the meeting of the euro-zone finance ministers on November 12. According to press reports, the government and troika officials are close to an agreement on the package, as the two sides appeared to have reached a compromise on the issue of labour reforms. Meanwhile, the Prime Minister Mr. Samaras expelled his deputy Mr. Nikos Stavrogiannis for threatening to vote against the package. Also yesterday, Mr. Yiannis Micheloyiannakis, an MP with junior coalition partner Democratic Left, quit the party due to a disagreement over the content of the austerity package.

The overall current account balance swung to a €1.6bn surplus in August from a deficit of €102.8mn a year ago, as demand for imports continued to slump amid the country’s ongoing economic crisis and with the economy now in its fifth year of recession (BoG).

The fiscal shortfall last year was revised to 9.4% of GDP from a previous estimate of 9.1% of GDP (ELSTAT). Gross consolidated debt at the end of 2011 was estimated at €356bn or 170.6% of GDP, from a previous estimate of 165.3%.

Corporate Impacts

  • Cypriot Banks:a) The governor of the Central Bank Mr. Panicos Demetriades said that the direct recapitalization of Cyprus banks via the ESM would keep the government’s debt at sustainable levels, alleviating if not removing altogether concerns about debt sustainability b) Cypriot officials said that Cyprus is planning to invite troika for final talks on a comprehensive aid package, as Cyprus wants a deal with lenders by the Euro-group meeting on November 12.
  • Aegean airlines:a) The company and MIG agreed on the sale of 100% of Olympic Air to Aegean. Olympic Air will become a subsidiary of the listed Aegean. The consideration for 100% of Olympic Air has been set at €72mn with payment in instalments to MIG by Aegean. The deal is subject to approval by the Competition Authorities, a process which will also determine the timing of its execution.
  • Technical

    FTSE 20 September future:

      Support levels: 330-325-318. Resistance levels: 344-350-355.


    The information that EUROCORP (henceforth the “Company”) provides via the web page, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.

    The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

    The use of web page is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.

    Get Adobe ReaderYou will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.

Cannot retrieve