EUROCORP

Financial Morning News 24/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,230.20 posting losses of 2.42%, in a turnover of €114.94mn.

Today the EuroWorking Group is expected to approve to Greece the disbursement of €6.3bn of a total payment of €8.3bn. At the next Eurogroup on May 5, Greece will reportedly request the official initiation of discussions on the restructuring of the Greek debt.

According to the Deputy Finance Minister, Greece’s general government primary surplus last year, as calculated by the country’s international lenders, is estimated at €1.5bn. Based on a deal in November 2012, attaining a primary budget surplus in bailout terms means Greece qualifies for further debt relief by its eurozone partners and the IMF. The Greek debt reached at 175.1% of GDP in 2013, up from 157.2% a year earlier.

Corporate Impacts

  • NBG: The bookbuilding for the issue of a 5-year senior bond by the bank starts and concludes today. The interest rate may end up below that of the recent Hellenic Republic issue of 4.95%.
  • Technical

    FTSE 25 April future:

      Support levels: 390-385-378. Resistance levels: 402-410-418..

    General Index:

      Support levels: 1,218-1,200-1,190. Resistance levels: 1,260-1,280-1,300

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