EUROCORP

Financial Morning News 24/07/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 842.33 posting marginal profits of 0.02%, in a low turnover of €30.83mn.

A Eurogroup Working Group through conference call is scheduled for today in order to discuss the latest bailout aid payment for Greece. Please note that the Euro-area governments agreed earlier this month to release €3bn of aid for Greece (€2.5bn of the payment this month and the remaining €500mn in October).

At the same time, the Deputy German Finance Minister Mr. Steffen Kampeter said in a letter to members of the lower house Budget Committee obtained by Bloombrg, that . Greece has confirmed the implementation of 17 of 22 “prior actions,” and the deadline for German lawmakers to assess the latest report by the troika will now be extended to July 29.

The Prime Minister Mr. Antonis Samaras said to his cabinet members in the two-party coalition to speed up structural reforms in the state sector in order to meet the targets set by the troika. Please note that a plan for restructuring of Hellenic Defense Systems (EAS), the Hellenic Vehicles Industry (ELVO) and the Larco mining company was also on the agenda.

According to a Reuters poll of 40 economists, Τhe unemployment will remain above 27% until 2015,while
Greece is seen getting out of recession during 2014.

Corporate Impacts

  • Cypriot Banks: The Government spokesman Mr. Christos Stylianides said that the Cypriot government wants the restructuring of the Bank of Cyprus to be completed by the end of this month.
  • Technical

    FTSE 25 August future:

      Support levels: 282-276-270. Resistance levels: 294-302-310.

    General Index:

      Support levels: 830-820-806. Resistance levels: 870-884-911.

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