EUROCORP

Financial Morning News 24/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 873.51 posting losses of 2.29%, in a turnover of €90.10mn.

The three-party coalition government did not agree on some of the structural reforms demanded by the troika. Mr. Kouvelis said that his party would not vote for the labour reforms. Mr. Venizelos also expressed reluctance to back the measures.

The Germany’s Finance Minister Mr. Wolfgang Schaeuble said that Berlin will not agree to any assistance for Greece that could roil financial markets and Germany will only support countries that fulfil the conditions of such assistance. He described Greece’s situation as not healthy and said he is awaiting a report on its reform progress by experts from the troika.

The EU Council President Mr. Herman Van Rompuy said that any decisions on Greece will be taken after the report of troika.

According to Kathimerini newspaper, Greece is set to slash its target for privatization revenue to €10bn from €19bn by 2016 after missing previous goals set by troika. The privatization revenue target for 2020 is set to be cut to €25bn, while a previous €50bn target for that date now seems further away.

Corporate Impacts

  • Cypriot Banks:The Governor of the Central Bank of Cyprus Mr. Panicos Demetriades said that Cyprus needs to agree terms for a bailout without delay so it can benefit from improved euro-area economic governance and direct bank recapitalizations. The prospect of direct ESM aid to its banks is one reason why Cyprus’s debt can remain sustainable after the bailout.
  • Technical

    FTSE 20 September future:

      Support levels: 326-320-314. Resistance levels: 338-344-350.

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