GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 889.78 posting profits of 1.86%, in a turnover of €103.03mn.
The Finance Minister Mr. Yannis Stournaras said that there is an agreement between the government and the troika on all aspects of the austerity and reform program and the coalition is likely to be in a position to submit the measures to Parliament by the end of the week.
The measures of the new bailout memorandum will now be drafted in two bills that will be tabled in Parliament. Mr. Stournaras also said that Greece would inform the Euro Working Group of the status of negotiations when technical staff meet in Brussels on Friday and Monday, ahead of the next Eurogroup meeting on November 12. Mr Stournaras added that Greece has achieved an extension to meet the terms of its international bailout program and Greece is seeking to reduce its debt by lowering the interest paid to creditors and paying back the money over a longer period of time. Without the extension, the country would have had to impose measures of €18.5bn instead of €13.5bn.
Earlier, the German government denied the newspaper report of Sueddeutsche Zeitung that Greece’s lenders have agreed to extend the time that Athens has to complete its fiscal adjustment by two years, saying that they are still waiting for the troika report from Greece. However, the German Finance Minister Mr. Wolfang Schaeuble said that the German parliament would likely pass a third aid package for Greece was it necessary (Die Zeit).
The ECB President Mr. Mario Draghi said that there still was no recommendation from the troika committee of experts about the status of Greece’s economic reform.
- PPC:The government must submit in November the company’s restructuring plan with a view to its privatization as it will include the sections of the company that will be privatized, along with a timetable for their sale.
- OPAP:Goldman Sachs raised its target price to €4.60 from €4.40 in a report that is widely seen as a vote of confidence for the Greek economy in general.
FTSE 20 September future:
- Support levels: 330-325-320. Resistance levels: 344-350-355.
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