EUROCORP

Financial Morning News 26/09/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 752.20 posting losses of 0.30%, in a turnover of €48.09mn.

The Finance Minister Mr. Yannis Stournaras said that Greece would need an additional €13-15bn to finance a two-year extension to meet its budget targets but is confident of bridging that gap without burdening European taxpayers.

The deputy finance minister Mr. Christos Staikouras said that Greece may seek a rollover of its ECB-held bonds or try to raise additional short-term debt to plug a possible financing gap in the coming years. He also said that Greece might have to raise more money from debt markets in 2015 and 2016 that the €10.6bn foreseen in its bailout agreement earlier in this year.

Corporate Impacts

  • METKA:It announced that it received the Letter of Award for an expansion of an existing power station in Jordan. The total contract value is US$ 143.14mn and the project will be carried out within 28 months.
  • Banks: According to press reports, Credit Agricole’s governing board will have convened to ratify the decision and announce the transaction by the end of the week. Bank officials are optimistic that the decision will be made public by Sunday, although a postponement until next week cannot be ruled out yet.
  • Technical

    FTSE 20 December future:

      Support levels: 268-262-256. Resistance levels: 282-290-296.

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