GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 881.22 posting losses of 0.96%, in a turnover of €89.79mn.
The Labour Minister Mr. Yiannis Vroutsis said that negotiations with troika were ongoing as objections by the coalition’s junior partner, Democratic Left, to labour reforms proposed by troika continued to pose an obstacle to a final rubber stamp on the deal. The Finance Minister Mr. Yannis Stournaras said that the government will present the budget cutting plan despite its junior coalition partner’s refusal.
The EWG will examine the agreement between Greece and the troika and will focus on how the funding gap of Greece until 2016 will be covered, provided that Greece will get a two-year extension to its streamlining program, as well as how the sustainability of the Greek debt will be secured.
- Banks:Fitch views the renewed consolidating initiatives involving the four major Greek banks (NBG, Eurobank, Alpha Bank and Piraeus Bank) as a positive step towards the restructuring of the banking sector and the banks’ ratings over the medium term. These moves should help create a smaller number of more efficient and viable institutions that will be better placed to cope with the country’s sovereign crisis and weak economic prospects.
- CCH, OPAP:MSCI said that it will not discontinue the Greece index after CCH’s exit. It will exceptionally maintain at all times at least two constituents in the MSCI Greece Index until further communication. Opap is the second stock in the MSCI Greece, accounting for 25% of the gauge’s weight.
- Cypriot Banks:The Cyprus President Mr. Dimitris Christofias will visit his French counterpart Mr. Francois Hollande in Paris today. Mr. Christofias expects the troika to return as soon as possible to Cyprus for further negotiations and he added that he had already had contacts with top officials within the EU for them to exercise pressure on the troika to return to Nicosia.
FTSE 20 September future:
- Support levels: 330-324-318. Resistance levels: 340-344-352.
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