EUROCORP

Financial Morning News 28/02/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 998.48 posting profits of 0.70%, in a turnover of €50.19mn.

Corporate Impacts

  • Greek Banks:The net bank lending to Greek businesses and households in January shrank 4% compared with the same period last year, as demand for bank loans continued to slide. At the same time, the deposits fell by €500mn in January to €160.97bn from €161.45bn in December, due to seasonal factors, as Greeks meet their tax liabilities at the beginning of the year, after rising for four consecutive months (BoG).
  • Cypriot Banks: The ECB Executive Board Member Mr. Benoit Coeure said that depositors in Cypriot banks should not be forced to pay for a euro-zone bailout of the indebted country. Mr. Coeure added that there needs to be appropriate burden-sharing in the program to achieve debt sustainability, leaving open the possibility that deposits above the EU-guaranteed threshold of €100mncould be a part of the solution, but argued against a board bail-in. At the same time, the Cypriot bank deposits fell by €1.7bn in January to €68.4bn from €70.2bn in December.
  • Technical

    FTSE 25 March future:

      Support levels: 328-320-314. Resistance levels: 340-346-352.

    General Index:

      Support levels: 970-960-950. Resistance levels: 1,014-1,030-1,050.

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