GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed in a 22-year low at 485.18 posting losses of 3.45% in a turnover of €32.94mn.
The spokesman of German Finance Minister Wolfgang Schaeuble said that delaying the payout of the next tranche of the bailout package to Greece by a few weeks would not be a problem, as there is no acute financing need of an external kind until after the end of the first half year.
According to press reports, Greek budget revenue in the first few weeks of May has dropped nearly 20% from last year’s level due to the recession. It is likely that the government will use €3bn from HFSF to cover its obligations, especially for July.
The head of IIF Mr. Charles Dallara warned that if Greece leaves the euro zone, the world economy would suffer badly and he added that Greek Euro exit would cost more than €1trln and EU and IMF needs to give Greece more support, should lend Greece another €10bln.
The ECB Governing Council member Mr. Panicos Demetriades said that he does not rule out that Cyprus may resort to a bailout and he added that whatever may happen, will occur for the good of the economy and the banking system.
- 05/28: Terna Energy Ex-Div €0.0671/share
- 05/29: Cyprus Popular Bank, ELPE, Fourlis, PPC Q1’12 results, Frigoglass AGM
- 05/30: NBG, Alpha Bank, Eurobank, Piraeus Bank, FF Group, MOH, Terna Energy Q1’12 results
- Banks: S&P’s raised the issue rating on untendered Greek bonds to ‘CCC’ from ‘D’.
- FTSE 20 June future: Support levels: 172-166-160. Resistance levels: 186-194-202.
- General Index: Support levels: 480-475-460. Resistance levels: 520-553-610.
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