EUROCORP

Financial Morning News 29/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 962.03 posting losses of 0.92%, in a turnover of €70.52mn.

The Parliament approved an emergency omnibus bill that will ensure continued bailout funding by the country’s creditors and pave the way for public sector layoffs. The bill, which passed in a by 168-123 vote yesterday night, paves the way for the first civil service layoffs. About 2k civil servants will be laid off by the end of May, with another 2k following by the end of the year and a further 11,5k by end-2014, for a total of 15,5k.

The BoG Governor Mr. Giorgos Provopoulos stated that confidence is returning to the Greek economy and Greece is making “good progress” in its efforts to ease eurozone debt concerns. He added that the ECB may not need to activate its bond-buying plan as the worst of the eurozone debt crisis has passed.

Corporate Impacts

  • Greek Banks: Greek business and household bank deposits slightly rose to €164.08bn at the end of March from €164.02bn at the end of February. At the same time, the net bank lending to Greek businesses and households in March shrank 3.5% compared with the year-earlier period, as demand for bank loans continued to slide (BoG).
  • Technical

    FTSE 25 June future:

      Support levels: 326-320-314. Resistance levels: 338-344-350.

    General Index:

      Support levels: 950-930-910. Resistance levels: 975-990-1,020.

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