EUROCORP

Financial Morning News 29/10/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 874.54 posting losses of 0.76%, in a turnover of €47.82mn, after the preliminary report of IMF that the Greek debt will be above the target of 120% of GDP in 2020.

The Euro Working Group of euro-zone finance ministry officials will convene again today to discuss whatever conclusions Greece has come to. A Eurogroup through a video conference will take place on Wednesday in order to discuss about Greece. The Democratic Left Mr. Fotis Kouvelis insisted on an improvement in the terms concerning labour reforms that it staunchly opposes. The Prime Minister Mr. Antonis Samaras appears determined to have the measures passed through Parliament this week, in either one or two draft laws.

The German Finance Minister Mr. Wolfgang Schaeuble rejected a debt restructuring for Greece, saying that it is unrealistic to expect public or private bondholders to take losses on their Greek holdings.

The Dutch Finance Minister Mr. Jan Kees de Jager said that the Netherlands is not willing to give Greece more time to implement its reforms.

Corporate Impacts

  • Telecommunication Companies:Wind Hellas announced that it had submitted an offer to listed internet service provider Forthnet for the acquisition of its fixed-line telephony arm. The bid does not include Nova, Forthnet’s pay TV network.
  • Technical

    FTSE 20 September future:

      Support levels: 328-320-316. Resistance levels: 340-344-352.

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