GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 825.80 posting profits of 0.79%, in a turnover of €48.38mn.
The coalition government narrowly passed the bill containing structural reforms and austerity measures, as a total of 153 out of 300 MPs approved the measures, 128 deputies voted against the package, while 18 voted ‘present’. The PASOK leader Mr. Evangelos Venizelos ejected six lawmakers from his party for voting against the package, while one MP was ejected from New Democracy, reducing the number of deputies to 126. At the same time, 100k people gathered outside Parliament to protest ahead of the vote.
The European Commission said in its Autumn Forecast report that Greece will enter its sixth year of recession in 2013 (4.2%) from anticipation of 6% in 20112, but it will start to come out of it in the second half of 2013, leading to a modest expansion in 2014 (0.6%). The unemployment is seen peaking in 2013 at 24%, after 23.6% this year.
The IIF managing director Mr. Charles Dallara said that he would go to Athens on November 13-14 to exchange views with senior government officials and private-sector leaders regarding Greece and the Euro Area ahead of the key meeting of euro-zone finance ministers in Brussels on Monday.
The Swiss Government said that it started negotiations with the Greek authorities for a withholding tax agreement with Greece, similar to the agreements with Germany, the U.K. and Austria.
The EU΄s top economics official Mr. Olli Rehn said that the Greek lawmakers must help to secure international aid for Athens, warning that Greece΄s debt burden was increasingly unsustainable.
Unemployment August Construction August
- Cypriot Banks:The Cypriot government spokesman Mr. Stefanos Stefanou said that the troika will resume bailout talks with Cyprus tomorrow, aiming to secure an agreement on the program for a loan to Cyprus.
Coca Cola Hellenic Q3’12 results (before market) Estimates: Sales: €2.01bn, EBITDA: €310mn and Net Income: €150.25mn.
FTSE 20 December future:
- Support levels: 300-292-286. Resistance levels: 312-320-328.
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