EUROCORP

Greek Morning News 10/4/2012

GREEK MARKET

The General Index closed at 707.60 posting profits of 0.52% in a turnover of €22.92mn. The banking index recorded profits of 2.64%, breaking the twelve consecutive declining meetings which recorded a cumulative loss of 33.72%.

The chief of the IMF, Christine Lagarde said that it is not yet certain that Greece will avoid bankruptcy or a forced exit from the EU and euro zone.

The German Finance Minister Wolfgang Schaeuble said that Greece suffers from it΄s own mistakes Germany does not want to occupy anyone.

The date of the upcoming general elections is due to be announced this week, most likely tomorrow.

The industrial production fell 8.3% on the year in February, after declining 5% on the year in January (ELSTAT).

According to an Austrian survey, Greece ranks last among 14 European countries in attracting new enterprises.

According to PDMA, Greece will sell €1bn of 26-week T-bills today (previous rate: 4.8%).

Corporate Impacts

  • Piraeus Bank: The sale of the Egyptian arm of Greece΄s Piraeus Bank, valued at over $200mn has attracted five potential bidders from the Middle East and North Africa region (Reuters).
  • Eurobank: It reached deal on sale of its Turkish unit to Kuwait’s Burgan Bank for TRY641mn in cash.
  • ELPE, MOH: According to Iranian state television, Iran has blocked oil sales to the two Greek companies after they failed to make payment.

Technical

  • FTSE 20 June future: Support levels: 260-255-250. Resistance levels: 278-288-296.

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