EUROCORP

Greek Morning News 17/4/2012

GREEK MARKET

The General Index closed at 714.78 posting losses of 1.22%, in a low turnover of €22.34mn. Nevertheless, it closed the week with a 1.01% rise.

The unemployment rate rose to a new record in January at 21.8% from the revised 21.2% in December (ELSTAT).

According to PDMA, Greece will auction 1.25bn of three-month T-bills tomorrow to fund the rollover of a previous issue. The rate at the previous auction was 4.25%.

The JPMorgan Chief Executive Mr. Jamie Dimon believes that a Greek exit from the euro could have catastrophic consequences for other countries and the single currency.

The Polish Central Bank Chief Mr. Marek Belka said that Greece has accumulated problems over the past 20 years and an exit from the Euro zone would crown a disaster. He added that the new Drachma would rapidly fall by 50% after the Greek euro exit (Dow Jones Newswires).

Corporate Releases

  • 04/20: Alpha Bank, Eurobank, NBG, Piraeus Bank, ATEbank FY’11 results

Corporate Impacts

  • Cypriot Banks: The governor of the central bank of Cyprus Mr. Orphanides said that the Cypriot Bank losses from the Greek bond swap are manageable and the country is ready to support local banks if needed.
  • ELPE: Greece chose 14 investors for the next phase of the sale of its natural gas company and grid operator (Hellenic Republic Asset Development Fund).

Technical

  • FTSE 20 June future: Support levels: 272-266-258. Resistance levels: 290-298-306.

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