EUROCORP

Greek Morning News 20/4/2012

GREEK MARKET

The General Index closed at 713.92 posting losses of 1.75% in a turnover of €27.19mn. The market’s interest is now turning to bank results which will be announced today and is waiting for the details of the recapitalization plan.

Fitch downgraded Greek sovereign bonds to ΄D΄ from ΄C΄, following the confirmation by the Greek government that the exchange of all bonds in those series was completed on 11 April 2012 as part of its recently announced debt exchange.

The IMF managing director Christine Lagarde said that Greece’s road to recovery is to implement the fiscal adjustment program it agreed with its lenders.

Corporate Releases

  • Today: Alpha Bank, Eurobank, NBG, Piraeus Bank, ATEbank FY’11 results

Corporate Impacts

  • ELPE, MOH: Manager of International Affairs of Iran΄s National Oil Company said that Iran has not stopped oil exports to Greece and Spain (ISNA news agency).
  • Banks: Government officials said that Greece will take more time to finalize the terms of a bank recapitalization plan which was due to be announced today.

Technical

  • FTSE 20 June future: Support levels: 268-262-256. Resistance levels: 282-290-296.

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