EUROCORP

Greek Morning News 23/4/2012

GREEK MARKET

The General Index closed at 714.51 posting marginal profits of 0.08%, in a turnover of €29.60mn.

A report by IMF warns that exiting the euro would entail a dramatic decline in Greece’s gross domestic product, a fearsome increase in prices and a temporary improvement in the country’s competitiveness that would quickly evaporate.

Citigroup said that the outcome of the elections will be closely watched by markets as it is a key signpost for eurozone stability.

Corporate Impacts

  • PPC: It would sign a €960mn bank loan next month to cope with a liquidity crunch caused by austerity-hit customers dodging their electricity bills. It expected to overcome its liquidity shortfall later this year, helped by the bank loan and electricity price increases that took effect in January.
  • Alpha Bank: It reported a 2011 loss of €3.81bn, hurt by a bond swap write-down and increased provisions for impaired loans. Its Core Tier 1 capital ratio fell to 3% or €1.3bn after €3.2bn after-tax bond swap impairment.
  • NBG: It reported a €12.34bn loss in 2011, hurt by a sovereign debt swap markdown and bad loans. Its Core Tier 1 ratio would fall to 6.3%, taking into account the use of a 6.9 billion euro stand-by facility provided by a state support fund (HFSF).
  • Eurobank: It reported a loss of €5.5bn, hit by big sovereign debt swap write-down and provisions for impaired loans.The bank did not disclose its Core Tier 1 capital ratio after the bond swap impact, which came to €4.6bn.
  • Piraeus Bank: It reported a 2011 loss of €6.6bn, hurt by a bond swap writedown and loan-loss provisions.The bank did not disclose where this left its Core Tier 1 ratio but said that it had an underwriting commitment by state support fund HFSF for up to €5bn, which would restore its total capital adequacy ratio to 9.7%.
  • ATEbank, Hellenic Postbank: They received a 40-day extension to its deadline for announcing financial results for 2011, as the government is still in negotiations with its creditors regarding how it.

Technical

  • FTSE 20 June future: Support levels: 266-260-252. Resistance levels: 278-286-292.

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