EUROCORP

Greek Morning News 26/3/2012

GREEK MARKET

The General Index closed at 772.66 posting profits of 0.99%, in a low turnover of €22.53mn. Greece extended the deadline until April 4 for foreign law bondholders to swap notes.

IMF expects Greece to show a fiscal gap between €32-67bn billion after the end of the new funding program in 2014.

The head of the European Commission’s Task Force for Greece Mr. Horst Reichenbach expressed his optimism that Greece will improve its finances, but its banking sector still causes worries.

Mario Draghi, the president of the ECB said that Greece has a chance to escape its current downward spiral if it implements the “important reforms” that its Parliament has approved. It needs a stable political situation to overcome the crisis (Bild-Zeitung).

According to Fidelity Investments and JPMorgan Chase, bondholders planning to resist Greece’s debt swap are unlikely to get paid in full.

Spain’s Minister of Economics Mr. Luis de Guindos said that Spain is fully committed to meeting its deficit target and that any comparisons to Greece were total nonsense.

Economic Releases

Date Event Period Survey Prior
03/30 Retail Sales (Y-o-Y) JAN -11%

Corporate Releases

  • 03/28: Mytilineos, Metka – FY’11 results
  • 03/29: Motor Oil – EGM, Folli Follie – FY’11 results

Corporate Impacts

  • OTE:
    Shareholders approved the agreement between DT, OTE and its subsidiaries for the provision of specific services and the basic terms.
  • Banks: The new Finance Minister, Mr. Sachinides met with the BoG governor Mr. Provopoulos and the Troika to decide on the extension of the reporting period for the banks, due to the bond exchange and the recapitalization plans.
  • OPAP: The management said that the €89mn extra tax burden due from the austerity measures will most likely appear in FY12 due to an administrative delay from the Greek government side. The management said that it sticks to the 50% dividend payout ratio and hence if the tax is finally imposed, OPAP may revise the 2011 dividend.
  • Marfin Popular Bank: It called an extraordinary shareholders meeting April 2 to seek approval for a share capital increase of €1.8bn.

Technical

  • FTSE 20 June future:
    Support levels: 296-290-286. Resistance levels: 310-318-326.

Disclaimer

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