EUROCORP

Greek Morning News 5/4/2012

GREEK MARKET

The General Index closed at 703.94 posting losses of 0.74% in a turnover of €29.36mn. The banking sector completed 12 declining meetings, due to the uncertainty regarding the recapitalization of banks and the pre-election political map.

The Greek Finance Minister Mr. Filippos Sachinidis said that Greece will not need a third bailout if it sticks to the terms of its second loan agreement and he added if everything goes well, we expect and hope that the country will return to growth in 2013.

The government spokesman Mr. Pantelis Kapsis said that the date for Greece’s parliamentary elections will be announced next week.

Broker Meteorology

  • BOC: Keefe, Bruyette & Woods reported Bank of Cyprus as the sector’s favorite stock with 73% net buy.

Corporate Impacts

  • Banks: a) The ECB chief Mr. Mario Draghi said the first €25bn will soon be available to recapitalize Greek banks and he added that Greek banks will be evaluated and only those judged to be viable will continue to engage in acts of the ECB, while the rest will be served by ELA. b) The ECB Vice-President Mr. Vitor Constancio said that the recapitalization of Greece΄s banks has been thoroughly planned and some banks that suffered large losses on their holdings of GGBs may have to be restructured, merged or wound down.

Technical

  • FTSE 20 June future: Support levels: 260-255-250. Resistance levels: 276-286-296.

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