EUROCORP

Financial Morning News 26/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 588.09 posting profits of 0.25%, in a turnover of €22.55mn.

The Prime Minister Mr. Antonis Samaras is due to meet PASOK chief Evangelos Venizelos and Democratic Left leader Fotis Kouvelis today to approve the €11.5bn in spending cuts over the next two years. In addition to this he will hold talks with the European Commission President Mr. Jose Manuel Barroso.

The European Commission’s Vice President Mr. Joaquin Almunia said that European nations should be prepared to offer more financial support to Greece if necessary.

The commission spokesman Mr. Antoine Colombani said that the troika would be back in Greece in September and he did not provide details for the second visit. The EU had previously said the troika would be in Athens in August and the decision for fresh disbursement of funds would be reached in September.

The former head of PPC.AT Mr. Athanasopoulos takes over as chief of the Hellenic Republic Assets Development Fund from Mr. Kostas Mitropoulos, who resigned last week. The former investment banking head of Alpha Bank Mr. Yannis Emiris is appointed as managing director of the privatization agency.

Economic releases

  • 07/27: June’s PPI y-o-y (ELSTAT)
  • Corporate Impacts

    • Banks: Fitch maintained four Greek mortgage covered bonds’ ‘B-‘ ratings on Rating Watch Negative (RWN).
    • Technical

      FTSE 20 September future:

        Support levels: 200-196-188. Resistance levels: 218-224-230.

Financial Morning News 25/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 586.64 posting marginal profits of 0.10%, in a turnover of €16.93mn.

The Prime Minister Mr. Antonis Samaras said that the Greek economy could shrink more than 7% this year and a recovery is not expected until 2014. He is due to meet EU President Mr. Jose-Manuel Barroso today afternoon and the leaders of the two other parties in his coalition government tomorrow afternoon in order to discuss the €11.5bn in cuts for 2013 and 2014. On Friday, Mr. Samaras is due to meet the troika officials.

The Austrian Finance Minister Maria Fekter said that a Greek exit from the euro zone is not under discussion and she added that Europe would have to wait for a key report on Greece before deciding on further steps.

Greece’s receipts from tourism were 12.5% down in the five months through May to €1.48bn vs. €1.69bn, as fewer people visited the country. Tourism accounts for about 16% of GDP (Bloomberg).

Economic releases

  • 07/27: June’s PPI y-o-y (ELSTAT)
  • Corporate releases

    • 07/25: Jumbo EGM
    • Corporate Impacts

      • Cypriot Banks According to Wall Street Journal, Cyprus will need at least €13bn of aid, which is more than previous estimates, as it struggles to recapitalize its banking system, which has been hammered by the deepening debt crisis in Greece.
      • Technical

        FTSE 20 September future:

          Support levels: 200-196-188. Resistance levels: 218-224-230.

Financial Morning News 24/07/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 586.04 posting heavy losses of 7.10%, due to fears that Spain will have to seek a full sovereign bailout, as well as worries that Greece may leave the euro, in a turnover of €36.29mn.

Officials from the troika are due in Greece today to launch the last phase of the review of the fiscal adjustment program. A spokesperson for the IMF said that the IMF is supporting Greece in overcoming its economic difficulties.

A commission spokesman said that a decision on the next tranche of aid for Greece is unlikely before September and depends on the review being carried out by the troika.

The German Vice Chancellor Mr. Philipp Roesler said that if Greece does not fulfill those conditions, then there can be no more payments, adding that he is very skeptical that Greece can be rescued and that the prospect of its exit from the monetary union has long ago lost its terror.

The EU’s official statistical agency said that despite a write-down of privately-held Greek debt of unprecedented proportions in March, Greece’s debt still amounted to 132.4% of GDP at the end of that month, which is the highest of any nation in the eurozone.

Corporate Impacts

  • EXEA: The consolidated net after tax profits in H1’12 amounted to €7.1mn vs. €16.8m in H1’11, reduced by 57%. The net after tax profit per share amounted to €0.12 vs. €0.23 in the corresponding period last year (-48%), due to the gain from the valuation of the bonds remaining in the Group’s portfolio. The total operating revenue was reduced by 25% amounting to €17.5mn vs. €23.3mn, due to the drop in the share prices of listed companies in 2012, but also due to the significant reductions in the pricing policy of the Group in the derivatives market, which went into effect on 1.1.2012. The EBIT in H1’12 amounted to €7.3mn vs. €17.3mn (-58%).
  • Technical

    FTSE 20 September future:

      Support levels: 200-196-188. Resistance levels: 216-224-230.

Financial Morning News 20/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 622.26 posting profits of 1.40%, in a low turnover of €15.78mn.

The leader of the third largest party in the coalition, Democratic Left Mr. Fotis Kouvelis said that the risk of Greece defaulting on its debt was still very real and that much work remained to be done. The coalition government aims to merge or scrap 200 public organizations by the end of August and to relax rules for private investors interested in buying stakes in strategic state enterprises.

The commission said that troika will return to Athens on July 24. According to press reports, EU officials are reluctant to extend Greece the bridge loan it has said it is seeking from its international creditors.

According to the latest consumer confidence survey by Nielsen, Greece remained among the five most pessimistic countries on the planet, staying below the 60-point mark over the last couple of years.

Technical

FTSE 20 September future:

    Support levels: 218-208-202. Resistance levels: 230-239-245.

Financial Morning News 19/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 613.65 posting profits of 0.21%, in a low turnover of €13.63mn.

The Greek finance minister said that the three coalition partners have agreed on the basic outline of a plan for €11.5bn of spending cuts that have been demanded by troika. The leader of the socialist Pasok party, Evangelos Venizelos ruled out Greece introducing any additional measures to meet 2012 fiscal goals and he added that they agreed that Greece would have to ask for an extension to its fiscal adjustment period.

Corporate Impacts

  • Intralot: It announced the successful completion and launch of STARCASINO behalf of Betsson (Swedish company), following the agreement for collaboration to support Betsson’s online operations in the Italian market.
  • Technical

    FTSE 20 September future:

      Support levels: 218-208-202. Resistance levels: 230-239-245.

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