EUROCORP

Financial Morning News 31/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 901.36 posting losses of 1.24%, in a low turnover of €35.65mn.

The Prime Minister Mr. Antonis Samaras estimates that Greece will exceed the best-case scenarios in 2013. The priority of the government is to boost the competitiveness, get cash-strapped banks back on their feet and draw investment in order to create thousands of new jobs.

Technical

FTSE 20 March future:

    Support levels: 310-302-296. Resistance levels: 322-330-338.

Financial Morning News 28/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 912.70 posting profits of 1.76%, in a low turnover of €46.08mn.

Corporate Impacts

  • Alpha Bank:The shareholders approved the convertible bond of €150mn issue to be placed with Credit Agricole as part of a deal to take over Emporiki Bank. They also approved additional rights offerings and convertible bond issues to support the bank’s recapitalisation next year.
  • Technical

    FTSE 20 March future:

      Support levels: 318-312-306. Resistance levels: 328-336-340.

Financial Morning News 27/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 896.88 posting profits of 1.84%, in a turnover of €86.00mn.

Today, the government officials are due to meet today at Maximos Mansion to discuss the next tasks the coalition must tackle ahead of meetings of the Eurogroup and the IMF executive board in January.

According to the Finance Ministry figures, the primary deficit of the state budget amounted to €1.4bn (target: €2.1bn) in the first 11 months of the year.

Corporate Impacts

  • NBG:According to press reports, Qatar National Bank SAQ is interested in buying NBG’s Turkish subsidiary, Finansbank.
  • OTE:More than 1.5k employees are expected to be included in the voluntary redundancy program, well above the target originally set.
  • Cypriot Banks:The Russian Deputy Finance Minister Mr. Sergei Storchak said that Russia has no plans to grant a €5bn loan requested by Cyprus because the risks are too great to be assumed by a single creditor.
  • Technical

    FTSE 20 March future:

      Support levels: 312-306-300. Resistance levels: 322-328-336.

Financial Morning News 21/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 880.70 posting marginal profits of 0.26%, in a turnover of €52.37mn.

The Finance Minister Mr. Yannis Stournaras said that possibility of a Greek default has not disappeared despite the release of more bailout funding by the EU and IMF and that the coalition government will have to resist social tension next year for the adjustment program to remain on track. The finance minister sees the recession easing towards the end of next year and growth returning in 2014.

The current account deficit fell to 2.1% of GDP or €4.1bn in the year’s first 10 months (BoG).

Corporate Impacts

  • Greek Banks:S&P’s maintained the rating for the biggest banks at CCC, considering that they continue to face huge challenges, despite upgrading Greece’s credit rating to B- this week. Today (after the market), NBG and Alpha Bank are set to announce their nine-month results.
  • Eurobank:It posted Q3’12 losses of €223mn and €1.095bn nine-month loss, due to higher funding costs that led to a 4% fall in net interest income. The non-performing credit rose to 17% of its loan book from 14%, while the provisions for impaired loans rose 23% to €1.213bn. The total recapitalisation need is €5.8bn.
  • Piraeus Bank:The total recapitalisation need is €7.3bn, while the bank took provisions of €1.8bn and recorded €629mn nine-month loss NPLs amounted to 18% of all Piraeus Bank loans.
  • Attica Bank: It announced nine-month losses of €108mn, but retained its positive net position despite the huge provisions of €351.2mn (+36.8%).
  • Cypriot Banks: The first deputy managing director of the IIF Mr. Hung Tran said that write-downs on Cypriot government debt like those forced on Greek bondholders would leave banks in Cyprus decimated and make it harder for other euro-area nations to borrow.
  • Technical

    FTSE 20 March future:

      Support levels: 298-292-286. Resistance levels: 312-318-324.

Financial Morning News 20/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 878.41 posting significant profits of 4.81%, after the upgrade by S&P’s, in a turnover of €63.80mn.

The Prime Minister Mr. Antonis Samaras is due to meet with ministers today to check on the progress of the labour mobility scheme in the public sector and the execution of the budget. Mr Samaras is also expected to announce that ministries will sign contracts with the Finance Ministry as pledges to keep to their budget targets for 2013.

Corporate Impacts

  • Greek Banks:The ECB decided to accept again bonds guaranteed by the Greek government at its monetary policy operations. Marketable debt instruments issued or fully guaranteed by the Hellenic Republic and fulfilling all other eligibility criteria shall again constitute eligible collateral for the purposes of Eurosystem credit operations, subject to special haircuts.
  • PPC:The Supreme Court allowed the Ministry of Finance to continue levying a special property tax via bills issued by the PPC until a fresh trial takes place on March 22.
  • Technical

    FTSE 20 December future:

      Support levels: 298-292-286. Resistance levels: 312-318-324.

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