GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 698.03 posting marginal profits of 0.03%, in a turnover of €21.10mn. Greece said that it completed the bond swap that formed part of its second international bailout, restructuring about €199bn of its debt. The final participation rate in the swap reached at 96.9%. The Finance Minister Mr. Filippos Sachinidis said that he is extremely pleased with the results achieved in the PSI bond exchange.The head of the Foundation for Economic and Industrial Research (IOBE) Mr. Yannis Stournaras said that unemployment figures in Greece will reach beyond 20% in 2012 and he added that the BoG’s estimate regarding the country’s GDP contracting by 5% this year was fair.The IIF is expressing concern about the outcome from the May 6 election and the willingness of the new government to apply the fiscal adjustment program Athens has agreed to with its creditors.The trade balance deficit dropped by 27.4% in February this year, bringing the reduction in the first two months of the year to 28.6%, due to the continuing decline in imports arising from the reduction in domestic consumer demand (ELSTAT). ABN declined to swap corporate loans backed by the Greek state for new securities, saying the country’s debt-restructuring process is unclear.

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Corporate Releases

• Today: Alpha Bank EGM

Corporate Impacts

• Banks: According to press reports, the cabinet will discuss about the recapitalization of banks on Friday.
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Technical

• FTSE 20 June future: Support levels: 262-256-250. Resistance levels: 274-280-289.

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