EUROCORP

Financial Morning News 02/07/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 611.16 posting profits of 5.68%, in a turnover of €51.92mn.

The Prime Minister Mr. Antonis Samaras met on Saturday evening the new Finance Minister Mr. Yannis Stournaras, ahead of the visit of the representatives of Greece’s creditors from today. The government is considering asking for EFSF deal to apply to Greece too.

Today, the head of the EC’s Task Force for Greece Mr. Horst Reichenbach arrives in Athens for meetings with Greek officials. Tomorrow, EU and IMF inspectors begin their meetings with Greek government officials in Athens.

The ECB executive board member Mr. Joerg Asmussen said that Greece is still bound to the commitments it has made in terms of achieving fiscal targets outlined in the MoU signed with its lenders.

The deputy German Finance Minister Mr. Steffen Kampeter dismissed a magazine report saying the Finance Minister Mr. Wolfgang Schaeuble had told conservative members of parliament to prepare for a looming Greek bankruptcy and euro zone exit.

Tourism receipts in the first quarter declined to €719mn from €820mn in the first four months of 2011 (Bloomberg).

Corporate Impacts

  • Cyprus Banks: The private-sector deposits fell almost 5% to €163bn from €171.5bn after slight increases in the two previous months (ECB).
  • Technical

    FTSE 20 September future:

      Support levels: 218-212-206. Resistance levels: 234-242-250

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