EUROCORP

Financial Morning News 04/07/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 620.05 posting profits of 0.75%, in a low turnover of €22.11mn.

The Prime Minister Mr. Antonis Samaras is to present the new government’s policy platform on Friday. The new Finance Minister Mr. Yannis Stournaras is to be sworn tomorrow. He said that the most critical negotiation will take place in August, and the result will determine the disbursement of the next tranche.

The Deputy Finance Minister Mr. Christos Staikouras said that Greece΄s new government will focus on cutting the country΄s budget and current account deficits together with reviving its recession-hit economy.

The head of the European Commission’s Task Force for Mr. Horst Reichenbach said that decisions on how the country will cut the size of its public sector workforce lies with the Greek government and he added that the Greek recovery will be very difficult. The coalition government had agreed recently to reduce the size of its public sector workforce through retirement schemes rather than layoffs.

Corporate Impacts

  • Greek Banks: The Socialist PASOK leader Mr. Evangelos hopes that Greece would be able to benefit from the EU concession allowing the use of EU rescue funding for the direct recapitalization of local banks.
  • Cypriot Banks: Experts from the EC, ECB and the IMF arrived in Cyprus yesterday to examine the country’s request for financial aid and met officials from the ministry, the Central Bank of Cyprus and various public services. The contacts will be continued in the coming days and will include meetings with political parties, the House of Representatives, the social partners and the administrations of the largest credit institutions.
  • Technical

    FTSE 20 September future:

      Support levels: 220-214-208. Resistance levels: 235-242-250.

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