GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 650.27 posting profits of 4.87%, in a low turnover of €33.63mn.
The Prime Minister Mr. Antonis Samaras and the Finance Minister Mr. Yannis Stournaras (is scheduled to be sworn today) will meet with the heads of troika at the Maximos Mansion at 1pm (Greek time). Tomorrow, the government is expected to present to the parliament its program declarations, while the process will end on Sunday with the confidence vote.
The economic sentiment fell to a seven month low in June to 74.1 points from 76 points in May (euro zone: 89.9 and EU overall: 90.4), as uncertainty stemming from the elections weighed heavily on business activity (IOBE).
- PPC: It clarified that the refinancing of loans of €525mn was completed with the participation of three banks and with average interest rate of 8.9%. Its cost of debt for its total debt portfolio remains below 5.5%.
- OTE: According to Bloomberg, the organization has gone from being the biggest loser in Europe’s bond market to the best performer as its debt reduction plan kicks in and concern Greece will exit the euro recedes.
- Greek Banks: According to press reports, deposits of €5bn returned to the banks since the June 17 elections after an €8.7bn drop in deposits in May, the worst monthly performance in decades.
- Cypriot Banks: According to the daily newspaper Phileleftheros, referring to preliminary estimates by IMF officials visiting the island, the cost of bailing out Cypriot banks could hit €10bn, due to higher provisions of banks for non-performing loans, while Fitch had last week said that the recapitalization costs could be €6bn. The finance minister Mr. Vassos Shiarly said that there had been no discussion on amounts that Cyprus would require in aid, while the negotiations will be held until the end of July.
FTSE 20 September future:
- Support levels: 228-220-214. Resistance levels: 242-250-255.
The information that EUROCORP (henceforth the “Company”) provides via the web page eurocorp.gr, can be used only for informative aims and not for commercial, investment or other purposes. They cannot be considered as offer, advice, or proposal for purchase or sale of securities issued by companies that are reported in the web page of the Company, or as prompt on the realisation of any form of investments. The Company is not by any chance accountable for commercial or investment decisions that will be taken based on this information.
The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.
The use of web page eurocorp.gr is under the exclusive responsibility of each user, who accepts that the information and services, are provided “as such” and “depending on the availability”, without any guarantee of the Company, indicatively reported the guarantees of satisfactory quality or appropriateness for concrete aims.
You will need Adobe Reader to open the files. If you do not have it already, you may download it from Adobe’s website by clicking the icon on the right.