EUROCORP

Financial Morning News 06/07/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 637.05 posting losses of 2.03%, in a turnover of €40.59mn.

The Prime Minister Mr. Antonis Samaras will present the government’s policy at the start of a three-day parliamentary debate today. A vote of confidence on the coalition is scheduled to take place late on Sunday. He said that Greece will proceed with more efficient steps to secure fiscal adjustment and will pick up the pace of reforms. In a meeting with a delegation of international inspectors from the EC, the IMF d and the ECB, Mr. Samaras promised to do more to lead the economy to recovery, create jobs and secure social cohesion, his office said in a statement.

The Finance Minister Mr. Yiannis Stournaras admitted that the recovery plan was off-track in some areas and difficult years lay ahead for Greece.

The deputy development minister Mr. Notis Miterakis said that the new government aims to attract foreign investors, promote export products and make the country friendly to entrepreneurship.

The Sweden’s Finance Minister Mr. Anders Borg said that some sort of default is still the most likely scenario for Greece as officials from the IMF and Europe visit Greece to assess progress in implementing the terms of its second international bailout.

Corporate Impacts

  • Cypriot Banks: The President Mr. Demetris Christofias said that Cyprus sees nothing wrong in taking two bailouts to shore up its banks, one from Russia and one with likely tougher terms from the EU and IMF.
  • Technical

    FTSE 20 September future:

      Support levels: 224-218-210. Resistance levels: 238-244-250.

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