EUROCORP

Financial Morning News 06/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 598.12 posting profits of 0.91%, in a low turnover of €15.78mn.

The meeting between government ministers and the troika ended with the IMF envoy Poul Thomsen saying there had been great progress in finalizing a package of €11.5bn in budget cuts for 2013 and 2014. The troika will come back in early September. As far as the €3.2bn bond that expires on August 20 is concerned, there are no concerns, as the Eurogroup Chairman Mr. Jean-Claude Juncker had said that a technical solution will be found to cover the bond.

The Prime Minister Mr. Antonis Samaras and his coalition partners Mr.Evangelos Venizelos and Mr. Fotis Kouvelis are to meet today and tomorrow to discuss the outlook for privatizations and the merging of state organizations.

According to the German newspaper Die Welt, the ECB has saved Greece from bankruptcy for the time being by securing it interim financing in the form of additional emergency loans from the Bank of Greece.

Corporate Impacts

  • Piraeus Bank: S&Ps affirmed its ‘CCC/C’ long- and short-term counterparty credit ratings. The outlook is negative, reflecting the possibility that the bank would default on its obligations. However, it expects the HFSF to provide further capital support to allow the bank to maintain an adequate regulatory capital position.
  • Technical

    FTSE 20 September future:

      Support levels: 208-200-196. Resistance levels: 222-230-236.

    General Index:

      Support levels: 590-570-550. Resistance levels: 612-635-660.

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