Financial Morning News 08/08/2012


The General Index in Athens Stock Exchange (ASE) closed at 620.46 posting profits of 1.95%, in a turnover of €25.17mn.

The IMF is putting pressure on the eurozone to ease Greece’s bailout terms. The IMF wants to see the government debt ratio close to 100% of GDP in 2020, when Greece is supposed to have finished repaying €33bn in loans to the IMF (Wall Street Journal). The European Commission spokesman said that Greece has to bring its debt-to-gross domestic product ratio down to 120% by 2020, as agreed in the terms of the country’s second bailout, and not to 100% of GDP or another lower target.

The Finance Minister Mr. Yannis Stournaras after his meeting with the Greek president Mr. Karolos Papoulias said that Greece must finalize cuts of €3.5bn to €4bn from a total €11.5bn of austerity measures that have to be implemented in 2013 and 2014 to meet demands from international creditors.

The meeting between coalition leaders yesterday failed to yield any results, amid objections from ther partner Democratic Left to plans to revive a labor reserve scheme to reduce the public sector wage bill.

The Eurogroup President Mr. Jean-Claude Juncker said that a Greek exit from the euro zone would be manageable but is not desirable.

Greece sold €812.5mn of six-month T-bills yesterday, with the yield of 4.68% vs. 4.70% in the previous auction. The sale’s bid-cover ratio was 2.06, down from 2.16 (PDMA).

Corporate Announcements

    08/08 Mytilineos, Metka H1’12 results (before market)

      08/09 OTE H1’12 results (before market)

      Corporate Impacts

      • Cypriot Banks: The Russian President Mr. Vladimir Putin accepted an invitation from the President Mr. Christofias to visit the island, during a telephone conversation the two had, in which they also examined the conditions for further economic cooperation between the two countries.
      • Technical

        FTSE 20 September future:

          Support levels: 216-210-202. Resistance levels: 230-236-242.


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