Financial Morning News 09/04/2013


The General Index in Athens Stock Exchange (ASE) closed at 829.08 posting profits of 0.75%, in a turnover of €56.23mn.

The Finance Minister Mr. Stournaras will meet troika today and he would like the talks with the troika to be completed by Thursday ahead of Eurogroup meeting. The government is hoping that the delayed March instalment of bailout funding of €2.8bn will be transferred this month and the decision on the next tranche will be taken at a Eurogroup on May 13.

The Foundation for Economic and Industrial Research (IOBE) said that the Greek economy will shrink by 4.6%of GDP this year and unemployment will reach an average of 27.6%. The foundation said that Greece would experience zero inflation this year.

Corporate Impacts

  • Cypriot Banks: The President of Russia Mr. Vladimir Putin said that Russia agreed to restructure a €2.5bn loan granted to Cyprus in 2011, bowing to request by the European Commission.
  • Greek Banks: NBG and Eurobank will be recapitalized separately, meaning their plan to merge will be suspended. The two banks said their board will meet today to decide on its recapitalisation. The final decisions regarding the merger process will be taken by the banks’ future common shareholder, the HFSF (Hellenic Financial Stability Fund). In other news, the Finance Minister Mr. Yannis Stournaras reassured Greeks that their deposits were safe despite plans for a merger between NBG and Eurobank being abandoned.
  • Technical

    FTSE 25 June future:

      Support levels: 254-246-240. Resistance levels: 268-276-282.

    General Index:

      Support levels: 808-780-760. Resistance levels: 850-880-910.


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