EUROCORP

Financial Morning News 09/07/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 638.86 posting profits of 0.28%, in a low turnover of €23.84mn. The three-party coalition government in Greece won a vote of confidence in parliament, as all 179 deputies of the three parties supported the government.

A senior euro zone official said that there will be no further cash disbursement to Greece until euro zone ministers determine that the conditions tied to its rescue program are being met (Reuters).

The Finance Minister Mr. Yannis Stournaras reiterated the government’s plan to ask lenders for an additional two years to implement deficit cutting measures, citing a deeper-than-expected recession and he added that privatizations are the main pillar of structural reforms and a central lever of growth for the economy through investments, and hence a top priority for the government.

Greece will auction €1.25bn of six-month T-bills tomorrow to fund the rollover of a previous €2bn issue that comes due on July 13 (PDMA).

According to a poll by the Emnid institute, 49% of Germans would be in favor of a Greek exit while 43% said they want Greece to stay in the single currency bloc.

Economic releases

  • 07/09: June’s CPI and April’s Building Activity (ELSTAT)
  • 07/09: 07/10: May’s Industrial Production (ELSTAT)
  • Corporate releases

    • 07/12: PPC AGM
    • Corporate Impacts

      • PPC: According to press reports, German, French and Italian companies have expressed interest for the company in order to expand their activities to Southeastern Europe.
      • Cypriot Banks: a) The Russian Finance Minister Mr. Anton Siluanov said that Cyprus has asked Russia to loan it €5bn b) The commerce, industry and tourism minister said that the commercial exploitation of natural gas discovered will begin in 2019.
      • Banks: Societe Generale cut its funding line to Greek unit Geniki and is studying possible exit strategies from the Greek economy (Reuters).
      • Technical

        FTSE 20 September future:

          Support levels: 224-218-210. Resistance levels: 240-246-252.

        Disclaimer

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