Financial Morning News 10/09/2012


The General Index in Athens Stock Exchange (ASE) closed at 693.49 posting profits of 2.14%, in a turnover of €49.48mn.

The deputy director of the IMF’s European Department Mr. Poul Thomsen, after his meeting with the Finance Minister Mr. YannisStournaras said that it was a good meeting. However, according to sources of the Greek Ministry of finance, the troika may have expressed certain reservations to the plan of austerity measures introduced by the government. Mr. Stournaras is scheduled to present the finalized spending cuts package to a Eurogroup meeting on Friday.

The leaders of the three parties’ coalition government failed to agree yesterday on a package of spending cuts worth €11.5bn. There are some measures they cannot agree on, such as across-the-board cuts in pensions and cuts in disability benefits. They agreed to meet again Wednesday evening. Before that, Mr. Samaras will meet with the troika’ representatives today and with the ECB president Mr. Mario Draghi, in Frankfurt tomorrow.

The EU Council President Mr. Herman van Rompuy after his meeting with the Prime Minister Mr. Antonis Samaras urged Greece to press ahead with promised economic reforms and improve tax efficiency, insisting that compliance will allow Greece to stay in the euro.

GDP decreased by 6.3% in the second quarter of 2012 (est: -6.2%). The consumer spending fell by 7.2%, while investments declined by 19.4% over the same period (ELSTAT).


FTSE 20 September future:

    Support levels: 244-238-230. Resistance levels: 258-266-270.


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