Financial Morning News 11/7/2012


The General Index in Athens Stock Exchange (ASE) closed at 621.69 posting heavy losses of 3.26%, in a turnover of €31.98mn.

The Finance Minister Mr. Yiannis Stournaras said that Greece will not get fresh bailout money before September and doesn’t expect to get more time to meet fiscal targets until the country gets its austerity program back on track. Greece would have to find another €3bn of savings in the coming weeks. He added that he had been given assurances that Greece would get some kind of interim funding over the summer to repay a €3.1bn bond, held by the ECB, maturing Aug. 20.

A high ranking Eurozone official said that the EU will freeze disbursement of aid loans to Greece until inspectors from the EC, IMF and ECB conclude their assessment of the Greek economy, which could take until mid-September (MNI).

Greece sold €1.625bn of six-month T-bills, with the yield of 4.70% from 4.73% in a previous auction in June. The sale’s bid-cover ratio was 2.16, up from 2.14 in the June 12 auction.

The industrial production fell 2.9% on the year in May, after declining 2.2% on the year in April (ELSTAT).

Corporate releases

  • 07/12: PPC AGM
  • Corporate Impacts

    • BoC: The chief executive Mr. Andreas Eliades resigned, citing a lack of coordination in dealing with Europe’s banking crisis. The board will convene tomorrow to discuss various issues, including the issue of succession. The Deputy CEO Mr. Yiannis Kypri is expected to replace him.
    • Banks: The Greek central banker Mr. George Provopoulos sees satisfactory inflow of deposits into Greek banks, after elections last month reduced uncertainty about the country’s future in the eurozone. He called on government to take measures to bring back deposits.
    • ATEbank: According to press reports, the bank will be broken in “good” and “bad” bank. NBG and Piraeus Bank have shown interest for the “good” piece of the bank.
    • Piraeus Bank: The bank denied media reports about a merger with NBG and Emporiki Bank.
    • Technical

      FTSE 20 September future:

        Support levels: 218-210-204. Resistance levels: 232-239-245.


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