GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 798.66 posting marginal losses of 0.10%, in a turnover of €62.37mn.
The German Finance Minister Mr. Wolfgang Schaeuble said that the European governments can not accept losses on Greek debt holdings, clashing with the IMF. We remind that the IMF Managing Director Ms. Christine Lagarde has suggested that Greece may need another debt cut. Yesterday, she said that struggling European countries such as Greece and Spain should be given more time to reduce their budget gaps. At the same time, the German Institutes IfW calls for another round of debt restructuring in Greece.
The state budget deficit narrowed sharply in the first nine months of 2012, beating targets set by the troika. The deficit narrowed to €12.6bn from €20.1bn (target: €13.5bn), while the primary deficit for the nine months fell to €2bn from €6bn previously. The State budget expenditure fell to €49.4bn through September from €57bn a year earlier. The Net budget revenue was €36.7bn, below the €38bn target and almost unchanged from the €36.8bn figure in the first nine months of last year (Finance Ministry data). The EC President Mr. Jose Barroso praised Greece’s budget-cutting efforts and said the country’s continued membership of the euro area is crucial.
The unemployment rose to a new record high of 25.1% in July from 24.8% in June and 17.8% a year ago. Greece continues to have the highest level of youth unemployment (54.2%) across the euro zone (ELSTAT).
- CCH:It announced that it would switch its main bourse listing to London, where it hopes to tap more liquidity from investors. The shareholders would exchange all their stock into shares of Coca Cola HBC AG, a Swiss-based firm. The purpose of the public share exchange offer is to facilitate the listing of CCH into the premium category of the London Stock Exchange and the introduction to the New York Stock Exchange.
FTSE 20 December future:
- Support levels: 286-280-276. Resistance levels: 300-308-314.
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