EUROCORP

Financial Morning News 13/08/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 618.23 posting profits of 0.97%, in a low turnover of €11.67mn.

The state budget deficit in the first seven months of the year was €13.2bn compared with a budget target of €14.8bn. The primary deficit in the period was €3.1bn, compared with a target of €4.5bn. The ordinary budget revenue was €25.8bn compared with €26.8bn a year earlier, while ordinary spending was €38.6bn compared with €41.4bn in the same period of 2011.

Greece will auction €3.125bn of three-month T-bills tomorrow to fund the rollover of a previous issue and repay a €3.2bn bond maturing on Aug. 20 (PDMA).

The former ECB chief economist Mr. Ottmar Issing suggested that if the single currency is to survive some of its current members would have to leave the eurozone.

A leading labor expert said that the €11.5bn of spending cuts will lead to the economy contracting by about 5% next year and unemployment rising to 29%.

Technical

FTSE 20 September future:

    Support levels: 216-210-202. Resistance levels: 230-236-242.

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