Financial Morning News 16/07/2013


The General Index in Athens Stock Exchange (ASE) closed at 800.91 posting losses of 0.41%, in a turnover of €24.42mn.

The Finance Minister Mr. Yiannis Stournaras said that Greece would exit its recession next year. Mr. Stournaras said that Greece was two thirds of the way towards completing its fiscal adjustment, which foresees it producing a 4.5%t of GDP surplus by 2016.

The Democratic Left, which quit the coalition government, said that it would not support the multi-bill of reforms when an “in principle” vote is held in Parliament tomorrow. Please note that without the leftists, the government still has 155 MPs, which is enough to see the legislation through in the 300-seat House if there are no defections.

Corporate Impacts

  • Eurobank: The HFSF and Eurobank completed negotiations and signed the agreements for the absorption of Proton Bank and of Hellenic Postbank. For the acquisition of TT, Eurobank will pay the HFSF €681mn through the issue and transfer to the fund of new shares. The new group will employ 20,115 people and have a total network of 1,261 branches. Total assets are growing by 23% to €79.3bn, while the loans to deposits ratio will improve from 132% to 114%. In total the synergies from the two acquisitions are estimated at €200mn on an annual level from 2015 onward, while the current value of total synergies amounts to about€ 800mn.
  • Greek Banks: The Prime Minister Mr. Antonis Samaras, after his meeting with the heads of the four systemic Greek banks, called on Greece’s banks to help ease the shortage of liquidity and boost the Greek economy. According to sources, he asked the four bank chiefs to examine ways of reducing interest rates to lighten the load on customers with loans.
  • Technical

    FTSE 25 September future:

      Support levels: 270-264-258. Resistance levels: 284-290-296.

    General Index:

      Support levels: 790-760-730. Resistance levels: 830-860-884.


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