EUROCORP

Financial Morning News 16/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 621.78 posting significant profits of 3.60%, in a low turnover of €17.83mn.

The Finance Minister Mr. Yannis Stournaras will start meeting today with fellow cabinet members in order to finalize proposals for €11.6bn in savings for the next two years. It is expected that they will come from cuts in pensions, social benefits and the public sector.

The Greek Public Debt Management Agency said that it will offer €1.25bn of T-bills at an auction tomorrow.

According to German daily Rheinische Post, the German Chancellor Angela Merkel is willing to allow Greece extra time to meet its deficit goals of at most a couple of weeks. The preliminary report on Greece by troika shows that the country has missed so far 210 out of 300 concrete demands for fiscal consolidation.

A European Commission official said that Greece’s usage of European structural funds under various support programs has picked up recently and is above the bloc’s average (It has absorbed 41.3% of the €20.4bn compared with the European average of 38.3%).

According to a recent poll conducted for Skai and the Kathimerini newspaper, 45% of Greeks have a positive impression of the government vs. 43% who say they have a negative impression. 51% of Greeks think the new government is unlikely to be able to deal with the country’s problems vs. 47% who think it will.

Technical

FTSE 20 September future:

    Support levels: 218-212-206. Resistance levels: 232-239-246.

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