Financial Morning News 17/09/2012


The General Index in Athens Stock Exchange (ASE) closed at 743.01 posting marginal profits of 0.17%, in a turnover of €104.33mn.

The Eurogroup President Mr. Jean-Claude Juncker said that Greece will not be leaving the euro zone, but a decision on the next aid payment of its bailout loan will not be reached until the second half of October. Mr. Juncker said that he did not expect the troika to complete its report on Greece’s program before the beginning of October at the earliest but said he did not intend to wait until November either.

The IMF chief Ms. Christine Lagarde said that it was worth considering giving Greece more time to make the cuts demanded of it by its bailout program.

The Finance Minister Mr. Yannis Stounaras said that the country’s request for a two-year extension to its budget-cutting program is on the table. At the same time, the, the finance ministers from the Netherlands and Austria said that an extension, to 2016 from 2014, in meeting budget targets could be considered. However, they ruled out giving any more money to the country.

The Prime Minister Mr. Antonis Samaras called for an extension to Greece’s fiscal adjustment period and stressed the government’s determination to keep the country solvent and in the eurozone and his conviction that his coalition will manage to push a new austerity package through Parliament (Washington Post).

The Austrian Finance Minister Ms. Maria Fekter said that Greece will get more time to repay its debts to international lenders but will not get more money.

PDMA said that Greece will auction €1bn of three-month T-bills tomorrow to fund the rollover of a previous €1.6bn issue that comes due on September 21.

Corporate Impacts

  • Cypriot Banks:The Austrian Finance Minister Maria-Theresia Fekter said that the euro-zone finance ministers are fleshing out the details of a loan package for Cyprus and expect to reach a decision at one of their next meetings.
  • PPC: It transferred a 17% stake owned by the Greek state to the Hellenic Republic Asset Development Fund, which is overseeing the country’s state asset sales program
  • OPAP: According to press reports, the European Commission may ask for the company’s land-based games tax to be raised to adhere to EU regulations. However, the company has not received any notification regarding any amendment of the tax regime concerning OPAP’s operations.
  • Technical

    FTSE 20 September future:

      Support levels: 270-266-260. Resistance levels: 282-290-296.


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