EUROCORP

Financial Morning News 17/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 619.97 posting losses of 0.29%, in a low turnover of €25.02mn.

The IMF predicts deficit closer to 7% of GDP. The Greek situation remains fluid. Macroeconomic deterioration and uneven reform implementation have weighed on revenues this year, while financing constraints are leading to under-execution of budgeted expenditures. Absent further policy changes, the primary deficit would trend towards 1½ to 2% of GDP, versus the 1% foreseen at the time of the Extended Fund Facility (EFF).

The Prime Minister Mr. Antonis Samaras appealed to his ministers to take drastic measures to curb waste and slash red tape in their jurisdictions, stressing that the quality of services provided to citizens must be improved.

The Greek Public Debt Management Agency said that it will offer €1.25bn of three month T-bills at an auction today (previous interest rate: 4.31%).

Corporate Impacts

  • Piraeus Bank: It confirmed that it was interested in buying ATEbank, after newspapers reported the bank could be split into two and its healthy assets sold off. Piraeus Bank would not disclose further details due to a confidentiality agreement (Reuters).
  • Intralot: ODDSET Deutschland Sportwetten awarded Scientific Games International in cooperation with INTRALOT with a contract for the operation of sports betting in Germany both in the retail and the interactive space.
  • Cypriot Banks: The EU Commissioner for Economic and Monetary Affairs Mr. Olli Rehn said that Cyprus faces very serious macroeconomic imbalances. The adjustment program will be designed to ensure financial stability, fiscal adjustment and structural reforms to support competitiveness and to allow Cyprus to return to a sustainable growth path.
  • Technical

    FTSE 20 September future:

      Support levels: 216-212-206. Resistance levels: 232-239-246.

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