Financial Morning News 18/7/2012


The General Index in Athens Stock Exchange (ASE) closed at 612.38 posting losses of 1.22%, in a low turnover of €17.41mn.

Today, the Finance Minister Mr. Yannis Stournaras will present to the three political leaders the expenditures cutting plan, i.e. the list of measures that should lead to savings of €11.5bn until 2015. Mr. Stournaras was due to meet with the heads of the troika on June 24, but this meeting will instead take place on Thursday, July 26.

A Finance Ministry source said that Greece’s government is seeking a bridge loan from the country’s foreign lenders to cover its financing needs until September. It admitted that the government may miss this year’s budget deficit target because of the deeper-than-expected recession, adding that Greece hopes to avoid the need for additional measures for 2012.

Greece sold €1.625bn of 13-week T-bills at an auction yesterday, at marginally lower yield of 4.28% vs. 4.31% last month. The bid-to-cover ratio was 2.12 vs. 2.19 on June 19.

A spokesman for the European Commission said that troika inspectors are set to return to Athens in the coming days, without giving exact dates. He had no knowledge of how long the mission would stay in Athens or of when the troika’s report on Greece’s fiscal adaptation program would be completed..

Corporate Impacts

  • Greek Banks: The reliance on ECB liquidity increased to €73.66bn in May from €62.02bn in April. Reliance on Emergency Liquidity Assistance, or ELA, which is extended by the Central Bank, climbed to €124bn in May from €59.2bn the month before.
  • Cypriot Banks: S&P’s estimates Cyprus’ total financial requirements over a three-year period at about €11bn (61% of GDP), but it anticipates the total size of a program would be upwards of €15bn.
  • Technical

    FTSE 20 September future:

      Support levels: 218-208-202. Resistance levels: 230-239-245.


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