GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 775.78 posting profits of 1.58%, in a turnover of €80.53mn.

The European Commission spokesman Mr. Simon O’Connor said that the mission of the troika will be suspended this weekend for about a week. The pause in talks is not a sign of trouble and he added that he did not know when the report of troika would eventually be produced.

EU officials and diplomats said that the EU-IMF report into whether Greece΄s debt is manageable looks set to be delayed until after November 6 because policymakers want to avoid any shock to the global economy (Reuters).

The Finance Ministry said that the budget shortfall will be covered by the €11.5bn in cuts and €2bn in new tax measures that it is negotiating with the troika, rufusing the report of Der Spiegel that claimed the country’s budget shortfall is about €20bn.

The French Prime Minister Mr. Jean-Marc Ayrault said that Greece should be allowed more time to meet deficit targets set by international lenders provided it is sincere about reforming its economy.

The Italian Prime Minister Mr. Mario Monti after his meeting with the Prime Minister Mr. Antonis Samaras said that it is absolute necessity to safeguard the integrity of the euro area and encouraged the Greek government to continue in the same direction, consolidating public finances and enacting all the necessary reforms.

The German government declined to comment on reports that holders of Greek bonds could again be forced to accept losses on their holdings in order to help bridge a financing gap.

Technical

FTSE 20 September future:

Support levels: 278-270-266. Resistance levels: 290-298-306.

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