GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 586.64 posting marginal profits of 0.10%, in a turnover of €16.93mn.
The Prime Minister Mr. Antonis Samaras said that the Greek economy could shrink more than 7% this year and a recovery is not expected until 2014. He is due to meet EU President Mr. Jose-Manuel Barroso today afternoon and the leaders of the two other parties in his coalition government tomorrow afternoon in order to discuss the €11.5bn in cuts for 2013 and 2014. On Friday, Mr. Samaras is due to meet the troika officials.
The Austrian Finance Minister Maria Fekter said that a Greek exit from the euro zone is not under discussion and she added that Europe would have to wait for a key report on Greece before deciding on further steps.
Greece’s receipts from tourism were 12.5% down in the five months through May to €1.48bn vs. €1.69bn, as fewer people visited the country. Tourism accounts for about 16% of GDP (Bloomberg).
- 07/27: June’s PPI y-o-y (ELSTAT)
- 07/25: Jumbo EGM
- Cypriot Banks According to Wall Street Journal, Cyprus will need at least €13bn of aid, which is more than previous estimates, as it struggles to recapitalize its banking system, which has been hammered by the deepening debt crisis in Greece.
FTSE 20 September future:
- Support levels: 200-196-188. Resistance levels: 218-224-230.
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