EUROCORP

Financial Morning News 26/7/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 588.09 posting profits of 0.25%, in a turnover of €22.55mn.

The Prime Minister Mr. Antonis Samaras is due to meet PASOK chief Evangelos Venizelos and Democratic Left leader Fotis Kouvelis today to approve the €11.5bn in spending cuts over the next two years. In addition to this he will hold talks with the European Commission President Mr. Jose Manuel Barroso.

The European Commission’s Vice President Mr. Joaquin Almunia said that European nations should be prepared to offer more financial support to Greece if necessary.

The commission spokesman Mr. Antoine Colombani said that the troika would be back in Greece in September and he did not provide details for the second visit. The EU had previously said the troika would be in Athens in August and the decision for fresh disbursement of funds would be reached in September.

The former head of PPC.AT Mr. Athanasopoulos takes over as chief of the Hellenic Republic Assets Development Fund from Mr. Kostas Mitropoulos, who resigned last week. The former investment banking head of Alpha Bank Mr. Yannis Emiris is appointed as managing director of the privatization agency.

Economic releases

  • 07/27: June’s PPI y-o-y (ELSTAT)
  • Corporate Impacts

    • Banks: Fitch maintained four Greek mortgage covered bonds’ ‘B-‘ ratings on Rating Watch Negative (RWN).
    • Technical

      FTSE 20 September future:

        Support levels: 200-196-188. Resistance levels: 218-224-230.

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