GREEK FINANCIAL MARKET
The General Index in Athens Stock Exchange (ASE) closed at 816.16, posting losses of 0.80%, in a turnover of €52.65mn.
The German Deputy Finance Minister Mr. Steffen Kampeter does not expect Germany will have to provide further aid to Greece for the foreseeable future, but added that no-one can rule it out should the world economy fundamentally worsen.
Moody’s thinks that Greek haircuts will be needed as debt levels will remain unsustainable despite the recent debt reduction plans.
The Social Democrats are advising their parliamentarians to vote in favour of the new package of financing measures for Greece in a Bundestag vote expected today. The party head Mr. Sigmar Gabriel said only eight party members indicated in a test vote that they would oppose the aid measures.
Turnover Index in Retail Trade, September
- Greek Banks:There was no progress in the yesterday meeting between the Finance Minister Mr. Yannis Stournaras and the Hellenic Bank Association regarding the issues of the bond buyback plan and the sector’s recapitalization. Mr. Stournaras reiterated the need for the buyback plan to succeed and reminded bankers that such alternatives have already been rejected by the ECB and the EC.
FTSE 20 December future:
- Support levels: 282-276-270. Resistance levels: 295-302-308.
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