Wednesday, 09 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market slumped 6.0% yesterday, on a wide sell off, across all stocks,
after Fitch Ratings cut the country’s debt to BBB+ with a negative outlook,
putting Greece below an A grade for the first time in 10 years. GGB spread
reached 230 basis points, widest since April 21, early Tuesday. Trading volume
at the high levels of €379.5m.
Banks shed 8.94% .In FTSE20, Bank of Cyprus shed 10.60% - most active with
23m shares traded - at 4.30 euro. MPB (-9.96%), NBG (-9.95%) –most active
with 142m shares traded, Hellenic Postbank (-8.65%) and Piraeus Bank (-
8.07%).
Alpha Bank (-7.82%), Mytilineos (-7.33%) while Eurobank, Ellaktor and PPC
all dipped more than 6%. HTO and OPAP slowed more than 3%
Titan, Intralot and ATEBank slipped 5.71%, 5.41% and 5.38%.
More volatility and turbulence ahead…

Greek Macro
- Fitch Ratings has yesterday downgraded Greece's Long-term foreign currency
and local currency Issuer Default Ratings (IDR) to 'BBB+' from 'A-'. The
Outlook is Negative. The Short-term foreign currency (IDR) is downgraded to
'F2' from 'F1'. The Country Ceiling is affirmed at 'AAA', in line with the
common country ceiling for euro area sovereigns. The downgrade reflects
concerns over the medium-term outlook for public finances given the weak
credibility of fiscal institutions and the policy framework in Greece, exacerbated
by uncertainty over the prospects for a balanced and sustained economic
recovery.
Fitch had already cut Greece to A- with a negative outlook at the end of
October.
Fitch Ratings does not expect to have to cut Greece's debt rating again soon but
might reconsider if the 2009 deficit is even worse than expected, as a senior
Fitch analyst told Reuters.
- Greece's finance minister said on Tuesday that a ratings cut by Fitch did not
reflect the government's current deficit reduction policies and that it will do
whatever it takes to narrow its budget gap.
- Greece will take additional measures if needed next year to reduce deficits and
take pressure off bond spreads, Finance Minister George
Papaconstantinou told Reuters on Tuesday. Papaconstantinou said Greece
expects to pay more for its borrowing in 2010, but scenarios that it could
eventually resort to the IMF for funding are unrealistic and deficits could be cut
more than planned next year if reform measures pay off faster.

Corporate News
ATE/ EGM elected Mr. Pandalakis Theodoros as Chairman-Governor and Ms
Lazari Adamantini asVice Chairman-Deputy Governor.

Υπάρχει συνημμένο αρχείο στο μήνυμα για να κατεβάσετε, με περισσότερες πληροφορίες.