Monday, 21 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
Greek market posted 1.2% losses on Friday. Trading volume at €195.4m.
Banks ended 2.30% lower. In FTSE20, Hellenic Postbank and ATEBank soared
5.21% and 4.42% at 4.44 euro and 1.89 euro. PPC (+3.32%), CCH (+1.28%).
NBG (-4.08%), Eurobank (-2.50%).
Sentiment remains fragile after the downgrades of Greek economy and banks
and especially ahead of Moodys decisions. Focus will be on the measures
announced by the government.

Greek Macro
Greece has no plans to further prefund its 2010 borrowing needs this year, a
senior finance ministry official said on Friday.
Earlier this week Greece privately placed 5-year floating rate notes, raising 2
billion euros ($2.88 billion). The deal will settle on Jan. 4.
Greece wants to enact tax reform by next March to boost budget revenues and
convince creditors it is serious about restoring fiscal health, its finance minister
said on Friday. "Tax reform will be key in shoring up public finances," he said,
adding that he expects the reform to begin yielding results in 2011.
The tax reform will include a capital gains tax, higher tax rates on large incomes
and property holdings, and a uniform progressive tax scale for all sources of
income.
Greece had the highest percentage of non-captured value added tax (VAT)
revenues in the European Union and widespread tax avoidance.

Corporate News
OPAP/ Greece said on Friday it suspended a 10 percent tax on lottery winnings
announced earlier this year until April 30, 2010.
As a result, small lottery winnings of up to 100 euros go untaxed, the ministry
added.
OPAP, Athens Water Supply and Thessaloniki Water Supply will be the next
privatizations according to press reports while the state will keep its stake on
PPC, HTO and Hellenic Petroleum. The exact program will be announced by
the government shortly. The revenues from the above privatizations are
expected to reach €2.5 billion according to the reports.

Piraeus Port Authority / Only 47 employees have applied for the voluntary
retirement scheme. The company is willing to pay more than 50 million euros
to cover the cost of the voluntary retirement of about 300 employees.

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