Wednesday, 23 Decemberr 2009
BETA SECURITIES SA
Member of the Athens Stock Exchange

Market Comment
The Greek market ended up 4.48% yesterday on €197.9m traded volume. Greek bank
stocks gained 6.04% after Moody's lowered its rating on the country's sovereign debt by
one notch to A2, a downgrade that was better than expected.
Eurobank soared 8.84% at 8 euro followed by NBG (+7.40% at 18.15 euro), Piraeus
Bank (+6.75%), CCH (5.38%). Alpha Bank (+3.33%) while OPAP and PPC rose above
5%.
Sentiment remains weak and traded volume is expected at low levels.

Greek Macro
Greece's 2010 budget, which aims to shrink the public deficit to 9.1 percent of gross
domestic product next year from 12.7 percent in 2009, comes to a final vote in
parliament today.
(in pct, euros bln)
2010 2009 2008
DEFICIT TO GDP (%) 9.1* 12.7 7.7
DEFICIT (bln) 22.176 30.557 18.506
GDP GROWTH (%) -0.3 -1.2 2.0
GDP (bln) 244.233 240.150 239.141
PUBLIC INVESTMENT (% y/y) +8.4 -1.3 +9.2
NET ORDINARY REVENUES (%) +9.0 -4.7 n/a
NET ORDINARY REVENUES (bn) 53.700 49.260 51.680
ORDINARY SPENDING (%) -2.3 15.9 n/a
ORDINARY SPENDING (bln) 69.796 71.438 61.642
PUBLIC DEBT (% to GDP) 120.8 113.4 99.2
PUBLIC DEBT (bln) 294.950 272.300 237.196
Moody's cut Greece's debt to A2 from A1 yesterday, over soaring deficits. Moody's
kept Greece on a negative outlook. Its rating is still two notches above that of Fitch and
S&P, which earlier this month cut their rating on the indebted country to BBB+, the
euro area's lowest level. It is more likely than not that Moody's will cut Greece's debt
further in the next 12 to 18 months, the agency's lead analyst for Greece told Reuters.

Corporate News
ETE/ Will issue a convertible bond, which is expected to be approved on January’s 14
EGM, according to press reports.

BANKS/ Moody's cut the deposit and debt ratings of National Bank of Greece to A1
from Aa3, and of EFG to A2 from A1. Also downgraded Emporiki Bank to A2 from
A1. It also cut its rating on the government-guaranteed debt rating of Alpha Bank the
third-biggest lender, to A2 from A1. Although Greek banks are not burdened by toxic
debt, they are exposed to an economic slump across SE Europe where they operate,
according to Moody’s.

World Macro
United Kingdom
• Gross Domestic Product (YoY) (3Q) fell 5.1% more than estimates (previous:
- 5.2%)

USA
• Gross Domestic Product Annualized (3Q) increased 2.2% less than estimates
for a 2.8% increase (previous: -0.7%)
• Gross Domestic Purchases Price Index (3Q) increased 1.3% more than
estimates (previous: 0.5%)
• Real Personal Consumption Expenditures (QoQ) (3Q) increased 2.6% in line
with estimates (previous –0.9%)
• Existing Home Sales (Nov) at 6.54M (estimates: 6.31M previous: 6.10M)
• Existing Home Sales (MoM) (Nov) 7.4% far above market estimates
previous: 10%)

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