GREECE DAYBOOK: Greek Cabinet Approves Asset Sales, Budget Cuts
The Greek government endorsed an accelerated asset-sale plan and more than EU6B of budget cuts as Finance Minister George Papaconstantinou said he was confident the country would be granted a fifth loan under an EU110B bailout from the EU and IMF. The government plans to sell stakes in Hellenic Telecom (HTO GA), TT Hellenic Postbank (TT GA) and the Athens and Thessaloniki port authorities (PPA GA; SOLK GA) this year in the first wave of asset sales. It will also create a sovereign wealth fund to help accelerate asset sales.
WHAT TO WATCH: *PM George Papandreou to spend day meeting leaders of opposition parties *Papandreou speaks at SEB event at Megaro Mousikis at 7:30 p.m.; Papaconstantinou also to speak at the event
EARNINGS: *Alpha Bank (ALPHA GA), reports 1Q 2011 earnings after market close *Fourlis (FOYRK GA), reports 1Q 2011 earnings after market close
EQUITIES: *Opap (OPAP GA) reports 1Q net income of EU166.9M from EU192.2M *Bank of Cyprus (BOC GA) reports 1Q net income of EU71M from EU81M, holds AGM at 4:30 p.m. *Corinth Pipeworks (SOLK GA) says 1Q net income dropped to EU2.1M from EU4.8M *Piraeus Port Authority (PPA) plans EU0.02 per share dividend on 2010
ANALYST RATINGS: *Coca-Cola Hellenic (EEEK GA) price est. cut to EU20 from EU22.1 at Euroxx *National Bank (ETE GA), Eurobank (EUROB GA), Alpha Bank, Piraeus Bank (TPEIR) and Agricultural Bank (ATE GA) have l-t issuer default ratings cut by Fitch
ECONOMY: *Greece’s Jan-April central budget deficit increased to EU7.2B from EU6.4B
MARKETS: *The ASE Index lost 17.26 or 1.3% to 1,280.1 *FTSE/ASE 20 Index declined 1.5% at 568.94 *Cypriot General Index dropped 2.8% to 807.46 *Greece 2YR Bond Yields: 26.25% - 10YR Bond Yields: 17.03% *10YR bond spread against German bunds -- 14.02 ppts *Euro -- U.S. $1.41 *The MSCI Asia Pacific Index was little changed at 131.72 as of 12:50 p.m. in Tokyo, as stocks swung between gains and losses after reports signalled that economic growth in the U.S. and Europe is slowing.
BLOOMBERG TV: *08:40 a.m. Trevor Williams, Lloyds, euro region debt crisis *11:07 a.m. Michael Pond, Barclays, bond market strategy *11:10 a.m. Andrew Lilico, Europe Economics, the repercussions of a Greek debt default *11:40 a.m. Philip Poole, HSBC, global macroeconomic outlook including euro region debt crisis
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