Revised fiscal data to set market mood ahead of T-bill sale

Greek stocks may test support levels at the beginning of this week as investors brace for news on a revision of last year’s budget data and the impact it will have on 2010 figures. The European Commission’s statistics service, Eurostat, is expected to announce details today on the upward revision of Greece’s 2009 budget deficit, which currently stands at 13.8 percent of economic output. Finance Minister Giorgos Papaconstantinou has said that the figure could reach as high as 15 percent but has played down the impact on this year’s figures. The extent of the revision is on investors’ minds as further austerity measures needed to offset a larger-than-expected gap may weigh on weak consumption and company sales figures. A scheduled treasury bill auction tomorrow aimed at raising 300 million euros will also reflect investor appetite for Greek debt and could rub off onto the equity market. Last week, the Athens bourse’s benchmark general index shed 0.70 percent to close at 1,497.20 points. On a technical level, brokers said the 1,450-1,470-point support level held firm last week, adding that it is next seen in the 1,400-1,435-point range.