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Greek stock exchange down by 22%
04 Aug 2015 07:07
Greece's stock exchange reopened today with a drop of more than 22% after a five-week shutdown imposed by the country's debt crisis and capital controls.
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The main index fell over 22% and shares in the main Greek banks took a heavy blow at the opening with drops of around 30%.
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The exchange in Athens has been closed since the height of the country's financial crisis in June.
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Head of the capital markets commission Constantine Botopoulos said: "Naturally, pressure is expected, markets will not fail to comment on such an extensive shutdown,"
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"But we must not get carried away. We must wait until the end of the week to see how the reopening will begin to be dealt with more coolly."
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The stock exchange operates as normal for foreign investors but local traders face limits on their transactions as part of the capital controls imposed by the government last month.
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The restrictions mean that Greek investors are unable to finance the purchase of securities by taking money from their bank accounts in Greece.
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They will, however, be able to use foreign bank accounts or make cash transactions.
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The volatility cap has been reduced from 30% to 20% during the first three days of trading.
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