skip to main content

Greek markets fall for a third day as bank shares plummet

Bank stocks have fallen by the maximum amount permissible for the last two days
Bank stocks have fallen by the maximum amount permissible for the last two days

Greek stocks were nearly 4% down in midday trade in a turbulent week on the Athens exchange, after the end of a five-week shutdown sparked the biggest drop in its history.

The ATHEX index was losing 3.96% and stood at 633.78 points, with Greek bank suffering for a third straight day.

The bank index was down 21% and three of the main four lenders were near the maximum allowed drop of 30%.

Piraeus Bank and Alpha Bank were losing over 29%, Eurobank was over 26% down and National Bank was nearly 9% in the red.

The Athens market reopened on Monday five weeks after the government imposed capital controls to prevent a bank run and stave off financial collapse at the height of its standoff with EU-IMF creditors over a new bailout.

The Greek government and European Commission chief Jean-Claude Juncker have expressed hope that debt-crippled Greece and its creditors will reach a deal on a new rescue package in time for 20 August, when it is due to pay the European Central Bank €3.4 billion.