Newly-opened Athens stock market plunges after five-week shutdown

Newly-opened Athens stock market plunges after five-week shutdown
By Euronews
Share this articleComments
Share this articleClose Button
Copy/paste the article video embed link below:Copy to clipboardCopied

Greece’s stock exchange has plunged by nearly 23 percent after opening for the first time in five weeks. It is the market’s biggest fall on record

Greece’s stock exchange has plunged by nearly 23 percent after opening for the first time in five weeks.

ADVERTISEMENT

It is the market’s biggest fall on record.

Immediate heavy losses were expected amid ongoing uncertainly over Greece’s economy.

Trading on the Athens bourse had been suspended since late June, amid capital controls when it looked like debt-ridden Greece could be dumped from the euro zone.

Since then, the country has agreed a framework bailout plan with international creditors in exchange for reforms and more austerity but implementation of the deal remains some way off.

Greece’s dismal economic prospects may also weigh on the market. The European Commission says the Greek economy will contract 2 to 4 percent this year, a return to the recession that plagued the country for six years until 2014.

Banking shares were particularly hard hit in Monday’s turbulent stock exchange reopening, with Greece’s top lenders down by 30 percent.

Share this articleComments

You might also like

In the most recent election, Greek far right made a sinister comeback

Tsipras steps down as Greece's opposition leader after election defeat

Frontex: Will the EU border agency quit Greece over the latest migrant boat tragedy?