Athens Stock Exchange recorded “heavy” looses today, while Fitch Ratings has downgraded Greece΄s credit rating to C from CCC Wednesday after confirmation of the second bailout package that includes a debt exchange which will force bondholders to take a loss on their holdings of Greek debt.
The market’s concern is now focused on the implementation of bond swap program.
“Today’s decline reflects a great doubt, whether this unprecedented stimulus package is enough to make the Greek debt viable” commented Merit Securities.
And add that “ the first reaction of the market to Eurogroup’s decision was numb, since it seems that a positive outcome for Greece talks had already discounted.”
On the board, the General Index closed at 751.96 points, down 5.67%. Moving in negative territory throughout the session declined intraday 5.75%.