Mass protests, political uncertainty, and delays in the review of the new bailout program sent the country’s stock market tumbling below 465 points today.
Waves of liquidation led to General Index losses of 7.17%, with the banking index recording losses at some point over 21%.
“The market is pricing in financial and political instability and delays in the review,” Manos Hatzidakis, an analyst at Beta Securities, said
If there is any consolation, Black Monday in Athens Stock Exchange against the background of a broader storm that hit European Stock Markets amid concerns about the state of the global economy, including the price of crude oil which took another dip today.
Stoxx Europe 600 trades down 2.7% halfway through the session, with the pan-European index sitting now at lows not seen since 2014, according to The Wall Street Journal.
Back in Greece, the question on investors’ mind is whether the government has Plan B in the event of a deadlock in negotiation talks with creditors over pension reforms, and while there are no cues for tomorrow’s trading, everyone fears a repeat of today’s extreme drop in stock prices as the country is in a state of complete paralysis.
Indeed, as one prominent businessman conveyed to me from Athens this afternoon, “we are all waiting for a miracle.”
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