Greek stocks ranked as the world’s sixth worst investment, according to the British leading financial magazine, Money Week. According to the annual list ranking the worst investments of the ending year, the Greek Athex index lost some 24.44% of their value in 2014.
Describing the downfall of the Greek stocks, the British magazine, underlines that from March’s peak of 1,379 the country’s main stock exchange has plunged over 27% reaching 17-month lows. After ratings agency Fitch issued a warning about the Greek banks — that were at the time awaiting their evaluation from the country’s lenders — over a 10% was wiped off Greek stocks in just a few days in October. In addition, the political instability took off a further 20% in one week in December, in what was seen as the biggest collapse in the Athens stock market in 27 years, since 1987. “Many (investors) fear that the political challenges in Greece could lead to its ultimate exit from the monetary union and default,” analyst at private bank Brown Brothers Harriman said, while fears that Greece is dragging the rest of Europe down were also expressed.
Despite all the above, the British financial magazine sees the Greek main opposition party, SYRIZA, currently leading all polls, as the only winner, as it appeals to Greeks who feel victimized by “foreign” austerity and wants to renegotiate the country’s bailout package.
Regarding the next day scenarios, Money Week underlines that it would either find Greece in a Grexit or the country will achieve the much-needed political stability and stick to its bailout commitments. Although, there are also some pessimistic voices, such as economist’s Paul Krugman, who foresees a Eurozone collapse.
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