Greek Bank Shares Crash Due to Political Instability



¢ðïøç ôïõ êôéñßïõ üðïõ óôåãÜæåôáé ôï ×ñçìáôéóôÞñéï Áèçíþí, ÐÝìðôç 26 Íïåìâñßïõ 2009. Éó÷õñÝò ðôùôéêÝò ôÜóåéò åðéêñÜôçóáí óôç óçìåñéíÞ óõíåäñßáóç ôïõ ×ñçìáôéóôçñßïõ Áèçíþí.

Bank shares crashed at the Athens stock exchange on Monday, losing 20 percent of their value within hours, due to continuous political instability.

Greece is in the midst of violent protests over the building of migrant registration and hospitality centers, while at the same time farmers and most professional groups demonstrate loudly against government policies.

In the midst of escalating social unrest, the FTSEB index of financial stocks was down over 20 percent in midday trading, helping pull the overall market index more than 7 percent down.

The Athens stock market had already lost 8.89 percent of its value last week, with the banking index plunging by 24.3 percent.

Greece’s lenders — the European Stability Mechanism, European Central Bank, European Commission and International Monetary Fund — completed the first phase of a fiscal review. However, there are considerable gaps between the two on the pension reform proposals.
The two sides also disagreed on the handling of bad loans weighing down Greek banks.
Meanwhile, protesting farmers have blocked all national highways and threaten to block Athens on Saturday refusing even to discuss with the government unless the draft bills on farmers’ pensions and taxation are scrapped.

 


LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.