Greek market plunges 23% as it reopens after five weeks

Anna Fedorova
clock

The Greek market has dropped 23% this morning as it reopened after a five week shutdown, implemented while the country battled to remain in the eurozone.

The main Athens Stock Exchange saw its worst ever one day fall just minutes after opening for the first time in five weeks this morning. Banks and other financials were hit the hardest of all sectors, falling by nearly a third, as investors rushed to withdraw money. Shares in the National Bank of Greece, the country's largest commercial bank, dropped by 30%, and the overall banking index was also down by the same amount, Reuters reports. Should Germany, not Greece, leave the eurozone? Trading on the Athens Stock Exchange was suspended in late June as a capital controls measur...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Economics / Markets

Why the lead-up to the Budget may have been worse than the Budget itself

Why the lead-up to the Budget may have been worse than the Budget itself

What Rachel Reeves and Dr Evil have in common

Laith Khalaf
clock 13 November 2024 • 4 min read
Bank of England meets expectations with 25 basis point rate cut to 4.75%

Bank of England meets expectations with 25 basis point rate cut to 4.75%

'Continued progress' on disinflation

Valeria Martinez
clock 07 November 2024 • 2 min read
'Budget will be a reset for our economy' Reeves tells IMF colleagues

'Budget will be a reset for our economy' Reeves tells IMF colleagues

Autumn Budget on 30 October

Linus Uhlig
clock 24 October 2024 • 2 min read