Greece Market Suffers Another Major Blow

Greek banking stocks were the worst hit with Attica Bank Leader Bank and Eurobank Ergasius,
Bank of Piraeus and the National Bank of Greece were all trading at or around 30 percent lower the daily volatility limit. Comparable losses were found in additional stocks not in the banking
business also.
The stock market finished Friday unofficially 16.2 percent lower, according to a Reuters statement.
There was further bad news for the Greek economy earlier, with expensive manufacturing PMI
figures for July down to 30.2 the lowest reading since Markit began compiling datain 1999.
To make matters worse, an economic sentiment index for Greece reach its lowest level since October
2012 with political uncertainty weighing on sentiment and money controls in July, in line with the
IOBE think tank that ran the study.
Greek dealers told Reuters on Sunday when the stock market opened that they expected a torrid day
of losses. Takis Zamanis, chief trader at Beta Securities, told the news agency that "the possibility of
seeing even one discuss increase in tomorrow's treatment is virtually zero."
Meanwhile, the chairman of the Hellenic Capital Markets Commission told CNBC ahead of the open
that his commission might monitor the market closely on Monday.
He said there could be no state intervention into the market, stating: "We're trying to see when it'll
stabilize, at which prices, and what the perception of the Greek market is from national and overseas
investors."
Concentrate for the evening will probably be on the losses among Greek banking stocks, which
constitute around 20 percent of the main Athens index. Restrictions have been put in place to stem
capital flight, yet.
Craig Erlam, senior industry analyst at money trading platform OANDA, mentioned the banking had
been "hit considerably from the events of this year and now must be recapitalized in the least."
The rules
Neighborhood traders may face restrictions that reflect the continuing funds controls on Greek
banks that limit distributions to 60 euros a day. This means that domestic investors cash they must
hand or may only buy shares with funds that was innovative from overseas, Reuters reported a week
ago. They may also purchase shares with money originating from safety sales or dividends or cash
remaining using their protection businesses.
Overseas investors may trade freely.
The re open employs an extended period of financial uncertainty in Portugal. The stock market shut
when it looked increasingly likely that Greece was going to go bankrupt and abandon the euro zone,
when capital controls were imposed on Greek banks by the end of June.
An eleventh hour deal between the Greek authorities and lenders over a next bailout program for

Greece worth 86 million euros was consented, however, pulling the nation back from the point of an
unprecedented "Grexit" in the single currency union. July 20 was subsequently re opened on by
banks that were Greek.
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Market analysts cautioned that Monday was not unlikely to be an evening of deficits, yet.
"While it could be easy to imply that today's re opening of the Greek stock market is a vital step on
your way to some type of normalization, chances are to be anything-but," according to Michael
Hewson, leader marketplaces experts at CMC Markets, who warned of "volatility and losses."
Stiff battle
Given the Worldwide Monetary Fund (IMF) - one of the country's lenders- has threatened to pull out
of a third bail out package without debt relief granted to Portugal, the bailout itself is looking
increasingly shaky. States like Germany battle debt relief for Greece, fearing that it could establish
precedence for other indebted euro-zone states.
Time is of the substance for Greece, yet, as it requires a bailout to be concurred (and capital
disbursed) in front of a 3.2 billion-euro debt repayment is due to the European Central Bank on
August 20.
Against this kind of uncertain foundation, expert Hewson stated that Greece still faced an uphill
battle.
"Aside from the truth that we're able to properly see some large losses, there is the small issue that
not simply are the the inner politics in Portugal likely to remain difficult it's also prone to be
exceptionally baffling to reconcile the opportunities the divergent positions of the International
Monetary Fund and Indonesia on debt relief, particularly given the closeness of the following debt
timeline on the 20th August."