Athens' stock market "crashes" at -6.28%

A scenery of a stock market crash is evident in Athens, after Finance Minister Evangelos Venizelos’ speech did little to reassure investors about what the postponement of the Eurogroup meeting means in terms of the disbursement of the sixth installment.

The general Index in the ASE has now dipped by 6.28% (!) to the level of 730 units, while intensifying pressures in Europe have led Frankfurt to losses of over 4%, with other markets reaching losses of around 3%.

The Euro is collapsing to $1.32, a development which means that big market exports are becoming even more attractive.

The banking index has lost over 11%, with National Bank’s share declining by 14.5%(!) to under 2.20 euros, as much as a kebab!

Similarly, Alpha Bank and Eurobank have been reduced by 10% and Piraeus Bank by over 18%.

OTE, which was downgraded by Moody’s, has lost more than 6% of its value, reaching levels of under 3 euros.

At the same time, the Greek bonds spreads are once more ascending - the 10-year-bond at 2.140 units, signaling a borrowing cost of 25%... The German and Belgian CDS have also shown a significant increase.

Five-year German CDS exceeded 120 basis points - compared to 78 a month ago - with background estimates that the Eurozone’s largest economy will be called upon to pay more in order to support the “PIGS”. Meanwhile in Belgium, after the Dexi Bank turmoil, Moody’s threatened the country with a downgrade due to its exposure to the Greek debt. Belgian CDS increased by 14 units to 286, quite close to the 22nd of September’s 298-unit record.