Greek banks recorded heavy losses on Monday, in the wake of Proton Bank resolution through the Financial Stability Fund, and amid fears of a possible larger haircut of Greek debt.
Banks plunged at the opening of the trading session with early losses of 12.95%, while the General Index was just above 700 units, posting early losses of 5.78%.
Indicatively, Alpha Bank recorded a session low at €0.96 at the opening, Eurobank at €0.68, Piraeus Bank at €0.27, while National Bank, which now ranks fourth in terms of capitalization in ASE (trailing Coca-Cola 3E, OPAP and Hellenic Petroleum), posted intraday losses of 16.97% at €1.81.
Market analysts comment that the sharp decline in ASE reflects investors’ fears regarding Greek banking industry developments, focusing on the possibility of another rescue and larger than 21% haircut of Greek debt.
On the board, the General Index ended with minor losses of 0.58% at 740.06 units.
(source: capital)
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