Athens Stock Exchange ends lower on Tuesday , weighed down by heavy losses in the banking sector as the Greek market, having been closed Monday, now reacts to the proposed bank deposit levy in Cyprus.
A Cyprus parliamentary vote on a controversial bank deposit levy–a precondition for a 10 billion euro ($12.93 billion) bailout–could be delayed further and might force banks on the island to remain closed for longer than planned, a senior finance ministry official warned.
The island΄s two largest banks, Cyprus Popular Bank and Bank of Cyprus, face the risk of massive withdrawals when they eventually reopen for business, and there are worries Greek banks will suffer from contagion.
Note that Eurobank Ergasias and National Bank of Greece both end around 15% lower, with Piraeus Bank down 12% and Alpha Bank off 9.3%.
On the board the General Index ends 3.85% lower at 923.43.
(source: capital)
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