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Greek Stocks Drop 4% Hours Before Eurogroup Meeting

greek-stock-marketThe Greek Stock Market dropped by more than 4% on Monday morning, in light of the upcoming Eurogroup meeting, as well as in the wake of what was revealed over the weekend.
Specifically, at 10:42am, twelve minutes after the Greek Stock Market opened, the Index showed a decrease of 4.40%, reaching 854.68 points. However, the drop has not accelerated and as a result at 12:42pm the Index showed a drop of 4%, with limited trading volume (32 million euros) and pressure on banks (6% of the banking index).
According to popular opinion, the Eurogroup meeting, taking place today, February 16, will not result in a definitive agreement between Greece and its European partners. Therefore, the market reaction still remains unknown, at least until the end of the meeting. Several questions have been raised regarding the issue. Will the Eurogroup come to an agreement? Will they arrange another emergency meeting to discuss Greece’s issues? Will they hold off on making a decision and adopt a wait-and-see attitude?
Over the weekend both sides made important statements noting they are all making efforts to reach an acceptable compromise, however this is not as easy as it sounds. Both sides have encountered significant difficulties.
Economic analysts estimate that the market needs to be carefully observed, while they also noted that after last week’s index rise, the risk has increased in relation to the expected short-term returns.

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