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European Central Bank Approves Reopening of Athens Stock Exchange

The European Central Bank (ECB) approved on Tuesday a modified plan, submitted by the Greek government, to reopen the Athens Stock Exchange (ASE), a month after it was shut down due to capital controls.
The ECB’s final recommendation is that transactions by foreign investors will be without restrictions while Greek investors will not have the option of buying shares using “old” money but will have to deposit either “fresh” money in cash, money generated through sales of stock already in their portfolio and through cash transfers from abroad.
Local investors are up in arms over rumors that the stock market will reopen, with Greek investors unable to use their existing deposit accounts to buy shares, expressing fears that free sales but controls on stock purchases will cause share prices to nosedive.
(Source: ANA-MPA)

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