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Wednesday, August 05, 2015

Greek Banks Continue To Fall

Unsurprisingly Greek bank shares have continued to fall.

Ekathimerini reports that Piraeus Bank SA and Alpha Bank AE plunged at least 29% today, while Eurobank Ergasias SA plummeted 15%. While about half of the 60 stocks listed on the benchmark ASE Index climbed, the banks' losses dragged the index lower.

The falls will continue, as the banks are in effect bust and will require massive recapitalisation and depositor bail ins (despite what the lying politicians are telling the media).

The falls would have been greater, but for the emergency curbs put in place amid capital controls. A stock’s trading will be halted if it rises or falls by as much as 7% in 10 minutes, while daily moves are limited to 30%. 

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