Greek Market Suffers Another Major Blow

Greek financial stocks were the worst hit with Attica Bank, Leader Bank and Ergasius, Bank of
Piraeus and the National Bank of Greece were around 30 % lower or all trading at - the daily
volatility limit. Related losses were seen in additional stocks not in the financial market too.
The market finished Friday unofficially 16.2 percent lower, as per a Reuters statement.
There was further bad news for the Greek economy earlier, with flash manufacturing PMI figures for
July down to 30.2 the lowest reading since Markit started producing datain 1999.
To produce matters worse, an economic sentiment index for Portugal hit its lowest level since Oct
2012 in July with money controls and political uncertainty weighing on sentiment, according to the
IOBE think-tank that ran the survey.
Ahead of the much-anticipated available, dealers were bracing themselves for a day of "losses and
unpredictability."
Greek traders told Reuters on Sunday that they anticipated a torrid day of deficits when the market
opened. Takis Zamanis, chief trader at Beta Securities, told the news agency that "the probability of
finding even one share increase in tomorrow's program is almost no."
Meanwhile, the chairperson of the Hellenic Capital Markets Commission told CNBC in front of the
available that his fee might monitor the market closely on Monday.
He mentioned there could be no condition intervention to the marketplace, stating: "We're seeking
to view when it'll strengthen, at which costs, and what the perception of the Greek marketplace is
from national and international traders."
Concentrate for the day probably will be on the deficits among Greek financial shares, which
represent around 20 percent of the chief Athens list. Restrictions have now been put in place to stem
capital flight.
Craig Erlam, senior market analyst at forex trading platform OANDA, said the banks had been "hit
drastically by the events of this year and today should be recapitalized at at least."
The rules
Restrictions that reveal the continuing capital controls on banks that are Greek that limit
distributions to 60 euros a day will be faced by neighborhood traders. This means that domestic
investors funds they have to hand or may only buy shares with unique funds from abroad, Reuters
reported last week. They also can buy shares with money originating from security revenue or
rewards or cash remaining using their protection companies.
International traders may trade freely.
The reopen comes after an extended period of financial uncertainty in Greece. The stock exchange
shut when it looked increasingly likely that Greece was about to go broke and abandon the euro
zone when capital controls were imposed on Greek banks by the end of June.

An eleventh hour deal involving the Greek authorities and lenders over a next bailout program for
Greece worth 86 billion dollars was agreed, however, pulling the nation back from the verge of an
unprecedented "Grexit" from the only currency union. July 20 was then re opened on by banks that
were Greek.
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Although the finer details of a bailout are still being hammered out between lenders, the state is
considered to have stabilized enough for the securities market to re open. Market analysts warned
that Friday was probably to be an evening of deficits, however.
"While it will be easy to imply that today's re-opening of the Greek stock market is an essential step
on the highway to some form of normalization, it is likely to be anything-but," according to Michael
Hewson, chief marketplaces experts at CMC Markets, who warned of "volatility and losses."
Uphill struggle
Offered the Worldwide Monetary Fund (IMF) - one of the nation's lenders- has threatened to take
from a third bail out package without debt relief granted to Greece, the bailout itself is looking
increasingly shaky. Countries like Germany oppose debt-relief for Greece, worrying that it could set
precedence for other indebted euro zone states.
Time is of the essence for Greece, nonetheless, as it needs a bailout to be agreed (and funds
disbursed) in front of a 3.2 billion euro debt repayment is due to the European Central Bank on
August 20.
Against this kind of uncertain background, analyzer Hewson stated that Portugal still faced an uphill
battle.
"A side from the truth that we're able to well see some enormous deficits, there's the small issue that
not simply are the the interior politics in Greece likely to remain tough it is also likely to be
extremely challenging to reconcile the jobs the divergent positions of the International Monetary
Fund and Indonesia on debt relief, especially given the closeness of the next debt deadline on the
20th August."