Greek stock market reopens this Monday and already expected a day of losses – Express

The eyes are on the reopening of the Greek market, which is scheduled for this Monday, August 3, after having been closed for the past five weeks. According to analysts, it is expected for tomorrow a day of losses on the capital market in Greece.

“The ability to see a single action up in tomorrow’s session is almost zero,” said Takis Zamanis, operator chief of Beta Securities, quoted by Reuters. According to the stock exchange operators, on Monday there could be a break of at least 20% in the main index of Athens.

The Greek stock exchange ended on 29 June, with the main index to settle in 797.52 points, just hours before the prime minister, Alexis Tsipras, announce a referendum on the bailout conditions required by the lenders of Greece.

Banks also ended at that time and three weeks later, July 20, reopened, albeit with some limitations. Withdrawals and international money transfers remain subject to tight control and the Greeks can only get 420 euros a week.

Since December, about 40 billion euros were taken from the banks, according to association of banks. And reportedly released on Sunday, the four largest credit institutions – National Bank, Piraeus, Eurobank and Alpha – will be subjected to an analysis of the quality of the balance of its assets at the end of the month

There follow. up of stress tests in the fall to determine the recapitalization needs of each bank using the European bailout funds.

The Greek authorities want to complete the operation before the new European regulations come into force on 1 January. From 2016, banks’ recapitalization costs will be ensured mainly by its shareholders and depositors, and not by the European taxpayer, a process known as “bail-in”.

The imposition of capital controls and the closure of banks and the stock exchange on 29 June, then aimed to protect bank deposits withdrawals aplenty, as the Greeks were becoming increasingly concerned about the economic and financial future of their country.

The reopening of Greek scholarship to August 3 was confirmed last Friday by the Ministry of Finance of Greece.