Athens Stock Exchange to open when technical probs are resolved

The Athens Stock Exchange is due to open next week, said Capital Market Commission president Konstantinos Botopoulos in a television interview with the national broadcaster, ERT.

Botopoulos said the goal was for the market to reopen on Monday and noted that a ministerial decision must be signed first after resolving a technical problem with banks’ IT systems. He said that adjustments need to be made to a new environment that envisages limitations in share trading for Greek investors.

Banks needed a few more days to resolve the problem and noted that pilot testing will be made during the weekend ahead of a final decision to reopen the market.

He stressed that the European Central Bank was concerned that a reopening of the market without any limitations in trading for Greek investors could lead to a significant capital outflow from the banking system. Greek investors could use “fresh” money, using bank transfers from abroad or capital from selling stocks, or using money remaining as credit reserves with securities firms.