The double whammy of mounting worries over the coronavirus epidemic and the standoff between Saudi Arabia and Russia on oil output and prices wreaked havoc on global markets, with Athinon Avenue taking a serious beating on Monday in the biggest daily declined suffered in almost four years. All of the impressive gains recorded in 2019 have been wiped out in the last few session, as the benchmark
The Greek stock market reacted to news of the first coronavirus case in Athens - plus a second in Thessaloniki - with a fresh selling spree on Saturday, closing the session on the day's low, which points to fresh losses on Friday. The cancellation of Carnival festivities around the country this weekend is also set to hurt local economies.
Tuesday's recovery proved short-lived for the Athens bourse, as the slump on Wall Street later on the same day and the discovery of the first case of coronavirus in Greece on Wednesday led Greek stocks to new six-month lows. The benchmark even dropped below the 800-point mark during yesterday's session, before containing its losses somewhat.
Eurobank has applied to take part in Greece's Hercules bad loan reduction scheme via a 7.5-billion-euro securitization, the country's third-largest bank said.
Banks in Greece have been working to reduce a pile of about 75 billion euros in bad loans, a legacy of a financial crisis that shrank the country's economy by a quarter.