Shares in Greece's biggest banks have halved in the last two days
REUTERS/Yannis Behrakis
Huge economic damage has been done to the country during the bank closure period, as shown by yesterday's manufacturing PMI figure.
July saw the most severe industry contraction during the whole of Greece's crisis period, and employers shed jobs at the fastest rate in at least 16 years.
The banks themselves, of course, were hit pretty dramatically by the move. They were not only shuttered for weeks, but capital controls have severely restricted their ability to do any international business, and the bailout drama has made European Central Bank support much less certain.
Here's what happened to Alpha Bank, one of Greece's biggest, in the first two days of Greek trading:
It's the same story at Bank of Piraeus, another of Greece's four major listed banks:
Piraeus shares are now worth less than 0.2% of what they were at the peak in 2009, and in terms of market value, it's a shrivelled husk of what is once was.
Here's how it looks look over the long term:
The four banks (Alpha Bank, Bank of Piraeus, Eurobank and the National Bank of Greece) have seen their share prices fall by half in the last two days overall.
- 6 reasons why you should visit Ladakh this summer
- TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery
- As English players begin their premature IPL exodus, Gavaskar calls for action against England Cricket Board
- Top 10 destinations for river rafting in India in 2024
- Should you enrol your child in an online university like IGNOU?
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market