Greek stock market bloodbath as exchange reopens

Source: AP

By DEREK GATOPOULOS

ATHENS, Greece (AP) — Greece's s stock market plunged over 22 percent as it reopened Monday after a five-week closure, giving investors their first opportunity since late June to react to the country's latest economic crisis.

Bank shares suffered most, hitting or nearing the daily trading limit of a 30 percent loss. Markets in the rest of Europe, however, were largely unaffected.

The stock market and banks were closed on June 29, when the government put limits on money withdrawals and transfers to keep a run on the banks from bringing down the financial system. Greeks were panicking over the prospect that the country could fall out of the euro after its talks creditors broke down.

Greece has since then resumed talks with creditors and reopened its banks. Strict limits on cash withdrawals remain, however.

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An employee of the Athens' Stock Exchange speaks on the phone in the reception hall in Athens, Greece, Monday, Aug. 3, 2015. Greece's main stock index plunged over 22 percent as it reopened Monday after a five-week closure, giving investors their first opportunity since June to react to the country's latest economic crisis. (AP Photo/Yorgos Karahalis)

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