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News Link • Economy - International

The Greek Stock Market Is Getting Smoked Today

•, Matthew Boesler

The Athens Stock Exchange General Index is down 6.3 percent today.

Banks are leading the market lower, per Bloomberg:

Greek bank stocks

Shares are plunging after the finance ministry announced that quarterly earnings results would be delayed a month to November 30.

Furthermore, the finance ministry ruled out a bond swap with the ESM, per AFP:

The Greek banking sub index plummeted 13.59 percent over unresolved recapitalisation, tied to last-minute efforts to complete conditions for new debt funding to avert bankruptcy for Greece...the ministry said that at the meeting, the possibility that Greek banks could swap their greatly devalued Greek bonds for bonds issued by the new European Stability Mechanism "was ruled out".

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