Greek Stock Market Falls After New Government EUR Defiance

Greek financial markets were in turmoil on Wednesday with investors fearing the new anti-bailout government was determined to defy its international creditors.

Greek five-year bond yields jumped to a record high of 13%, reflecting fears investors may not get their money back.

Share prices also fell for a third consecutive day, with the main Athens Stock Exchange (ASE), down 7.6%.

The index has fallen 10% since the election.

The biggest losers were bank shares. Piraeus Bank was down more than 20%.

In the two sessions since Sunday’s election, banks have seen 23% of their value wiped off, with investors fretting that the possibility of Greece leaving the euro would see bank accounts converted back into a new Greek national currency.

via BBC

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