(UPD) Athens Stock Exchange plunges a day after Moody’s downgrade

Posted by in Economy

Athens Stock Market suffered the heaviest losses since the beginning of the year and plunged at -3.81% and banks down at 6,26% in the shadow of Moody’s downgrade.

Athens Stock Exchange is on a falling course and banks experience massive liquidation a day after rating agency Moody’s downgraded Greece’s credit rating by three notches. At 15:01 the ASE tableau showed losses at -2.48% and banks at -4,2%. At the same time spreads are climbing towards 950 basic points.

German Deutsche Bank said  that credit growth in Greece decelerated further and urged Greek Banks to disengage from the European Central Bank.

“Only this time, access to the (EUR 30bn) package must be accompanied by a specific plan to disengage from the ECB over the next 2‐3 years. This is an even bigger challenge in our view”, concluded DB. (Full Article in Capital.gr)