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Crash in Athens Stock Exchange: -7.20 % at 2:50 p.m.

For second consequent day Athens Stock Exchange felt the pressure of uncertainty over Cyprus. While the general index was suffering losses of -5.80% at 2:45 pm on Wednesday noon, it plunged down to -7.20% by 2:50 and ‘recovered’ at -6.20% five minutes later.

I really can’t tell if the sell-off of stocks has anything to do with the exposure of Greek companies in Cypriot banks that remain closed for eighth day  and large depositors are threatened with a haircut of 40% and 80%, for BOP and CPB respectively. Or reason are the general uncertainty that also Greece may be affected by the crisis in Cyprus.

PS I would appreciate some comments by experts on why ASE is going down 🙂




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