More than a month after having been closed, Athens Stock Exchange reopens on Monday, August 3, announced the Ministry of Finance Greeks, although with some limitations. Analysts pointed to falls of around 20%.
The Greek stock market has been closed since 29 June, after rupture of the negotiations between Greece and creditors, when the ECB refused to increase lending to the country through the emergency liquidity facility, and at the same time were imposed capital controls and the country’s banks closed the doors.
According to Reuters, one of the restrictions that will be imposed on domestic investors is the use of bank deposits of money to buy stocks, because the authorities fear that the Greeks use the bag to remove the country’s banks’ money, which reopened last week .
According to the original plan, foreigners could carry out buying and selling without limit.
The market is certainly under severe pressure when you reopen and the banks should be the most penalized.
In the last session that was open, the Athens stock exchange closed up in positive territory since the time growing expectations the Greek Government, but with the initiative to call a referendum reversed the expectation and was imposed a capital control to prevent collapse banks.
The European Central Bank had already given the green light to the reopening of the market shareholder in Athens after the Greek Finance Minister Euclid Tsakalotos, have signed this past Friday the decree allowing re-open the bag after a month of suspension.
The justification for not opening the Greek stock market earlier, according to official justification was due to technical problems was related to the adaptation of the IT systems of banks with the limitations of operations imposed by capital controls.