Two Greek bank stocks bump into 30 percent daily loss limit

Shares on the Athens Stock Exchange are suffering huge losses of over 22 percent after the market reopened for the first time in more than a month.

Major banks were close to the maximum 30 per cent declines they are allowed in one day, a limit that was hit on Monday.

Greece’s government conceded Tuesday that dissent within the ruling party was likely to force an early election, while bank shares plummeted again on the stock market, which reopened this week after a long closure.

The federal government is counting on opposition celebration help for approval of latest austerity measures demanded by bailout lenders, following a revolt by nearly one fourth of its personal lawmakers. “(Early) elections are possible however that does not imply we shall be dealing right now with when they may happen”.

The overall banking sector index was down 23.6 percent, adding to near 30 percent falls on Monday and Tuesday.

The plunge comes as Greece reels from the impression of limits on cash withdrawals and transfers imposed June 29 to keep away from a banking collapse in addition to uncertainty over its negotiations for a brand new bailout and the steadiness of its authorities.

European markets were unaffected by the Greek market nosedive, however, which Italian finance minister Pier Carlo Padoan described as “normal market behaviour in exceptional circumstances”.

Finance Minister Euclid Tsakalotos was holding new conferences Tuesday with bailout negotiators from the European Fee, European Central Financial institution and Worldwide Financial Fund.

“Frankly I am not concerned”.

Of this, the newspaper said, €10 billion was earmarked for an initial recapitalisation of Greek banks, €7.16 billion to repay an emergency bridge loan and €3.2 billion to repay Greek bonds held by the European Central Bank and others.

Gerovasili said the government remained committed to concluding the talks by August 18 and that work on drawing up the text of a draft agreement would start this week.

The five issues on which Greece and its creditors have yet to agree are the creation of a new privatization fund, the phasing out of early retirement, the size of this year’s recession, the target for this year’s primary budget balance and the settlement of nonperforming loans.