Greek stock market plunges following speedy presidential vote announcement

Written by on December 10, 2014 in Europe - Comments Off on Greek stock market plunges following speedy presidential vote announcement

Greek stocks sank 12.78 per cent on December 9 in what was their biggest single-session fall since November 1987 as investors appeared concerned that the country is heading for a prolonged political crisis that will lead to general elections in early 2015.

Greek banks fell sharply, with National Bank of Greece down 17.6 per cent and Alpha Bank dropping 12.8 per cent. Sovereign bond yields also shot up from 7.2 per cent to beyond 7.75 per cent.

The stock market came crashing down following the surprise announcement Monday evening that Greece’s presidential elections are being brought forward to December 17.

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(Photo: Miroslav Sárička)

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