Greek stocks collapse as Greek government trashes Troika agreements

As Greece’s new cabinet convened for the first time and handover ceremonies were held in ministries, Greek bank stocks plunged more than 26 per cent on Wednesday, taking their cumulative losses since the general election on January 25 to more than 40 per cent.

The overall Athens stock market fell 9.24 per cent to 711 basis points. Greek five-year government bond yields hit about 13.5 per cent with Greek 10-year bond yields up 50 basis points at 10.30 per cent. Analysts fear the main index is heading towards 500 basis points in February.

“We are coming in to radically change the way that policies and administration are conducted in this country,” Greek prime minister Alexis Tsipras told ministers at their first cabinet meeting.

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