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Greek banking shares fell sharply on Thursday, after the European Central Bank (ECB) abruptly cancelled its acceptance of Greek bonds in return for funding.
The Athens Stock Exchange FTSE Banks Index fell 22.6 per cent at the open, driving Greece’s broader ATG equity index down by 9.3 per cent.
Alpha Bank shares were down by 18.1 per cent and Eurobank shares declined by 16.4 per cent. Shares in National Bank of Greece also fell 17.7 per cent.
The ECB’s move, which means the Greek central bank will have to provide its banks with tens of billions of euros of additional emergency liquidity in the coming weeks, was a response to what many in Frankfurt see as the Greek government’s abandoning of its aid-for-reform programme.
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