Greek stock market plunges 22 percent after reopening
Greece's main stock index fell over 22 percent on Monday as investors took advantage of their first opportunity since June 29 to react to the country's ongoing economic crisis, The Associated Press reports. Greek bank stocks were the hardest hit, reaching or nearing the daily trading limit of a 30 percent loss; markets in the rest of Europe were, for the most part, unaffected. Business and consumer confidence also plunged for the fifth consecutive month in July, according to the Economic Sentiment Indicator, dropping to its lowest level since October 2012.
Greece is expected to reenter a recession in the following months, despite having briefly emerged from a six-year contraction. Bailout talks continue, with a deadline of August 20, when a repayment of more than three billion euros is due to the European Central Bank.
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