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.
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
Who owns Gaza? Israel's occupation plans
The Explainer Egypt, Israel and Britain have ruled the beleaguered territory
-
Savages: a tragi-comedy set in a 'quirky handcrafted world'
The Week Recommends This new animated film by Oscar-nominated filmmaker Claude Barras is undeniably political, but it has a hopeful message
-
Why 'faceless bots' are interviewing job hunters
In The Spotlight Artificial intelligence is taking over a crucial part of recruitment
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read