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Greek Index Suffers Largest Decline Since 1987

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The Greek benchmark index experienced its largest decline since 1987, concerning investor's apprehension regarding elections, while European stocks continued to drop.

The Stoxx Europe 600 dipped 2.3% to 340.48 at trading's close, marking its biggest two-day decline in over seven weeks. A surge in energy and construction businesses hindered European shares on Monday.

In a phone interview with Bloomberg News, Frankfurt-Trust Investment GmbH Fund Manager Raimund Saxinger described, "Markets have been looking for a trigger to take profits," and added, "There is uncertainty, and if Greece is forced into new elections there is the risk that radical leftist parties will win a relative majority. This could have lots of negative implications for creditors and for banks."

Greece's ASE Index fell 13%, as the Hellenic government confirmed that a new presidential election will start next week. NBG has dipped 20% while Piraeus Bank SA has fallen 16%.

(Source: www.businessweek.com)