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Greek Index Suffers Largest Decline Since 1987

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)