Greek bank stock in downward freefall

A brutal sell-off of bank stocks is now being caused by the strange attitude of the lenders towards the Greek banks. As the creditors demands, which have been announced to foreign media in an unseemly way, seem to be causing the frustration and anger of foreign investors who are rushing to divest themselves of Greek bank stocks haphazardly.

At the same time, investors are worried that due to the inability to raise capital, banks will be forced into state support through the state's 30 billion-euro capital stock.

The share of Piraeus bank was locked down to a limit down (29%) to 1,161 euros and Eurobank's share dropped 17.3%. With a 10.21% dip in the National Bank and 4.59% for Alpha Bank.

The General Index of the stock market, registered losses of 3% falling to 653 points.

The day after the gradual removal of Capital Controls, it was announced that Piraeus bank has a three-month deadline to raise a 500 million euro bond loan - a development that was known.

As it transpired last Friday, the requirement of foreign investors to raise funds at Piraeus Bank is a move that creates negative developments and raises concerns about the ultimate goal of foreign lenders.

Yesterday's swap of the Greek stock market (1.47%) and pressures on bank stocks are mainly attributable to the backsliding of lenders concerning Greek banks.

However, a foreign investor who spoke to newmoney.gr notes that he does not "see" a new recapitalization because there are simply no foreign investors.

At the same time, 4,267% is the current interest rate of Greece's 10-year bond.