Greek banks are getting absolutely hammered today, for the third session running. Since the Greek stock exchange reopened on Monday, share prices have been getting slammed.
The government shuttered banks at the end of June when it announced that the country would hold a referendum on the bailout deal, and capital controls were also brought in, both of which will have dealt a severe blow to the country’s remaining financial institutions.
Bank of Piraeus shares have fallen by slightly over 65% over three days. That’s a similar amount to each of the other major listed banks still going in Greece.
Eurobank has dropped 61%, the National Bank of Greece has fallen by 62%, and Alpha Bank by 65%.
The limit for stocks to fall is 30%, so each of them has been falling by nearly that amount each day each day.
Over the long term, it’s clear that Greece’s banks have withered to nothing, at least in market valuation terms.