The Greek Stock Market Is Getting Smoked Today

The Athens Stock Exchange General Index is down 6.3 per cent today.

Banks are leading the market lower, per Bloomberg:

Greek bank stocks

Photo: Bloomberg.com

Shares are plunging after the finance ministry announced that quarterly earnings results would be delayed a month to November 30.

Furthermore, the finance ministry ruled out a bond swap with the ESM, per AFP:

The Greek banking sub index plummeted 13.59 per cent over unresolved recapitalisation, tied to last-minute efforts to complete conditions for new debt funding to avert bankruptcy for Greece…the ministry said that at the meeting, the possibility that Greek banks could swap their greatly devalued Greek bonds for bonds issued by the new European Stability Mechanism “was ruled out”.

ALSO: The Controversial ‘Lagarde List’ Has Leaked, And It’s Bad News For The Greek Prime Minister >

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