Stocks in Greece staged a huge rally on Friday, gaining 7.5% to finish the week.
It was still an ugly week for the Greek stock market, as the Athens Stock Exchange fell 7.3% this week despite the huge rally on Friday.
Greek bank stocks gained 6.4% on Friday, but overall lost 7.8% this week.
Here’s the chart of Friday’s action in Greek stocks.
But here’s the uglier chart showing the last three months in the Greek stock market.
On Wednesday, stocks in Greece fell more than 9% as bank stocks in the country got hammered amid political tensions flaring both within Greece and between Athens and the rest of the eurozone.
Business Insider’s Mike Bird reported on some of the economic tensions in Greece, which earlier this year had been seeking an early exit from its EU bailout plan.
An early exit from its bailout now seems impossible for Greece, as the decline in the stock market has hit Greek banks, which will get another 10 billion euros in liquidity from the ECB, according to the Financial Times.
Greek bonds also had a terrible week, with yields on Greek 10-year notes spiking from below 6% to north of 9%.
Yields settled near 8% to finish the week.
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