Political Turmoil Is Smashing The Greek Markets

Athens Stock Exchange Greece

Athens’ stock market is down -6.11% after the Greek government was thrown into turmoil and a report said the IMF could suspend bailout payments.

Major Greek banks are down -7.53%, and the National Bank of Greece is down more than -9%. Yield on the Greek 10-year note spiked +5.90%. 

The Democratic Left party ditched PM Antonis’ Samaras’ ruling coalition today to protest his decision to shut down Greek broadcaster ERT, leaving him with a slim and unstable majority to pass austerity measures. 

Meanwhile, the FT’s Peter Spiegel reported yesterday Eurozone banks were refusing to roll over Greek debt, prompting the IMF to warn on freezing its funding round.

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.