ATHENS: A lot has changed between 2007 and 2015. One of the major changes in the economic sector was the average price of Greek companies, which changed a lot in just a matter of eight years.
The Independent noted a dramatic fall in the value of Greek businesses from 2007 to 2015, while banks appear to have received the heaviest blow. According to the British newspaper’s publication “the re-opening of Greece’s stock exchange after five weeks sent the market into one of the biggest single-day nose dives in the history of stock market trading, leaving Greek companies worth 85 per cent less than they were in 2007.”
CMC Markets UK’s Jasper Lawler explained “that the ongoing money problems with Greece and the EU would naturally hit bank stocks first,” noted the Independent. “Dropping by over 20% in a single day is almost unprecedented for the benchmark stock index of a developed country and really is an utter pasting. It puts recent moves in China to shame. The uncertain solvency of Greek banks had investors moving hand over fist to dump the shares as quickly as possible before the Athens stock exchange’s maximum loss for an individual issue was reached and trading halted,” he said.
