After five weeks of absolute "silence" the Greek stock market re-opened on Monday, August 3rd with a huge crash, as expected. Some were talking about "black Monday" similar to that of the 1987 black Monday on October 19th when the NY stock market sank by 23%.
On Monday, the general index in the Greek stock market sank by 16.23%. The biggest losses came from the banking sector with a fall of 29.92% reaching limit down.
On Wednesday the banking stocks were "unlocked" from the limit down to find buyers. The National Bank closed at 0.455 euros - 24.295% fall, Alpha Bank at 0.112 euros - 29.56% fall, Eurobank at 0.052 euros - 26.765% fall, Piraeus Bank at 0.138 euro - 29.59 fall.
The banking stocks reached the floor, so the next day the big party has started through the massive buying. The banking index marked earnings of 17.78% The stock of the National Bank rose by 27.47%, Eurobank by 17.31%, Alpha Bank by 11.61% and Piraeus Bank by 3.62%. Apparently, the massive buying came after the massive collapse of the banking stocks for three days.
According to reports, the rise of the banking stocks is due to massive buying by foreign investors, among them, HSBC, UBS and Goldman Sachs!
[Info from: http://www.imerodromos.gr/xrimatistirio-fagopoti/]
Why the international banksters rushed to buy Greek banking stocks from the doomed, as appears until now, Greek banking system?
Except from the ridiculously low stock prices, the answer comes from the new "agreement"- capitulation of Greece with the creditors. For one more time, a huge amount of the new loan will be used for the recapitalisation of the Greek systemic banks, while Greece will be obliged to "deal" with the red household loans. The road for the "distress funds" vultures is now open. Remember:
One recent example of anarcho-capitalism in Greece, is the information according to which, various "distress funds" rushing to buy the red household loans from the Greek banks, in very low prices. The state, in this case, seems that cannot do many things to intervene as regulator of the red loans. It seems that no one can block such funds from obtaining house loans and therefore, the corresponding houses in ridiculous prices. (fa.ev/maggies-ghost-haunting-europe)
The pre-schedule of yesterday's agreement between Greece and the creditors refers to a complete plan for the recapitalisation, enhanced liquidity and "treatment" of the red loans for the banks.
The big party of the global financial mafia on Greek corpse will be continued ...