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The Athens Stock Exchange will reopen tomorrow, allowing free trading only for foreigners

27 July 2015 / 10:07:27  GRReporter
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The Athens Stock Exchange will probably reopen tomorrow, Tuesday, following the agreement, on the conditions under which it will operate this coming week, that the Greek government and the European Central Bank reached over the weekend. However, free trading on the Athens Stock Exchange will be allowed only for foreigners.
    Local investors will operate under specific restrictions that will remain in force throughout the week and which will be reconsidered again next weekend. The concept of new money, cash or bank transfers from abroad, will apply to the Greeks, with which they will be able to buy shares and other securities. Listed companies will be able to use their cash reserves to invest in new securities.
    The restrictions introduced aim to avoid the massive sale of bank shares. Financial experts believe that the stock exchange trade will return to normal by the end of the week and the restrictions will be cancelled.
    It is noted that the Athens Stock Exchange closed on 30 June when Greece closed its banks and introduced capital controls. The Financial Times Stock Exchange (FTSE) warned the Athens Stock Exchange that if it did not open in up to 10 days the agency would remove it from the system of international stock indices.
    Before the closure, the trading volume was in the range of 100 million euro per day, about 30 million euro of which were associated with Greek investors. The weaker values expected tomorrow would not have a significant impact on deposits' flight from Greek banks, the value of which is estimated at no more than 300 million euro per month.

Tags: Athens Stock ExchangeEuropean Central BankBank sharesForeign and Greek investors
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