The Athens Stock Exchange took a big plunge today immediately after the announcement of the new Greek cabinet. At 3:35 p.m. today, immediately after the announcement of the new SYRIZA-Independent Greeks coalition cabinet, the Index declined more than 6 percent under 770 points. At 4 p.m., the situation improved with losses a little over 5 percentage points and turnover at relatively high levels. Bank shares have received the most pressure. The banking index reached a new 52-week low with losses of over 15 percent. According to a comment made by a Beta Securities broker this morning, the reason bank shares received a big blow is the possibility that the new government will replace the administrations of all major Greek banks. The largest shareholder of major Greek banks is the Financial Stability Fund.
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