Greek bank stocks drop on debt restructuring talk
ATHENS, April 20 |
ATHENS, April 20 (Reuters) - Greek bank stocks .FTATBNK were down more than 4 percent on Wednesday on rumours that a debt restructuring could be imminent, traders said.
"There are intense rumours in the market that there will be a restructuring soon," said an Athens-based trader who declined to be named. Another trader reported similar rumours.
Greek bank shares have lost 16 percent so far this year after losing 53 percent in 2010.
On Wednesday, Greek bank stocks were underperforming the STOXX 600 index of European banks .SX7P, which was up 0.9 percent.
The broader Athens bourse index .ATG was down 2.62 percent, underperforming the pan-European FTSEurofirst 300 .FTEU3 index, which advanced 1.9 percent by 1409 GMT, boosted by upbeat earnings from companies including chip maker Intel.
(Reporting by Harry Papachristou and Ingrid Melander)
- Tweet this
- Share this
- Digg this