November 28, 2012 / 11:06 AM / 5 years ago

Greek banking stocks plunge for second day on debt buyback concerns

ATHENS (Reuters) - Greece’s bank stocks dropped on Wednesday for a second consecutive day on concerns that a Greek debt buyback plan as part of the country’s international bailout might hit their capital.

The banking stock index was down 5.1 percent at 0404 EDT, extending a 9.8 percent loss in the session on Tuesday.

“There is uncertainty about the terms of the debt buyback program. If banks participate to a high degree, their future bond income might suffer,” said Natasha Roumantzi, an analyst at Piraeus Securities.

Reporting by Maria Paravantes, writing by Harry Papachristou

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