EU-funded firm beats the odds as market rout hits Athens

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By George Georgiopoulos and Angeliki Koutantou

Greece’s reopened stock market closed with heavy losses yesterday following a five-week shutdown brought on by fears the country was about to be dumped from the Eurozone.

Bank shares fell 30pc, and the fall would have been greater if loss-limits had not kicked in to stop investors selling any more.

The main Athens stock index ended down 16.2pc, recovering slightly after plunging nearly 23pc at the open. It was the worst daily performance since at least 1985 when modern records began, including a 15pc fall when Wall Street crashed in 1987.

Ironically, while Greece’s stand-off with creditors was behind the five week shut down, a contract from the European Commission helped furniture maker Dromeas buck the slump.

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