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Greek Markets Plunge For Second Day In A Row

Published August 4, 2015 at 1:06 PM EDT
A Greek flag waves outside the Athens Stock Exchange on Aug. 3, 2015 when the market reopened after a five-week closure. (Aris Messinis/AFP/Getty Images)
A Greek flag waves outside the Athens Stock Exchange on Aug. 3, 2015 when the market reopened after a five-week closure. (Aris Messinis/AFP/Getty Images)

For the second straight day, the Greek stock market suffered losses as the country’s left-wing government conceded that dissent within the ruling party was likely to force an early election.

The main index was down 4 percent soon after the start of trading, with some banks again hitting the 30 percent lower trading limit. Shares plummeted 16.2 percent Monday, when the exchange reopened after a five-week closure.

The plunge comes as Greece reels from the impact of limits on money withdrawals and transfers imposed on June 29 to avoid a banking collapse as well as uncertainty over its negotiations for a new bailout and the stability of its government.

Nick Malkoutzis, editor of MacroPolis, joins Here & Now‘s Jeremy Hobson to discuss.

Guest

Nick Malkoutzis, editor of MacroPolis. He tweets @NickMalkoutzis.

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