The Athens Stock Exchange reopened Monday morning to a huge loss, with the Athex dropping by 22.8% to 615.16 points — a total loss of 182.36 points — within minutes.
According to the BBC, Greek bank shares are to blame for the plunge. Piraeus Bank, National Bank, Alpha Bank, and Eurobank, who represent the country’s largest lenders, all saw a 30% fall in their share values.
The exchange was closed for the past five weeks as Greece was renegotiating its debt load with international creditors. The BBC says traders had predicted a drop in share value upon the exchange’s reopening.
According to the European Commission, Greece is expected to enter into a recession this year.