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ECB gives green light to plan for reopening Greek stock market

ECB gives green light to plan for reopening Greek stock market

The European Central Bank (ECB) on Tuesday approved a modified plan submitted by the Greek government for reopening Greece’s stock market, one month after it was closed due to capital controls, according to sources within the Athens bourse.

The ECB’s final recommendation is that transactions by foreign investors will be without restrictions while Greek investors will not have the option of buying shares using “old” money but will have to deposit either ‘fresh’ money in cash, money generated through sales of stock already in their portfolio and through cash transfers from abroad.
Local investors are up in arms over rumours that the stock market will reopen with Greek investors unable to use their existing deposit accounts to buy shares, expressing fears that free sales but controls on stock purchases will cause share prices to nosedive.
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