The Phaserl


Greek Stock Market and Economy Collapse

by Pater Tenebrarum,

Greek Stocks Reopen with a Thud

The Greek stock market very likely represents an emerging opportunity, as many stocks are sporting extremely low valuations these days. However, when we last discussed the Greek market, we pointed out that there was probably no hurry and more importantly, that using ETFs to play the Greek market would pose a difficulty at the current juncture.

As we noted at the time:“[…] at least one of the larger banks is reportedly in serious trouble. In any case, non-performing loans in the Greek banking system have recently streaked to a new record high, in parallel with the run on deposits. So the banks are certainly not healthy, in spite of having been recapitalized at great cost late last year and remaining in the ECB’s good graces for now. This makes a bit more tricky to play Greece via ETFs or similar index-tracker vehicles, all of which are certain to contain bank stocks as well. To be safe, one should probably wait for the upcoming verdict on the banking system situation, which is bound to become known soon.”

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