Speculative moves behind pressure on stock market, says Greek government

Prime Minister Alexis Tsipras had a meeting on Wednesday afternoon with top government officials in relation to the latest developments on the Athens stock market.

The meeting was held with Deputy Premier and Economy Minister Yiannis Dragasakis, Finance Minister Euclid Tsakalotos, Minister of State Alekos Flambouraris and Deputy Minister to the Prime Minister Dimitris Liakos.

During the meeting it was highlighted that the selling pressure on bank stocks does not reflect the fundamentals of banks. Also that lenders successfully passed stress tests in May, they have high published rates of capital, they have exceeded first half targets for lowering bad loans, they have increased their deposits and significantly lowered – or even cut – their reliance on emergency ELA funding.

The economy is also improving and this is reflected in growth rates, falling unemployment and improving sentiment, the anouncement said.

“As a result, the Greek government believes that the situation is due to speculative pressure and for this reason is closely watching developments,” it added.