Greek stock market tumbles

Click to follow
The Independent Online

Shares on the Athens Stock Exchange are plunging, with the general price index down 4.8 per cent at levels not seen since the mid 1990s.

The general index stood at 1,011.70 as global stock markets continued their recent slide following Friday's downgrade of US debt by Standard & Poor's.

Debt-ridden Greece became the first European Union country to seek an international bailout last year, when it saw its borrowing costs spiral out of control as investors doubted the country could repay its massive debts.

The financial crisis has also affected other eurozone countries, with Portugal and Ireland also receiving bailouts.

On Sunday, Europe's central bank said it will implement a bond-buying program to calm investor concerns that Italy and Spain won't be able to pay their debts.