Greek Shares Collapse as Exchange Market Reopens

Greece's four major banks, Piraeus Bank, National Bank, Alpha Bank, and Eurobank, suffered the biggest losses after the Athens Stock Exchange opened for the first time in five weeks.

MOSCOW (Sputnik) — The Athens Stock Exchange lost 22.87 percent after the market opened for the first time in five weeks, the BBC said on Monday.

Greece's four major banks, Piraeus Bank, National Bank, Alpha Bank, and Eurobank, suffered the biggest losses, falling on average by 30 percent each, according to the news outlet.

The five-week suspension was instituted to prevent the Greek banking system from collapsing.

Greece's total state debt currently stands at $350 billion, of which some $270 billion is owed to its main international creditors, the European Central Bank, the International Monetary Fund and some eurozone countries.

Greece is currently negotiating a third bailout package, worth $95-billion, to be granted to the country by its international creditors over the next three years in exchange for economic reforms. The talks are expected to last until August 12.