Stock market crashes

Uncontrollable “bleeding” in global markets, with Athens recording one of the largest percentage drops compared to other European stock exchanges. Most of this year’s gains were lost, with trading volume at high levels due to mass sell-offs.

European shares fell sharply at the start of the session on Monday as global volatility continued amid concerns of a looming US recession.

Tokyo stocks sank more than 12 percent Monday, battered by a resurgent yen and weak U.S. jobs data that fuelled fears of a recession in the world's top economy.

The benchmark Nikkei 225 index plunged 12.40 percent, or 4,451.28 points, to 31,458.42 — its largest points drop in history — while the broader Topix index lost 12.23 percent, or 310.45 points, to 2,227.15.

During the global financial crisis of 2007-9, the US government and the Federal Reserve subjected US banks to a stress test. The idea was to test banks in severe - but hypothetical - recession scenarios in which they would have to show they were adequately capitalized, thereby restoring the confidence of depositors and investors.

European stocks opened trading lower as investors in the region weighed political uncertainty in France following Sunday’s election result.

Fitch Ratings as upgraded Cyprus' long-term foreign currency issuer default rating from BBB to BBB+ with a positive outlook.

The Public Debt Management Agency announced last Friday that it will auction 13-week treasury bills in book entry form, to the amount of 625 million euros. 

The issue, which will take place on Tuesday, matures on August 2. 

The settlement date will be on Thursday.

Eurostat data indicates that Greece (161.9%), Italy (137.3%), France (110.6%), Spain (107.7%), and Belgium reported the highest public debt-to-GDP ratios among EU member states by the conclusion of 2023.

The government plans an early repayment of up to €5 billion of bailout loans to eurozone countries this year, two government officials told Reuters on Tuesday.

The eurozone and the International Monetary Fund (IMF) lent Greece about €280 billion during the crisis on the condition that it impose tough austerity measures.

Unemployment, which reached historic highs of 27.2% in 2013, has now fallen to 10%, while the non-performing loan rate in Greek banks has dropped to 7%