Economics
$11 Billion Wiped From Greek Banks on Nationalization Threat
A man is reflected on the door of the headquarters of Greece's National Bank in Athens, Greece, on Wednesday, May 26, 2010.
Photographer: Kostas Tsironis/BloombergThis article is for subscribers only.
The amount that investors gave Greek lenders last year was wiped off in three days of trading amid the threat of greater government control.
In a bid to boost balance sheets, the nation’s banks raised more than $11.5 billion in additional share sales in 2014, the most in at least a decade, data compiled by Bloomberg show. That capital was almost wiped out as bank stocks lost about $11.4 billion in market value this week. Shares of Piraeus Bank SA and National Bank of Greece SA plunged the most, becoming fractions of their pre-crisis peaks.