Greek Stocks Plummet To 20-Year Lows

Tyler Durden's picture

The Athens Stock Exchange broad index of Greek stocks just dropped to its lowest level since 1992. It is now around 90% lower than its 1999 and 2007 peak levels. The index of Greek banking stocks is rumbling along the lowest levels on record down over 97% from its 2007 highs. Where is the Greek Whitney Tilson (or Dick Bove) when they need him?

ASE Index at 20 year lows...

and Greek banking index at record lows down 97% from its 2007 highs...

Charts: Bloomberg

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goldencross10's picture

If US markets don't rip higher on this, something clearly wrong.

junkyardjack's picture

People have to park their money somewhere

Dr. Engali's picture

That's assuming they have money in the first place.

French Frog's picture

Something's clearly wrong ... isn't that what ZH has been demonstrating for a few years now?


ACP's picture


Proof that Greek bonds have a better return than Greek stocks!

Cognitive Dissonance's picture

Reminds me of that old off beat TV show called "Twin Peaks".

Whoa Dammit's picture

Reminds me of what us Southerners refer to as "store boughts" lying on the beach. 

midgetrannyporn's picture

Too bad benopolis printopolis isn't there to save them.

whatsthepoint's picture

Of the 200+ sovereign states on Earth, are there any that utilize a currency(money) that isn't fiat?

CvlDobd's picture

Perhaps but they are most likely subject to the boom bust cycle versus uninterrupted prosperity us fiat users enjoy.

silver500's picture

25% of the index is Greek Coca Cola and another 10% is a goverment backed gambling cartel, OPAP.

The third placed company HELLENIC PETROLEUM is also goverment controlled

machineh's picture

One-fourth of the ASE is based on fizzy brown sugar water? DOH ...

Anyhow, the ASE's 89% decline since Nov. 1999 now equals the U.S. Dow's 89% decline from Sep. 1929 to July 1932.


By contrast, Spain's IBEX is down 'only' 55% from its late 2007 high. Que rico!

Whoa Dammit's picture

At least their index isn't dominated by iApple.

Bastiat009's picture

How many times has Greece been saved again?

CvlDobd's picture

Dear Fundamental Equity Bulls,

This is your future.

Civil Disobedience

monopoly's picture

And they are selling their gold. The only curency worth anything. And I just bought more. :)

JailBank's picture

Can't invest the money removed from banks and stuffed under the mattress.

Quinvarius's picture

Buffet said stocks are better investment than gold when paper money collapses.  Case study results are in.

azzhatter's picture

Isn't he dead already? Or do you mean Jimmy

Debtless's picture

This is Sparta.

Watson's picture

Any ideas as to the ownership distribution of the ASE-30? There really has been some wealth destruction!

razorthin's picture

When the US market responds in kind, recovery can begin.

RoadKill's picture

Can anyone recco a good Greek etf or some other good way to BUY Greece?

I know Ill grt junked for this BUT before this is over we will have an opportunity to biy GOID Greek companies for pennies on the dollar (or drachma).

Im serious. Im not saying this is the bottom, but when we bottom their will be relatively debt free asset heavy companies that are undervalued. But my Etrade Intl acccount doesnt include.Greece.

machineh's picture

Your contrarian instinct is solid.

But if Argentina's 2002 crisis is any guide, you should wait for the devaluation.

Then visit Greece in person and buy busted real estate for pennies on the dollar or euro (which will be in high demand).

RoadKill's picture


WHO EANTS TO FORM A BUYERS GROUP? We all go to Greece for 2 weeks in Jan 2013. That should be a seasonal and generational low. We bring food, meds and liquor on a private plane. Trade it for beach front property.

We will be FILTHY RICH...

NorthPole's picture

That's assuming the Greek Communist Party which may very well be ruling the place in a few years wont go Kirchner on you and nationalize your ass or impose ruinous property taxes. Wanna take the risk?

Peter Pan's picture

You just know they have given up when you go to the Athens Stock Exchange site and you will find that some of the information relating to turnover, capitalisation etc has not been updated since NOVEMBER 2010.

docj's picture

Que the Central Bank Cartel in unison doing their best Kevin "Remain calm, all is well!" Bacon impression in 5... 4... 3...

Dr. Engali's picture

That will be the U.S markets in the near future. When that happens then I will buy hand over fist.

q99x2's picture

Devalue the Drachma.

GeneMarchbanks's picture

You mean the one that doesn't exist?

Drachma's picture

I'm in the basement, under the matress.

theTribster's picture

Now that made me laugh, a true LOL. +1

paddy0761's picture

So this explains why gold is down. The clever Greeks are now making the switch from gold back into stocks. Isn't that what we are supposed to do, switch back after a 90%+ decline in equities?

Frastric's picture

This is proof that a totally collapsed stock market is not a death knell to the economy. It happened to Japan after all...

Vince Clortho's picture

Remember this is Greece.  

Your point is valid concerning the relationship of the stock market to the economy, to an extent.

But Larger economies in Europe may not travel quite the same path as the Greeks.

And The U.S. has the additional consideration of the dollar currently being the world reserve currency.

diwolf's picture

You propably cant do much wrong buying greece stocks (ex banks) now ?

Sutton's picture

I went long Greece/short Apple 1 year ago.  I raided my customer accounts to remain solvent and the schnooks at the CME have not noticed.  Can't lose!

youngman's picture

Someone has lost a lot of money.....and I bet a lot has left the country....and I would think gold and silver are doing pretty well in Greece...

kanenas's picture

You can't buy gold in Greece over the counter. You need to register your interest with the BoG and then there is a quota. There is a black market, but you know how black markets go. Or you can set up a 'shop' that is willing to buy gold, on a discount, from starving people. There is a boom of that sort lately. 


And before someone says, jump on a plane and go shopping in Germany, there is a limit of 10.000€ that can go undeclared on a returning flight. 

sockratte's picture

Can we already buy? lol

elamar's picture

Makes no sense to leave the eurozone when you can default on all debt except interbank and trade lines. Remember the private sector bonds have all been restructured now its all EU  debt. Even if they default they cant get kicked out of the euro but gives Germany a huge headache . Once they anounce a moratorium the stock market will rally. The temptation for Portugal and Ireland will be tremendous.


penexpers's picture

Don't worry!

Greece's exports of fish and olive oil will pull them out of this!

Don't forget about their booming tourism industry!

Nottingham's picture

If Greece is the harbinger for the USA, then when US stocks finally crash, who will then have ANY MONEY at all, to pay $2000 for an ounce of gold?   Help!    I'm a gold owner with acute paranoia that everything is going to go down, when US equity values crash.   thanks....