Greece plunges after snap election called
07:25 AM ET • NBG
The election was originally scheduled next year, but will now take place next week, and stocks in Athens is lower by 11.3%. The yield on the Greek 10-year note is higher by 29 basis points, and the banks are faring the worst - National Bank of Greece (NYSE:NBG) is off 15% (the ADRs are down 12% premarket).
Prime Minister Samaras moved forward with the election after failing to win support from the troika for his 2015 budget, and eurozone finance ministers signaled they're moving towards granting the country a 2-month extension to its bailout program - something the government didn't want as the austerity policies are killing it politically.
GREK -7.8% premarket
Broader Europe is lower as well, with Italy (NYSEARCA:EWI) -1.4%, Spain (NYSEARCA:EWP) -1.7%, France -1.3%, and Germany -1%.
ETFs: VGK, FEZ, IEV, HEDJ, EPV, EZU, FEU, FEP, UPV, EURL, ADRU, FEEU, DBEU, IEUR, FIEU, ESTX, HEZU, FEUZ
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