Cyprus Mail

Greece to decide next week when stock exchange to open

A man enters the old Stock Exchange building in central Athens

Greece will decide next week when the Athens stock exchange will reopen, after a four week-long shutdown made necessary when capital controls were imposed last month, a government official said on Thursday.

The stock exchange has been closed since June 29 when Greece shut its banks and imposed capital controls to ward of a collapse of its banking system after the country rejected a cash-for-reforms deal in a referendum.

Banks reopened on Monday after Greece secured emergency ECB funding for its banks and a bridge loan from the EU. Their recapitalisation needs will be known following stress tests which are due to start in August, the official said.

The official confirmed that talks with Greece’s international creditors on a third bailout would start in Athens on Friday and that the government wants the talks to be concluded by Aug 20.

Athens targets a budget primary surplus for 2015 that would be lower than 1 percent of GDP, the official said.

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