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Shortly after 12:00 on Monday, the index of the Athens Stock Exchange plunged by nearly 4 per cent and dropped to 482.49 basis points - a level that it had reached in June of the stressful 2012 for Greece.

Bank shares reported the greatest losses. The shares of the Bank of Greece and Eurobank lost 15 per cent of their value while the corresponding rate for Piraeus Bank was 11 per cent.

As a result of the negative environment on the other European stock markets, the prices of the Greek government bonds are as well tumbling. 10-year bonds reported a 9.65 per cent yield compared with 9.45 per cent last Friday. Their price dropped from 63 euro cents to 61.90 euro cents.

The government bonds with a 2-year maturity are currently priced at 88.70 euro cents compared with 89.90 euro cents late last week. Their yield is 12.40 per cent compared with 11.40 per cent on Friday.

The yield of 3-year maturity government bonds is 12.50 per cent compared with 11.75 per cent. They are sold at 80.50 euro cents compared with 82.30 euro cents on Friday.

The spread between the 10-year Greek government bonds and their German equivalent today rose to 940 basis points. By comparison, last Friday it was 914 basis points.