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The historically low bank stocks plunged the Athens Stock Exchange index below 600 basis points.

Shortly before 3:00 pm, the index reported losses of 6.63% and 592.88 basis points. The total value of transactions was 17.5 billion euro. The decline of the bank index reached -20% and 186.15 points.

It lost almost 68% of its value in August alone, due to the historically low values of the stocks of Greek banks. Alpha Bank today reported losses of 23.91%, Eurobank 16.67%, Piraeus Bank 19.39% and the National Bank of Greece 12.79%.

The Greek analysts argue that markets are not underestimating the risk of early elections, because polls failed to accurately predict the referendum result in early July and expect that this will affect the rates of parties. In this situation, the market is finding it difficult to get a picture of the day after the elections, as unpredictable dynamics might appear that could have a decisive impact on the political stage.