Athens stock market reopening after 5 weeks of Greek crisis …

Athens stock market reopening after 5 weeks of Greek crisis …

AP Photo/Petros KaradjiasA demonstrator in front of a banner depicting a wrecking ball reading “No” and destroying a wall with anti-austerity measures during a rally in Athens, Greece, on June 10.

The Greek stock market reopened on Monday for the first time in five weeks. It had been closed since the country’s capital controls took effect and bailout referendum was announced.

Greece’s banks went through the floor, tumbling 30%, reflecting the huge damage that has been done to the country’s economy in recent weeks.

The overall Athens Stock Exchange (ASE) index plunged by 22.87% as it opened, according to Bloomberg’s Jonathan Ferro.

That leaves the market at a low not recorded since the middle of 2012.

Here’s how it looked on Monday:

As the day has gone on, stocks have climbed a little: as of 1:25 p.m. UK time (8:25 a.m. ET), the index is down 16.3%. So if you had bought first thing Monday morning, you actually could have made some money — but anyone who already owned equities listed on the index has still taken a major loss.

Though Greece has agreed to a bailout deal with its European creditors, there is still a huge amount of uncertainty.

Prime Minister Alexis Tsipras is having to drag parts of his own party, Syriza, kicking and screaming through the agreement. The country must now make painful economic reforms, and it has agreed to privatise 10 times as many state assets as the country had already.

What’s more, last week the International Monetary Fund (IMF) made it clear that there would be no involvement from it without up-front debt reduction being on the table — Greece’s European creditors want debt reductions to be contingent on the country’s success in those incredibly difficult reforms.

Before the market opened, the BBC spoke with one fund manager who was bracing for a 20% plunge in Athens stock prices.

Here’s how the Athens stock market performed up until late June, when it was paused. We’ll update you throughout Monday morning:, Business Insider

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Athens stock market reopening after 5 weeks of Greek crisis …

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