Greek bank shares volatile after stress tests

By The Associated Press | Posted - Mar. 7, 2014 at 5:50 a.m.



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LONDON (AP) — Greek banks have seen their share prices swing sharply, a day after the country's central bank said they need to raise billions of euros to plug holes in their finances.

Late Thursday, the Bank of Greece said the sector needs to raise 6.4 billion euros ($2.3 billion).

Piraeus Bank, Greece's biggest bank by market value, saw its share price fall 5 percent Friday after it said it is planning to raise 1.75 billion euros in new shares.

Eurobank saw its share price fall the same rate after it said it was looking to raise 2.95 billion euros. However, National Bank of Greece saw its share price rise 1.5 percent as it said it won't raise money to meet the 2.2 billion-euro hole estimated by the Bank of Greece.

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The Associated Press

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