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Greece: Stocks Jump, Capital Controls Lifted Soon?


barrons articleThe following is an excerpt from Dimitra DeFotis | June 20, 2016 | Barrons.com |

Greece might lift most or all its capital controls by the end of 2016, and that sent the Global X MSCI Greece exchange-traded fund (GREK) up 5% Monday.

In over-the-counter U.S. trading, shares of National Bank of Greece (NBGGY) rose 8%. Piraeus Bank (BPIRF) jumped 23% in early trading. Eurobank Ergasias (EGFEY) rose about 3%. But Alpha Bank (ALBKY) fell nearly 1%.

Greeks have not been allowed to withdraw more than 420 euros ($475) each week from banks since last July. More than 50 billion euros left banks from November 2014 to July 2015, Reuters reports, with the country’s debt bailout in question and fear that Greece might leave the Eurozone, drop the euro, initiate some kind of IOU system or just return to the drachma.

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