ATHENS - Greece's economic crisis, still lingering despite the end of more than eight years of 326 billion euros ($376.87 billion) of three international bailouts, saw the Athens Stock Exchange lose 28.5 percent of its capitalization, showing the depth of the near-Depression.
That cost the market 20 billion euros ($23.14 billion) in value during a volatile roller-coaster ride during a period that saw the country repeatedly brought to the edge of leaving the Eurozone and surviving on the rescue packages.
The shares of 83 listed companies have been removed from the ASE's board and only six joined since 2010, the business newspaper Naftemporiki reported about the losses that have left the exchange weakened and investors reluctant to take chances on Greek companies.
Since the beginning of 2010, up to the Aug. 20 end of the bailouts, the ASE's general index has lost 61 percent and listed companies took out some 60 billion euros ($69.41 billion) in capital, although 45 billion euros ($52.05 billion) was because of three recapitalizations of the country's four major banks with monies from the bailouets.
Bank shares on the ASE had a total capitalization valued of only 7.2 billion euros ($8.33 billion,) te paper said compared to the some 50 billion euros ($57.84 billion) given to banks who nonetheless are chasing mostly small debtors while a number of big loans given businesses who
On the retail front, more than 100,000 small-and-medium sized businesses (SMEs) closed between 2010-2012, resulting in the loss of 500,000 jobs, according to the Hellenic Confederation of Professionals, Craftsmen & Merchants (GSEVEE).
Out of some 858,685 total business entities in Greece in 2008, according to European Commission statistics, only 613,973 were left by 2015 when the Radical Left SYRIZA took power and continued brutal austerity measures that Prime Minister Alexis Tsipras said he would reverse before surrendering to the Troika of the European Union-European Central Bank-European Stability Mechanism (EU-ECB-ESM) to get a third bailout, this one for 86 billion euros ($99.48 billion) he said he would never seek nor accept but did both
The net loss in jobs exceeded 842,000 during the bailouts period, the paper added and the closing of mid-size to larger companies in the country over the crisis years reduced added economic value of more than 30 billion euros ($34.7 billion).