Following Prime Minister Alexis Tsipras's defiant speech to parliament the Greek stock exchange plunged over 5.0 percent on Monday. In his speech he swore to stand by his anti-austerity electoral promises.
According to Tsipras, the country intended to honour its debts but insisted he would be "unshakeable" in carrying out the new Greek government's anti-austerity agenda and called for temporary EU funding to help stave off a default
The benchmark index plummeted 5.38 percent shortly after opening as investors feared that Greece's refusal to apply for a bailout extension would set it on a path that could end with its exiting the eurozone. So far Greece's demands for more time to renegotiate the country's massive 240-billion-euro ($275 billion) EU-IMF rescue deal have hit a wall, with European paymaster Germany vehemently opposed.
On Friday, the two-week-old government appealed for temporary funding from its EU partners to tide it over while continuing the negotiations.