ECONOMY

Eurobank share price on a slide

Shares in Eurobank, Greece’s second-largest lender, tumbled yesterday for the third straight session after a press report said one of its large shareholders was reducing its position in the company. Shares in Eurobank fell 3.24 percent yesterday to 4.78 euros, bringing its losses in the last three sessions to 11 percent. The bourse’s benchmark general index gave up just over 1 percent yesterday. Financial website Reporter.gr said «a large foreign investor is drastically reducing its position in the bank,» without citing any sources. «This is adding to selling pressure in the stock,» said an analyst. Banks have lost almost two-thirds of their value in the last six months on concerns that weakening conditions in Greece and Southeastern Europe – where Greek banks have significant exposure – are harming their fundamentals. Last week, Moody’s downgraded Eurobank’s long-term deposit and debt ratings, citing a downturn in operating conditions and pressure on profit margins.