Renewed euro worries send stocks south

After three days of gains at the end of last week, local stocks posted a steep decline on Monday as European markets saw worries about the eurozone debt crisis making a strong comeback.

The Athens Exchange (ATHEX) general index ended at 752.59 points, losing 2.97 percent from last Friday?s closing figure of 775.59. The blue chip FTSE/ATHEX 20 index shed 4.06 percent to close at 293.20 points.

Germany?s move to dash expectations about a haircut deal on Sunday sent bank stocks spiraling, with National Bank declining by 10.44 percent, Hellenic Postbank losing 9.81 percent, Eurobank EFG contracting by 9.45 percent and Alpha Bank dropping by 9.35 percent. Hellenic Petroleum was the only blue chip to post gains (up 0.31 percent). Titan cement was a nonmover.

In total, 42 stocks moved up, 108 went down and 26 remained unchanged.

Turnover came to just 33.5 million euros, down from 46.6 million on Friday.