The announcement that Greece’s presidential elections were being held 2 months earlier than expected on December 17 saw stocks sink. Sovereign yields broke out of the region they’ve been in for the past few days – up from 7.2% to 7.7%. and equities dropped. Investors reacted badly to the news.

Equity prices droped at the Athens Stock Exchange (ASE) on Tuesday at 11 p.m. with the basic share price index decreased by 6.44% at 968.43 points and turnover at 13.46 million euros. Just one hour later they dropped further down by 5.76% on yesterday’s close.

The FTSE/ASE Large Cap index for blue chip and heavily traded stocks dropped by 6.99%, and the FTSE/ASE Mid Cap index decreased by 7.72%.

Seven of the stocks traded were up, 71 were down and six were unchanged. MIG sank to 10.44%, Ellaktor is on a 11.47% dive, and the Bank of Piraeus dropped by 8.96% to 1.22 euros. Alpha Bank dived 9.76% to 0.523 euros. OTE, Greece’s telecom provider fell by 6.73% to 9.52 euros. The National Bank’s drop fell over 9 % to 1.86 euros.