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Doubts over Greece cause losses on Spanish stock market

Xinhua, June 16, 2015 Adjust font size:

Doubts over whether or not Greece will reach an agreement with its creditors following the failure to reach an agreement over the weekend provoked losses on the Spanish IBEX 35 on Monday.

The Madrid stock market saw 1.71 percent knocked off the value of its shares with nearly all of Spain's major companies taking a hit as the IBEX fell back 10,842.10 points: levels last seen in February.

Just one company, BME, had its shares gain in value on a day when the banks saw their shares hit hard, with BBVA losing 1.93 percent, Banco Santander 2.1 percent, Banco Sabadell 2.9 percent and Banco Popular 3.36 percent.

The tension over Greece also affected Spain's risk premium, which climbed to 156.5 points, the highest level in almost a year, while the interest rate on the 10-year-bond now stands at 2.39 percent.

The instability is likely to continue throughout the week ahead of the Eurogroup meeting on Thursday which could be one of the last chances to avoid Greece defaulting on its debt repayment and provoking fears of a possible exit from the Euro. Endit