ASE to reopen early next week, Botopoulos says

In comments made to ERT TV, Botopoulos said the aim was for the market to reopen on Monday and noted that a ministerial decision must be signed first after resolving a technical problem with banks' IT systems that must be adjusted to a new environment envisaging limitations in share trading for Greek investors. Botopoulos said that banks needed a few more days to resolve the problem and noted that pilot testing will be made during the weekend ahead of a final decision to reopen the market.

He stressed that the European Central Bank was concerned that a reopening of the market without any limitations in trading for Greek investors could lead to a significant capital outflow from the banking system. Greek investors could use "fresh" money, using bank transfers from abroad or capital from selling stocks, or using money remaining as credit reserves with securities firms.