Greek Banks: The Wedding of the Dead

The Greek ASE index climbed the most in more than 21 years(!), as EFG Eurobank Ergasias SA (EUROB) and Alpha Bank SA announced a merger.

Both Eurobank and Alpha Bank each jumped by 30 percent, the maximum exchange daily limit, after saying they will combine and sell new equity to strengthen their capital in an attempt to weather the debt crisis (!).

Shocking!

Now the stock market is only down 29% in Greece this year.