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Last month was difficult for bank shareholders, especially in Europe.
The markets have been anticipating the distress coming in the next few months as a direct result of the shutdowns implemented by European governments due to the COVID-19 outbreak.
The chart below shows last month’s sharp decline in ETFs for one of the main European banks.
Source: Yahoo Finance
Naturally, Eurobank Ergasias (EGFEY) followed the same negative trend:
Source: Yahoo Finance
Everything has changed in a matter of weeks, as the COVID-19 outbreak has quickly taken over the world’s social, political and economic