A decade after Greece’s financial crisis pushed its banking system to the brink and wiped out most of the country’s stock market value, Athens has emerged as one of the world’s strongest-performing equity markets, outperforming major global indices including the Nasdaq 100 over the past five years.

The recovery marks a dramatic reversal for a country once viewed as the eurozone’s biggest financial risk. In 2015, Greece imposed capital controls, shut its banks and froze trading on the Athens Stock Exchange as fears of sovereign default shook global markets. At the height of the crisis, cash withdrawals were limited to €60 a day and Greek government debt had been downgraded to junk status by major ratings agencies.

By February 2016, the Athens Composite Index had fallen more than 90 percent from its 2007 peak, while Greek banking shares lost nearly all their value.

Today, the picture looks very different.

The Athens Composite Index has returned about 146 percent over the past five years on a total-return basis, outpacing the Nasdaq 100, which gained around 116 percent during the same period. Greece’s rebound has been driven by sweeping banking reforms, stronger public finances and renewed investor confidence.

Greek banks played a central role in the recovery. Lenders including National Bank of Greece, Eurobank, Piraeus Bank and Alpha Bank spent years dealing with enormous volumes of bad loans accumulated during the debt crisis. At one point, nearly half of all loans on their books were classified as non-performing.

The clean-up accelerated under the government-backed Hercules asset protection scheme, which allowed banks to remove billions of euros in troubled loans from their balance sheets. Improved profitability, stronger deposits and tighter cost controls followed.

By 2025, the country’s four biggest banks had collectively posted profits close to €5 billion, with several restoring shareholder payouts and share buybacks.

At the same time, Greece carried out major tax and fiscal reforms under international supervision. Digital tax collection systems boosted compliance rates, while government finances steadily improved. Greece recorded primary budget surpluses in both 2024 and 2025, helping reduce its debt burden sharply from pandemic-era highs.

The recovery also prompted credit rating agencies to restore Greece to investment-grade status for the first time in more than a decade. Moody’s became the last major agency to do so in 2025.

International investors have increasingly returned to Greek assets, encouraged by still-attractive valuations compared with other European markets. Shares in some Greek banks have risen roughly 500 percent over the last five years, though many still trade at lower earnings multiples than their European peers.

Athens also received a major boost after Euronext completed its acquisition of the Greek stock exchange in late 2025, increasing the visibility of Greek companies among international investors and index funds.

Despite the turnaround, challenges remain. Greece’s economy is still heavily reliant on tourism, inflation remains elevated and officials warn that tensions in the Middle East could affect growth and energy prices.

Even so, Greece’s transformation from financial crisis symbol to one of Europe’s strongest market recoveries has become one of the most notable turnaround stories in global finance.

Oil prices moved higher on Monday while major stock markets across Europe and Asia fell, after fresh warnings from US President Donald Trump heightened concerns over the ongoing conflict with Iran and its effect on global energy supplies.

Brent crude futures for July delivery climbed 1.81 percent to $111.27 per barrel in early trading, while US West Texas Intermediate crude for June rose 2.15 percent to $107.69 a barrel. Investors reacted cautiously after Trump issued a new message to Tehran on his Truth Social platform late Sunday.

“For Iran, the clock is ticking, and they better get moving, FAST, or there won’t be anything left of them. TIME IS OF THE ESSENCE!” Trump wrote, adding to fears that tensions in the Middle East could intensify further.

The latest developments come after months of fighting following US and Israeli strikes on Iran earlier this year. Diplomatic efforts to secure a ceasefire have shown little progress, while attacks near critical infrastructure sites in the Gulf have added to uncertainty in global energy markets.

A weekend drone strike near the UAE’s Barakah nuclear power plant deepened investor concerns about the possibility of a wider regional conflict. Although UAE authorities said the plant remained operational and there was no radiation leak, the incident raised alarms over the vulnerability of energy and infrastructure facilities in the Gulf.

Asian stock markets reacted sharply to the growing uncertainty. Japan’s Nikkei 225 index dropped 0.9 percent to 60,843.09, led lower by technology shares after reaching record intraday highs last week. Bond markets in Japan also drew attention as the yield on the 10-year government bond rose to 2.8 percent, its highest level since the late 1990s, reflecting expectations of higher inflation and further interest rate increases by the Bank of Japan.

South Korea’s Kospi index recovered from early losses to gain 0.9 percent at 7,558.50, though investors remained cautious after recent rallies fueled by artificial intelligence-related stocks. Hong Kong’s Hang Seng index fell 1.6 percent, while China’s Shanghai Composite edged 0.1 percent lower after weaker-than-expected retail sales data for April.

Australia’s S&P/ASX 200 declined 1.4 percent, Taiwan’s Taiex lost 1.1 percent and India’s Sensex slipped 0.6 percent.

On Wall Street, US stock futures were largely flat after Friday’s sell-off, which ended a record-setting rally in American equities. Technology companies tied to the artificial intelligence boom led the decline. The S&P 500 fell 1.2 percent from its record high, while the Nasdaq Composite dropped 1.5 percent.

Chipmaker NVIDIA fell 4.4 percent, while Micron Technology dropped 6.6 percent as investors took profits after months of rapid gains in AI-related stocks.

Analysts said rising oil prices, geopolitical uncertainty and concerns about overstretched valuations were weighing on investor sentiment across global markets.