Greek banks tumble 25% as Tsipras promises policy overhaul

Greek bank shares have tumbled as the country's new prime minister Alexis Tsipras told his first cabinet meeting he will "radically change the way that policies and administration are conducted".

Some bank shares in Greece fell more than 30% on fears Tsipras' anti-austerity party Syriza will clash with the nation's creditors over its €240bn bailout. Cypriot bank Piraeus dropped 31.5% while the National Bank of Greece (NBG) fell 22.7%. Alpha Bank shed almost 26% and Eurobank sank 25% in afternoon trading. The Athens stock market as a whole shed 9% on Wednesday, while Greece's short-term borrowing costs shot up 3 percentage points to 17%. Tsipras (pictured), who secured victory in Greece's election on Sunday with 36.3% of the vote, told ministers in the televised meeting they "m...