NEW YORK (AP) — Yes, your mutual fund may own some Greek stocks. No, most likely not a lot. 
 
 An employee of the Athens' Stock Exchange stands behind a reception desk in Athens, Greece, on Monday, Aug. 3, 2015. Greece's main stock index plunged over 22 percent as it reopened Monday after a five-week... (Associated Press) 
 
 Athens burst back into the spotlight Monday after its main stock index plunged 16 percent. The spasm of selling came after investors got their first chance to unload shares since the Greek stock market shut down five weeks ago. 
 
 But U.S. investors have relatively little to fear from the crash, even though there's a good chance they're in a mutual fund that has some Greek stocks. That's because funds typically keep only an iota of their portfolios there. 
 
 Consider funds that specialize in emerging markets, the type where it's most likely to see a Greek company. The average such fund with Greek stocks in its portfolio has just 0.5 percent of its holdings in them, according to the latest data from Morningstar. 
 
 Across all categories, the average amount is 0.3 percent, not including funds that are entirely clear of Greek stocks. That's why investors are more worried about the effects that Greece's debt problems will have on the rest of Europe than about Greece itself. 
 
 — WHICH TYPES OF FUNDS TYPICALLY HAVE GREEK STOCKS? 
 
 International stock funds, unsurprisingly. Roughly 19 percent of them have at least one stock from the debt-wracked country. Nearly 40 percent of emerging-market stock funds have Greek investments. 
 
 — HOW ABOUT OUTSIDE FOREIGN STOCK FUNDS? 
 
 Even funds that don't sound like they dabble in foreign markets can have Greek holdings. Consider those specializing in master limited partnerships, which are popular with income investors and usually invest in U.S. pipeline operators. Five of the category's 29 funds have some Greek stocks, mostly shipping companies. 
 
 Nearly 200 funds that Morningstar classifies as U.S. stock funds have some Greek holdings. But, again, the percentages are small: an average of just 0.4 percent. 
 
 — WHAT ARE THE BIGGEST GREEK STOCKS? 
 
 The largest companies in Athens' main index include bottling company Coca-Cola HBC, Hellenic Telecom and the Greek Organization of Football Prognostics, a sports betting and lottery company. ||||| • US economist denies being part of Plan B 'criminal gang' • Greek factories decimated by capital controls • Shares plunge 22.8pc at opening; banks down 30pc • Short selling ban to be extended despite markets re-opening • Manufacturing output falls to lowest level since May 1999 
 
 That's a wrap for our live coverage today. You can read our take on events in the markets and the economy at the link above. 
 
 17.45 
 
 Broader European stocks have shrugged off that collapse in the Greek stock market today. 
 
 Here's the best of the rest: 
 
 • Pan-European FTSEurofirst 300 index rose 0.7pc 
 
 • Eurozone's blue-chip Euro STOXX 50 gained 1pc 
 
 • Germany's DAX advanced 1.2pc 
 
 • France's CAC up 0.8pc 
 
 • FTSE 100 rose 0.41pc 
 
 17.45 
 
 US economist denies being part of Varoufakis' "criminal gang" 
 
 James K Galbraith, a pre-eminent American economist and friend of former Greek finance minister has told The Telegraph he was not part of a "criminal" set up intent on bringing the drachma back to the country. 
 
 Mr Galbraith is the only identified member of a five-man team devised by Yanis Varoufakis to make contingency plans for the government if they were forced out of the eurozone. However, the academic has resisted charges of criminal intent labelled at his operations and says he does not expect to face trial in Greece. 
 
 “If questions come my way I'll be happy to answer them” said Mr Galbraith. 
 
 “We will see what happens, but I would be surprised if there is anything more than a fact finding mission [from Greek authorities] at this stage.” 
 
 He also defended his work studying parallel scrip currency issuance for the Greek government and said Mr Varoufakis had worked "tirelessly" to keep Greece in the euro during his six months in office. 
 
 You can ready the full story here. 
 
 17.40 
 
 Economic collapse means Grexit threat is not over 
 
 The scale of Greece's economic woes, as revealed by new industrial output data today, puts severe pressure bail-out negotiations, says Jonathan Loyes of Capital Economics today. Mr Loynes said GDP is likely to fall by at least -4pc this year, putting ambitious surplus targets out of the reach of Athens and undermining the basis for a new bail-out agreement. 
 
 "The requirement in the current bailout plan for Greece to build up sizeable primary budget surpluses over the next few years looks extremely demanding, if not utterly fantastical. And that, in turn, casts serious doubts over whether the plan, if it is even implemented, will last for very long. In short, the acute weakness of the Greek economy continues to point to the country’s exit from the eurozone in the not too distant future." 
 
 And just in case you missed it earlier, here's what happened to Greece's manufacturing output in July: 
 
 17.30 
 
 Pension cuts to apply to retirees after June 
 
 Amid that mass equities sell-off, negotiations between lenders and the Greek government have continued in Athens today. 
 
 The two sides have agreed that pension reforms will affect only those who retired after the end of June, according to labour ministry officials. 
 
 Lenders want measurs including an increase in the retirement age to 67 from the nominal 62 that falls significantly depending on the number of years worked and family status. 
 
 Representatives from Greece's creditors -- the ECB, the EU, IMF, and the European Stability Mechanism -- met labour minister George Katrougalos at his office on Monday. 
 
 "It has been accepted and is not being questioned that all pension rights established by June 30 will not be hurt," a labour ministry official told reporters today. 
 
 17.00 
 
 Bloodbath on the Athens Stock Exchange 
 
 Greek markets suffered their worst trading in history on Monday, falling by a record 23pc within minutes of trading as investors rushed to sell-off stocks during the first full day of trading in over a month. 
 
 Shares in the country's five biggest banks saw the largest declines, dropping by a daily maximum limit of 30pc, as markets resumed trading for the first time since June 28. Athens benchmark stock exchange made up some losses to close down 16.23pc at 668, its lowest level since September 2012. 
 
 The falls mark the worst daily performance for the index since modern records began in 1985, surpassing the 15pc market tank during the Wall Street crash of 1987. 
 
 15.50 
 
 Greeks stocks finish day down at record 16.2pc 
 
 The bloodbath of the morning has receded, with Greek markets closing down for the day at 668, down 16.23pc on the day. That's its lowest level since September 2012. The banking index was the biggest faller, down 29.9pc. 
 
 #BREAKING: Greek stocks close down 16.23%, set new record low — Agence France-Presse (@AFP) August 3, 2015 
 
 15.10 
 
 Decision to resume Greek bank stocks draws criticism 
 
 Greece's banking system will need recapitalising to the tune of between €10bn-25bn according to government estimates reported in the Greek media. Lenders are due to undergo stress tests from the ECB later this month to gauge the precise extent of their capital needs. In the mean time, their market capitalisation is set to suffer brutally as investors dump shares for the first time in over a month. 
 
 One of the big five banks in the country - Piraeus - said today that while it had suffered a 28pc decline in deposits from December up until the end of June, "deposits have not recorded any additional outflows" under the six weeks of capital controls. 
 
 1/2 I'm very sceptical about Athens Stock Exchange & Capital Market Commission decision to allow Greek bank stock to trade today. #ASE — Yannis Koutsomitis (@YanniKouts) August 3, 2015 
 
 2/2 It would be wiser to suspend trading of bank stock until stress tests conclude. #ASE — Yannis Koutsomitis (@YanniKouts) August 3, 2015 
 
 14.47 
 
 Puerto Rico: not as bad as Greece 
 
 Nobel-winning economist Paul Krugman has been opining on Greece today. The government of the territory is set to default on its debt later today, when it owes a $58m to bondholders. The Commonwealth has said it can't pay back its obligations and needs a massive write-down on $72bn of outstanding liabilities. 
 
 But for all its woes Mr Krugman still thinks Puerto Rico is in better financial shape than Greece as its fortunes are heavily tied to the US. This brings about positive and negatives for the economy, says the economist but crucially means it is the recipient of fiscal transers from Washington. 
 
 His argument is in full here: 
 
 Puerto Rico, then, is in the wrong place at the wrong time. But here’s the thing: while the island’s economy has declined sharply, its population, while hurting, hasn’t suffered anything like the catastrophes we see in Europe. Look, for example, at consumption per capita, which has fallen 30 percent in Greece but has actually continued to rise in Puerto Rico. Why have the human consequences of economic troubles been muted? 
 
 The main answer is that Puerto Rico is part of the U.S. fiscal union. When its economy faltered, its payments to Washington fell, but its receipts from Washington — Social Security, Medicare, Medicaid, and more — actually rose. So Puerto Rico automatically received aid on a scale beyond anything conceivable in Europe. 
 
 14.04 
 
 European stocks shurg off Greek collapse 
 
 It's a sea of green elsewhere in Europe, with equities edging higher at the start of August. Asian markets however closed down for the day on the back some disappointing manufacturing data from China. 
 
 13.55 
 
 National Bank of Greece now worth less than subsidiary 
 
 Bloomberg note that that today's 30pc stock fall in the National Bank of Greece mean its market capitalisation is smaller than one of its subsidiaries in Turkey. 
 
 Finansbank AS, which is owned by NBG, has a market capitalisation of around €3bn. NBG is worth around €2.97bn as of today's trading. There are more accurate ways to measure a bank's health, but as Bloomberg note, the Greek sell-off is put into perspective by the fact Turkey is mired in domestic and geopolitical turmoil, and has been without a formal government for nearly two months. 
 
 13.30 
 
 Athens Stock Exchange edging back up but still down 16.3% http://t.co/YWytqUYFb7 pic.twitter.com/JlVgJ7K7jV — Raoul Ruparel (@RaoulRuparel) August 3, 2015 
 
 12.00 
 
 A quick recap of events at lunchtime 
 
 Greek bank stocks have collapsed in the first day of stock trading in over a month. Shares in the country's four biggest banks have fallen by 30pc this morning, while the Athens Stock Index fell by 23pc this morning. That was the biggest ever one day fall in history. Shares have recovered a little to around 17.2pc this afternoon. 
 
 Greek bank stocks 
 
 In other news, the latest set of factory data for July shows the worst decline in output in Greece for over 16 years, as capital controls hammer business activity. 
 
 Greece's PMI reading fell to an all time low of 30.2 while the rest of the eurozone expanded at a moderate pace. France however was the only country outside of Greece which saw manufacturing contract. 
 
 11.24 
 
 France's Sapin: Schaeuble was wrong about Greece 
 
 France's finance minister has hit back at his German colleague today, telling Handelsblatt newspaper that Wolfgang Schaeuble was "wrong" to propose a temporary Grexit and that there was "clear dissent" between the two founder members of the EU over Greece. 
 
 Mr Sapin also said a debt write-off was "unnecessary" but Greece will need a debate about debt restructuring to allow the country "air to breathe". He also described his friend Yanis Varoufakis as a man whose "fantasy is truly unlimited" in reference to a secret parallel payment system devised by the former finance minister. 
 
 On the question of further European integration, a topic on which Franco-German visions clash, Mr Sapin said he wants to "nail down" proposals to strengthen the banking union and eurozone governance within the existing scope of Europe's treaty structure (that's bad news for David Cameron's attempts for treaty change). 
 
 Mr Sapin also had some interesting thoughts on the reluctance of Europe's citizenry to push ahead with "more Europe": "Our peoples are still traumatized by the crisis and tend to take a more negative view of Europe. That’s why it isn’t Europe’s fault, but rather the fault of various countries." 
 
 Here are some snippets from the interview: 
 
 You once even referred to Mr. Schäuble as your “friend.” Are you disappointed? 
 
 I believe that Wolfgang Schäuble is wrong, and that he even contradicted his own, deep European desire. This desire – and it’s also mine – is to strengthen the eurozone. Two things are needed for this: First, to obey the rules, even though it is sometimes difficult and we must take advantage of the flexibility in the rules. Second, part of the credibility of the euro is that it is irreversible. Accession to the eurozone cannot be undone. 
 
 So no Grexit. 
 
 No Grexit and no other exit, either. If you allow countries to pull out temporarily, it means that any other country that’s in trouble will try to fix things by adjusting its currency. But it is precisely the foundation of a monetary union that countries do not overcome their own difficulties by manipulating the exchange rate, but through structural reforms that strengthen competitiveness – and through efforts to achieve a balanced budget. 
 
 Are the French frustrated over the way Mr. Schaeuble acted? 
 
 No, I wouldn’t say that. Some of us thought it was headstrong to make certain proposals during the debate. But perhaps each of us was headstrong in his own way in an effort to advance the debate. For example, we spoke with the Greeks a lot, but not to come up with proposals for them. But our most effective way to contribute was they became aware of their responsibility. Everyone played his part, but the important thing is that we ultimately produced the same play. 
 
 Are the Greek debts sustainable without debt forgiveness, or a “haircut?” Most economists, including your predecessor Christine Lagarde and her International Monetary Fund, don’t believe that they are. 
 
 That isn’t correct. Ms. Lagarde and the IMF believe that the Greek debts can be reduced without nominally eliminating them, that is, without a haircut. Greece needs restructuring. The amount of latitude we have to agree on longer repayment periods and lower interest rates is sufficient. It isn’t necessary to eliminate debts, which is what neither France nor the majority of European countries want. 
 
 When will the discussion turn to Athens’ debts? 
 
 It will start in the coming weeks and is part of the calculation of Greece’s financial needs. There is no point in just throwing out numbers. We need precise and credible calculations. It is extremely shocking that Greece will have to repay large amounts in the coming years. But it is precisely in that time period that the country needs more air to breathe. 
 
 11.10 
 
 "No comment on any market developments" says Mina Andreeva, European Commission spokeswoman today. 
 
 10.32 
 
 A cash economy 
 
 What happens when you pull all your money of the banking system? Notes in circulation in Greece have now doubled since December as ordinary people now prefer to use cash in hand rather than trust the banks. 
 
 10.20 
 
 Greece's ravaged economy suffered a torrid month in July, as the imposition of capital controls saw manufacturers suffer their worst ever month in the single currency. 
 
 An influential survey of manufacturers (PMI) fell to a 16-year low, far surpassing the depths of the country's previous crisis in 2012. New business orders fell off a cliff, buying levels fell by their largest single amount in the survey's history, and Greek companies cited difficulties locating basic goods. 
 
 The government was forced to close down the banking system and limit cash withdrawals from June 28. Overall, the PMI index fell to 30.2 in July, from 46.9 in June before the controls were introduced. Any reading below 50 indicates contraction. 
 
 Greece is now set to fall into a deep recession this year, with analysts expecting a fall in output of around 7pc of GDP. The severely restricted liquidity has led to reports of some businesses resorting to the issuance of scrip currencies as firms retreat to semi-barter outside the banking system. Despite banks formally re-opening two weeks ago, limits on cash withdrawals remain in place. 
 
 09.55 
 
 Those diastrous PMI numbers don't seem to have hit Greece's shaky markets any further. Athens stock index is now down by *only* 19.8pc having recovered a little of its early losses. 
 
 09.20 
 
 Markit manufacturing PMI in July. Spot #Greece pic.twitter.com/ZJuWuNjQrK — Szu Ping Chan (@szupingc) August 3, 2015 
 
 09.05 
 
 Greek factories collapse under capital controls 
 
 A survey of Greek manufacturers has fallen to its lowest level in history as the country has lumbered under capital controls in July. 
 
 The PMI reading for last month has dropped to 30.2 from 46.9 (anything above 50 indicates expansion). 
 
 Phil Smith at Markit said: "Factories faced a record drop in new orders and were often unable to acquire the inputs they needed, particularly from abroad, as bank closures and capital restrictions badly hampered normal business activity. 
 
 “Although manufacturing represents only a small proportion of Greece’s total productive output, the sheer magnitude of the downturn sends a worrying signal for the health of the economy as a whole.” 
 
 08.55 
 
 Athens stock hit three year low 
 
 We are back down to 2012 levels for Greek stocks after this morning's plunge 
 
 08.40 
 
 It's a bloodbath for the banks 
 
 08.35 
 
 Stocks fall 22.8pc 
 
 In line with most expectations, the Athens Stock Exchange has fallen 22.8pc this morning. 
 
 The bank stocks, the most vulnerable part of the index, have also seen a similar 20pc decline this morning. The biggest faller is Greece's National Bank, down 30pc already. 
 
 08.30 
 
 08.24 
 
 A good indicator of where Greek stocks are heading. Athens blue chip futures index has opened around 15pc lower this morning already. 
 
 Greek Blue Chip stock index Futures open down 15.2% before Greek stock markets open after 5week suspension. — Holger Zschaepitz (@Schuldensuehner) August 3, 2015 
 
 08.15 
 
 A buying opportunity? 
 
 Analysts expect this morning's market opening to be a bloodbath with falls of around 20pc expected when the bell rings in about 15 minutes time. 
 
 Those lossess won't be bad news for buyers looking for some value in the market. 
 
 Athens market reopens today & many predict a carnage. That may be the case for financials but I expect some buyers in other sectors. #Greece — Yannis Koutsomitis (@YanniKouts) August 3, 2015 
 
 08.10 
 
 Short-selling ban to remain in place 
 
 Some measure of controls on trading will remain in place today. An official from Greece's capital markets association has told Reuters the ban on short-selling wiill continue to remain in place, with a formal decision likely to be announced later today. 
 
 A reminder that markets will open at 8.30 BST. 
 
 08.00 
 
 A rocky road ahead 
 
 Michael Hewson from CMC suggests that this morning's trading resumption is unlikely to provide much of a palliative to Greece's woes 
 
 While it would be easy to suggest that today’s reopening of the Greek stock market is a key step on the road to some form of normalisation, it is likely to be anything but. 
 
 Aside from the fact that we could well see some big losses, there is the small matter that not only are the internal politics in Greece likely to remain difficult it is also likely to be extremely problematic to reconcile the positions the divergent positions of the IMF and Germany on debt relief, particularly given the proximity of the next debt deadline on the 20th August. 
 
 07.30 
 
 A big day for Greek banks 
 
 Hello and welcome to today's live coverage of events in Greece. 
 
 This morning will see the resumption of trading in Greek stocks for the first time since the markets were shut under capital controls on June 28. 
 
 Banks are set to bear the brunt of the sell-off with lenders expected to see as much as 20pc wiped off their value this morning, according to analysts. 
 
 The country's four main banks make up around a fifth of the Athens Stock Exchange and although trading of Greek shares has been suspended, National Bank of Greece's US-listed shares have lost around 20pc over the last five weeks. 
 
 Banks are particularly vulnerable as they are set to require a huge recapitalisation effort to regain some financial stability. Reports in the Greek media at the weekend said the government has valued the effort at around €10bn - a sum which will likely come from European rescue funds. 
 
 Lenders are set to undergo stress-testing later this month amid fears over their creaking capital levels. Banks have been reliant on a drip feed of emergency cash from the European Central Bank to keep them afloat since February. 
 
 Capital flight has stemmed since the government imposed cash withdrawal limits in late June, but the banking system has lost an estimated €40bn since November.
– At this rate, Greek banks may soon start to look like a canny investment. The Athens Stock Exchange had its worst drop on record yesterday when it reopened after being closed for more than a month, and things have not improved in early trading at the main Greek stock market today, reports Reuters. The index as a whole is down 4%, but the four main banks are down almost 30%. That is the maximum single-day fall allowed, and comes on top of a 30% fall yesterday. But US investors don't have too much to worry about, reports the AP: There is a good chance your mutual fund includes some Greek holdings, but even funds that specialize in emerging markets typically have only around 0.5% invested in Greece.