Greek stocks soar more than 11% as debt plans revealed

GMT 15:06 2015 Tuesday ,03 February

Arab Today, arab today Greek stocks soar more than 11% as debt plans revealed

Greek stock market
Athens - AFP

The Greek stock market soared more than 11 percent Tuesday, as the new government continued its tour of EU capitals to seek support for its plans to renegotiate Greece's huge international bailout.
The general Athex index opened up 4.14 percent at 787 points, and continued climbing until it reached 841 points mid-afternoon, an 11.33 percent increase on Monday's close, before falling back.
The banking index rose 18.57 percent, or 76 points, before also falling back slightly.
The stock market had closed 4.64 percent up on Monday, after a volatile week sparked by the victory of the radical anti-austerity Syriza party in January 25 elections.
At one point, last Wednesday, stocks slumped 9.2 percent to their lowest level since June 2012 and shares in Greece's four main banks lost more than a quarter of their value.
Meanwhile, in a further sign of growing investor confidence, the rate of return on 10-year Greek bonds fell to 9.7 percent on Tuesday before rising to 9.9 percent. It had reached 11 percent last week.
Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis have sought to calm investors as they tour European capitals this week, setting out more details of how they intend to restructure Greece's debt.
Varoufakis told the Financial Times on Monday that he would not ask for the debt to be written off, but rather for a series of debt swaps he described as "smart debt engineering", while cracking down on wealthy tax evaders.
"The only thing we shall not retreat from is our view that the current unenforceable programme needs to be rethought from scratch," he told the newspaper.


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