European stocks
climbed as concern that Greece would defy its creditors eased after the
nation retreated from a plan to ask the euro area to write down debt.
The Stoxx Europe 600
Index rose 0.8 percent to 370.28 at the close of trading. The gauge
pared gains of as much as 1.3 percent after a person familiar with the
matter said Germany expects talks with Greece to drag on until the
current round of aid runs out.
Greek stocks surged 11
percent, posting the best two-day gain in 24 years. Finance Minister
Yanis Varoufakis proposed late on Monday to exchange Greece™s existing
debt for new bonds linked to economic growth, according to a person who
attended a meeting. Spain™s IBEX 35 Index and Italy™s FTSE MIB Index
added at least 2.6 percent, rebounding from two-day drops.
National Bank of
Greece SA and Eurobank Ergasias SA rallied at least 18 percent, pushing a
gauge of Greek lenders higher. The benchmark ASE Index slid 13 percent
last month, with banks tumbling to record lows, after anti-austerity
party Syriza formed a new coalition government.
Source : Bloomberg
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