European shares close near seven-year peak on optimism over Greece

Reuters ^ | Feb 3, 2015 | Atul Prakash

[ConservingFreedom]

European shares closed near a seven-year high on Tuesday and Greek banking stocks soared after the country's new government softened calls for writing down its debt.

Athens proposed ending a standoff with its creditors by swapping the debt for growth-linked bonds. The proposals contrast with the government's strident vows last week to ditch the austerity conditions imposed under its existing bailout.

Athens' benchmark index ATG ended 11.3 percent higher, the biggest one-day percentage gain since August 2011. The country's banking index surged nearly 18 percent. National Bank of Greece, Alpha Bank and Eurobank rose by 13.9 to 20.8 percent.

"Greek banks have massive potential to recover, because if you get a debt deal and Greek banks get some help, then they can reinforce their balance sheets and carry on trading," Edmund Shing, global equity fund manager at BCS Asset Management, said. [...]

[Roman_War_Criminal]

So Greece elects a God-Hating Communist and we’re supposed to be surprised that all of a sudden their economic outlook appears better?

[cuban leaf]

Man, a really good time to short.

[Bogey78O]

The commies realized they spooked the capitalists too much. They needed to backpedal so they could convince them to not leave town... All the while reaching for a rock in which to bash their brains in.

Anyone who thinks Greece isn’t going to start seizing wealth or defaulting on debt is fooling themselves.

[SaxxonWoods]

This new leadership is so consistent and steadfast in their positions that Greece and the Eurozone should be fine now.

*do I need the tag?*

[kidd]

Exactly who is the “expert” that determines the single cause of the movement of a market index?

If its Reuters, it must be propaganda.

[M Kehoe]

Drachmas in silver and gold?

I crack me up.

5.56mm

[Star Traveler]

I was hoping Greece would give the EU fits and really put the screws to the EU! Too bad ....