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Greek bank shares recover more ground, lifting Athens market

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Shares in Greek banks staged a further recovery on Friday after suffering heavy losses earlier in the week, helping to lift the broader Athens stock market.

[LONDON] Shares in Greek banks staged a further recovery on Friday after suffering heavy losses earlier in the week, helping to lift the broader Athens stock market.

The Athens Stock Exchange FTSE Banks Index was up by 8.6 per cent in early trading. The index had risen 12.9 per cent in the previous session, rebounding back from a 26.7 per cent slump on Wednesday.

Bank of Piraeus rose 11.4 per cent, while National Bank of Greece climbed 6.4 per cent higher.

The broader, Athens ATG benchmark equity index rose 1.3 per cent.

sentifi.com

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European Commission Vice President Jyrki Katainen urged Greece's new government on Friday to stick to the reforms agreed with international lenders, but signalled Athens could be offered more time to reach certain goals.

The left-wing Syriza party won an election last weekend on promises to end austerity measures imposed under Greece's 240 billion euro (S$367.4 billion) bailout deal, and to restructure the country's huge debts.

REUTERS

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