European shares rally as Greece drops calls for debt write-off
Greek retreat may shift attention to Tsipras's desire to increase spending and roll back austerity
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EUROPEAN shares rallied and yields on eurozone government bonds tumbled on Tuesday after the new Greek government dropped calls for a write-off of its foreign debt.
The new Greek government, led by the left-wing Syriza party that won elections just over a week ago, on Monday ditched calls for a write-off of foreign debt and proposed ending a standoff with its official creditors by swapping the debt for new growth-linked bonds.
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