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UPDATE 1-Greek yields fall as markets see debt deal progress
February 12, 2015 / 12:11 PM / 3 years ago

UPDATE 1-Greek yields fall as markets see debt deal progress

(Updates market reaction, adds comments)

By Sudip Kar-Gupta and Emelia Sithole-Matarise

LONDON, Feb 12 (Reuters) - Greek bond yields fell and shares rose on Thursday as markets bet on a positive outcome for talks between Athens’ leftist government and international creditors, even after they failed to narrow differences overnight.

Greek Prime Minister Alexis Tsipras will lay out his case for more financial help to fellow EU leaders in Brussels on Thursday. Finance minister Yanis Varoufakis walked away earlier from a tentative joint statement with the 18 other euro members.

A copy of the draft rejected by Athens spoke of “extending” its current bailout deal as a “bridge” to a new package. Finance ministers in the Eurogroup will meet again on Monday to seek a compromise.

At 1130 GMT, Greek three-year yields were 125 bps lower at 19.81 percent, while 10-year yields were down 27 bps at 10.70 percent.

Athens’ benchmark ATG equity index was up 5 percent, with shares of top Greek banks like Alpha Bank and Piraeus Bank around 10 percent higher.

“We are continuing to take a glass-half-full view of these negotiations,” Rabobank strategists wrote in a note, “although we do acknowledge that the path to resolution and dissolution remains worryingly the same.” (Reporting by Sudip Kar-Gupta and Emelia Sithole-Matarise; Editing by Lionel Laurent and Catherine Evans)

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