Greek bank stocks spur big­gest gains on bailout talks

The Pak Banker - - FRONT PAGE -

Greece's bench­mark stock in­dex posted the big­gest gain in Europe, with lenders lead­ing gains, as pol­icy mak­ers ex­pressed op­ti­mism they will con­clude talks on a third bailout deal by to­mor­row.

The ASE stock in­dex was up 2.1 per­cent at 5:11 p.m. in Athens, the big­gest in­crease of 18 Euro­pean in­dexes tracked by Bloomberg. A gauge of Greek lenders jumped 7.7 per­cent, af­ter plung­ing 58 per­cent last week. Shares of Pi­raeus Bank SA added 13 per­cent, the big­gest in­crease in two months. Al­pha Bank AE and Eurobank Er­gasias SA also gained, ris­ing more than 8 per­cent. An agree­ment would al­low the Greek par­lia­ment to pass new re­forms, if re­quired, in the mid­dle of the week and pave the way for a meet­ing of euro-area fi­nance min­is­ters af­ter that, two peo­ple fa­mil­iar with the dis­cus­sions said. "Progress has in­deed been made and we ex­pect fur­ther progress through­out the day and be­yond," Euro­pean Com­mis­sion spokes­woman An­nika Brei­dthardt said. "A deal can be reached in the month of Au­gust, prefer­ably be­fore the 20th of Au­gust."

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