reece’s Prime Minister Alexis Tsipras insisted that a deal to avert a default can be reached at an emergency summit of European leaders tomorrow. This comes as his country clings to the euro after almost five months of brinkmanship. Markets swayed as investors examined each new twist for signs of a possible accord. Bank stocks reversed gains and led the Athens Stock Exchange (ASE) lower on Friday as the European Central Bank (ECB) prepared to discuss whether to maintain a lifeline at an emergency session. Greece’s existing bailout agreement expires on June 30, the day it is due to make a payment to the International Monetary Fund (IMF).
“We aimed the final negotiations to take place at the highest political level in Europe and are now working for the success of this summit. Those who bank on crisis and terror scenarios will be proven wrong,” said Tsipras.
While discussions, deadlines and apparent denouements have come and gone, the wrangling over a deal to keep Greece afloat is at the sharp end.
Thousands of people assembled outside the Greek Parliament building in Athens last night asking for the nation to be saved after the government blamed a conspiracy to blackmail Greece for the frustration in Luxembourg.
As the ASE stock index rose as much as 1.1% before falling 0.2%, the yield on Greece’s two-year bonds declined by 10 basis points to 28.56%.