(Bloomberg) — Greek benchmark index rises as much as 3.2% in a broad rally, the most since Dec. 2016, after PM Alexis Tsipras announced a package of tax relief measures over the weekend.
Tsipras also said the nation’s budget has a cushion of about 30 billion euros that will provide enough liquidity to help stabilize bond markets for the next 2 1/2 years.
Greek equities are moving higher, catching up on the bonds rally late last week and on Tsipras’s better-than-feared keynote speech, as he deliberately avoided spooking markets with fiscal carelessness, said Thanassis Drogossis, the Athens-based head of institutional equities at Pantelakis Securities SA.
Greek banks index up as much as 5.2%, with Piraeus Bank up 4.2%, National Bank of Greece up 4%.
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