Athens--The Greek stock market rose more than seven percent in early trading on Tuesday, after Athens elaborated on its plans to renegotiate Greece's huge international bailout.
The general Athex index opened up 4.14 percent at 787 points, before rising further to 812 points half an hour later, up 7.46 percent from Monday's close, later falling back to 803 points.
The stock market had closed 4.64 percent up on Monday, after a volatile week sparked by the victory of the radical anti-austerity Syriza party in January 25 elections.
Meanwhile the rate of return on 10-year Greek bonds fell back below the symbolic barrier of 10 percent on Tuesday, to 9.7 percent, after reaching 11 percent last week.
Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis have sought to calm investors as they tour European capitals this week, setting out more details of how they intend to restructure Greece's debt.
Varoufakis told the Financial Times on Monday that he would not ask for the debt to be written off, but rather for a series of debt swaps he described as "smart debt engineering", while cracking down on wealthy tax evaders.
"The only thing we shall not retreat from is our view that the current unenforceable programme needs to be rethought from scratch," he told the newspaper.
AFP
