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Greece folds, Eurogroup happy, and Athens stock up 8 percent

Now that Greece has capitulated, the work to finally place one big final nail in the coffin that is now Greece is well underway.

Meanwhile the bubble that is the Athens Stock Exchange exploded in relief.

Via Bloomberg…

The reform measures were communicated to creditors earlier on Monday, Dijsselbloem told reporters in Brussels after a meeting of finance chiefs. While they came too late for a thorough appraisal, the proposals are seen as a positive step, he said.

“It’s an opportunity to get a deal this week and that’s what we’ll work for,” he said. Dijsselbloem said the package was “broad and comprehensive,” without elaborating.

Dijsselbloem’s tone was more upbeat than that of his fellow finance ministers as they arrived for the talks, saying that expectations of a breakthrough were inflated amid confusion over the proposals.

Attention now shifts to an emergency summit of leaders from the 19 euro countries later on Monday, followed by a regular two-day European Union summit scheduled to begin on Thursday.

The Athens Stock Exchange index recouped gains after Dijsselbloem spoke, and was up 8 percent as of 4:45 p.m. local time. Greek government bonds also jumped, with the yield on debt maturing in 2017 down 490 basis points to 24 percent, and 10-year bonds down 149 basis points to 11.2 percent.

Finance ministers asked the three creditor institutions — the European Central Bank, the International Monetary Fund and the European Commission — to work with Greek authorities and “start immediately on these proposals,” said Dijsselbloem, who earlier met with Greek Prime Minister Alexis Tsipras.

ASE-1x-1

References:

http://www.bloomberg.com/news/articles/2015-06-22/eurogroup-chief-sees-chance-to-get-deal-on-greece-this-week

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