ECONOMY

Greek yields fall, stocks rise after PM Tsipras says reforms coming soon

Greek government bond yields fell and stocks rose on Friday after Prime Minister Alexis Tsipras assured European Union creditors that he would soon present a set of economic reforms to unlock cash and stave off bankruptcy.

Friday’s fall in yields at the open was only a fraction of Thursday’s sharp rise.

While Tsipras sounded optimistic, there was little substance in the outcome of his meeting with EU leaders.

German Chancellor Angela Merkel stressed no money would be released before Athens implements budget measures and other reforms that it has so far been reluctant to consent to.

Greek two-year government bond yields fell 89 basis points to 23.85 percent, while 10-year yields were down 18 bps at 12.10 percent. Greece’s main stocks index rose 3.2 percent.

Greek two-year yields rose more than 3 percentage points on Thursday, having doubled in the past month.

[Reuters]