European shares rally on reports of possible Greek debt plan

martes 10 de febrero de 2015 13:32 GYT

* FTSEurofirst 300 up 0.6 pct, Greece's ATG up 8 pct

* UBS drops after warning on impact from Swiss franc

* Raiffeisen jumps after saying will cut exposure to Russia

By Blaise Robinson

PARIS, Feb 10 (Reuters) - European stocks ended higher on Tuesday, boosted by several press reports pointing to a possible debt agreement between Greece and its international creditors, with one report citing a six-month debt extension.

Athens's ATG index rose 8 percent, with National Bank of Greece surging 21 percent, Eurobank up 20 percent and Bank of Piraeus rising 16 percent.

A report by MNSI, citing sources, said the European Commission would propose a compromise whereby Greece would ask for a six-month period during which it would discuss and agree with lenders all pending issues and a post-bailout plan.

Despite the day's rally, Greek banking stocks are sill down 27 percent in 2015.

"The market wants to believe there's a Greek deal right around the corner, but there's nothing concrete for the moment and it could take a long time before they reach an agreement. There's a risk of disappointment here," Meeschaert fund manager Frederic Rozier said.   Continuación...