Greek stocks are going nuts

Greek stocks are soaring Tuesday on hopes of a resolution to the debt standoff between Greece’s new radical government and its creditors.

Right now, the Athens Stock Exchange General Index is up 8.91%.

Here’s a one-week chart from Bloomberg:

The news comes after Greece’s new finance minister Yanis Varoufakis told the Financial Times that instead of requesting a write-off of its €315 billion (£237 billion; $US357 billion) foreign debt, the government would ask to swap Greek debt for two new types of bonds linked to growth.

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